The investment era of rebirth

Chapter 579 The journey of the bull market (twenty-four)!

Author: vaguely first meeting

Chapter 579 The journey of the bull market (twenty-four)!

He Hong heard Xu Zhongji's analysis, thought about it for a while, and felt that it was indeed quite reasonable. He responded: "In that case, we don't have to wait for the corresponding target stocks to continue to correct. We can directly combine the results of each of our main fund products at this position."

Just fill up the position, right?"

Xu Zhongji pondered for a while and said: "Although according to our market analysis and expectations, the core main line of the subsequent market will most likely revolve around the two main lines of 'infrastructure' and 'military industry', but the financial trading market...

…In general, there are still no 100% certain investment opportunities. Currently, the positions of each of our fund products in the fields of 'infrastructure' and 'military industry' already account for more than half of the position weight."

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

"In order to prevent extreme risks in the market, or unpredictable extreme negatives in the 'infrastructure' and 'military industry' fields, we still need to diversify some positions in other main areas, and at the same time, keep the fund position line no higher than 85%.

The highest position line is good.”

"Of course, doing this... As the market's main trend direction becomes more and more concentrated towards 'infrastructure' and 'military industry', it will inevitably affect the net value performance of some of our funds, but correspondingly, the net value curve

It should look better if you go up."

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

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

“Contrasting Aggressive Trading Strategies…”

When Xu Zhongji said this, he paused and then continued: "I always believe that in this market, it is more important to live longer than to live better in the 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 explosive short-term performance. However... 99% of these fund managers with explosive short-term performance ended up being mediocre. He is the only one who has never been outstanding in terms of product performance.

, but the veteran who has relatively good control over the drawdown of fund products has had the last laugh in the extreme stock market crashes again and again, and has also brought 'Minghui Capital' to the current scale of asset management.

There is an old saying in the financial trading market.

It is said that "Those who double in one year are like crucian carp crossing the river; those who double in three years are like a handful of morning stars." This means that many investors rarely consider the retracement issue when their asset size grows with the help of compound interest.

You know, from 500,000 to 1 million, it needs to double.

But from 1 million to 500,000, a 50% retracement is enough.

In Xu Zhongji's opinion, if he cannot control the drawdown well, he is not a qualified fund manager.

Therefore, in his trading thinking, no matter how optimistic he is about a main trend or a stock, he will never attack with 100% of the position. He will always leave a little cash available, or make adjustments to the position.

Partial diversification is used to eliminate extreme sudden risks that are extremely unlikely to occur 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 maintain the current dynamic positions first and continue to observe the subsequent changes in the market. When the market emerges from new market hot spots and new wind directions, we will make appropriate adjustments to the positions.

"

Xu Zhongji nodded slightly, and at the same time focused on the market trends of several popular stocks on the main line of 'Technology Growth' in the market, thought for a while, and said: "But... the positions in the main line of 'Technology Growth', our fund products

If there are any outstanding items, you can clear them all."

"Does Mr. Xu think that the main line of 'technological growth' will no longer have market performance in the future?" He Hong asked.

Xu Zhongji responded: "The main line logic of 'technological growth' has completely collapsed, and the performance of many growth stocks has not kept up, and the realization of expectations has become a problem. At the same time... the entire 'technological growth' main line field

, due to the 'technological growth' of the year before last, from the 'smartphone industry chain' to 'mobile Internet' to 'Internet finance' until the end of last year and the beginning of this year, the entire main line of hype logic has continued.

It’s been almost two years.”

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

"For example, 'Big Finance', 'Big Consumption', 'Cycle', 'Medicine', 'Agriculture and Animal Husbandry' and other core main areas, as well as a number of growth stocks in the entire 'Technology Growth' main line area, all have high valuations.

, it can be said that high expectations have been reflected for a long time. Even if the subsequent performance can barely keep up, there will not be much difference in expectations."

"Of course, what makes people more worried is the entire 'technological growth' main line. In the two consecutive years of market speculation and market performance, a large number of institutional groups have gathered positions. You can see that many core institutions in the industry are mainly promoting

Just look at the many 'Technology Growth Mixed Investment' products, and the current institutional groups are basically still heavily invested in the main line of 'Technology Growth'."

"This kind of main line area where institutions collectively hold heavy positions and form a group will collapse once the investment logic loosens."

"Then the adjustment will be severe."

"At least in the short to medium term, due to the pressure from institutional groups, the chip structure in the main line of 'technological growth' will be difficult to continue to concentrate and consolidate."

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

"However, from the perspective of long-term investment logic, major institutions on and off the market will definitely continue to reduce their positions in the 'technological growth' line, and thus continue to increase their positions in the two main lines of 'infrastructure' and 'military industry', as well as following the 'Asia

"European Economic Belt', 'New Era Road, Maritime Silk Road', 'Reform and Reorganization of Central and State-owned Enterprises' are the main concept areas that are strongly supported by macro policies."

"And it's foreseeable..."

"The subsequent market trend and the core market position will still be on the Shanghai Composite Index."

"Although the purpose of our trading strategy is not to put all our eggs in one basket, we must also fully avoid the weak main areas in the market where the money-losing effect is the strongest and the investment logic has obviously collapsed."

"Understood!" He Hong responded.

