为何高手不谈收益目标？揭秘投资中最重要却被忽视的“原则”

Market Overview - On December 8, 2025, the A-share market experienced a significant surge with a trading volume exceeding 2.05 trillion yuan, marking a notable increase from the previous day. Major indices saw gains, with the Shanghai Composite Index rising by 0.54%, the Shenzhen Component Index increasing by 1.39%, and the ChiNext Index soaring by 2.6%. Over 3,400 stocks rose, indicating a clear recovery in market sentiment [1] Sector Performance - The telecommunications sector, driven by the CPO (optical module) concept, surged by 4.79%, while technology sectors such as electronics and computers also performed strongly. In contrast, traditional cyclical sectors like coal and oil & petrochemicals experienced slight pullbacks. The non-bank financial sector (brokerage) rose by 1.9%, with a significant increase in trading volume, reflecting the entry of new capital and an increase in risk appetite [1] Market Drivers - The core drivers of today's market performance were the resonance of "policy-driven" and "industry trends." Regulatory policies guided "patient capital" to support technological innovation, while the global AI computing power competition and the fundamental logic of optical module technology upgrades collectively propelled the explosion of the technology sector. The market is transitioning from liquidity recovery to a structurally driven dual-phase [1] Investment Philosophy - The article emphasizes the importance of shifting from a focus on specific annual return targets to a more robust risk management approach. It argues that setting unrealistic return expectations can lead to poor decision-making and unnecessary risks. Instead, investors should concentrate on managing risk and understanding potential losses, which is the true essence of investment [2][3] Risk Management Framework - A systematic risk management framework is essential for effective investment. Key components include: 1. Asset Allocation: Define risk ceilings based on personal financial cycles and risk tolerance rather than market predictions [3] 2. Margin of Safety: Invest only when prices are significantly below intrinsic value to account for potential errors and unforeseen events [3] 3. In-depth Research and Diversification: Conduct thorough research to avoid flawed companies and diversify across uncorrelated opportunities to mitigate individual company risks [3] 4. Discipline and Position Management: Adjust overall positions based on market valuations and adhere to pre-set investment criteria to maintain rational risk management [4] Long-term Investment Success - Long-term investment success relies on avoiding significant permanent losses, as the cost of recovering from losses is much higher than anticipated. The article highlights that the art of investing lies in systematically avoiding catastrophic downturns, which ultimately opens the door to potential gains [4][5]