Stock-picking ability (stock-picking ability) and market-choosing ability (timing ability) are two important aspects to evaluate investment ability. The so-called stock picking ability refers to the ability of investors to predict individual stocks, which can buy undervalued stocks and sell overvalued stocks. The so-called timing ability refers to the ability of investors to predict the overall trend of the market. In a bull market, more funds can be used to buy stocks, and in a bear market, the proportion of cash assets can be increased. Then for an ordinary investor who lacks investment experience and has not received professional training, it is difficult to improve his stock selection ability and timing ability in a short time. Because even fund managers can hardly make mistakes in stock selection and timing. Therefore, investors with weak timing ability should pay more attention to actively managed stock funds, and regular fixed investment is also a good way. In the volatile market, actively managed funds can make use of their own flexibility and the characteristics of emerging A-share markets to create returns beyond the index. Because the performance of active funds is closely related to the ability of fund managers to choose stocks and industries. There are many fund managers with deep qualifications and strong bottom-up stock selection ability. Compared with ordinary individual investors, they have experienced bull-bear market rotation and have more experience in grasping the growth and value of individual stocks. Some individual investors see that index funds have performed well in the recent rebound, but in fact, for investors with poor risk tolerance and timing ability, index funds are not suitable as the main investment targets, but can be used as one of the varieties of asset allocation. Because the choice of index funds emphasizes the judgment of macro-economy and industry, which is equivalent to predicting the future trend of the whole market, and has little to do with the ability of fund managers.