The investment era of rebirth

Chapter 579 The Journey of the Bull Market (24)!

He Hong heard Xu Zhongji's analysis, pondered for a while, and felt that it was quite reasonable, and responded: "Since this is the case, then we don't have to wait for the corresponding target stocks to continue to pull back. Just fill up the position, right?"

Xu Zhongji pondered for a while, and said: "Although according to our market analysis and forecast judgment, the core main line of the follow-up market will most likely revolve around the two main lines of 'infrastructure' and 'military industry', but the financial trading market... ...Generally speaking, there is still no investment opportunity with 100% certainty. At present, the holdings of our various fund products in the fields of 'infrastructure' and 'military industry' have already exceeded half of the holding weight."

"Based on the weight of this position, it is definitely a heavy position."

"In order to prevent extreme risks in the market, or the unpredictable extreme bearishness in the fields of 'infrastructure' and 'military industry', it is still necessary for us to diversify some positions in other main line areas, and at the same time, keep the line of fund holdings not higher than 85% The highest position line is better."

"Of course, doing this... in the case of the market's main market direction, which is more and more concentrated on 'infrastructure' and 'military industry', it is bound to affect the net value performance of our funds to some extent, but correspondingly, the net value curve It should look better."

"In fact, as long as we control the drawdown well, the net value of the fund can rise steadily."

"Even if the absolute performance of the company's fund products is not particularly outstanding, investors who buy our fund products can trust us to take care of their money."

"Compared to aggressive trading strategies..."

Xu Zhongji paused at this point before continuing: "I always believe that in this market, living longer is better and more important than living short-term."

As a veteran in the financial trading market, he has been in the stock market for nearly 20 years.

In the past 20 years, he has seen many fund managers with outstanding short-term performance. However... 99% of these fund managers with outstanding short-term performance ended up being mediocre. Only him has never been outstanding in terms of product performance. , but the veteran who has relatively good retracement control of fund products, has had the last laugh in the extreme stock market crashes one after another, and has also brought 'Ming Fai Capital' to the current asset management scale.

In the financial trading market, there is an old saying.

It is said that "a person who doubles in one year is like a crucian carp crossing the river; a person who doubles in three years is like a few morning stars." It means that many investors seldom consider the problem of retracement when the asset scale grows with the help of compound interest.

You know, from 50 to 100 million, it needs to double.

But from 100 million to 50, only a 50% retracement is enough.

If the retracement is not well controlled, in Xu Zhongji's view, he is not a qualified fund manager.

Therefore, in his trading thinking, no matter how optimistic he is about a mainline market, no matter how optimistic he is about a stock, he will not attack with 100% of the position, and will always leave a little available cash, or make some adjustments to the position. Partially dispersed to eliminate extreme sudden risks that occur with a very small probability in the market.

After all, although the probability of a 'black swan' event occurring is extremely small, once it occurs, its lethality is quite astonishing.

"Okay!" He Hong nodded, "Then let's keep the current dynamic position and continue to observe the market's follow-up market changes. After the market emerges from new market hotspots and new trends, we will make appropriate adjustments. "

Xu Zhongji nodded slightly, and at the same time focused on the trend of several popular stocks in the market's main line of 'technology growth', thought for a while, and said: "However... the positions of the main line of 'technology growth', our fund products Among them, if there are still unfinished ones, you can clear them all."

"Mr. Xu thinks that the main line of 'technological growth' will not show any market performance in the future?" He Hong asked.

Xu Zhongji responded: "The main line logic of the 'technological growth' line has completely collapsed, and the performance of many growth stocks has not kept up, and the fulfillment of expectations has become a problem. At the same time... the entire 'technological growth' main line field , due to the "smartphone industry chain" to "mobile Internet" and then to "Internet finance" the year before last and last year, until the end of last year and the beginning of this year's "technological growth", the entire main line of hype logic, in real terms, has continued It's been almost two years."

"Compared to other core lines in the entire market..."

