慢牛往事，重温“后5·19行情”

Core Viewpoint - The article discusses the psychological aspects of investing, particularly the fear of missing out (FOMO) during market rallies, and emphasizes the importance of a patient, long-term investment strategy over short-term speculation [4][5][6]. Group 1: Market Behavior and Psychological Insights - The article highlights the contrast between "star investors" who seek quick gains and "ordinary investors" who focus on steady accumulation over time, suggesting that the latter may yield better long-term results [3][4]. - It references a table showing the performance of star investors versus ordinary investors over ten years, illustrating that while star investors may experience significant fluctuations, ordinary investors tend to have more stable returns [3]. - The fear of missing out can lead investors to make irrational decisions, such as investing in unfamiliar assets simply because others are profiting [4][5]. Group 2: Historical Context and Market Trends - The article draws parallels between past market behaviors and current trends, particularly referencing the "post-5.19 market" which saw significant gains following a period of economic difficulty [11][12][21]. - It emphasizes that a slow bull market is characterized by a series of ups and downs rather than a straight ascent, requiring patience and awareness of potential corrections [36]. - The article notes that the formation of a slow bull market requires not only policy support and liquidity but also alignment with economic fundamentals [37][38]. Group 3: Policy and Economic Factors - The article discusses the role of government policies in shaping market conditions, particularly the importance of regulatory frameworks that support market stability and investor confidence [21][27]. - It mentions that significant policy changes, such as the introduction of the Securities Law in 1999, were crucial in establishing a foundation for sustainable market growth [21][27]. - The article concludes that understanding historical market cycles can provide valuable insights for current investors, highlighting the cyclical nature of markets and the need for strategic patience [35][36].