In fact, the reason why there is a saying that "buy old funds in bull markets and buy new funds in bear markets" is mainly based on the fund's position.

For old funds: the stock holdings of stock funds cannot be less than 80%, and the stock holdings of hybrid funds cannot be less than 60%. In this case, the following two situations will occur: 1. In a bear market, old funds will lose money because of their positions.

It is stipulated that even if it falls into a dog, the prescribed position must be maintained, so it is easy to cause the fund's net value to fall sharply; 2. In the bull market, because the old fund's positions are relatively high, the fund's net value rises quickly.

For new funds: Although stock funds and hybrid funds also have position holding regulations, new funds have a certain period of opening a position, usually about 3 months. The following two situations will also occur: 1. In a bear market, new funds

Funds can consider delaying the opening of positions, so that short or light positions may avoid the most severe months of decline in the bear market, thereby ensuring that the net value of the fund will not drop significantly; 2. In the bull market, new funds have a certain period of opening positions.

Therefore, when the bull market rises sharply, new funds do not have time to take heavy positions to keep up with the surge, so the net value of the fund often does not increase too much.

Considering the above, there is a saying that "buy old base in bull market and buy new base in bear market".

However, this statement is not necessarily completely correct. In a bear market, old funds can also control the retracement to a certain extent through stock selection and position control; in a bull market, new funds can also quickly build positions to catch up with the rising momentum of the bull market.

Therefore, this statement is for reference only. More factors need to be considered in how to select funds.