Core Viewpoint - The article discusses the challenges investors face during a normal valuation period, emphasizing the importance of maintaining a clear strategy and emotional discipline in the face of market fluctuations and structural rotations [3][4][12]. Group 1: Emotional Challenges in Normal Valuation Period - Investors often experience a "fear of missing out" during this phase, leading to anxiety about not participating in rising markets while holding onto their investments [6][8]. - There is also a sense of fatigue from waiting for valuations to drop, causing doubts about whether the opportunity for low valuations has passed [7][8]. - The lack of clear feedback during normal valuation periods can lead to impulsive decisions, such as chasing hot sectors or abandoning established strategies [9][10]. Group 2: Strategies for Navigating Normal Valuation Period - It is crucial to respect position discipline and avoid chasing prices or making hasty exits when valuations are not in the low range [12][16]. - Investors should shift their focus from buying logic to holding logic, assessing whether their holdings deviate from normal value ranges and if rebalancing is necessary [13][14]. - Maintaining a strategy and reducing exposure to market noise is essential, as frequent changes in sector focus can disrupt long-term plans [15][17]. Group 3: Long-term Perspective - The article emphasizes that enduring the quiet periods of normal valuations prepares investors for future opportunities during undervalued and overvalued phases [18]. - The focus should be on refining strategies and managing emotions, ensuring that when market conditions change, investors are ready to act without being swayed by short-term fluctuations [18][19].