90%的亏损，在买入那一刻就已经注定了

Core Viewpoint - The article discusses the extreme market differentiation observed in the A-share market, driven by geopolitical tensions, particularly in the Strait of Hormuz, which could significantly impact global oil supply and prices [3]. Market Performance - On March 3, the Shanghai Composite Index fell by 1.43%, and the ChiNext Index dropped by 2.57%, with total trading volume reaching 31,295 billion yuan, an increase of 1,088 billion yuan from the previous day [3]. - The oil and gas sector experienced a surge, with over 30 stocks hitting the daily limit, while nearly 4,800 stocks declined, including significant drops in defense and military (-6.74%), non-ferrous metals (-5.61%), and electronics (-5.30%) [3]. Investment Philosophy - The essence of investing lies in risk management rather than prediction. Investors should focus on controlling risks and making informed decisions about when to buy or sell stocks [4][5]. - Two primary methods for controlling investment risk are diversification and careful stock selection. Diversification serves as a defensive strategy, acknowledging the unpredictability of the market, while careful stock selection is an offensive strategy aimed at identifying certainty within a limited understanding [5][6]. Risk Management - Diversification involves creating a balanced portfolio across different industries and asset types, which helps mitigate losses when certain sectors underperform [5][6]. - Careful stock selection requires investors to assess their understanding of a company, its competitive advantages, and whether the current price offers a margin of safety. This process helps filter out risks [6][7]. Understanding Risks - The greatest risks in investing often stem from the investors themselves, such as chasing trends, frequent trading, and making impulsive decisions based on market fluctuations. These risks are avoidable [7]. - True risk is not merely market volatility but the permanent loss of capital, which is often determined at the moment of purchase. Understanding the relationship between risk and return is crucial, as high risk does not always equate to high returns [7][8]. Investment Mindset - Successful investors are those who can say "no" to unnecessary risks and maintain control over their investment decisions, including position sizing and entry prices [7][8]. - The article emphasizes that investing is a long-term journey, where patience and a focus on fundamental value are key to achieving favorable outcomes over time [9].