凌晨两点，张磊盯着手机里的股市行情，一夜没合眼。 账户里浮亏 30%，但真正让他烧心的不是那串红色数字。而是白天刷到的朋友圈 —— 前同事晒出某只股票涨停的截图，那正是他上周割肉离场的票。 "要是再扛三天就好了""当初怎么就信了那些鬼分析"，这些念头像针一样扎在脑子里。他摸出烟盒，发现空了，起身时腿都是麻的。 炒股的人都尝过亏钱的滋味，割肉时的心碎确实难熬。但老股民会告诉你：比亏钱更折磨人的，是那些 "没发生的损失" 和 "自我否定" 的内耗。它们不像账 户亏损那样直观，却能一点点啃食你的情绪，甚至摧毁对生活的掌控感。 这篇干货就带你戳破炒股最痛的真相：比亏钱更难受的 5 种 "精神酷刑"，以及如何跳出这种内耗陷阱。 "早知道当初买了就好了！" 这句话，90% 的股民都吼过。 2025 年国庆前，李姐清仓了手里的新能源基金，理由是 "估值太高，怕回调"。结果节后开盘，板块连着三天大涨，相关 ETF 单日涨幅超 7%。她每天打开 财经 APP 就心跳加速，看着别人晒出的收益截图，饭都吃不下。 "要是当时留一半仓位也好啊""就差那么一步，首付的钱就有了"，这些念头循环在她脑子里，比自己亏了钱还难受。 这种痛苦，根 ...

洞见 （ DJ00123987 ） —— 不一样的观点，不一样的故事， 3000 万人订阅的微信大号。点击标题下蓝字 " 洞见 " 关注，我们将为您提供有价 值、有意思的延伸阅读。 人生的智慧，一半在争取，一半在放弃。 ♬ 点上方播放按钮可收听洞见主播安东尼 朗读音频 在投资里，有两个重要的风险控制原则：止盈与止损。 所谓止盈，就是见好就收，不贪多、不恋战。 而止损，就是愿赌服输。发现方向错了、已经触及到底线了，就果断停止投入，及时止损。 其实人生这场投资，道理也是一样。 很多人活得纠结又疲惫，根源往往是败给了两样东西： 一是贪心，二是不甘心。 明明知道自己赌输了、选错了、坚持下去没意义了，却偏舍不得那些已经付出的沉没成本，最后反而越陷越深。 直到撞过几次南墙才明白： 一个人最通透的活法，是落子无悔，愿赌服输。 赢了，就守住手里的幸福；输了，就坦然接受所有。 对的错的，我都认了，买单离场，及时止损。 作者：洞见·时筠 选错的人，及时止损。 在电视剧《知否》里，淑兰的婚姻就是一场"错投"。 她嫁的孙秀才，本来是12岁中秀才的神童，可这个神童到了三十多岁学问不但没长进反而一直在倒退，整天拿"有辱斯文"摆架子。 他 ...

想知道高手和普通人最大的区别吗？ 一个接近于最优解的答案是：专注。 秦舞阳只能在街市逞凶，一遇威压便瞬间崩溃； 而荆轲身处风暴中心，却能屏蔽一切噪音，其专注如烈火中淬炼的合金，直指目标。 更具体一些，对于高手而言，前一秒还在某件暂时无法解决的难题里，但下一秒就能彻底抽离出来，全 身心地投入到下一个重要的事情中，仿佛此前的难题并不存在——即使事实上那个难题依然乌云笼罩在 人生的上空。 这才是真正的专注能力。 假如你还在上一个难题的干扰下去做下一个重要的事情，那么对下一个事情的影响反过来又会加重上一 个难题。 专注此刻，难在遗忘上一刻。 聚焦在最重要的事情上，如激光般穿透现实中貌似无解的钢板。 然而，这样的"标准答案"，也容易造成误导。 因为，确切而言，对于高手而言，难的不是专注，而是能够在混乱中聚焦，在压力下专注。 这二者大概像是秦舞阳和荆轲之间的差别。 所以，你要像关灯一样，100%关闭上一秒。 一 其实，也只有这样做，方能助你从那个难题里走出来。 也只有这样，才可以在问题延绵不绝的岁月中前行。 然而，即使如此，这种开关式的聚焦，也许可以造就杀手，但还称不上高手。 二 "像关灯一样关闭上一秒"的能力，在思想的 ...

神译局是36氪旗下编译团队，关注科技、商业、职场、生活等领域，重点介绍国外的新技术、新观点、新风向。 编者按：感觉良好、追求地位的学习，往往是无效的。真正的成长，始于直面"我很愚蠢"的痛苦。文章来自编译。 心态 学习 vs. 假装学习 工具 心态 学习 vs. 假装学习 如果我们总是放任自己，就会永远等到这样或那样的干扰结束，然后才能真正开始干活。唯一能取得巨大成就的，是那些对知识极度渴望，以至 于在条件依然不好的时候仍不懈追求的人。因为你永远也等不到条件好的时候。——C.S. 刘易斯 学习大量真正有用的信息极其重要。这也许是利用时间可做的最重要的一件事，它能改善生活，让你更有能力在世界上有所作为。哪怕你就读于顶尖学府或 从事对认知能力要求很高的工作，也很容易在不知不觉中让大量时间流逝，却没有真正学到很多东西。真正持续的学习需要高度的警觉、自我反省、坚韧的 心态、有效的策略和工具，以及问责体系。 根据我的经验，无论在哪里，人们都非常乐于见到那些真正花了很多时间和心思去学习某件事并进行深入思考的人，而不是那些只学习表面知识、懂得在适 当的时候说出正确"暗号"的人。我感觉有些人身上散发着一种独特的、充满活力的温暖 ...

