The investment era of rebirth

Chapter 223 Hell starts, reverse the red plate!

"Hey, what a freak." Gu Chijiang sighed softly, "I heard that President Gu of Pengyuan Real Estate has already started to contact Yuhang Investment."

"President Gu contacted Yuhang Investment?" Team Leader Lin was shocked.

"Yeah!" Gu Chijiang continued to sigh, "It should also be jealous of the performance made by Yuhang's investment."

"In that case..." Team Leader Lin said in surprise, "If they choose to let Yuhang Investment manage their money, then wouldn't our fund..."

He knew the composition of Jingda Investment's asset management funds, most of which were funds from Pengyuan Real Estate.

In other words, in essence, Jingda Investment is an asset management company tailor-made for Pengyuan Real Estate, and their company's performance and profits come entirely from this part of the funds of Pengyuan Real Estate.

And if Pengyuan Real Estate is not satisfied with their financial performance, they plan to withdraw this part of the funds.

For them, Jingda Investment is basically equivalent to a disaster of destruction.

"You guessed it right." Gu Chijiang said, "If our performance is not satisfactory to Pengyuan Real Estate, then they will inevitably withdraw the funds invested in us, and after they withdraw this part of the funds, we will The company's asset management scale will shrink by at least 70%, and it will be basically difficult to maintain operations."

"So, we need performance."

"I originally thought that the line of 'Shanghai Free Trade Zone' would help us meet the performance pressure and help us turn the fund's net value into profit."

"But looking at it now, it's simply impossible."

"Old Lin, tell me... Which direction should we invest in next? Is the new restructuring a backdoor? I call myself a value investment all my life. To be honest, I really despise this kind of nonsense in the market."

"But things often backfire!"

"All the market this year, from the hype of the Apple industry chain at the beginning of the year, to the hype of the concept of mobile games, to the hype of Internet finance, and then to the hype of the concept of 'Shanghai Free Trade Zone', and now to the hype of the concept of reorganization and backdoor, all the market is dominated , are market hot money.”

"I'm thinking, in our A-shares, value investing, has the soil long since run out?"

"Look at the core bank stocks that we have held heavily in the past, 6 times PE, and a large area of ​​net loss; 10 times PE, in the face of extreme negative industry performance, core liquor stocks such as Qianzhou Moutai and Jincheng Fenjiu are still growing; As well as Gree Electric Appliances in the consumer sector, not only has there not been any rise, but it is still falling."

"Look at those stocks that are highly favored by funds. Whether it is in the field of mobile game concepts or Internet finance, the so-called emerging industry concepts, new economic growth points, and 100 times PE are hard to see. Basically, they are hundreds of times. Times PE, and do not see any core moat and competitive stocks."

"Based on my many years of professional principles and investment philosophy, looking at these tickets, I really can't make a move."

Hearing Gu Chijiang's words, Team Leader Lin knew that he saw Yuhang's investment in this emerging private equity company's performance, relying on concept hype, and his mentality collapsed. He paused and couldn't help saying: "Gu In short, I think it’s not that A-shares have no soil for value investment, but that we are all too anxious.”

"In other words, it's not that you are too anxious, but our investors are too anxious."

"Buffett's investments are calculated on an annual basis."

"But we invest in a stock and hold it firmly for a period of time, let alone one, two, or even three or five years, even half a year is difficult."

"Often long-term stocks need a long time and performance to verify the logic."

"But we just don't have that much time."

"In other words, under the urging of investors, we lost for a while. Even if we are on the right path, it will be difficult to survive until dawn."

"That's the reason." Gu Chijiang said, "It's not just investors who are short-sighted. In a market dominated by retail investors, the vast majority of investors in the entire market are short-sighted and like to chase ups and downs. This is how hot money can play. With the current market ecology.”

"That's right." Team leader Lin said, "So, I think that when the market ecology is not fully mature and the vast majority of investor groups are short-sighted, we might as well follow the trend. If we choose to think in the same way as hot money, then Our operational investment strategy should be able to keep up with the market.”

"After all, at the current stage, our capital is not large."

"Among the average turnover of [-] billion in the entire market, it can be regarded as a large hot money at most, and it should be more flexible than the current Yuhang investment in terms of coming and going."

Gu Chijiang pondered for a moment, knowing that Team Leader Lin was right.

Moreover, now the other party is the only person he can trust, and even trust.

So, he couldn't help but nodded, and said: "Old Lin, I can only gamble when I get to the bottom now, and all the investment decisions of the company's main fund will be made by you, and I will never interfere even a little bit. There are still about 3 months until the year-end net worth liquidation, I believe that there is time, and I also believe that... under your management, the fund can perform miracles."

