以下文章来源于懒汉养基 ，作者懒人养基 懒汉养基 . 懒人养基小号【懒汉养基】。主号【懒人养基】专注于基金投资，小号【懒汉养基】则记录并小范围分享自己个人成长、投资理财、旅行旅居、读书休 闲、健身养生等方面的一些思考、感悟和经历。感兴趣的朋友欢迎关注。 ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 懒人养基 来源：雪球 在投资者认知里，"高风险高收益"几乎是条铁律，每当牛市来临，那些翻倍基金的神话总让人血脉贲张，仿佛只要咬牙承受波动，财富自由就在对 岸向你招手。 然而，一轮牛熊下来，绝大多数追着高波动奔跑的投资者，最终到手的不是高收益，而是伤痕累累的本金和一颗千疮百孔的心。 01 高收益的幻影：看得见却"吃"不着 高波动资产的"高收益"是一种统计结果，但它建立在一个前提之上：投资者全程持有、不动如山。 可现实中，绝大多数人根本做不到。行为金融学早已揭示了这个真相：投资者在亏损时感受到的痛苦，是盈利时快乐的两倍。这种不对称的心理机 制，注定了我们会在最不该撤退时落荒而逃，在最不该贪婪时奋不顾身。一只年化收益20%的基金，如果中 ...

Core Viewpoint - The discussion emphasizes the need for a shift in investment strategies towards high-tech sectors rather than traditional sectors like liquor, highlighting the limitations of relying solely on alcohol for economic growth [1] Group 1: Investment Strategy - Liu Jipeng, a professor at China University of Political Science and Law, advocates for high-tech investments, stating that relying on liquor for revitalizing China's economy is insufficient [1] - The liquor sector has dominated the market for the past five years, but there is a call for diversification into high-tech investments [1] - High-tech investments are acknowledged to carry higher risks, and investors are encouraged to be selective and rational in their participation [1] Group 2: Market Sentiment - A recent incident involving a senior investor questioning the profit forecasts of a leading optical module company led to a backlash from younger analysts, highlighting a generational divide in investment preferences [1] - The term "Old Deng" has emerged to describe investors who prefer high-dividend sectors like liquor and energy while being conservative towards technology growth stocks [1]