百亿私募希瓦资产创始人梁宏发布道歉长文，反思三大投资错误：创新药、硬件龙头与稳定币

Core Viewpoint - The recent performance of Hainan Shiva Asset Management has raised concerns as the majority of its funds experienced an estimated net value decline of approximately 7%, with a cumulative drawdown of about 20% from their peak, significantly underperforming major indices [1][3]. Group 1: Performance Analysis - The founder and chief investment officer, Liang Hong, publicly apologized in the weekly report, acknowledging that the recent drawdown has deeply disappointed many investors [1][4]. - The cumulative drawdown of approximately 18% was attributed to three main investment mistakes, which were compounded by market index corrections, leading to a total loss of 20% [3][9]. - The report highlighted that the decline was primarily due to individual stock issues rather than broader market factors, with specific reference to the technology and internet sectors [6]. Group 2: Investment Mistakes - The first major mistake involved heavy investment in innovative pharmaceutical stocks without timely profit-taking at high valuations, resulting in a significant loss [7][9]. - The second mistake was maintaining a high position in a leading hardware company, which saw a decline of over 37%, despite the stock being in a reasonable valuation range [7][9]. - The third mistake was a substantial investment in U.S. stablecoin stocks, where the firm overlooked the risks associated with the cryptocurrency market, leading to significant losses [8][9]. Group 3: Future Outlook - Liang expressed a commitment to making adjustments by the end of the year and aims for a "good change" in the following year, indicating a shift in strategy to reduce drawdowns while maintaining value investment principles [5][9]. - The firm has a management scale exceeding 10 billion, and Liang has a substantial following, positioning him as a prominent figure in the private equity sector [5].