In the stock market, fear and greed are the two infectious diseases that are most prone to large-scale outbreaks, and they will appear repeatedly. Buffett said: "The timing of these outbreaks is difficult to predict. The serious deviation between market price and value caused by them, whether it is the duration or the degree of deviation, is also difficult to predict. Therefore, we will never try to predict the arrival or departure of any situation of fear and greed. " Buffett also admitted that he hopes to invest in an environment filled with pessimism, "not because we like pessimism, but because we like the resulting price, and optimism is the enemy of investors."

One of the most frequently asked questions recently is, what should I do if the fund is quilted? Should we cut the meat to make up the position? Perhaps, we should first keep calm, think independently, and make decisions according to our positions, personality and the performance of the funds we buy under the premise of controlling risks. Secondly, learn to wait and wait for the opportunity. After the internet technology stock bubble burst in 2000, Buffett endured for five years before re-entering the stock market in large quantities. He never tries to rebound, because what he wants is not the small profit of short-term speculation, but the big profit of long-term value investment. "Only when the capital market is extremely depressed and the entire business community is generally pessimistic, investment opportunities with very rich returns will appear." He also warned investors that if he encounters a big bear market when investing in the stock market and a big bull market when selling, his profits will be very considerable.

When the market is bleak, the investment ability of fund managers can be seen better. If the fund is really an excellent fund, it still has investment value in the medium and long term. At present, when the market is still half away from the previous high point, we can consider intervening in the form of regular fixed investment; If the performance of the fund in hand is poor, it can't stand the test of the market at all, the performance is at the bottom, the ranking is low, it is too radical, the turnover rate is high, and it is ups and downs, so it is necessary to resolutely redeem it. This kind of fund is not worth being with investors.