In fact, the other party has put forward correct opinions several times.

For example, before the mainline market of several core concepts of the GEM broke out, the other party suggested that he increase the weight of holdings in the direction of the GEM, but he didn't listen at that time, and only added a little bit of chips from LeTV; Before the outbreak of the concept market in the district, they also held heavy positions in Waigaoqiao and Shanghai-Hong Kong Group, and when they cleared these two checks, the other party also suggested to keep some positions in these two checks; After the free trade zone concept market broke out, the other party suggested a large-scale deployment of regional free trade zone hype. He listened to it at the time and did the same. , missed again...

Arguably, without his stubbornness.

On several key positions adjustments, no wrong judgments were made.

At present, their fund performance, not to mention how good it is, at least it will not look like it is still losing money and seriously underperforming the market index.

"Thank you Mr. Gu for your trust." Team leader Lin said after being slightly surprised.

Gu Chijiang nodded and said, "From today onwards, you are the fund manager of the company, and all the company's transactions are determined by you, and I will be an idler. Of course... all the consequences of the transaction are still mine. Come on, I will tell Mr. Gu of Pengyuan Real Estate, you can rest assured and be bold, and do it freely."

"Okay!" Team leader Lin responded without saying much. He turned around and took a look at the reorganization that was still siphoning market funds, the concept of backdoor, and the concept of the "Shanghai Free Trade Zone" that was still flowing out of funds. plate, issued an order to the traders: "Don't worry about the cost, as long as we hold the concept stocks related to the 'Shanghai Free Trade Zone', as long as they can be sold, they will be sold directly at the market price, and the funds must be withdrawn as quickly as possible. .”

"At the same time, the funds after withdrawal..."

"According to the current market, the shell stock resource stock category has the most inflow of funds, the strongest market acceptance, and the stocks that have not yet reached the daily limit, directly rush to buy in."

Gu Chijiang prides himself on investing with the core concept of 'value investing'.

Therefore, it is not very good at short-term speculation, and always has the characteristics of "fast, accurate, and ruthless". Therefore, in operations, it always lags behind the market step by step.

But he is different. Before entering Jingda Investment, he was mainly engaged in short-term speculation and speculation.

Know the essence of short-term trading.

Following his order, the traders quickly operated, and corresponding changes appeared immediately on the market of A-share related stocks.

I only see high-quality shell stock resource stocks, and related shell stock resource stocks that have been rumored.

Under the attack of the surging main force, they rushed towards the daily limit one after another.

At 10:46, in the shell resource sector and the reorganization concept sector, the two major capital attack areas, the daily limit concept stocks have expanded to 8, and in the ST sector, many risky stocks that are on the verge of delisting have set off waves of shocks one after another. The trend of daily limit, rising individual stocks, also increased to 8.

And at the same time...

Under the main line of 'Shanghai Free Trade Zone', there are nearly 200 concept stocks, with a total net outflow of large funds exceeding 20 billion. Among them, the net outflow of large funds exceeded 3 million for one stock in Waigaoqiao. , and its decline has approached the limit, and the turnover has exceeded 10 billion.

However, despite the main line of 'Shanghai Free Trade Zone', the trend of nearly 200 concept stocks is quite ugly.

However, due to the full-scale outbreak of concept sectors such as restructuring concepts, shell stock resource stock speculation, and ST sector speculation, and undertook the market and active funds in the market, the index did not go so ugly. From the opening of the morning, the decline of more than one point, slowly It recovered to around the 0.5% decline.

Moreover, the sentiment of the entire market, under the condition that there is a new market to undertake and the profit-making effect still exists.

Compared with the call auction and when the market opened, it also picked up significantly.

In addition, because Su Yu used funds to continuously push up the market of Huayi Brothers and LeTV, and forcibly pushed up the stock prices of these two stocks, many eyes also focused on the stocks that were hyped in the early stage and had been relatively fully adjusted. , Like Huayi Brothers and LeTV, the core hot stocks on the GEM.

So, when the time passed 11 o'clock...

The ChiNext Index and the Shenzhen Index, on the contrary, gave priority to the Shanghai Index to become popular. The core stocks, Changqu Technology, LeTV, and Huayi Brothers all rose by more than 5%.

"Damn it, it's the beginning of hell. I thought the market was going to plummet today, but I didn't expect it to pull up."

At 11:16, at the moment when the Shanghai Stock Exchange Index became popular after the ChiNext Index and the Shenzhen Index, someone in the main hot money group of Yuhang, where Su Yu belongs, sighed, "The line of reorganization and shell resource hype has been completely taken away." Coming out, it has become the main line to undertake the adjustment of the main line of the "Shanghai Free Trade Zone" and the main line of new market hype. I really did not expect that the successful reorganization of the stock of "Xinwei Group" and the favorable announcement of the resumption of trading have saved the entire market and achieved great success. Today's market rotation has changed."

