---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40449977.md"
description: "In investing, a lifetime is spent studying this: 'Investment return = ROE * (1 - dividend payout ratio) + dividend payout ratio / PE'. Speculation around this requires even higher skills."
datetime: "2026-05-06T01:52:35.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40449977.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40449977.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40449977.md)
author: "[戴某 DEMO](https://longbridge.com/en/profiles/993.md)"
---

# In investing, a lifetime is spent studying this: '…


## Comments (1)

- **戴某 DEMO · 2026-05-06T03:24:03.000Z · 👍 1**: To put it bluntly, the essence of investment is calculating value, while the core of stock trading is calculating chips (market positioning). The required talents are different.