梁宏直言，这波回撤主要有三大原因：一是重仓的创新药股下跌，高位没有根据价值兑现大部分仓位， 卖出决策又不够果断；二是第一重仓的硬件龙头公司跌幅超过37%，该股操作上的问题是高位估值合理 阶段不应该持有过重仓位；三是前几个月重仓了美股稳定币股，忽略了加密货币转熊等三大风险。 "几个股票下跌造成的回撤是直接原因，但更深层次的原因还是自己过于贪婪。"梁宏反思称，"高位时 过于兴奋，过于追求宏大叙事，而忽略了涨幅风险，忽略了性价比。" 0:00 据中国基金报，11月22日，希瓦资产发布的周报显示，旗下多数基金预估净值下跌7%左右，从最高点 累计回撤幅度约20%。其间，产品净值大幅跑输主要指数。对此，创始人梁宏在周报中坦言，这波回撤 重创，让人失望，深表歉意。 ...

Core Insights - The founder and CIO of Shiwa Asset, Liang Hong, publicly apologized for a significant decline in fund performance, with an estimated net value drop of around 20% from peak levels [1] - The decline was attributed primarily to issues with individual stocks and the beta exposure to the technology and internet sectors [1] Group 1: Performance Decline - Shiwa Asset reported an estimated net value drop of approximately 7% in its weekly report, with a cumulative decline of about 20% from the highest point [1] - The performance of the funds significantly lagged behind major indices during this period [1] Group 2: Reasons for Decline - The three main reasons for the performance decline were identified as: 1. A drop in heavily weighted innovative pharmaceutical stocks, where high valuations were not realized through timely selling [1] 2. A leading hardware company's stock fell over 37%, with the issue being an excessive position during a period of reasonable high valuation [1] 3. Heavy investment in stablecoin stocks in the U.S. while neglecting the risks associated with the cryptocurrency market turning bearish [1] Group 3: Reflection and Future Strategy - Liang Hong reflected on the decline, acknowledging that greed played a deeper role in the performance issues, emphasizing a lack of attention to risk and cost-effectiveness during high market valuations [1] - He expressed awareness of the disappointment among investors and the potential for significant redemptions, indicating preparedness for such outcomes [1] - Moving forward, the company plans to adapt its strategy by incorporating more absolute return considerations while maintaining a focus on value investing, aiming for improved performance in the coming year [1]