What is the purpose of investing in stocks? Who is the right choice for investment and speculation? How do investors invest? In the face of this stock market's ultimate three questions, there are practical understandings that give a different understanding, let's take a look.
I personally divide the funds in the capital market into three categories, the first is smart money, the second is evil money, and the third is silly money.
What is smart money? Smart money is money that has deep insight and forward-looking judgment. Recently there is a pieceresearch reportAnd conclude that during the decade from 2007 to 2016,Equity fund,Partial stock fund,balanceHybrid fundThe cumulative yields are as high as 203%, 172%, and 144%, respectively.Shanghai and Shenzhen 300Just up 62%. At the same time, in the past 10 years, outperformed the indexfundThe proportion is over 85%.
We have also done statistics ourselves and the conclusions are similar:Domestic funds can significantly outperform the market.
At the same time, we also found thatAmong institutional investors, the more they focus on long-term investments, the better the benefits.We have done a strategy ourselves, trackingQFIIThis long-term institutional position, this strategy is very good, from 2010 has achieved more than 400% of the income, while the Shanghai and Shenzhen 300 only 26% of the same period.
Generally speaking,Most of the smart money earns is the money that the listed company grows.There are still many companies in China's A-shares that have created lucrative returns for investors. Of course, smart money sometimes takes advantage of people's fears and greed, buying at the bottom of the market, selling when the market is crazy, and earning a portion of the money to cut the leek.
Evil money refers to all kinds of hot money, they don’t look at the company’s fundamentals, but they are good at manufacturing.themeAnd hot spotsTo attract retail investors to follow suit and take advantage of their own opportunities. What they earn is not the money that the listed company grows, it is the money of the game. The money they earn is basically the money that the retailer loses, that is, the money that cuts the leek.
Silly money, that is, do not understand the fundamentals, do not understand valuation, ignorant fearless money.There are a lot of funds in the A-share market, and the wildfires are not burning, and the spring breeze is born again. This is not, just experienced the painful lessons of the junk stocks in 2017 and 2018, and this wave is not too happy to start speculation.
Smart money, evil money, and silly money constitute the basic ecology of A shares:
Among the A shares, the most interesting thing is the stupid money.
First, they have extraordinary confidence.They generally feel that they have the ability to turn evil money into harvesting leek, and some even confident that they can "be defeat the dealer", so they work hard to learn all kinds of "shuangzhuang" skills, various indicators, various lines, various waves such as a few treasures .
Second, they are very annoying about strict supervision.I feel that this is not protecting them, but breaking their financial path.
Therefore, the former boss of the casino, because of the tight control of the old, everyone does not like him very much. Recently, the casino has come to a new boss. I don’t care about the old ones. Everyone is very excited and feels that they can finally cut the leek.
At this stage, the fundamentals are lost on the starting line. But I vaguely heard the laughter of the evil money: "Hungry for so many years, and finally you can have a full meal."
(Article source: Good investment)