Core Viewpoint - The article discusses the survival rate and performance of "civilian stock gods" transitioning into private equity, highlighting their low overall survival rate and significant performance divergence. Group 1: Survival Rate and Performance - The overall survival rate of civilian stock gods in private equity is low, characterized by clear "polarization" and "high elimination rates" [2] - Civilian stock gods often exhibit flexible strategies and aggressive positions, which can lead to significant gains in bull markets but severe losses in bear markets [3][4] - Notable examples include Liao Maolin, who saw a tenfold increase in value from 2019 to 2021 but suffered substantial losses afterward, and Yun Meng, who lost 81% of his net worth after heavily investing in bank stocks during a downturn [2][4] Group 2: Risk Management and Strategy - Civilian stock gods tend to have strong explosive performance in bull markets but reveal significant risk management shortcomings during bear markets [3][4] - In 2014, the average return for civilian stock gods was 16.32%, outperforming public and brokerage funds, but they faced severe drawdowns during the 2015 stock market crash [3][4] - The performance of civilian stock gods is often tied to their personal experiences rather than formal investment theories, leading to a wide disparity in fund performance [5] Group 3: Growth and Challenges - As some civilian stock gods transitioned to larger private equity firms, they struggled to maintain their previous success due to reduced flexibility and increased complexity in managing larger funds [6] - Despite the low survival rate, some individuals have successfully adapted and continue to thrive in the private equity space, such as Feng Liu and Liang Hong, who have integrated personal investment strategies with institutional capabilities [6][7][8] Group 4: Selection Criteria for Investors - Investors are advised to look for signs of genuine capability in fund managers, such as consistent performance, transparency in holdings, and reasonable fund sizes [9][10] - Key indicators of a fund manager's reliability include significant personal investment in their funds, clear communication, and adherence to their investment capabilities [10]