If you can't bear large fluctuations, you can't expect returns of three to five times or even ten times. You can take a look at how those stocks that have increased more than three times over ten years have fared.

· Kweichow Moutai experienced a drawdown of over 50% in 2008, another in 2013, and a drawdown of 40% in 2018.

· Midea Group saw a drawdown of 60% in 2018, dropping from over 100 yuan to 40 yuan in two years.

· Contemporary Amperex Technology Co. Ltd. also had a drawdown of over 50% in 2021.

· Fuyao Glass had drawdowns exceeding 50% in both 2008 and 2021.

These stocks have experienced multiples, dozens, or even hundreds of times increases since their listing, but throughout this process, they have all endured significant drawdowns. As Duan Yongping said: if you can't handle a 50% drawdown, don't buy it.

If you are unwilling to endure such large fluctuations, look for companies in the highway or banking sectors with high dividend yields, even if there are pullbacks, you can still benefit from high dividends. Losses only slightly lower the long-term return rate, but their fluctuations are also very small, making it hard to experience significant losses. However, many such stocks may only have a little over a double increase in ten years, and they also have to endure a significant drawdown of 30%.