读书笔记：《财富捷径——硅谷居士》
1.成熟的证券市场是什么样子的？目前还是只有美股。
2.为什么股市为王？收益率最高。
3.为什么指数基金是最安全可靠的股市投资产品？精选的最好的美股，都是行业龙头
4.什么是基金定投？不解释。
5.指数们生而不平等。不同基金不同方向，目前看依然还是美股七姐妹。
6.为什么大部分股市投资者在亏钱？要不就是放弃自己的傲慢认识到自己的“平庸”，要不就是长线投资，只在需要用钱的时候才卖出。
7.为什么你如此勤劳却没有什么财富？拳王泰森赚了 3 亿美金却破产。
8.我为什么不买终身寿险？高昂的保费，和糟糕的投资收益。惨不忍睹的低流动性。巨大的风险。
9.百万富翁是怎样炼成的？长期价值投资，前提是要找准方向。
10.复利是第八大奇迹。
11.你需要多少资产才能实现财务自由？每个人的定义不同
12.我为何不愿提前还清房贷？在中国，如果过去20年里你的房贷的利息率是5%，你实际付出的利息率只有 5%－4.8% = 0.2%。不要提前还清房贷，而是要积极投资取得更好的资产流动性和增值速度！
13.指数基金：博时基金公司513500， 国泰公司的 513100。
14.为什么大公司在拼命回购股票？苹果到 25 年十年间，分红占净利润的平均比例约为 17.5%，回购占净利润的平均比例约为 87.2%。流通股数量减少了约33.0%，股价增长了约8.5倍。
15.投资理财的几个基本数学法则 72法则（72 除以年复利率就是翻倍的时间）；4%法则，存款可以取出来使用的额度/还能超过通涨。
16.为什么标普500指数可以独步天下？有美国最成功的企业，每年的利润增长率11.7%，每年营收增长率也高达11.4%，回报率 23%。
17.为什么美国政府一直在借钱？全世界几乎所有的政府都在借钱，总债务率： 日本 (约255%) » 美国 (约125%) » 中国 (广义约85%)。 年度赤字率： 美国 (约6.2%) ≈ 日本 (约6.2%) > 中国 (广义约4.5%)
18.如何预测基金的回报率？标普500指数：分红率1.6%， 利润增长率8.5%， 未来收益率*：10.1%。纳斯达克100指数：分红率0.6%，利润增长率12.4%，未来收益率*：13.0%。
19.美国的各党派在财务上的体现：过去90年里，民主党在总统大位上时，股市的平均每年回报率是14%，而共和党总统执政时，股市的平均年化收益率只有9%！最后一位民主党总统是 乔·拜登 (Joe Biden)，共和党是川普.
20.为什么美国经济持续健康增长？主要还是高科技，标普指数里高科技占比 44%。
21.普通投资者如何投资房地产？自住最好。
22.美国家庭如何在投资中省税？退休账户，健康储蓄账户，对于普通家庭，房贷差不多是我们能够拿到的利息最低的资本了，所以要充分利用。而房贷利息可以抵消收入，是锦上添花的政府福利，更是不容忽视。
23.人民币资金如何投资美股？博时标普500ETF，代号：513500；嘉实纳斯达克100指数ETF，代号是159501。 在券商那里开户购买这两款交易基金。
24.投资者眼中的历史。为了自己的未来慢慢学习吧。
25.躺平的投资者收益率更高
26.天下无双的纳斯达克指数
27.人民币投资美股基金的总成本 除了管理费和托管费，指数基金还要缴纳0.06%的指数使用费。
28.退休后需要持有多少债券？将模糊的“安享晚年”愿望，转化为一个具体的、可度量的数字。对于99%的人来说，最好的工具就是低成本、广基的指数基金。应急备用金，适当的保险和有哪些税收优惠？
29.美股又创新高，你还在观望吗？反对择时交易（Timing Market）
30.为什么不投加密货币？查理芒格憎恨它。（芒格是笔者的偶像）
31.人寿险买不买？要问你自己如果一个有收入的人去世后，其家人的生活水平因为经济问题会出现问题吗？
32.你买雨伞险了吗？中国大陆，目前没有完全对标美国“雨伞险（Umbrella Insurance）”的、广为人知的标准化保险产品。只能建议车险买到 200 万以上，家庭财产险看你的财产情况。
33.Roth IRA，美国家庭的省税神器。25岁开始，每人每年存7000美元，65 岁可以有 56 万。
34.主要股市排行榜，15 年美国每年 14.7%，日本 7.4%，新加坡 6.5%，东大 7.0%。
35.标普500的分红率为何江河日下？如果你从1984年开始投资，哪怕每月只投资1千美元，到今天就积累了595万美元！
36.最好的指数基金是哪一只？标普500指数基金。它也是投资界的泰山北斗。另外一个就是纳斯达克100指数基金，可以购买159501。在过去20年，如果你每月定投纳斯达克100指数基金，你取得的年化收益率为17.2%。最终建议：普通投资者以标普500指数基金为主；科技为主的话纳斯达克指数基金或者科技板块指数基金里。
37.中国未来的房价将何去何从？核心都市圈：有条件就买一套自住。其他更建议：标普500指数或纳斯达克指数159501。
38.A股的估值偏低，因此就更值得投资吗？看你是否能自由选择。
39.有多少中国家庭在投资美股和美债？截止2024年6月底，外汇管理局累计批准的QDII额度为1670亿美元，换算成人民币为1.2万亿元。6000万个家庭。 2025 年以QDII为代表的1725亿美元
40.中国养老保险金的收益率到底有多低？很低。
41.如何通过理财跨越阶层？加大高收益资产（比如股票基金）的比例。
42.为什么推荐股票基金ETF？灵活、方便、流动性好、门槛低、费用低、没有年限。
- What does a mature securities market look like? For now, the U.S. market stands alone.
