牛市还亏钱？这几天的选择，决定了你的全年收益

Core Viewpoint - The article discusses the disparity between index performance and individual investor experiences during the bull market of 2025, highlighting that missing key trading days can significantly impact overall returns [5][6][8]. Group 1: Market Performance - The Shanghai Composite Index rose by 21.54% in 2025, while the CSI 500 and CSI 1000 indices saw nearly 30% gains [6]. - Despite the overall market gains, many investors reported losses, indicating a divergence in individual performance versus index performance [7][8]. Group 2: Importance of Key Trading Days - Missing the top 10 trading days in 2025 could have turned a 21.54% gain into a -1.37% loss due to the compounding effect of returns [17]. - Historical analysis from 2005 to 2025 shows that missing the best trading days consistently leads to significantly lower annual returns, with missing the top 10 days resulting in a drop from 582.66% to 220.03% in cumulative returns [22][32]. Group 3: Market Behavior Patterns - The article notes that significant market gains often occur after substantial declines, suggesting that the best days for returns are frequently found at the beginning of bull markets or the end of bear markets [36]. - A study by Hartford indicates that 78% of the highest daily returns in the S&P 500 occurred during bear markets or the first two months of a bull market [31]. Group 4: Investment Strategy Insights - The difficulty of timing the market is emphasized, as investors often react to downturns by attempting to avoid losses, which can lead to missing subsequent gains [40]. - The article suggests that maintaining a long-term investment strategy and staying invested in a diversified index can help capture significant market gains over time [46][52].