Deutsche Bank AG(US:DB) 美股IPO·2025-11-06 08:43Core Insights - The core conclusion of the Deutsche Bank report is that human investors are overly pessimistic and their investment behaviors are driven by irrationality, emotional responses, and cognitive biases, despite their belief in having evolved into a new investment era [2][6]. Group 1: Market Sentiment Analysis - The AI system dbLumina identified that investors exhibited extreme irrationality during market lows, particularly in April 2025, where fear dominated their actions [3][4]. - A significant finding was that "euphoria" was only detected during the peak of fear in April and May, serving as a perfect buy signal as investors rushed to cover positions after panic selling [5][9]. - Throughout 2025, the prevailing emotion among investors was "anxiety," which persisted regardless of market fluctuations [4][9]. Group 2: Cognitive Biases and Behavioral Patterns - The report highlights that investors are still influenced by outdated cognitive biases such as "recency bias" and "availability heuristic," indicating that their decision-making is based on recent news and emotions rather than rational analysis [6][11]. - The emotional index generated by AI was consistently more optimistic than that of human investors, particularly during market downturns, suggesting that AI can see through short-term panic [7][13]. - The analysis categorized investor psychology into three phases throughout the year, revealing a reactive behavior driven by short-term events rather than a strategic approach [11]. Group 3: Investment Strategies and Recommendations - The report emphasizes that selling during short-term market declines was a detrimental strategy for investors in 2025, advocating for a more composed approach to market fluctuations [15]. - The findings suggest that the best buying opportunities arise during periods of extreme fear, as indicated by the "euphoria" signal detected by AI [5][9].