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本文是对投资策略的分类和何种投资策略可以长期战胜市场的一些思考,同时本文也试图区分对股票价格有重大影响的噪音与信息和市场预期和行为的一些概念,笔者认为这些研究本身与股票基本面的研究对于投资来说同样重要,但是目前来说投资经理却普遍忽略。这些思考使用了一些数据,主要是美国的(他们的证券市场历史足够长,数据足够多),对于不断变化的中国市场来说,历史数据是不能说明问题的,因此本文也并不能得到验证,只是希望本文的思考能够为投资经理提供除分析基本面之外的其他视野,笔者坚信这种视野对于投资来说是有重要意义的。
This article is a reflection on the classification of investment strategy and the investment strategy which can overcome the market for a long time. At the same time, this article attempts to distinguish some concepts of noise and information and market expectation and behavior that have a significant impact on the stock price. Research on stock fundamentals is equally important for investment, but for the time being investment managers are generally overlooked. These thoughts use some of the data, mainly in the United States (their securities market has a long history and enough data), historical data can not explain the problem for the ever-changing Chinese market, so this article can not be verified, I just hope that this article can provide investment managers in addition to the analysis of the fundamentals other than vision, I believe that this vision is of great significance for investment.