Recently, the performance of private fund products under Lin Yuan's management has sparked heated discussions. A screenshot shared by a financial blogger on Weibo showed their holdings in Lin Yuan Investment's No. 173 private fund product, valued at 994,800 yuan, with the latest net value as of September 26 at 0.7598, resulting in a floating loss of 605,200 yuan and a holding period loss of 37.82%. Comments sections quickly filled with mockery.

According to data from Private Fund Ranking Network, Lin Yuan Investment No. 173 was established in October 2020. Based on net value data as of September 26 this year, the fund has lost 24% since inception and 3.7% year-to-date. Several other products also posted negative returns this year.

In response, many prominent financial influencers quickly joined the debate. Blogger @Trader Zewen stated: "What I'm trying to express is that different ages and asset levels definitely require different market approaches. Lin Yuan was also very aggressive before, and I was also full of enthusiasm in my first two years in the market - everyone was young once."

@Bull Market Sky defended Lin Yuan: "Many people online are spreading news about Lin Yuan's fund losses, not knowing he had the same experience when buying Moutai before. Only those who don't understand value investing would criticize."

@Investor Brother Sun commented: "Regarding technology investment, there's still significant disagreement, indicating that tech stocks are still safe and have room to rise. There's still a lot of capital in traditional assets outside the market that hasn't rushed into technology. These are all potential bulls for tech stocks."

@Centipede Kid was direct: "Lin Yuan has had a tough year, with all 19 of his products underperforming the CSI 300, and 6 even posting losses. He's too classic - started with 8,000 yuan going all-in on Moutai in 2003, built it up to 30 billion, earning him the title of stock god from many. But he's also a typical representative of the old-guard liquor sector."

@Kun Xiaoqi Human even joked: "The old guard is getting anxious. Some veterans have become mid-tier or even small players, leading to capital pressure that forces these 'masters' to join the small player industry. In a bull market, trends are unstoppable. Didn't you believe in May? Then it rises until you believe. Still didn't believe in August? What about October?"

These comments, mixing jest and mockery, reflect the complex attitudes toward Lin Yuan's current situation in the market. Lin Yuan himself recently responded to market concerns about his tech stock holdings, frankly admitting that while tech stocks are viewed as the future direction, his investment in tech stocks this time "can be negligible." Regarding his reasons for buying ChiNext stocks, he stated that his recent holdings in ChiNext stocks were passive operations.

Against the backdrop of changing market cycles and investment logic, Lin Yuan's experience has become emblematic of the weakness in traditional consumer sectors like liquor and pharmaceuticals.