Market Overview - The market has recently experienced a surge in activity, with the Shanghai Composite Index surpassing 3,800 points, particularly driven by the strong performance of the technology sector, especially in semiconductor ETFs, which saw gains exceeding 15% [1] - Notable stocks like Cambricon Technologies have seen their prices double within a month, with significant price increases including a 20% limit-up on two occasions [1] Fund Manager Performance - Some fund managers have faced criticism from investors due to underperformance in the short term, despite having strong long-term track records. For instance, the fund managed by Jia Chengdong saw a net value decline of over 8% since its inception on June 3 [1] - Xu Yan's fund has remained nearly fully in cash since its launch on March 11, leading to investor dissatisfaction due to lack of growth [1] Investment Philosophy - Established fund managers possess their own investment frameworks, but they may struggle during market fluctuations. Adhering to their investment philosophies can result in short-term underperformance [2] - Xu Yan exemplifies a value investment approach, prioritizing long-term value over short-term gains, even at the risk of missing out on opportunities [2] Investor Behavior - Investors often experience a disconnect between their initial long-term investment goals and the desire for immediate returns, especially when observing peers achieving higher short-term gains [3] - Historical data suggests that funds focused on short-term performance rankings typically fail to deliver consistent returns over time. Successful funds are those that provide stable returns across complete market cycles [3] Selection Criteria for Funds - Investors should prioritize understanding the investment philosophy of fund managers, the research capabilities of the fund company, and the alignment of the product with their risk tolerance, rather than merely chasing short-term performance [3] - Patience and rationality are emphasized as key virtues in investing, with long-term investors often reaping better rewards [3]