Core Viewpoint - The article discusses the concept of "missing out" on market gains, emphasizing that for ordinary investors, missing out is not a risk, while losing money is the real concern [2][10]. Group 1: Fund Managers' Perspective - For fund managers, missing out on market gains poses a significant risk, as it can lead to underperformance compared to the market, resulting in investor dissatisfaction and a substantial decrease in fund size [4][6]. - A decline in fund size directly impacts the management fees collected by fund companies, leading to reduced revenue [5]. - To mitigate this risk, many fund managers opt to maintain a high stock allocation consistently, aiming for excess returns through careful stock selection [7][8]. Group 2: Ordinary Investors' Perspective - Ordinary investors face different circumstances; they do not receive rewards for taking on greater risks, and aggressive investment strategies do not guarantee higher returns [11][14]. - Ordinary investors often need to liquidate assets for cash flow to meet living expenses, which can be problematic during market downturns [15][16]. - Unlike fund managers, who focus on relative performance against other funds, ordinary investors should prioritize absolute returns to ensure each investment is profitable and does not negatively impact their purchasing power [20][17]. Group 3: Investment Strategy - The article emphasizes the importance of investing during undervalued market phases to minimize potential losses [21][23]. - It highlights that purchasing high-quality assets at lower valuations can lead to higher long-term returns while reducing risk [22][23]. - As of August 12, 2025, the market is still considered relatively cheap, presenting an opportunity for investors to accumulate quality assets [26].