快坚持不下去了，指数天天涨，净值天天跌

Core Viewpoint - The article discusses the current investment strategies and market conditions, emphasizing the need for adaptive strategies in different market environments, particularly highlighting the role of leverage and the shift in investor behavior. Group 1: Investment Strategies - Different market conditions require different investment strategies, with a multi-strategy approach yielding positive results, including a growth stock strategy with over 250% returns and a "shearing sheep" strategy (new shares + government bonds) with over 30% returns [2] - The use of options with a small amount of capital can achieve results comparable to larger investments in ETFs, suggesting a tactical approach to maintaining offensive positions [3][4] Group 2: Market Dynamics - The current market is characterized as a "water buffalo" driven by leveraged funds, with significant increases in margin financing since October 2022, indicating a reliance on speculative trading in small-cap stocks due to a lack of economic improvement [2] - The influx of retail investors has not kept pace with the rising stock indices, reflecting a shift in market dynamics where traditional methods of profit-taking are becoming more challenging [5] Group 3: Sector Performance - The article highlights the declining performance of certain sectors, such as the white liquor industry, which saw a production decrease of 9% year-on-year from January to August 2025, with an 18.2% drop in August alone [10] - The real estate sector is also discussed, indicating a shift in investor sentiment and expectations, leading to a decline in defensive positions for certain stocks [12] Group 4: Long-term Investment Perspective - The importance of long-term investment is emphasized, with a caution against becoming overly attached to specific stocks, as market conditions can change rapidly [8] - The article suggests that passive index investing may be a more reliable strategy for ordinary investors, given the volatility and unpredictability of individual stocks [8]