段永平是中国著名的企业家与投资人，曾创办步步高、OPPO、vivo等知名品牌，并以价值投资理念闻名。他曾指出：‘80%以上的散户在牛市和熊市中都会亏钱。’这句话揭示了普通投资者在市场波动中普遍面临的困境。段永平认为，散户亏损的根本原因并非市场本身，而是缺乏正确的投资理念和纪律。许多散户追涨杀跌、频繁交易、听信消息、情绪化操作，导致无论市场上涨还是下跌，都难以获得长期收益。相比之下，真正成功的投资者往往具备独立思考能力、长期视角以及对优质资产的识别力。他强调，投资的关键在于‘买什么’而非‘什么时候买’。如果买入的是具有长期竞争力、良好商业模式和优秀管理层的企业，即使短期市场波动，长期仍能创造价值。段永平本人正是通过重仓苹果、茅台等优质公司，在不同市场环境中持续获得回报。因此，他的观点提醒广大散户：与其试图预测市场走势，不如专注于理解企业本质，建立理性、耐心、纪律严明的投资体系。只有这样，才能在牛熊交替中真正实现财富的稳健增长。
Duan Yongping is a renowned Chinese entrepreneur and investor, known for founding brands like BBK, OPPO, and vivo, and for his strong adherence to value investing principles. He once remarked, ‘More than 80% of retail investors lose money in both bull and bear markets.’ This statement highlights a common challenge faced by ordinary investors amid market volatility.According to Duan, the root cause of retail losses isn’t the market itself, but rather a lack of sound investment philosophy and discipline. Many retail investors chase trends, trade excessively, rely on rumors, and act emotionally—behaviors that lead to poor returns regardless of whether the market is rising or falling. In contrast, successful investors typically possess independent thinking, a long-term perspective, and the ability to identify high-quality assets.Duan emphasizes that what matters most in investing is ‘what you buy,’ not ‘when you buy.’ If you invest in companies with durable competitive advantages, solid business models, and excellent management, they will likely create long-term value despite short-term market fluctuations. Indeed, Duan himself has achieved consistent returns by heavily investing in high-quality companies like Apple and Kweichow Moutai across different market cycles.His insight serves as a reminder to retail investors: instead of trying to time the market, focus on understanding the fundamentals of businesses and build a rational, patient, and disciplined investment approach. Only then can one achieve sustainable wealth growth through both bull and bear markets.
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