Don't fall into the anchoring bias trap! Fatal mistakes when bottom-fishing stocks 1. The essence of anchoring bias: You think a stock is cheap, not because it actually is, but because its price is lower than before. For example, if a stock rises from 20 to 80, you think it's expensive. But if it climbs to 200 and then drops back to 80, you suddenly feel it's 'cheap.' The reality is, its actual value might not even justify that price. 2. The valuation anchoring trap: The same goes for P/E ratios. A stock with a 20x P/E ratio might not seem undervalued, but if it gets hyped up to 100x and then drops to 40x, many people will think 'the valuation is low.' However, a 40x P/E ratio can still be far above a reasonable level. 3. A real-life example with Haitian Flavouring: Back when Haitian's market cap was under 100 billion and its P/E ratio was around 20x, no one thought it was undervalued. Later, it was hyped up to a 700 billion market cap and a 100x P/E ratio, and retail investors didn’t dare chase it. But when it dropped to 300-400 billion and a 50x P/E ratio, retail investors rushed to bottom-fish, only for the stock price to get halved again. This is anchoring bias at work. 4. The right investment logic: Evaluate a company's value based on how much return it can generate—its current and future dividend potential, core value—not just because 'it's cheaper than before.' Blindly buying based on past prices or valuations is a recipe for disaster. 5. A warning from the tech bubble: After this round of the tech bubble burst, most trapped investors weren’t those who bought at the peak—they were the ones who 'bottom-fished.' They used historical highs as an anchor, thinking the drop was an opportunity, but ignored the actual intrinsic value of the stocks they were buying. #投资 #股票 #理财 #股市 #科技股 #投资逻辑 #避坑