Core Viewpoint - The A-share market has experienced significant fluctuations over the past five years, with a notable shift in market sentiment influenced by various global factors. Recent policy measures have led to a surge in market liquidity and stock performance, with major indices reaching new highs [1]. Private Equity Market Overview - Only a small portion of fund managers have successfully navigated the bull and bear markets over the past five years, with 121 fund managers achieving top rankings across different time frames. Average returns for these managers were 38.65% over one year, 42.11% over three years, and 70.27% over five years [1][2]. - Among the top-performing fund managers, 29 individuals, representing 23.97%, ranked in the top 50% across one, three, and five-year periods [1]. Head Fund Managers - In the head private equity category, eight fund managers qualified with at least three products meeting ranking criteria, achieving top 50% returns over one, three, and five years, accounting for 20.51% of the group [3]. - The top three fund managers in this category are from subjective private equity firms, with notable performances from Dayou Investment and Ningbo Huafang Quantitative [3][6]. Mid-sized Private Equity Managers - In the mid-sized private equity sector, seven fund managers met the ranking criteria, with a 29.17% representation in the top 50% over one, three, and five years [7]. - The majority of these managers are from firms with assets between 20-50 billion, predominantly using subjective investment strategies [7]. Small Private Equity Managers - In the small private equity category, 14 fund managers qualified, representing 24.14% of the group, with most coming from firms with assets under 5 billion [11]. - The top manager, Wu Tianzeng from Zhongying Investment, achieved significant returns over the past five years, three years, and one year [11][14].

Core Viewpoint - The article emphasizes the importance of emotional control in investing, suggesting that most retail investors lose due to emotional decisions rather than technical skills. It advocates for a long-term investment strategy and disciplined approach to asset management [9]. Investment Strategy - Investing during market panic and selling during market euphoria is recommended as a strategy to maximize returns [1]. - A systematic investment plan is proposed, where a monthly investment of 5,000 yuan at an annualized return of 15% could grow to 10 million yuan in 20 years [2]. - It is advised to limit individual stock investments to no more than 20% of total capital to mitigate risk [5]. Risk Management - Immediate liquidation of positions is suggested if losses exceed 7% to prevent further declines [3]. - The use of leverage is discouraged, with a recommendation to avoid margin trading altogether [6]. Asset Management - Holding quality assets through market fluctuations (bull and bear markets) is highlighted as a key strategy for wealth accumulation [8]. - The article stresses that wealth is a manifestation of knowledge, and patience in investment leads to better financial outcomes [9].