Immediately, he began to follow Xu Zhongji's analysis of the market and the prescribed trading strategies, and ordered the traders to further clear out the chips in the main line of 'technological growth'.

At the same moment, another place in Yuhang was inside Jingda Investment.

In the main fund trading room, fund manager Lin Tingzong stared at the big screen of the trading room, watching the Shanghai stock index slowly retreating to around 2400 points due to the obvious lack of market capacity and funds, but at the same time...'Infrastructure',

The two main lines of 'Military Industry', as well as the extended 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road', and 'Reform and Reorganization of Central and State-owned Enterprises', have not moved from high positions in the market.

As the index corrected, and the entire main line of 'technological growth' did not go as he expected, after a short-term oversold, there was a rebound trend of funds buying the bottom, and he couldn't help but frown visibly.

"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 next to him, also frowned slightly and said, "

The oversold rebound trend of the 'Technology Growth' line has not formed, and the callback trend of the core sectors in the main line fields of 'Infrastructure' and 'Military Industry', as well as core stocks, has not formed either. This trend... has a negative impact on our current positions.

, and 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 'technological growth' line 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, even near the new high position of this round of rebound, maintaining a strong sideways fluctuation, and going stronger than I expected. Alas... It seems that the combined force of market funds is better than we thought.

It’s coming fast and furious.”

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

Lin Tingzong thought for a while and said: "The check of 'LeTV' was on the third limit today. After being pried by a large amount of funds, it failed to become popular. And after 10 o'clock, it was successively sold by selling funds, and it was

The stock price fell back to near the lower limit, which shows that the internal selling pressure of this check is still extremely strong. Its main funds and many institutional holding groups have less and less positions in this stock, and even in the entire "technology growth" main line field, than we do.

As expected, we must be determined.”

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

"Then we have nothing to hesitate about."

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

"When a core main line and the main financial groups are completely unfavorable and are in a state of complete collapse and reduction of positions, then no matter what, there is no hope for the market in this main line in the short to medium term."

"Fortunately, although the 'technology growth' line 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 market, as well as the relatively good money-making effect and support of speculation in the entire market, the overall liquidity of this line is not bad. If we want to reduce our positions in a large amount or even completely clear our positions, we will

The fund’s holdings can still be achieved.”

"It's just...compared with the cost when we intervened, it's a bit busy."

Gu Chijiang listened to Lin Tingzong's analysis, sighed softly, and said: "The financial trading market pays attention to the synergy of funds, expectations, and the joint effect of emotions. It does not depend on personal will at all. Since the entire 'technological growth' main line, in'

Under the total collapse of LeTV, the logic of expectations and investment logic have collapsed, and at the same time, all major funds have also completely collapsed. Naturally, we have nothing to miss. I agree with your opinion, let’s liquidate all positions, and take advantage of this.

With our positions on the line of 'technological growth', we still have a little bit of profit."

For the financial trading market that changes all the time.

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

Otherwise, if you persist under the wrong trading strategy, the subsequent losses will only be greater. The so-called if you want to survive in the financial trading market for a long time, you must correct your mistakes and be stubborn. Whether you are an individual investor,

Institutional investors will only be quickly eliminated by the market.

"After a full liquidation, how to operate?" After a pause, Gu Chijiang asked again.

Lin Tingzong thought for a while and responded: "After the full cut, let's follow the previous strategy. We will 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 blessing of several core concepts such as 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road', and 'Reform and Reorganization of Central and State-owned Enterprises', the main funds in the market have increasingly expected the future of these two main lines.

The stronger it is, then we can only pursue higher positions and increase positions to obtain corresponding chips."

"Why don't you wait a moment?" Gu Chijiang asked.

Lin Tingzong shook his head and said: "No more waiting. According to the trend of the market, if we continue to wait, the cost of chasing higher and obtaining chips may continue to rise."

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

Lin Tingzong nodded, and then immediately followed the trading strategy adjusted after discussing with Gu Chijiang, and ordered the traders to quickly reduce their positions in a large amount, and even clear the core stocks in the main line of 'Technology Growth', while using the funds withdrawn from the reduction,

Quickly buy the core target stocks previously designated in the main areas of 'infrastructure' and 'military industry'.

With the changes in trading strategies and trading operations of major market institutions such as ‘Pingyin Asset Management’, ‘Minghui Capital’, ‘Jingda Investment’… etc.

After the market enters 11 o'clock...

In terms of market style, it is becoming more and more clear that the index is slowly shrinking and correcting, but the main line of 'technological growth' is getting weaker and weaker. At the same time, the core industry sectors of 'infrastructure' and 'military industry', as well as the concept sector, are also being replaced by major funds.

The excavated industry sectors such as 'port shipping', 'machinery equipment', and 'public transportation' are in the core areas of the 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road', and 'Reform and Reorganization of Central and State-owned Enterprises'

With the expected blessing of the main theme of conceptual themes, it is getting stronger and stronger, and the net inflow of main funds is becoming more and more obvious.

Finally, when 11:30 arrived, the two markets ushered in the midday closing time.

The Shanghai Index was priced at 2401.29 points, an increase of 0.31%; the Shenzhen Index and the ChiNext Index were dragged down by the main line of 'technological growth', and gradually fell from the red market status during the session, closing at a decline of 0.39% and 0.52%.

The two cities have shown an obvious trend of Shanghai being strong and Shenzhen being weak!

(End of chapter)