亲历两轮牛市的老股民：靠这几招，把运气变成了能力

Group 1 - The core viewpoint of the article emphasizes that a bull market is not just about high points on a K-line chart, but also represents an opportunity for investors to upgrade their understanding and achieve long-term growth [1] Group 2 - The initial entry into the A-share market for the interviewees was influenced by specific articles and market conditions, with one participant entering in late 2006 after reading about closed-end funds, achieving a 180% return in the first year [3][4] - The second participant described their experience during the 2006-2007 bull market as an "enlightenment movement," which opened the door to the investment industry despite not retaining profits [3][4] Group 3 - The investment methodology of one participant was shaped by a chance discovery of the opportunity in closed-end funds, utilizing quantitative investment strategies influenced by their professional background in management [6] - The second participant transitioned to value investing after reading Warren Buffett's "The Snowball," which fundamentally changed their investment perspective [7] Group 4 - In the 2014-2015 market, one participant identified structural opportunities in water and insurance stocks, emphasizing the importance of understanding business models over technical analysis [10] - Another participant experienced a significant turning point in 2015, utilizing a niche strategy with leveraged funds to achieve a 24% return during a market adjustment [11][12] Group 5 - The discussion on convertible bonds highlighted their core advantage of "asymmetry," where the bond's price movements are less volatile compared to the underlying stock, leading to consistent long-term gains [14][15] Group 6 - The suitability for value investing is linked to personal traits such as caution, rationality, and a desire for continuous learning, with a three-tiered approach to finding one's investment method: ideological alignment, mastering fundamentals, and ongoing evolution [17][18][19]