超额收益主要来自两部分,第一是当前市值和内在价值的差异部分,第二是好生意创造的超越全社会风险资本平均回报率的部分。因为价值投资既研究竞争力,又研究估值,所以超额收益主要来自这两方面。@PortAI

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