机构投资者习惯在重大事件前卖出避险，但是根据历史统计，避险不如不避。根据历史来看，每次机构在重大事件前避险给散户创造了上车的机会。It’s easy to lose nerve before a big event. Behavioral economists like Daniel Kahneman and Richard Thaler tell us that traders made of flesh and blood tend to overweight potential losses compared with gains. Yet statistically speaking, this may be a mistake. An investor who closed a S&P 500 position on the day before every Fed decision and jobs report, then reopened it the next day, would have seen a 29% underperformance since end-2015 compared to an investor who did nothing. The trick, then, is not to blink.