产品净值累计回撤约20%，大幅跑输主要指数，百亿私募大佬致歉

Core Insights - The report from Xiwa Asset indicates that most of its funds experienced an estimated net value decline of around 7%, with a cumulative drawdown of approximately 20% from the peak [2] - The founder, Liang Hong, expressed disappointment and apologized for the significant drawdown, attributing it to three main reasons [2] Group 1: Reasons for Drawdown - The decline in net value was primarily due to the drop in heavily weighted innovative pharmaceutical stocks, where the decision to sell at high valuations was not executed decisively [2] - The leading hardware company's stock, which was a major holding, fell over 37%, indicating that maintaining a heavy position during a high valuation phase was inappropriate [2] - There was a significant investment in US stablecoin stocks, which overlooked the risks associated with the bearish trend in cryptocurrencies [2] Group 2: Reflection on Investment Strategy - Liang Hong reflected that the direct cause of the drawdown was the decline of several stocks, but the deeper issue was excessive greed [2] - The excitement at high valuations led to a pursuit of grand narratives while neglecting the risks associated with price increases and the importance of cost-effectiveness [2]