Compliance is the lifeblood of finance, and compliant investment is beyond question. This article explores how to invest in U.S. stocks under the premise of compliance.
I was originally an idealist, fond of engaging in abstract, unrealistic humanities and social sciences. However, being born into a humble background and forced by reality, I have long worked in the media and think tanks, reporting and researching international finance and politics to make a living.
In my spare time, I have some understanding of investing in U.S. stocks. I only invest for myself, do not recommend stocks, do not take people along, and do not charge fees. Perhaps a fool may have a lucky insight occasionally. This is only for the purpose of sharing pure investment ideas.
In my humble opinion, investing in U.S. stocks is fundamentally simple.
The following appendix includes the exchange with a netizen on May 2 (with his authorized consent), and my returns on the Interactive Brokers and Longbridge Rate of return.
One aspect of this 'Tao' is the basic principles of value investing from Graham to Buffett, Munger, and other pioneers. Here are a few listed casually: strictly distinguishing between investing and speculating, margin of safety, circle of competence, moat, compound interest, reasonable price, buying stocks means buying a company... It's not that complicated, and there are no secrets; almost everyone knows them, it's just those few phrases.
The other aspect of the 'Dao' is how to implement these basic principles. For example, what kind of company is a good company? What industry is a good industry? When is a good time to trade? This requires long-term attention to and tracking of global financial, economic, and political news, practice makes perfect, and thus one can develop their own 'weather forecast'.
The Chinese sage Laozi said in the Dao De Jing: 'The world has a beginning, which serves as the world's mother. Once you have obtained the mother, you understand the child. Once you know the child, return to guard the mother, and in doing so, your life will be safe.'
When it comes to learning, one should first directly look at the origins of all disciplines: philosophy, then follow the flow downstream: natural sciences, human social history, and then politics, economics... that is, first the roots, then the trunk, then the branches, then the leaves. The downstream of natural sciences is applied technology.
Economics starts with macroeconomics, looking at policy and fundamentals, and only then moves to specific enterprises, industries, management, marketing... For example, in predicting housing prices, choosing what to study, selecting a career field, or choosing a company to invest in, one first looks at the speeches of the top leaders and the directives of central meetings.
To follow major political news, start from the highest level, then the ministries. Those who look at local governments selling land, driving up housing prices, or what developers are doing to judge housing prices are reversing the primary and secondary matters.
Just like the direction of a bureau or a company, you need to first look at the director, first understand the chairman, and grasp the thoughts and behavioral tendencies of the decision-maker. This information is the most valuable. Many people usually understand this principle in their own workplaces. But if you expand this scope, for example, to a very large company while being at the grassroots level, or to a country or the entire international community, they will feel it is far away, and their thinking cannot keep up. They wonder what national affairs and world situations have to do with them. People always relate only to what is close to them, which reflects a lack of cognition and experience. Cognition and experience are neither innate nor unchangeable; they can be improved through learning and practice over time.
Returning to the principle of simplicity, as long as a person becomes familiar with the basic and main philosophical and other thought classics, reads familiar daily news from China and the world, and combines this with the fundamental principles of value investing from 'investment saints' like Buffett, while studying and practicing extensively, skills will naturally improve, and making money from investing will not be difficult.
Therefore, investing in U.S. stocks follows the principle of simplicity. The key to investing is to enhance cognition and practice cognition, which means grasping the 'Way' as much as possible.This principle also applies to many areas beyond investing in U.S. stocks.
李首之
2026年5月22日，中国证监会等八部门发布《综合整治非法跨境证券期货基金经营活动实施方案》，而《国务院关于对外投资的规定》将于2026年7月1日起施行。连日来，中国人投资美股的话题冲上热搜。
合规是金融的生命，合规投资殆无疑义。本文探讨的是，在合规的前提下，如何投资美股？
笔者本是一个理想主义者，喜欢折腾务虚的、不现实的人文社科，奈何出身寒微，为现实所迫，长期在媒体和智库从事国际财经时政的报道和研究以谋生。
我在业余时间对投资美股略有了解，只会自己玩，不荐股、不带人、不收费，或许愚者千虑，偶有一得。在此只作单纯的投资理念交流。
以个人拙见，投资美股，大道至简。
以下附录5月2日与网友的交流（已经过他的授权同意），和我的盈透、长桥账户收益率。
这个“道”的一方面，就是从格雷厄姆到巴菲特、芒格等价值投资先哲的基本原则。
这里随意列出几条如：严格区分投资和投机、安全边际、能力圈、护城河、复利、合理价格、买股票就是买公司……
没有那么复杂，也没有秘笈，几乎尽人皆知，就是那几句话。
“道”的另一方面，就是如何贯彻这些基本原则？比如，怎样的公司是好公司？什么行业是好行业？哪个时候是交易良机？
这就要对全球财经时政的时事动态有长期的关注、追踪，熟能生巧，从而形成自己的“天气预报”。
中国的先哲老子在《道德经》中说：“天下有始，以为天下母。既得其母，以知其子。既知其子，复守其母，没身不殆。”
人的学习，要直接先看所有学科的源头：哲学，然后顺水流而下：自然科学、人类社会历史，再到政治、经济……即先根、再干、再枝、再叶。自然科学的下游是应用技术。
经济先是宏观经济，政策面的、基本面的，然后才是具体的企业、行业、管理、营销……像对房价的预判、读书选专业、就业选行业、买股选公司……都是先看最高层的讲话，看会议精神。
要看主要的政闻，先最高层，再部委。那些看地方政府卖地了，托房价了，开发商怎么做了……来判断房价，都是颠倒了主次。
就像一个局、一个公司的走向，要先看局长，先了解董事长，掌握能拍板决策者的思想和行为动向，这个信息是最有价值的。
很多人在自己的工作岗位上，通常明白这个道理。但如果将这个范围扩大，比如一个特大公司，而自己处于基层，或上升一个国家、整个国际社会，他们就会觉得很遥远，在思维上就跟不上了，觉得国家大事和世界局势，和自己有啥关系？
总是要拿身边的才有代入感，是认知和阅历的不足。而认知和阅历，既不是天生就有，也不会生来不变，是可以通过后天的学习与历练来提升。
回到大道至简，一个人只要看熟基本的、主要的哲学等思想经典，每天看熟中国与世界主要新闻，将这个和巴菲特等“股圣”的价值投资基本原则相结合，多钻研，多练习，熟能生巧，投资赚钱不难。
所以，投资美股大道至简。投资的关键就是要提升认知、践行认知，就是尽可能地把握“道”。这一道理也同样适用于投资美股之外的很多领域。
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