中文摘要：

长期来看，绝大部分基金都不能跑赢指数基金，因此，普通投资者的最佳选择是投资指数基金。但投资指数基金应避免两个误区：一是在局部地区的长期熊市中不适合长期投资指数基金，二是在全球股市的长期熊市中不适合长期投资指数基金。而指数基金投资波段操作策略可有效避免以上两个投资误区，即每年5月至10月空仓、11月至次年4月投资指数基金。

英文摘要：

Investing index fund is the best choice of common investors because the yields of most funds are lower than those of index fund in the long term. Two misunderstandings should be avoided. One is that index fund is unfit for long-term investment in the long bear market of some areas and the other is that investors should not invest index fund in the long-term global bear stock markets. Based on empirical research, this paper puts forward a wave investing strategy of index fund which can help investors avoid wrong investment, namely, conducting short position between May and October and buying index fund between November and the next April.