The investment era of rebirth

Chapter 425 Novices die from chasing highs, veterans die from bottom hunting!

Especially a group of popular popular stocks.

Conceptual leading stocks with high attention, such as Beixin Road and Bridge, Beijiang Communication Construction, Kumho Group, China Fortune Land Development, Gemdale Group, etc., almost all rose by the limit yesterday, and Beixin Road and Bridge has also stepped out of the situation. The flames were completely turned off, and all closed with a sharp drop.

Among them, the two core leading stocks of Beixin Road and Bridge and Beijiang Communication Construction finally closed at the limit.

It completely wiped out the confidence and opportunity of active funds from all walks of life in the market to continue to go long in the market and continue to speculate on the short-term market, which also made the market's money-losing effect expand rapidly in the late trading, annihilating the dissatisfaction that just condensed in the hearts of investors yesterday. Invest less in confidence.

"Fortunately, we didn't hesitate. The market... really fell back again."

Seeing such a closing situation of the two markets, at this moment in Shenzhen Stock Exchange, within Xinniu Fund Company and the trading room of the main fund, the trading team leader Mou Zhengxing said in his heart after a brief resumption of trading: "No matter which main line, there is nothing to lose." The continuous rebound trend has not been maintained, and the two core themes of "infrastructure" and "state-owned enterprise reform" have become the leading sectors that have been abandoned by various funds in the market on a large scale. It seems that the market adjustment is far from over. Ah, and there is no sign of the market's 'high-low switch', and there is no clear other main market trend that can replace the two main lines of 'infrastructure' and 'state-owned enterprise reform'."

"En!" Hearing what Mou Zhengxing said, Fang Xinsheng, the main fund manager of the company, nodded slightly, and then said, "It is true that the market adjustment is far from over. Today's market trend is not only shrinking, but also Development has completely stalled.”

"In the state of adjustment in the early popular main lines of 'infrastructure', 'state-owned enterprise reform', 'Internet finance', and 'Shanghai Free Trade Zone', the funds from these major areas are still like headless chickens. No suitable direction of attack was found."

"At the same time, there are no signs of market hype that can show market synergy in other mainline areas of the market."

"The development of such a market trend is not a good sign for the current market. Next... I'm afraid we have to make preparations for the retracement of net worth and the long-term war of resistance."

"Will the market in the future be reduced to what it was at the beginning of the year?" Hearing Fang Xinsheng's rather pessimistic analysis of the market outlook, Liu Xin, the general manager of the company, frowned slightly and asked, "Listen to Manager Fang. It means that the market will adjust for a long time next?"

Fang Xinsheng nodded lightly, and said: "It is highly probable that it will take a long time to adjust. Once the market trend reverses, it will be difficult to recover in the short term. What's more, the current market news and sentiment are completely bearish. , the market's investment confidence is being gradually disintegrated, coupled with the main market trends in the market, there is no other main market market that can undertake the funds withdrawn from the two core market lines of 'infrastructure' and 'state-owned enterprise reform', making the market complete The switch between the high and low positions of the mainline market allows the market to continue."

"In other words, there is no relay continuation of the mainline market."

"Without the continuous support of the vast number of active capital groups in the market, the continuous profit-making effect and liquidity of the market will gradually weaken."

"And once the continuous money-making effect and liquidity have entered a stage of gradual weakening."

"It also means that the market's willingness to undertake funds from various sources will continue to further decrease, so...the market situation will naturally not improve under such circumstances."

"So, I guess..."

Fang Xinsheng paused, and continued: "Since the market cannot quickly reverse the decline, and at the same time open a new main market situation, and continue the market's continuous profit-making effect, it is difficult to avoid long-term adjustments to the trend, at least... Adjusting downward, there is a high probability that the support effect of the 2200 point position will be re-tested."

"Since that's the case...then we can only switch from offense to defense." Under Fang Xinsheng's analysis, Liu Xin sighed softly and said, "The only thing we are happy about is that the market did not fall directly in one breath, but instead After the negative landed, it gave a strong rebound, which gave us a more suitable opportunity to reduce positions and take profits on a large scale."

"That's true." Fang Xinsheng nodded and said, "So we should stay sober and stop greedy for the profit of this position. We must decisively reduce our positions."

