Snowball Special Issue 050: "12 Ways to Make Money"

Chapter 1 How did I achieve an 1% return in 86 year? (1)
叶舞惊涛，个人投资者，发表时间：2014-12-30，下载雪球APP：http：//xueqiu.com/r/2YviQn；原文链接：http：//xueqiu.com/6927917112/34582636
Overall Condition and Net Worth Performance

Today is the last weekend of 2014, and it is time for the annual year-end summary.This year is the fourth year in the market.After learning and accumulation in the past three years, coupled with the strong performance of the broader market, the rate of return this year has greatly exceeded expectations.

From July 7 this year, I started to adopt the calculation method of the net value of the fund, calculating the net value every day, so that the return rate of investment can be measured more accurately, and it provides better information for my own review and reflection.This method will continue to be used to record investment performance in the future.

以2014年1月6日收市作为净值计算起点（净值为1），截至2014年12月26日收市，净值已经达到1.86。7月3日（净值1.08）以来的净值走势如下图所示：
From the perspective of overall performance, the net worth in the first half of the year only increased slightly, while in the second half of the year, the net worth rose sharply.There are several reasons for this sharp contrast:
1. The overall performance of the stock market in the second half of the year was very good, significantly exceeding that of the first half of the year.For the whole year, the CSI 300 Index rose by 49%, and the amplitude was 66%.Among them, the Shanghai and Shenzhen 300 Index rose by 60% in the second half of the year.In the first half of the year, I did not calculate the net worth every day, only a few days. As of July 7, the net worth was only 3, and the income was quite limited. The Shanghai and Shenzhen 1.08 Index fell by about 300% during the same period.

2. The financing leverage operation that started in July has amplified profits.

3. After careful analysis and excavation, I found that buying potential heavy stocks and most of the middle stocks has performed well.

4. Fortunately, several times of speculation and buying following the market trend did not cause losses, but made some profits.

Based on the current shareholding structure, positions and market conditions, it is estimated that the annual return rate will be above 80%, slightly outperforming the Shanghai and Shenzhen 300 Index. This result is still reasonable for a novice like me.

Comprehensive ability training
1. Focus on various markets, asset types, investment strategies and methods to learn in parallel. I opened an A-share account in March 2011, a B-share account in August 3, an A-share credit account in July 2013, and a Hong Kong stock account in December 8. In 2014, he participated in the corporate bond transaction for the first time, and in 7, he participated in the convertible bond transaction and tiered fund transaction for the first time.Moderately dispersed participation in different markets and different types of targets not only reduces the overall risk, but also broadens the field of vision and deepens the understanding of the market.

2. From the second half of 2012, through reading a large number of various investment books and blogs, and persisting in practice and thinking, the understanding of the capital market and investment has been greatly deepened. In summary, it can be summarized as follows: an initial investment system has been established, and multi-dimensional analysis The stock selection mode of thinking has achieved initial results.

3. Conducted in-depth information mining and analysis on several high-quality stocks, and participated in several of them with medium and heavy positions, and the benefits were considerable.A more comprehensive understanding of fundamentals and valuation, and a more accurate grasp of one's own circle of competence.

4. More sensitive to market changes and important information, bank stocks that followed the market trend at the end of the year brought some benefits.

5. The psychological quality and self-control ability have been improved to a certain extent, and impulsive transactions have been reduced to a certain extent.Since the fourth quarter, in the face of large fluctuations in the net value of the account, the mentality has been basically peaceful.

6. Pay more attention to risk control, and have more flexible thinking, no longer stick to a certain indicator or practice, but proceed from the overall situation, consider the whole, and act cautiously.

7. Established basic portfolio management capabilities.The portfolio includes multiple industries with different natures, forming a certain degree of hedging, and the ability to resist risks began to emerge in the big fluctuations at the end of the year.Although scattered but not random, there is a relatively comprehensive analysis of any stock that plans to invest in a medium-sized position or more.

reflection and review

1. Most of this year's income should be attributed to the market rather than your own ability. You must not be complacent, and you must continue to guard against arrogance and impetuosity and act cautiously.

