李蓓：风控是第一位，避免大的回撤比获取收益更重要，“黑天鹅”远比想象中常见

Core Insights - The core philosophy of the company is to "live the longest," aiming for the firm to be the last one established by its founder, with a focus on long-term sustainability of the fund [1] Risk Management Strategy - The primary focus of the company's risk management system is "concentration control," emphasizing that avoiding significant drawdowns is more important than achieving high returns [1] - The company implements a three-tiered constraint system to mitigate risks: 1. No all-in investment in a single asset, with clear position limits set 2. A maximum holding limit of 30% in any single industry, significantly lower than the common 100% or leveraged positions seen in the industry 3. A conventional maximum limit of 5% for individual stocks, with a cap of 8% for particularly favored stocks [1]