It is the evening of January 22, 2026.
This afternoon, I attended the online conference "In-Depth Analysis of Securities Private Equity Funds in 2025" hosted by Guotai Haitong. The meeting notes can be found here.
Overall, the entry barriers are getting higher, but with a unique strategy, there are always ways to launch products through channels—though such channels are clearly becoming more expensive. One opportunity is that the evaluation system for stock selection models remains unclear, meaning there is still room for differentiation here. I think this area is well-suited for deep exploration. It's especially fitting for someone like me, who enjoys building evaluation systems, to make a mark.
However, some people in the industry need to return to basics. They shouldn't always look for ways to package their performance from different angles, using flashy evaluation metrics and professional accounting techniques to confuse investors. How is this not a form of fraud? You may not be lying, but you are constantly hinting, evading the truth, and creating false perceptions for investors—that's not good.
But this is also a fundamental conflict of interest: fund managers benefit from the scale of assets under management, while investors seek personal returns. When these two interests conflict, it inevitably leads to a game between managers and investors. The outcome of this game is often that managers use various means to attract investors to increase their management scale, while investors need to be more cautious in selecting managers to avoid being exploited.
It's still better to be an individual investor—free and independent, not having to rely on others, haha!
