2012年将过三个季度，市场发展大大超过多数投资者年初预期。首先经济持续低迷和政府对房地产行业调控的时间均超预期，但市场投资者预期的政策放松并未见大动静。其次在二级市场走势方面，结构分化继续强化，周期股持续创新低，而小部分行业一直呈现强势。

2012 will have three quarters,Market development greatly more than most investors expected at the beginning.First sustained economic downturn and government to the real estate industry regulation time are than expected,But the market investors expected policy relaxation did not see big action.Secondly in the secondary market movements aspects,Structure differentiation continue to strengthen,Cycle strands of continuous innovation low,And small industry has been strong on.

　　不少知名的投资家崇尚逆向投资。约翰·邓普顿爵士的一句名言就是代表：在别人沮丧地抛股票时买入，在别人兴奋地买进时抛售需要最大的勇气，但它能带来最大的收益。但在这两年市场中这个方法似乎不奏效，强势股和弱势股的趋势得到不断强化。

Many well-known investor advocates reverse investment.John templeton jazz maxim is representative:In others gloomily cast when stock to buy,In other people excited to buy a maximum of courage,But it can bring the most benefits.But in this two years market this method doesn't seem to work,Strong shares and weak stock trend has been continuously strengthen.

　　霍华德·马克斯在《投资最重要的事》中的一段描述可能有助于理解以上问题：在价值坚挺、价格低于价值以及普遍消极心理的基础上买入，很有可能会取得最好的投资结果。然而，即使这样，在形势按照我们的预期发展之前，也可能会有很长一段时间对我们不利。“定价过低”绝不等同于“很快上涨”。“过于超前与犯错没有区别。”在证明我们的正确性之前，我们需要足够的耐心与毅力长期坚持我们的立场。

Howard Max in[Investment is the most important thing]In a long description may help to understand the above problems:In the value strong/The price below the value and on the basis of common negative psychological buy,Very likely to achieve the best investment results.however,Even so,According to the situation of our expected before development,May also be a long time against us."Low pricing"Never equal to"Quickly rise"."Too advance and make mistakes no difference."In the proof of the correctness of the us before,We need enough patience and perseverance insist for a long time to our position.

　　以上引用说明，逆向投资需要坚持，有时过于超前，看上去像是犯错。更重要的是需要判断企业的价值，逆向投资强调的是在价格低于价值的情况下买入。

Above that reference,Reverse investment need to adhere to,Sometimes too advanced,Looks like to make mistakes.More important is to need to determine the value of the enterprise,Reverse investment to emphasize the price lower than the value of the case to buy.

　　（作者系易方达策略成长(110002,基金吧)、策略成长二号基金基金经理）

(The author system YiFangDa growth strategy(110002,Fund it)/Strategy growth number two fund fund manager)