2. The ability to analyze fundamentals is still very shallow, so I dare not participate in stocks with more complicated businesses and more influencing factors.It is necessary to further develop the ability to understand and analyze fundamentals, and the main learning direction is to develop one's ability to analyze business and the nature of business.

3. There is a big prejudice against the fundamentals of certain industries, the field of vision is not wide enough, and the perspective is not high enough. As a result, this year basically missed the huge gains in the securities sector, central enterprises with the prefix of the Chinese prefix, and the construction machinery sector, and did not buy a share.I did not expect the price to rise to the current level, but after careful review and thinking, the underestimation before the launch is certain.

4. It is necessary to continue to strengthen the understanding of the market and reduce market forecasts.

5. Too much time to watch the market, need to continue to reduce.Excessive market watching also brings another problem-the randomness of trading is still too high, especially impulsive trading, which needs to be avoided as much as possible.

6. When the position is heavy, some unnecessary operations and costs are caused by diverting funds. In the future, we must manage the position and liquidity well, and try our best to avoid this situation from happening again.

7. Too much time to read online materials.At present, the quality of information on the Internet has generally declined, and dry goods have decreased.Next year, allocate more time to study dry goods, such as reading important books and materials, and try to do several complete analysis cases.

8. Different people have different opinions on investment philosophy and target analysis. In the future, we should reduce discussions with others on specific targets and insist on independent thinking and analysis.

Review of important targets
1.002081金螳螂。该股在上半年3月份进入视野，于3月18日首次买入。经过认真的研究分析，决定重仓参与。4月29日复牌之后，于复权价11元至13.8元之间持续买入该股，一直持有到8月末9月初，以18元至19.5元之间逐步卖出清仓。

The main line of buying logic: Excellent companies with small market capitalization and large markets are collectively killed by mainstream investment institutions in the market.

Reason for selling: Valuation restoration is basically completed, and better targets appear.

2.600098广州发展。该股在下半年8月中旬进入视野，于8月22日首次买入。经过认真的研究分析，决定重仓参与。在10月中旬之前，在5元至5.6元之间持续买入该股，在6.6元卖出第一批降低杠杆，在6.8至7.2元之间卖出第二批锁定基本利润，在8.9元至9.6元之间卖出第三批清仓。

Mainline logic of buying: Undervalued companies with high certainty of main business growth.

Reason for selling: Valuation is basically restored, the short-term increase is too large, and both positions and leverage need to be reduced.

3.000877 Tianshan shares.The stock is my long-term focus.I bought it for the first time on January 1 this year. There were several short-term transactions of the same amount in the middle. I started to increase the position at the end of August and bought it until the first ten days of October. The purchase price was between 7 yuan and 8 yuan. The total amount was controlled. Participate in medium positions, gradually sell in November, and the selling price is around 10 yuan.

The main line logic of buying: undervalued cyclical stocks with potential concepts and perfect long-term trends.

Reason for selling: Uncertainty about the subsequent time cost, and the position and leverage need to be reduced.

Reflection: It turns out that selling was premature and missed important gains.

4.600590泰豪科技。该股的买卖是本年度最大的投机。该股10月15日复牌涨停。在10月16日高点附近，买入被套，接下来几天被持续下跌深套但未大幅加仓。后来趁10月末该股被主力大幅拉起连续涨停，在11元至12元之间分批卖光。

Speculative main line logic: small-cap stocks with good long-term trend plus equity incentives and restructuring events.

Reason for selling: Speculative stocks close when they are good.

Reflection: This speculation was able to escape unscathed, relying on luck. In the future, you can make small bets on such stocks with poor fundamentals, and you must not participate heavily, and you must run fast.

(End of this chapter)