"Mr. Fang, do you think the index can hold at 2200 when the index goes down?" After a moment of silence, Mou Zhengxing continued to ask.

Fang Xinsheng thought for a while and said: "The support of 2200 points is quite strong in the minds of investors in the market, but whether it can be held or not, no one knows at present. After all, the index is far from 2200 points at this moment. , whether it is far or not, and in the whole market, there is no sign of the market that can take over the macro main lines such as 'infrastructure' and 'state-owned enterprise reform' at a low level. Can it be sustained? It's hard to say."

"Of course, it doesn't make any sense to guess the top or the bottom."

Fang Xinsheng paused for a while, and then said: "The trend of the market is influenced by various aspects of capital, emotion, and news, and everyone has formed a concerted effort to come out. It is uncertain and unpredictable at the same time. Sexuality, what we can really do is to roughly make a prediction based on changes in capital, sentiment, and news, and adjust trading strategies following market trends.”

"We can't accurately predict the future market, nor can we tell in advance where the top is, where the bottom is, and where the market can usher in a reversal."

"However, we can see changes in the capital, sentiment, and news of the market."

"To gain insight into market trends."

"That is to say, we can't judge the market, but when the market trend emerges, we can feel it through trading experience, market analysis, etc., just like at this moment, most investors in the market can I feel that the ability to follow the trend of active funds in the market is constantly weakening, the main line of the market and the upward attack power of the index are getting weaker and weaker, the effect of making money is weakening, and the effect of losing money is rising sharply.”

"Actually, investment doesn't have to be such a precise judgment."

Fang Xinsheng pondered for a moment, and said meaningfully: "Sometimes, fuzzy investment and hazy judgment are also very important."

Hearing Fang Xinsheng's words, Mou Zhengxing thought about it for a while, but still felt a little half-understood.

He is far inferior to Fang Xinsheng in terms of investment and trading, regardless of his working experience, various macro and micro economic analysis, human nature, and emotional games.

Therefore, usually in terms of analysis and communication, he also mostly asks for advice.

Of course, Fang Xinsheng basically didn't have any secrets from him, as long as he asked, and Fang Xinsheng could answer, basically he answered very responsibly.

"Vaguely correct." Liu Xin had heard this kind of investment strategy before, and said with a smile, "This is also a kind of investment wisdom. After all, as you said just now, the results of the market are often caused by the joint efforts of market funds. In everyone's common understanding, it is often vaguely correct, which may be the most recognized by the majority of investors in the market, that is, the most fundamental opportunity for the market to emerge."

When Fang Xinsheng heard Liu Xin's answer, he was quite surprised and said: "Mr. Liu is very right. Investment and trading, to put it bluntly, the fundamental logic is the game between cognition and human nature. Cognition determines market pricing, and human nature is a game. It will determine the ultimate hype value of the market.”

"The so-called ambiguous correctness is to find the common ground in the cognition of most investor groups."

"As long as you understand this point, it will be easy to find new investment opportunities amid market changes."

"It makes sense." Liu Xin nodded, "It's still Manager Fang who is very good, okay... the next trading strategy, just follow the results of your analysis, we still can't worry about everything, the performance of the 'Yuhang Department' fund Myth, as long as we don’t make mistakes and make fewer mistakes, one day we will always catch up.”

The performance of the company's main funds has been continuously under pressure by the two main funds of the 'Yuhang Department'.

Although Fang Xinsheng never complained about this matter, Liu Xin knew that Fang Xinsheng had a bit of a grudge in his heart, and he wanted to surpass him.

After all, things like "Ji Shengyu, He Shengliang" make anyone feel uncomfortable.

"The size of our company's main fund is much smaller than the two main funds of the 'Yuhang Department'." Mou Zhengxing continued, "There has never been a sustained explosive growth in the performance of domestic private equity fund products with a scale of tens of billions. However, in addition to the limited liquidity and capital capacity in the market, I estimate that it is impossible for the 'Yuhang Series' fund to replicate the performance growth of last year."

"As long as their performance growth rate slows down, it will not be too difficult for us to catch up with them."

"At least, in the first half of this year, we have achieved a good performance ranking. If we can continue to maintain it in the second half of the year, it is really uncertain who will rank first at the end of the year."

