Group 1 - The article discusses the challenges faced by investors in a bull market, particularly those focused on absolute returns, highlighting the need for growth in adversity [1] - The author reflects on 25 years of investment experience, emphasizing a low-risk strategy that includes hedging, convertible bonds, and cash-enhanced strategies [1] - The article suggests that maintaining a low volatility approach can make it difficult to navigate high-risk environments, leading to feelings of uncertainty [1] Group 2 - The author shares personal experiences and insights on patience and the importance of achieving investment goals rather than focusing solely on the process [2] - There is a discussion on the book "不亏" (Not Losing), which provides valuable insights into investment strategies and the mindset required for success [3][4] - The article emphasizes the importance of flexibility in investment strategies, suggesting that individual investors should leverage their lack of time constraints compared to institutional investors [4][5] Group 3 - The concept of extreme thinking is introduced, where investors focus on strategies that minimize the risk of total loss, allowing for greater potential returns over time [5] - The article highlights the belief that low-risk investors can see opportunities that others may overlook, reinforcing the idea that different investment philosophies can coexist [6][7] - The discussion includes the idea of diversifying investment approaches and experimenting with different strategies to find what works best for individual investors [10][12]