深夜食堂第十三季｜对话国泰基金张容赫：“稳”是一种被低估的力量

Core Viewpoint - The concept of "stability" in investment is undervalued and should be seen as proactive management aimed at optimizing the holding experience and ensuring long-term investment success [2][3] Market Analysis - The recent market is characterized as a "structural market" rather than a typical bull market, with only 10% to 20% of stocks doubling in value since September 24, 2022, primarily in small-cap and AI-related sectors [6][7] - Despite some active trading phases, the median gain across the A-share market is significantly lower than the index gains, indicating a clear divergence in market performance [7] Investment Strategy - The focus on "stability" is crucial for managing portfolio volatility, allowing for sustained performance amid market fluctuations. The overall portfolio positioning has been neutral, with a notable reduction in drawdown compared to market averages [8] - A robust investment framework has been developed, emphasizing macroeconomic research to identify turning points and opportunities for left-side positioning [9][10] Portfolio Management - Left-side trading requires patience, as evidenced by the successful positioning in brokerage stocks that began in the second half of 2023, with benefits realized in 2024 [12] - Dynamic portfolio management is essential, adapting to market style shifts and adjusting asset allocations based on actual value changes [13][14] Investor Experience - Enhancing the investor experience is a primary goal, focusing on avoiding significant or prolonged losses while ensuring a smooth upward trajectory in returns [15][16] - The ultimate aim is to provide investors with peace of mind in equity investments, minimizing the need for complex timing decisions [16]