Core Insights - The article emphasizes that sunk costs should not influence major decision-making, highlighting the importance of maintaining flexibility in choices [1] - It suggests that the market is often filled with noise rather than clear signals, indicating that missing out on certain market movements should not be viewed as a loss [1] - The focus is on the idea that trading is a means to an end, with the ultimate goal being profit, and any deviation from this purpose is deemed unproductive [1] Summary by Categories Decision-Making - Sunk costs should not play a role in significant decisions, allowing for the possibility of choosing not to act even when conditions seem favorable [1] Market Behavior - The market is characterized by more noise than signal, and missing out on certain opportunities does not equate to a financial loss [1] - It is noted that not participating in every market movement is acceptable and does not represent a waste of time [1] Trading Philosophy - Gold is presented as a trading asset, while trading itself is viewed as a tool, all serving the primary objective of making money [1] - Any engagement in trading that strays from the goal of profitability is criticized as unwise [1]

Core Viewpoint - The article discusses the success of the children's financial literacy book "The Economics That Tells Stories," authored by investor Yang Dong, which has sold 250,000 sets and 5 million copies, becoming a bestseller in the financial literacy category for children in China [1]. Group 1: Book Overview - The book has received endorsements from notable figures such as Lin Yifu, Fan Deng, Yu Minhong, and Zhou Hongyi, contributing to its popularity on various e-commerce platforms [1]. - Yang Dong aims to cultivate business thinking in children, addressing a gap in financial literacy that he observed among entrepreneurs and business leaders [2][5]. Group 2: Educational Philosophy - Yang Dong emphasizes the importance of instilling business thinking from a young age, aligning with current educational reforms that focus on practical applications and real-world connections [5][6]. - The book integrates complex concepts like "sunk cost" and "game theory" into engaging stories, making them accessible for children [2][9]. Group 3: Unique Aspects of the Book - The book differs from traditional children's literature by incorporating compelling narratives with real conflicts and resolutions, encouraging repeated reading among children [8]. - It provides a comprehensive knowledge framework, allowing children to understand the evolution of business concepts through interconnected stories [8][9]. - The book includes a "knowledge bank" that explains interdisciplinary principles, seamlessly integrating subjects like psychology and mathematics into the context of business [9]. Group 4: Practical Applications - Yang Dong suggests that parents can nurture their children's business thinking through everyday conversations about commercial phenomena encountered in daily life, such as discussing the reasons behind the success of chain stores or the logistics of product distribution [7]. - The book also serves as an introduction to investment concepts, illustrating how business thinking is essential for understanding investments and decision-making processes [12][13].

Core Viewpoint - The value of master's degrees is declining, with many questioning the worth of pursuing a master's, especially "water master's" programs that are easy to enter and graduate from [2][3]. Group 1: The Devaluation of Degrees - Master's education is experiencing "commodification" and "inflation," with institutions expanding enrollment and lowering admission standards, leading to a perception of many programs as "water master's" [5][6]. - In the job market, a master's degree is no longer a standout feature but merely a standard requirement, with employers increasingly valuing practical experience and skills over academic credentials [6][10]. - By 2025, the number of college graduates in China is expected to reach a record 12.22 million, with lower employment rates for master's graduates compared to associate degree holders [6][10]. Group 2: The Reality of "Water Master's" - Many master's programs emphasize theory over practical skills, leading to a disconnect between what is taught and what is needed in the workplace [9][10]. - Employers are wary of "high degree, low ability" graduates, with many preferring candidates with more substantial practical experience [9][10]. - Some companies explicitly state they do not hire one-year overseas master's graduates, viewing them as less qualified compared to those with longer study durations [10][11]. Group 3: Opportunity Costs of Pursuing a Master's - The direct costs of pursuing a master's degree abroad can range from 700,000 to 1,500,000 RMB, including tuition and living expenses, often requiring significant family support or loans [14][15]. - Time costs are significant, as students delay entering the workforce, potentially falling behind peers who gain work experience during that time [14][15]. - Psychological factors, such as "sunk cost" and identity issues, can lead students to persist in pursuing degrees that may not yield the expected returns [15][16]. Group 4: Questions to Consider Before Pursuing a Master's - Prospective students should evaluate whether the master's program offers unique value, if the industry requires a master's degree, if the curriculum aligns with industry needs, and if they are prepared for the associated costs and risks [21][22]. Group 5: The Importance of Skills Over Degrees - The focus should shift from merely obtaining a degree to enhancing skills and capabilities, as not all degrees lead to significant career advancements [23][24]. - Even prestigious programs may suffer from outdated content and lack of practical training, leading to dissatisfaction among graduates [24][25]. - The true value of a degree lies in its alignment with personal goals and the ability to leverage the experience for career growth [25][26].

