What does defensive investing mean? There are two types of investors, one is defensive investment and the other is offensive investment. The first goal of defensive investment is to avoid major mistakes and losses, with the focus on defense. Generally speaking, those with relatively large capital volumes will have lower requirements for yield, and the focus will be on capital safety, such as hand investments. Those with tens of millions of idle funds prefer bank trust products, although their average annual return may only be around 7%. Some may say that 7% is too low. But everyone has financial blind spots, and it is impossible to be good at all fields. People born in the 70s and 80s are the group with the most wealth in society. Many of them earn hard-earned money and are not very familiar with the field of financial investment. For them, they may hear the most about who lost money in the stock market and who Going bankrupt doing futures and so on. For them, the most important thing when investing is to first keep their principal without losing money. Occasionally, they will feel very happy if they achieve an annualized return of 10% from the funds they buy based on the bank's account manager. Although they buy funds from many banks, The cost of the fund is higher, but since these people don’t know it, they don’t feel it. This is what is happening around us. For defensive investors who do not need to pay attention to the market frequently, broad-based index funds may be more suitable for them, such as the common CSI 300, SSE 50, CSI 500, etc. The advantage is that major losses generally do not occur, but the disadvantage is that the returns are relatively low. To say that the income is relatively low depends on the market situation. Last year, the income of the CSI 300 was just okay. Last year, the CSI 300 rose by 27%. If you saw that the CSI 300 had good earnings last year, it would be a pity to plan for this year. Investing in broad-based index funds requires a lot of patience, and generally speaking, outperforming inflation is the main purpose of investing in it.