Rebirth of the investment era

"Hey, you are really a weirdo." Gu Chijiang sighed, "I heard that Mr. Gu from Pengyuan Real Estate has begun to actively contact Yuhang Investment."

"Mr. Gu contacted Yuhang Investment?" Team leader Lin was shocked.

"Yes!" Gu Chijiang continued to sigh, "I guess he is also jealous of the performance of Yuhang Investment."

"If you put it that way..." Team Leader Lin said in surprise, "If they choose to let Yuhang Investment manage their finances on their behalf, wouldn't our fund..."

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

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

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

For their Jingda Investments, that is basically equivalent to a disaster of destruction.

"You guessed it right." Gu Chijiang said, "If the performance we make 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%, making it basically difficult to maintain operations."

"So, we need performance."

"I originally thought that the 'Shanghai Free Trade Zone' line would help us meet the performance pressure and help us turn the fund's net value from losses to profits."

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

"Old Lin, tell me...in which direction should we invest next? Is it a backdoor restructuring of the new life? I have always called myself a value investment. To be honest, I despise this kind of speculation in the market."

"But things often backfire!"

"Every market trend this year, from the hype around the Apple industry chain at the beginning of the year, to the hype around the concept of mobile games, to the hype around Internet finance, then to the hype around the 'Shanghai Free Trade Zone' concept, and now the hype around the concept of restructuring and backdooring, all market trends dominate. , it’s all hot money in the market.”

"I'm wondering, in our A-share market, has value investing already disappeared?"

"Look at the core bank stocks that we have heavily invested in, with a PE of 6 times, and a large number of net-breaking stocks; with a PE of 10 times, core liquor stocks such as Qianzhou Moutai and Jincheng Fenjiu have still maintained growth despite the extreme negative industry conditions; As for Gree Electric Appliances in the consumer sector, not only has there been no increase, but it is still falling."

"Looking at the stocks that are favored by funds, whether it is in the field of mobile game concepts, or in the field of Internet finance, so-called emerging industry concepts, new economic growth points, it is difficult to see 100 times PE, basically only a few hundred times A stock with a PE of 1.2 times and no core moat or competitiveness in sight.”

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

When Team Leader Lin heard what Gu Chijiang said, he knew that he had seen the performance of Yuhang Investment, an emerging private equity company, relying on concept hype to achieve great success. His mentality collapsed. He paused and couldn't help but said: "Gu In general, I think it’s not that A-shares have no potential for value investment, but that we are too impatient.”

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

"Buffett's investments are calculated in years."

"But when we invest in a stock, the holding period is difficult, let alone one, two, or even three or five years. Even half a year is difficult."

"Long-term stocks often require a long time and performance to verify the logic."

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

"In other words, if we fail at the urging of investors, even if we are on the right path, it will be difficult to survive until dawn."

"This is the truth." Gu Chijiang said, "Not only investors are short-sighted, but in a market dominated by retail investors, the vast majority of investor groups in the entire market are short-sighted and like to chase the rise and kill the fall. This is how hot money comes into play. There is room for it, with today’s 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 the same way as hot money, then Our operational investment strategy should be able to keep up with the market.”

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

"With an average trading volume of hundreds of billions in the entire market, it can be considered a large hot money at most. It should be more flexible in terms of comings and goings than the current Yuhang Investment."

Gu Chijiang pondered for a moment and knew that Team Leader Lin was right.

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

So, he couldn't help but nodded and said: "Old Lin, at this bottom, I can only take a gamble. All future investment decisions for the company's main fund will be made by you. I will never interfere in the slightest. There are still about three months until the net worth is liquidated at the end of the year. I believe that there is enough time, and I also believe that... under your management, the fund can perform miracles."

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

For example, before the main market trend of several core concepts of the GEM broke out, the other party suggested that he increase the weight of his positions in the direction of the GEM, but he did not listen at the time and only added a little bit of LeTV chips; for example, in the 'Shanghai Free Trade Before the market broke out, they also held heavy positions in Waigaoqiao and Shanghai-Hong Kong Group, and when they were liquidating these two checks, the other party also suggested retaining some positions in these two checks; and later, the Shanghai Stock Exchange After the free trade zone concept broke out, the other party suggested that a large area of ​​​​regional free trade zones should be hyped. He listened at the time and did so. However, the wind did not come and he withdrew again. As a result, when the wind really came, , missed it again...

It can be said that without his stubbornness.

No wrong judgments were made on several key position adjustments.

Their current fund performance, not to mention how good it is, is at least not 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 on, you will be the company's fund manager. All transactions of the company will be judged by you. I will just be an idler. Of course... the consequences of all transactions are still mine. Come and take the responsibility, I will tell Mr. Pengyuan Real Estate, so you can rest assured and do it freely."

"Okay!" Team Leader Lin responded without saying much. He turned back and took a look at the restructuring and backdoor concepts that were still siphoning market funds, as well as the 'Shanghai Free Trade Zone' concept that was still seeing a large outflow of funds. sector, issued instructions to traders: "Don't worry about the cost. As long as we can sell the stocks related to the 'Shanghai Free Trade Zone' concept, we will directly sell them at the market price and withdraw the funds as quickly as possible." .”

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

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

Gu Chijiang prides himself on investing with ‘value investing’ as his core concept.

Therefore, it is not very good at short-term speculation and always needs to be "fast, accurate and ruthless", so in operation, it always lags behind the market step by step.

But he is different. Before entering Jingda Investment, he mainly focused on short-term trading and speculation.

Know the essence of short-term trading.

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

I only saw high-quality shell resource stocks, and scandal-related shell resource stocks.

Under the surging attack of main funds, they all rushed towards the daily limit.