- Why is the stock market king? Historically, it offers the highest returns.
- Why are index funds the safest, most reliable stock investment? Rule‑based baskets of top U.S. industry leaders.
- What is dollar‑cost averaging in funds? No explanation.
- Indexes are born unequal. Different funds, different tilts—the “Magnificent Seven” still set the pace.
- Why do most stock investors lose money? They won’t shed their arrogance and accept their “averageness”; or they fail to stay invested long‑term, selling only when sudden cash needs hit.
- Why can the hardworking have little wealth? Mike Tyson earned $300 million—and still went bankrupt.
- Why don’t I buy whole life insurance? Steep premiums, weak returns, poor liquidity—real risks.
- How are millionaires forged? Long‑term value investing—provided you choose the right lane.
- Compound interest is the eighth wonder of the world.
- How much do you need for financial freedom? It’s personal; definitions differ.
- Why not repay my mortgage early? In China, if your rate was 5% over the past 20 years, your real burden was ~5% − 4.8% = 0.2%. Don’t prepay; invest for better liquidity and growth.
- Index funds: Bosera S&P 500 (513500); China Universal/Guotai Nasdaq 100 (513100).
- Why do giants binge on buybacks? From 2015–2025, Apple paid dividends averaging ~17.5% of net income and buybacks ~87.2%; shares outstanding fell ~33%, the stock rose ~8.5x.
- Basic math rules for investing: Rule of 72 (72 ÷ annual compound rate ≈ years to double); the 4% rule (a sustainable real withdrawal rate).
- Why can the S&P 500 dominate? It holds America’s winners: profit growth ~11.7%/yr, revenue growth ~11.4%/yr, total returns ~23%.
- Why does the U.S. government keep borrowing? Most governments do. Debt/GDP: Japan (~255%) » U.S. (~125%) » China (broad ~85%). Deficit/GDP: U.S. (~6.2%) ≈ Japan (~6.2%) > China (broad ~4.5%).
- How to gauge expected fund returns? S&P 500: 1.6% dividend + 8.5% earnings growth ≈ 10.1%. Nasdaq 100: 0.6% dividend + 12.4% earnings growth ≈ 13.0%.
- Parties and markets: Over 90 years, average annual returns were ~14% under Democratic presidents vs. ~9% under Republicans. The latest Democrat is Joe Biden; the last Republican, Donald Trump.
- Why does the U.S. economy keep growing? Above all, technology—IT is ~44% of the S&P.
- How should ordinary investors approach real estate? Prioritize your own residence.
- How do U.S. families save on taxes through investing? Use retirement accounts and HSAs; mortgages are typically the cheapest capital—use them well. Mortgage interest can offset income—a perk worth claiming.
- How can RMB funds access U.S. stocks? Via ETFs: Bosera S&P 500 (513500) and Harvest Nasdaq 100 (159501). Open a brokerage account and buy these listed funds.
- History through an investor’s eyes: Learn slowly—for your future.
- The hands‑off investor often earns more.
- The one‑and‑only Nasdaq.
- Total cost for RMB investors in U.S. stock ETFs: besides management and custody fees, index funds also pay a 0.06% index‑licensing fee.
- How many bonds after retirement? Turn “a comfortable old age” into a number you can measure. For 99% of people: low‑cost, broad index funds at the core—plus an emergency fund, appropriate insurance, and available tax breaks.
- U.S. stocks hit new highs—still watching? Don’t time the market; time in the market wins.
- Why not invest in crypto? Charlie Munger despises it. (He’s my idol.)
- Life insurance—buy or not? Ask: if an earner dies, would the family’s standard of living suffer financially?
- Do you carry umbrella insurance? Mainland China lacks a widely used equivalent; as a proxy, carry auto liability above RMB 2 million and add property coverage sized to your assets.
- Roth IRA—the tax‑saving workhorse for U.S. households. Start at 25, add $7,000 a year, and by 65 you could have about $560,000.
- Major market league table (15‑year annualized): U.S. 14.7%; Japan 7.4%; Singapore 6.5%; Japan TOPIX Large Cap (“Tōshō Large”) 7.0%.
- Why is the S&P 500’s dividend yield ebbing? Even $1,000 a month since 1984 would be about $5.95 million today.
- Which index fund is best? The S&P 500—the North Star. Also consider the Nasdaq 100 (159501). Over 20 years, monthly contributions to the Nasdaq 100 returned ~17.2% annualized. Bottom line: anchor in the S&P 500; for a tech tilt, add the Nasdaq 100 or a tech‑sector ETF.
- Where are China’s home prices headed? In core metros, buy a home to live in if you can. Otherwise, consider the S&P 500 or the Nasdaq 100 (159501).
- Are low A‑share valuations reason enough to buy? Only if you’re free to choose.
- How many Chinese households invest in U.S. stocks and bonds? By June 2024, SAFE had approved QDII quotas totaling $167B (≈ RMB 1.2T), covering roughly 60 million households. In 2025, the figure cited is $172.5B for QDII and similar channels.
- How low are China’s pension returns? Very low.
- How to climb the ladder through investing? Raise the share of higher‑yielding assets—such as stock funds.
- Why recommend stock ETFs? Flexible, convenient, liquid, low barrier, low cost, no lockup.