Core Viewpoint - The article discusses the psychological aspects of investing, particularly the fear of missing out (FOMO) during market rallies, and emphasizes the importance of a patient, long-term investment strategy over short-term speculation [4][5][6]. Group 1: Market Behavior and Psychological Insights - The article highlights the contrast between "star investors" who seek quick gains and "ordinary investors" who focus on steady accumulation over time, suggesting that the latter may yield better long-term results [3][4]. - It references a table showing the performance of star investors versus ordinary investors over ten years, illustrating that while star investors may experience significant fluctuations, ordinary investors tend to have more stable returns [3]. - The fear of missing out can lead investors to make irrational decisions, such as investing in unfamiliar assets simply because others are profiting [4][5]. Group 2: Historical Context and Market Trends - The article draws parallels between past market behaviors and current trends, particularly referencing the "post-5.19 market" which saw significant gains following a period of economic difficulty [11][12][21]. - It emphasizes that a slow bull market is characterized by a series of ups and downs rather than a straight ascent, requiring patience and awareness of potential corrections [36]. - The article notes that the formation of a slow bull market requires not only policy support and liquidity but also alignment with economic fundamentals [37][38]. Group 3: Policy and Economic Factors - The article discusses the role of government policies in shaping market conditions, particularly the importance of regulatory frameworks that support market stability and investor confidence [21][27]. - It mentions that significant policy changes, such as the introduction of the Securities Law in 1999, were crucial in establishing a foundation for sustainable market growth [21][27]. - The article concludes that understanding historical market cycles can provide valuable insights for current investors, highlighting the cyclical nature of markets and the need for strategic patience [35][36].

Core Viewpoint - The article reflects on the historical context of the Chinese stock market, particularly the "5·19" and "post-5·19" bull markets, highlighting the economic conditions and policy changes that influenced these market movements [2][5][19]. Group 1: Historical Context - The "5·19" bull market occurred from May 19 to June 30, 1999, with the Shanghai Composite Index rising from 1058 points to 2814 points, a remarkable increase of 66% in just 31 trading days [3][8]. - The "post-5·19" market began in January 2000, following a period of market correction, and saw the index rise significantly, reaching a peak of 2245 points by June 14, 2001, marking a total increase of over 100% from the lows [2][19]. Group 2: Economic Background - The late 1990s were marked by economic challenges, including overcapacity, inflation, and the Asian financial crisis, which led to a significant decline in corporate profits and a drop in GDP growth to 6.7% by the end of 1999 [5][6]. - The government implemented various reforms, including the "State-Owned Enterprise Rescue Plan," which resulted in the layoff of 25.5 million workers, or 20.7% of state-owned enterprise employees, as part of the economic restructuring [5][6]. Group 3: Market Dynamics - The stock market experienced a severe downturn leading up to the "5·19" bull market, with the index hitting a low of 1048 points on May 17, 1999, following a series of negative events, including the bombing of the Chinese embassy in Belgrade [6][7]. - The sudden market surge on May 19, 1999, was attributed to a government document aimed at reforming the stock market, which was seen as a significant endorsement of market development [8][9]. Group 4: Policy Changes - The implementation of the Securities Law on July 1, 1999, aimed to regulate the market and prevent illegal activities, which initially led to a sharp decline in the index by 7.6% on the same day [9][10]. - Subsequent policies, including the push for direct financing and the introduction of institutional investors, were intended to stabilize and grow the market, although they faced challenges during the transitional period [10][11]. Group 5: Market Trends and Investor Behavior - The "post-5·19" market was characterized by a slow bull trend, with the index experiencing multiple corrections of 10-20% while overall maintaining an upward trajectory [19]. - The article emphasizes the importance of patience for investors, as well as the need to be aware of short-term volatility and the impact of policy changes on market sentiment [19].