Recent reports of penalties for accepting bribes for writing reports reveal issues that are even more serious than short essays. Short essays are everywhere, and people might still question them, but research reports backed by institutions and with clear sources sound especially credible — and that is precisely where the problem lies.

The套路 is actually very clear: someone quietly builds a position in advance, then spends money to have analysts produce reports to hype it up. When retail investors follow the trend and buy in, those who initially set up the position start to sell. The entire chain is tightly connected, with clear division of labor.

Therefore, when reading research reports, you must keep your eyes wide open. You can't assume that report authors are objective; honestly, many analysts' skills are not trustworthy. Even setting aside those with clear利益关系, the value of most institutional research reports is quite limited.

Instead of obsessing over others' opinions, it's better to think for yourself: the logic must be coherent, trends should be verified, timing should rely on volume and price relationships, and restraint is essential at关键时刻 — this combination can avoid most traps. Plus, diversifying holdings can greatly reduce the impact of black swan events on individual stocks on the overall portfolio.

If you really don't have the energy to do your own research, index funds are actually a good option. Using ETFs to build a core position allows you to participate in the market while minimizing the risk of a single project爆雷.