"For example, the core main line fields such as 'big finance', 'big consumption', 'cyclical', 'medicine', 'agriculture and animal husbandry', and the growth stocks in the entire 'technological growth' main line field have high valuations , it can be said that the high expectations have already been reflected, even if the follow-up performance can barely keep up, there is not much difference in expectations.”

"Of course, what is more worrying is the entire main line of 'technological growth'. In the two consecutive years of market hype and market performance, a large number of institutional groups have gathered positions. Look at many core institutions in the industry. All the products of 'Technology Growth Mixed Investment' are known, and the current institutional group is basically in a state of heavy holdings in the main line of 'Technology Growth'."

"This kind of mainline field where institutions collectively hold heavy positions, once the investment logic loosens and collapses."

"Then, the adjustment will be tragic."

"At least in the short-to-medium term, there are chips suppressed by institutional groups, and it is difficult to continue to concentrate and consolidate the chip structure in the main line of 'technological growth'."

"Although the current main line is somewhat oversold, it has the basis for a short-term rebound."

"However, from the perspective of long-term investment logic, the main institutions on and off the market will definitely continue to reduce their positions in the line of 'technological growth', so as to continue to increase their positions in the two main lines of 'infrastructure' and 'military industry', and follow the line of 'Asia' European Economic Belt', 'New Era Road, Maritime Silk Road', 'Reform and Reorganization of Central Enterprises and State-owned Enterprises', these are the main concept areas that are strongly supported by macroeconomic policies to make a layout. "

"And predictable..."

"The follow-up market trend and the core market position are still on the Shanghai Stock Exchange Index."

"Our trading strategy, although the purpose is not to put all eggs in one basket, but at the same time, we must also fully avoid the weakest mainline areas in the market where the effect of losing money is the strongest, and the investment logic has obviously collapsed."

"Understood!" He Hong responded.

Immediately, according to Xu Zhongji's analysis of the market and the prescribed trading strategy, he ordered the traders to further clear the chips in the main line of "Technology Growth".

At the same moment, another location in Yuhang, Jingda Investment.

In the trading room of the main fund, fund manager Lin Tingzong stared at the big screen in the trading room, watching the stock index slowly retreat to around 2400 points due to the obvious lack of market capacity and funds to undertake, but at the same time...'Infrastructure', The two main lines of "military industry", as well as the extended "Asia-Europe Economic Belt", "New Era Road, Maritime Silk Road", and "Reform and Restructuring of Central Enterprises and State-owned Enterprises", did not rise from the high position in the market. Following the correction of the index, and the whole main line of "technological growth", it was not as he expected. After a short-term oversold, it ushered in a rebound trend of funds buying bottom, and his brows were obviously frowned.

"Old Lin, I feel that the market trend is somewhat different from what we expected!" While Lin Tingzong was observing the market trend, Gu Chijiang, the general manager of the company standing beside him, frowned slightly and said, " The oversold rebound trend of the line of 'technological growth' has not formed, and the core sectors of the main line of 'infrastructure' and 'military industry', as well as the core stocks, have not formed a correction trend. This trend... has no impact on our current positions. , as well as the original trading strategy plan, are not very good!"

Lin Tingzong nodded and responded: "The market trend is indeed somewhat different from our previous expectations. The line of 'technological growth' is weaker than I expected, and the two major industries of 'infrastructure' and 'military industry' The main line has been able to stay at the intraday high, and even near the new high of this round of rebound, maintain a strong sideways shock, and it is stronger than I expected. Hey... It seems that the combined force of market funds is stronger than we thought. It's coming fast."

"Well!" Gu Chijiang nodded and asked, "Now... what should we do better?"

Lin Tingzong thought for a while and said: "The check for 'LeTV' was on the third limit today. After being pried by a large amount of funds, it failed to pull the red, and after 10 o'clock, it was sold again and again. The stock price fell back to near the lower limit price, which shows that the internal selling pressure of this check is still extremely high, and its main funds, as well as the motivation of many institutions holding positions in this stock, and even the entire "Technology Growth" mainline field, are more motivated than ours. As expected, but also resolute.”

