我的十年投资感悟：不是在山顶多风光，而是在低谷时能扛住、敢动手

Core Viewpoint - The article reflects on a decade of investment experiences, emphasizing the importance of adapting investment strategies over time and setting realistic long-term goals for returns [5][19][27]. Group 1: Investment Performance - The initial investment amount grew from approximately 1 million to around 10 million, with a cumulative return of 219.7% and a compound annual growth rate of about 13.78% over ten years [8]. - The author acknowledges that while the returns may not seem impressive to short-term traders, the steady growth reflects a disciplined approach to investing through market cycles [10][11]. - The investment strategy evolved from a long-term buy-and-hold approach to a more active strategy of high selling and low buying, with a focus on increasing the frequency of trades [24][25]. Group 2: Market Insights - The author highlights the importance of setting a long-term investment goal, suggesting that a reasonable target could be to achieve returns that outpace the annual GDP growth rate, which is currently around 5% [29][31]. - The article discusses the challenges of achieving a long-term annualized return of over 15%, noting that while some years may yield high returns, others may result in losses, making consistent performance difficult [34][38]. - The author mentions that despite facing market downturns, the overall strategy of continuous investment during low points has led to significant total returns [42][46]. Group 3: Risk Management and Tools - The author created a "market temperature gauge" to assess risk boundaries, emphasizing that this tool is not for making buy or sell decisions but for evaluating risk levels [50]. - Continuous learning and data analysis are highlighted as essential practices for navigating the investment landscape, with a focus on understanding market dynamics and company performance [51][52]. - The article concludes with a reminder that true investment success lies in the ability to endure market lows and adapt strategies accordingly [53][56].