Fang Xinsheng smiled and said: "I don't have such a strong desire to win or lose. I just think that as fund managers, we have to live with our conscience and be worthy of the fund investors who trust us. As long as we do a good job in performance, we will do our best. If we do what we should do well, we will achieve something no matter in terms of scale or reputation, as long as we are worthy of the fund investors who invest in us, the investors will surely not let us down."

"President Fang still has a big picture." Mou Zhengxing smiled and praised him sincerely.

And at the time when several core asset management figures of Xinniu Fund Company were conducting internal discussions on the closing results of the two markets, and then made new trading strategy adjustments.

The magic city at this moment is inside the 'Principal Financial' of a public fund company.

In the trading room of Principal's "Future Investment Mixed Selected" fund product, Zhao Zhongming, the fund manager who had originally reduced his position and then increased his position yesterday and got back a lot of chips, his eyelids twitched. He was very angry with today's market trend: " It's more lure again, this market... is really slapped back and forth."

"The core popular leading stocks in the entire market today are almost all wiped out, and the market has not yet emerged from the more obvious continuous profit-making effect." Beside Zhao Zhongming, the trading team leader Yi Xiaopeng responded, "Mr. Zhao, today's situation is very serious. Not good, I feel that it will be difficult for the market to regain the ground lost in the early stage, if the news is negative again today, or if the external market trend is bad at night, there is a high probability that there will be another massacre tomorrow.”

"Hey, I was careless." Zhao Zhongming also knew that the risk points of the market were beginning to reappear, and sighed helplessly, "At critical times, the more you want to bargain, the more difficult it is to keep calm, 'infrastructure', 'state-owned enterprise reform 'With these two core lines, we are indeed a little impulsive."

Before, the fund did not have much bargaining chips in these two main market lines.

This also led to the fact that the fund did not get much profit when the two main lines of "infrastructure" and "state-owned enterprise reform" continued to explode rapidly.

In this way, this caused some mental imbalances in Zhao Zhongming's heart.

This also led to yesterday's situation. Seeing the rapid rebound of the two core main lines of "infrastructure" and "state-owned enterprise reform", and the return of the king, Zhao Zhongming was worried that the two main lines would not look back, and repeated the previous continuous short-squeeze. situation, so there is an urgent large-scale pursuit of positions to follow up.

But I never thought that this is not a buying point, but a huge bull trap.

Today, except for a part of the position that he chased up yesterday, he was caught in the dive in the afternoon, and the rest were all covered, and he lost nearly ten million profits alive. Retracement was carried out below.

"Fortunately, we didn't follow up too much." Yi Xiaopeng replied, "If we stop the loss in time, the loss should not be too big."

Zhao Zhongming carefully reviewed the market conditions, pondered for a long time, but failed to find a solid logic to continue to be bullish on the market outlook, and finally responded: "It can only be timely stop losses, continue to adjust strategies tomorrow, let's reduce positions, this wave of bottom-hunting... ...a market lesson to be learned.”

The so-called "novice dies from chasing highs, and veterans die from hunting bottoms", this sentence, after Zhao Zhongming gave away nearly tens of millions of funds for nothing, he finally realized it deeply. He also has a very deep understanding of the phrase "be patient enough."

At a time when many retail investor groups, private equity, public equity investment institutions, and even hot money groups readjusted their trading strategies according to the outcome of the market, and were obviously bearish on the market...

At 5:[-] in the afternoon, the dragon and tiger rankings of the two cities were refreshed.

I saw a total of 21 stocks from the two cities on the list. Among them, most of the stocks on the list are distributed in the core and main lines of the major markets such as 'infrastructure', 'state-owned enterprise reform', 'Internet finance', and 'Shanghai Free Trade Zone'. It is a popular stock with high market attention and popularity.

Among the stocks on the list, the disclosed buying and selling seats.

Almost all of the main funds are in a state of net outflow, and the so-called top hot money in the market and institutional investors are also mostly distributed in the selling seats.

Of course, it attracted everyone's attention.

It is an important trading seat belonging to the main fund of the "Yuhang Department" under the circumstances that the fund product of "Yuhang No. 3" was successfully launched, and the news that it was sold out within half a day swept the entire domestic asset management and financial circles. , that is, the seat of 'Fortune Road' once again boarded the list of dragons and tigers of the two cities.

(End of this chapter)