保安哥的2025年：劫后余生又新高

Core Viewpoint - The article discusses the volatile journey of an investor over the years, highlighting the impact of leverage on investment outcomes and the emotional toll of market fluctuations. It emphasizes the importance of risk management and the lessons learned from both gains and losses in the stock market. Financial Performance Summary - The investor experienced significant fluctuations in annual returns, with a peak return of 116% in 2017 and a low of -50% in 2018. The overall trend shows a recovery in 2024 with an expected return of 85% [2]. - The net worth fluctuated dramatically, reaching a high of 340 million by 2025 after starting from a low of 7 million in 2023 [2]. Investment Strategy and Experience - The investor began using leverage in 2016, maintaining positions above 100% thereafter. This led to substantial gains in 2017 but also resulted in significant losses in subsequent years, particularly in 2018 and 2022 [3][4]. - The experience of losing half of the capital in 2018 was a turning point, leading to a deeper understanding of market risks and the emotional challenges of trading [3][4]. - The investor's strategy evolved to include higher leverage, with positions exceeding 300% in 2019, which contributed to rapid capital growth but also increased risk exposure [4][5]. Emotional and Psychological Aspects - The investor describes a shift in mindset from confidence to fear during market downturns, particularly after experiencing significant losses. This change reflects a deeper awareness of market unpredictability [5][6]. - The emotional burden of managing both market risks and personal financial pressures is highlighted, with the investor choosing to shield family members from the full extent of financial struggles [13][14]. Current Holdings and Market Outlook - The current portfolio includes major stocks such as Kweichow Moutai, Wuliangye, SF Express, and Gree Electric, with a total position size of 75% [7]. - The investor expresses a cautious approach moving forward, focusing on large-cap stocks to mitigate risk while acknowledging the potential for lower returns compared to previous high-leverage strategies [6][20].