王向宇：放弃既要、又要的幻想，长期投资才是能实际把握住、有可能把握住的事情

Core Viewpoint - The current challenges in pension fund management include the conflicting demands for both long-term and short-term returns, as well as absolute and relative returns, leading to a pessimistic conclusion that it is not feasible to achieve both simultaneously [2][5]. Group 1: Investment Challenges - The investment community faces a dilemma where clients and companies demand high returns with low volatility, which is difficult to balance [2][5]. - Wang Xiangyu emphasizes the need to abandon the unrealistic expectation of achieving both high absolute and relative returns simultaneously [2][5]. Group 2: Focus on Absolute Returns - It is recommended to focus on absolute returns rather than relative returns, as historical evidence suggests that successful long-term absolute returns will likely lead to satisfactory relative returns over time [3][5]. - Long-term investment is portrayed as a more manageable and beneficial strategy for investors, despite the need to endure short-term volatility [3][5].