Core Viewpoint - The article discusses the recent apology from Liang Hong, chairman of Shiwa Investment, due to significant fund value declines, attributing the underperformance to three main reasons: heavy investments in innovative pharmaceuticals, hardware companies, and stablecoin stocks, which were adversely affected by market conditions [1][2]. Group 1: Fund Performance - Shiwa Investment's funds are estimated to have declined by approximately 7% recently, with a cumulative drawdown of about 20% from their peak [1]. - Specific funds, such as Shiwa Jinkubang No. 1 and Shiwa Xiaokang No. 1, reported losses of 7.78% and 23.27% respectively, since their establishment in 2020 [2]. - Shiwa Xiaokang No. 1 experienced a drawdown of -19.35% from September 19 to November 21, while the CSI 300 index only saw a -4.81% drawdown during the same period [2]. Group 2: Investment Strategy and Management - Liang Hong acknowledged that the aggressive investment style led to significant losses, particularly due to not cashing out at high points and overexposure to certain sectors [1][9]. - Liang has a background in trading with over 15 years of experience across multiple markets, focusing on growth and value investments [1]. - The article highlights that Liang has previously apologized for poor performance, indicating a pattern of reflection and acknowledgment of mistakes in investment strategies [9][12].