《S&P 500 Intrinsic Value》
SPY 估值过高，缺乏安全边际；当前价格意味着回报不佳且风险偏高。
标普500指数被用作通用的投资基准。但它的内在价值是多少？
The S&P 500 index is used as a general investment benchmark. But what is its intrinsic value?
我们在寻找低风险、高回报的投资，从这个角度看，我们要处理的就是标普500指数。不过，回到接近历史高点的标普500指数，让我们深入探讨一下它的内在价值。
We are looking for low-risk, high-return investments, and from this perspective, we will be dealing with the S&P 500 index. However, returning to the S&P 500 index, which is close to its record highs, let's delve into its intrinsic value.