Core Viewpoint - The article discusses the evolving attitudes of young people towards marriage and the decision to obtain a marriage certificate, highlighting a trend towards more cautious and individualized approaches to relationships and commitments [2][24][30]. Group 1: Marriage Registration Trends - The new marriage registration regulations allow individuals to complete the process with just an ID, leading to a surge in registrations, particularly on May 20, when many queued overnight [2][3]. - A survey by Soul App indicates that a significant portion of younger generations still values the act of obtaining a marriage certificate, with 51.78% of post-90s, 50.83% of post-95s, and 41.87% of post-00s believing it is an important milestone in romantic relationships [3][31]. Group 2: Reasons for Not Registering - Many young couples choose not to register their marriage due to various reasons, including career considerations, financial stability, and the desire to avoid societal pressures related to marriage and childbearing [4][6][10]. - The article presents contrasting views, with some individuals feeling that not registering allows for greater freedom and less pressure from family regarding marriage and children [5][9][14]. Group 3: Legal and Social Implications - The lack of a marriage certificate can lead to legal vulnerabilities, particularly concerning property rights and responsibilities in the event of a separation [20][30]. - The article highlights that cohabiting couples without a marriage certificate may face challenges in legal matters, such as child custody and financial disputes, as they lack the legal protections afforded to married couples [19][21]. Group 4: Cultural Perspectives - The article notes that attitudes towards marriage vary significantly between urban and rural areas, with urban youth more likely to support non-traditional arrangements [17][18]. - It also discusses the influence of cultural norms on marriage decisions, with some individuals feeling that traditional views on marriage do not align with their personal beliefs [22][24]. Group 5: International Comparisons - The article references the French PACS system, which offers a flexible alternative to marriage, allowing couples to enjoy some legal benefits without the formalities of marriage [26][27]. - Statistics show that the number of PACS registrations in France is nearly equal to marriage registrations, indicating a shift in how relationships are formalized [27][28].

Core Concept - The article discusses the concept of "sunk cost" and its psychological effects on decision-making, emphasizing the importance of recognizing and overcoming these biases to make better choices in life and investments [2][3][11]. Group 1: Understanding Sunk Cost - Sunk cost refers to past expenditures that cannot be recovered, including time, money, and effort [3][4]. - The article illustrates the sunk cost effect through a shoe-buying scenario, where individuals may continue to invest time and energy into a poor decision due to emotional attachment and the desire to avoid loss [6][8]. Group 2: Psychological Factors - The phenomenon of loss aversion explains why individuals struggle to let go of sunk costs, as the pain of losing something is often felt more acutely than the pleasure of gaining something [9][10]. - The article highlights that those who can decisively cut their losses tend to save time and energy, allowing them to focus on more important decisions [11]. Group 3: Recommendations to Overcome Sunk Cost - Emphasizing the value of time is crucial, as time is a finite resource that should be spent wisely to maximize productivity [13][14]. - Recognizing that sunk costs are irretrievable can help individuals avoid unnecessary emotional turmoil and make clearer decisions [17]. - Developing a goal-oriented mindset can prevent individuals from being sidetracked by irrelevant opportunities, ensuring that they stay focused on their primary objectives [18]. - Reducing the frequency of trivial decisions can help conserve mental energy, allowing for better decision-making in more significant matters [20].

Core Viewpoint - The article emphasizes the importance of reassessing investment portfolios during periods of low market volatility and rapid rotation, suggesting that investors should avoid unnecessary trading and focus on strategic adjustments instead [4][48]. Group 1: Market Conditions - Recent trading volumes in the A-share market have been stagnant, hovering around the trillion mark [4]. - Implied volatility is continuously decreasing, contributing to a sense of boredom in the market [5][6]. - The market is characterized by rapid rotation, where buying often leads to declines and selling leads to gains, creating a challenging environment for investors [8][9]. Group 2: Investment Strategy - Investors are encouraged to rethink their investment portfolios, as many hold onto losing stocks due to a reluctance to acknowledge mistakes [18][19]. - The concept of "sunk cost" is highlighted, where investors often wait to break even before selling, which can lead to further losses [31][32]. - A suggestion is made to treat investments as cash and reassess how to allocate it, rather than being anchored to the original purchase price [44][46]. Group 3: Timing and Market Behavior - The article notes that during periods of low volatility, it is advisable to refrain from making hasty trades and instead prepare for potential future market fluctuations [50][51]. - It is emphasized that both market rises and falls can present opportunities, with rises allowing for profit realization and falls providing chances to buy at lower prices [60][62]. - The importance of focusing on long-term asset growth rather than short-term fluctuations is stressed, as short-term movements are often random [66][68]. Group 4: Strategic Planning - The article advocates for a strategic approach to investment, suggesting that a well-thought-out strategy can lead to better long-term returns without the need for frequent trading [56][58]. - Investors are encouraged to diversify their portfolios to mitigate risks and enhance potential returns [70].