At 10:46, in the shell resource sector and the restructuring concept sector, the two major areas of financial attack, the number of daily limit concept stocks has expanded to 8, and in the ST sector, many risk stocks on the verge of delisting have set off one after another. The daily limit trend and rising 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, and the total net outflow of large funds exceeds 2 billion. Among them, for one stock in Waigaoqiao alone, the net outflow of large funds exceeded 300 million. , and its decline has approached the limit, and the transaction volume has exceeded 1 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 overall outbreak of concept sectors such as the restructuring concept, shell resource stock speculation, ST sector speculation, etc., taking over the market and active market funds, the index is not so ugly. From the drop of more than one point at the morning opening, it has slowly slowed down. It rebounded to around a 0.5% decline.

Moreover, the sentiment of the entire market will continue to exist as long as new market trends take over and the money-making effect still exists.

Compared with the call auction and the opening of the market, it has also picked up significantly.

In addition, because Su Yu forcefully used funds to continuously push up the market share of Huayi Brothers and LeTV, forcing the stock prices of these two stocks to rise, many eyes also focused on the stocks that were speculated in the early stage and had been relatively fully adjusted. , on the GEM core popular stocks like Huayi Brothers and LeTV.

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

The ChiNext Index and the Shenzhen Stock Exchange Index gave priority to the Shanghai Index to turn red. Core stocks such as Changqu Technology, LeTV, and Huayi Brothers all rose by more than 5%.

"Holy shit, it's a hell of a start. I thought the market was going to plummet today, but I didn't expect it to pull up."

At 11:16, after the GEM Index and the Shenzhen Stock Exchange Index, the Shanghai Stock Exchange Index also turned red. Someone in the main hot money group of Yuhang, where Su Yu belongs, lamented, "The line of restructuring and shelling resource speculation has been completely taken away. It came out and became the main line to undertake the adjustment of the "Shanghai Free Trade Zone" and the new main line of market speculation. I really didn't expect that the good announcement of the successful reorganization and resumption of trading of "Xinwei Group" stock saved the entire market and achieved great success. Today’s market situation has changed.”

"This is unexpected and reasonable." A member of the group replied, "From the current expectations and profit-making effects of all concept sectors in the entire market, the lines of restructuring and shell resource speculation actually have certain characteristics. These are the core logic and market factors that have been hotly speculated, but there was no wind before, and there was no opportunity to detonate the hype in this line. Now that the 'Xinwei Group' is listed, will this happen without the wind?"

"It has led to a reversal of market sentiment and begun to siphon active funds from the market. This line has indeed been recognized by market funds."

“During the collective bidding, several concepts along this line took an unusual turn.”

"Xinwei Group's attributes and stimulating effect on the market today should be the same as the day Waigaoqiao resumed trading, right? It's really a one-man rescue of the market!"

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

"After all, the circulation volume is so small, and Xinwei Group is indeed the only well-known enterprise in the domestic communications industry besides the three state-owned giants. Under the turmoil of 4G construction, its imagination and expectation space are not at all. It’s small, and it’s hard to say whether it will increase three to four times, four to five times.”

"There is no doubt that this check will be a sentiment bellwether for market speculation."

"But I'm afraid that just because of this check, it will follow the trend of Waigaoqiao, where I will fight until death."

"If you push it to death, just push it to death. As an emotional vane, as long as it is alive and can continue to open up space, speculation in other stocks will also make considerable profits. You don't have to focus on this one stock. "

"It makes sense, but now, even for other stocks, it's a bit late to intervene."

"Apart from Xinwei Group, the ones that look like leaders today are probably Rongshun Co., Ltd. and Hilong Software. This closure... is really simple."

"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 we can take over tomorrow. Now this entire line has fully diverged, showing the appearance of replacing the main line of hype of the 'Shanghai Free Trade Zone'. There should be continuity, at least I think today and tomorrow If God intervenes, we can’t lose money. As for the further back... we can only take one step at a time and take one step at a time.”

"When the market opened today, such bad market sentiment was brought up by this line. It should show that the market is resilient enough, right? It also shows that the index breaking through the box between 2000 and 2100 points is effective. It should be impossible for the subsequent index to return to the range of 2000 to 2100 points."

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

“There is space for imagination and expectations in the line of restructuring and shell resource speculation, but relatively speaking, such expectations are also extremely difficult to fulfill. Often, after a wave of speculation, the tide quickly recedes, and cannot continue to serve as a driver of upward market growth. The core main line is hyped, so I think if the market breakthrough is effective, then the subsequent market will continue to rise. In terms of the core main line, are there other directions? I feel that today’s votes for Changqu Technology, LeTV, and Huayi Brothers, The rise is a little weird, but I can’t say what’s weird about it.”

"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 wonder if Mr. Su has taken any other actions today after clearing out a large amount of core stocks related to the 'Shanghai Free Trade Zone' on Friday? Has he participated in restructuring and shell resource stock speculation?"

"This can only be confirmed by the after-hours ranking data."

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

Sectors, individual stocks...

A number of changing sectors such as the restructuring concept, ST shell protection concept, and shell stock resource concept led the gains in the two cities. Including ST stocks, a total of more than 28 concept stocks hit the daily limit, including Rongshun Shares, Hilong Software, Xinwei Group, etc. It has become a popular concept stock with high market attention.

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

Throughout the morning, the trend has been the most brutal investor massacre in the entire market. In total, more than 10 stocks have dropped to the limit, among which the early popular stocks such as Shanghai Stock Exchange, Anxin Trust, Jinshan Development, Chongqing Development, and Yiyatong have dropped to the limit. , Waigaoqiao is hovering near the lower limit. Although there is still a breath of life, there is no hope of turning around.