45%的涨幅没抓住，波兰散户错失20年来最大牛市

Core Insights - The Polish stock market has experienced its largest rebound in years, yet retail investors remain hesitant to participate, opting instead to hold cash [1] - The WIG20 index, which represents the Polish stock market, has increased by 45% in USD terms this year, but retail investors have largely missed out on this bull market [1] - From January to July, nearly 1 billion zloty was withdrawn from Polish equity strategies, while 22 billion zloty was allocated to money market and debt funds [1] Market Performance - The WIG20 index has been stagnant for most of the past 20 years, failing to return to levels seen during the emerging market boom in the early 2000s [1] - The recent unexpected rebound in the stock market has not attracted retail investors, who have been discouraged by previous market volatility [1] Investor Behavior - Retail investors have reduced their exposure to equity funds despite the stock market surge, indicating a preference for safer investment options [1] - The significant outflow from equity strategies and the substantial inflow into money market and debt funds highlight a cautious sentiment among Polish retail investors [1]