The following figure shows the share changes of equity funds from 20 1 1 to 20 19.
As can be seen from the above figure,
1.20 15 During the bull market, investors held the highest share of equity funds. In other words, when the market is at a high point, people desperately buy stock funds, commonly known as "high buying".
2.20 14 during the bear market, investors redeemed stock funds (commonly known as "selling at a low price") due to the continuous decline of the market, thus making the share of 20 14 stock funds the lowest.
Therefore, even if the performance of the fund is good, if it is always "buy high and sell low", the loss will be sooner or later.