"This is unexpected, and it makes sense." The members of the group replied, "From the current expectations and profit-making effects of all concept sectors in the entire market, the line of reorganization and shell resource hype actually has certain characteristics. Some of the core logic and market factors that have been hyped are just that there was no wind before, and there was no opportunity to detonate the hype of this line. Now that the "Xinwei Group" is listed, is this wind coming?"

"It has led to a reversal of market sentiment, and it has begun to siphon active funds from the market in an all-round way. This line has indeed been recognized by market funds."

"At the time of call bidding, several concepts of this line went out of the ordinary."

"Xinwei Group's attributes and stimulating effect on the market today should be the same as the day when Waigaoqiao resumed trading? It is really a single-handed rescue!"

"In terms of effect, it's almost the same, but Xinwei Group estimates that the height of the subsequent outbreak will be stronger than Waigaoqiao!"

"After all, the circulation market is so small, and Xinwei Group is indeed the only well-known enterprise in the domestic communications industry other than the three major state-owned giants. Under the turmoil of 4G construction, its imagination and expectations are not enough. Small, three or four times, four or five times, it’s hard to say.”

"There is no question that this check will be a sentiment indicator for market hype."

"But I'm afraid of this check, and it will become a trend in Waigaoqiao in the future, and it will be directly pushed to death."

"As long as it is still alive and can continue to open up space, as an emotional weathervane, the hype on other stocks will also yield considerable profits, and it is not necessary to focus on this stock. "

"It makes sense, but now, even if it is other stocks, it is a bit late to intervene."

"Except for Xinwei Group, those who seem to be leaders today should be Rongshun and Hilong Software. This board...is really straightforward."

"Century Huatong and Far East Holdings are not bad either."

"It's a pity that I can't get in now. I can only wait for the relay tomorrow."

"Well, I also think it can be relayed tomorrow. Now this whole line has fully diverged, showing the appearance of replacing the main line hype of the 'Shanghai Free Trade Zone'. There should be continuity. At least I think it will continue between today and tomorrow. If the sky intervenes, you can't lose money, and as for how far behind...then you can only watch one step and take one step."

"It is said that at the opening of the market today, such a bad market sentiment can be brought up by this line. It should show that the market's resilience is strong enough, right? It can also show that the index breaks through the box between 2000 points and 2100 points, which is effective. It should be impossible for the follow-up index to return to 2000 to 2100 points.”

"Well, the market is resilient, so we can be relatively aggressive and take up positions."

“Imagination space and expectations exist in the line of reorganization and shell resource hype, but relatively speaking, such expectations are extremely difficult to fulfill. Often after a wave of hype, the tide quickly ebbs and cannot continue to be used as an upward trend in the market.” The core main line is hyped, so I think if the market breakthrough is effective, then the follow-up market will continue to rise. In terms of the core main line, is there any other direction? I feel that the tickets of Changqu Technology, LeTV, and Huayi Brothers today, It's a bit weird, but it's not weird."

"Even if there are other directions, I can't guess it now!"

"We don't have the ability to predict the market, we can only follow the trend."

"I don't know if Mr. Su took any other actions today after he cleared the core stocks related to the 'Shanghai Free Trade Zone' on a large scale on Friday? Did he participate in the reorganization and shell resource stock speculation?"

"This can only be confirmed by the after-hours dragon and tiger list data."

During the discussion, the time passed by 11:30 unknowingly, and the market in the two markets came to an abrupt end. In the end, the Shanghai Stock Index closed up 0.23%, the Shenzhen Index rose 0.45%, and the ChiNext Index rose 0.72%.

Plates, individual stocks...

The concept of restructuring, the concept of ST shell protection, the concept of shell stock resources and other changes led the rise in the two markets. Including ST stocks, a total of more than 28 concept stocks had daily limit, among which Rongshun shares, Hilong Software, Xinwei Group and other votes, It has become a popular concept stock with high market attention.

"Shanghai Free Trade Zone" related concept sector, nearly 200 concept stocks.

Throughout the morning, the trend has been the most tragic area of ​​​​investor massacre in the entire market, with a total of more than 10 stocks with a daily limit, including Shanghai Stock Exchange, Anxin Trust, Jinshan Development, Chongqing Development, Yiyatong and other popular stocks in the early stage. , Waigaoqiao hovered near the daily limit, although there is still a sigh of relief, but there is no hope of turning around.

(End of this chapter)