"Since a large number of investment institutions that have been gathering in the field of 'technology growth' have chosen to escape from this field."

"Then we have nothing to hesitate."

"After all, in the final analysis, the fundamental driving force of market conditions is the role of funds."

"When a core main line, the main capital group is completely pessimistic, and is in a state of complete collapse and lightening up, then no matter how you say it, there is no hope for this main line in the short to medium term."

"Fortunately, the line of 'technological growth' failed to form an 'oversold rebound' trend today."

"However, due to the intervention of a large number of bottom-hunting funds at the beginning of the day, as well as the relatively good profit-making effect and hype sentiment support of the entire market, the overall market liquidity of this line is not bad. The size of the fund’s holdings is still achievable.”

"It's just...compared to the cost of our intervention, it's a bit busy."

Listening to Lin Tingzong's analysis, Gu Chijiang sighed, and said: "The financial trading market pays attention to the synergy of funds and the combined effect of expectations and emotions, and does not depend on personal will at all. Under LeTV's overall collapse, the logic of expectations and investment has collapsed, and at the same time, the main funds are also fully fleeing, so we naturally have nothing to miss. I agree with your opinion, let's cut all positions, take advantage With our position on the line of 'technological growth', there is still a little bit of profit."

For the ever-changing financial trading market.

Since the previous trading strategy was wrong, it must be corrected decisively.

Otherwise, if you have been persisting under the wrong trading strategy, the subsequent losses will only be greater. The so-called want to survive in the financial trading market for a long time, then you must correct your mistakes. Or institutional investors, will only be quickly eliminated by the market.

"What about after the full liquidation?" After a pause, Gu Chijiang asked again.

Lin Tingzong thought for a while, and responded: "After all positions are cut, let's follow the previous strategy. Let's add all the reduced positions to the two main lines of 'infrastructure' and 'military industry'. Since these two main lines refuse to pull back, And with the support of several core concept themes of "Asia-Europe Economic Belt", "New Era Road, Maritime Silk Road", and "Reform and Reorganization of Central Enterprises and State-owned Enterprises", the market's main funds have more and more expectations for the future of these two main lines. The stronger it is, then we can only chase Masukura to get the corresponding bargaining chips.”

"Don't wait a little longer?" Gu Chijiang asked.

Lin Tingzong shook his head and said: "Don't wait, according to the trend of the market, if we continue to wait, our cost of chasing high and getting chips may continue to rise."

"Okay!" Gu Chijiang responded, "Then act according to your ideas!"

Lin Tingzong nodded, and immediately in accordance with the adjusted trading strategy after discussing with Gu Chijiang, he ordered the traders to quickly lighten up their positions, and even clear their core stocks in the main line of "Technology Growth", while using the funds from the lightening up to withdraw their positions. Quickly buy the core target stocks in the main line fields of 'infrastructure' and 'military industry'.

And with the changes in trading strategies and trading operations of major market institutions such as 'Pingyin Asset Management', 'Minghui Capital', 'Jingda Investment'...

After the market enters at 11 o'clock...

In terms of market style performance, it is becoming more and more obvious, that is, the index is slowly shrinking and pulling back, but the main line of "technological growth" is getting weaker and weaker. The excavated industries such as 'port and shipping', 'machinery and equipment', and 'public transportation' are in several core areas such as 'Asia-Europe Economic Belt', 'New Era Road, Maritime Silk Road', and 'Reform and Reorganization of State-owned Enterprises'. Under the expected blessing of the main line of conceptual themes, it is getting stronger and stronger, and the net inflow of main funds is also becoming more and more obvious.

Finally, when 11:30 came, the two cities ushered in the moment of closing at noon.

The Shanghai Designated Index was at 2401.29 points, an increase of 0.31%. The Shenzhen Stock Exchange Index and the ChiNext Index were dragged down by the main line of "technological growth", and gradually fell from the intraday red plate state, closing at 0.39% and 0.52%. The two cities have shown an obvious trend of strong Shanghai and weak Shenzhen!

(End of this chapter)