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A top investor's view of A-shares.

81 Comments 2024-08-03

Not every investor looks down on A-shares with disdain.

In this market, there is a small group of people who treat A-shares as if they were an ATM.

What we usually see are the top investors in the industry, managing funds ranging from billions to tens of billions.

Listening to them, they talk about logic and philosophy that sound like stories.

The real top investors do not manage money for others, as they have already achieved financial freedom.

You see some listed companies, suddenly there are so-called "niu san" (a term for individual investors who are very successful in the stock market), who buy tens of millions or even hundreds of millions, many of them are the real top investors.

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Because the market makers or speculators will not use personal accounts to buy a large amount of a single stock.

But in the eyes of retail investors, most of these real big shots are believed to have made their fortune through insider information, with secrets unknown to the public.

But a large part of them really made money by their own abilities.

I met a top investment big shot who has accumulated investment returns of more than a thousand times in the past two days, and listened to some of his sharing, which was very touching.Here is the translation of the provided text into English:

Summarize some content, add some of my own insights, organize an article, and share it with everyone.

1. Dare to seize the opportunity.

Never miss any opportunity, never let go of any new term.

His first pot of gold came from the "Five Golden Flowers."

Many people may not know what the "Five Golden Flowers" are. It was in 2003, involving steel, petrochemicals, electricity, automobiles, and banking.

From stock trading based on news to stock trading based on concepts, it seems similar, but in fact, there have been significant changes.

After that, he began to study new concepts and the mainstream concepts of the market.

In his cognition, any new term is an opportunity, and the opportunity is far greater than the risk.

Because the habit of capital is to speculate on the new rather than the old.

(Note: The term "Five Golden Flowers" is translated as it is, as it seems to be a specific term used in the original text. If it has a different meaning in English, please let me know.)New concepts can easily generate a strong explosive force in a short period of time.

He firmly believes in a saying, "On the wind, even pigs can fly."

In reality, many people have made money by starting businesses with the wind, and in the stock market, many people have made money with the wind.

He does not trust any long-termism or value investment, only believing in the wind in the market.

Of course, in his eyes, the wind will eventually stop, and the story will ultimately be just a story, so it is necessary to make a profit and settle.

With the growth of investment capital, he began to distinguish and divide the wind.

Those with policy support are called big winds, and those without policy support are called small winds.

Big winds require big investment, and small winds require small investment, and the degree of participation is different.

2. It is necessary to rest.

Many investment masters have said this, but not many people can actually do it.Even though we all understand the need for rest, the criteria for when to rest are undoubtedly different for everyone.

Most people who know how to rest do so after a significant increase or after making a profit, taking a break to recuperate for a period.

There are also those who believe that one should know how to rest during a bear market, but determining whether it is a bull or bear market is itself a problem.

The standards for measuring whether to rest are, in fact, different.

His standard for rest is that once the hot topic or trend cools down, it's time to take a break.

After market funds enter a major thematic hot spot, they indeed get repeatedly speculated on.

But once the speculation on this major hot spot ends, the hottest part of the market's funds will enter a rest mode, and at least in the short term, they will not return to the market to do any business.

That is to say, the switch of major hot spots requires time, and this period must be for rest.

It's like when a person needs to rest after being overly excited and working hard, or when they need some time to recover after being excessively sad.

From the perspective of stock market speculation, the principle is the same.After a bull market comes a bear market; this is also a principle. After experiencing a significant increase, a long period of repair is needed.

3. Do not participate in oversold rebound, nor in bottom fishing.

The words "supplementing positions" and "bottom fishing" have never appeared in his dictionary.

If you make a mistake, you must admit it, that's all.

All the trends he recognizes are not in a downtrend, because it is called a trend only when capital enters.

Those in the downtrend are basically sectors, industries, hot spots, and individual stocks that have been abandoned by capital.

If the capital does not recognize it, do not participate, even if it is already very cheap.

Participating in bottom fishing is more likely to lose money than chasing the rise.

The market's capital will continue to enter places with better profit effects for speculation.

As for the bottom fishing, let the super capital that is more patient and needs to lurk do it.The process of bottom-fishing is too long, and for retail investors, the cost of lurking is too high and the risk is too great.

Regarding the rebound from an oversold situation, he believes it is just an emotional release.

But when the emotion is released and for how long it is released are unknown, which is very difficult to lay out, and may not be sustainable.

4. Don't do the leader, do the catch-up.

At first, when I heard him say this, I was a bit surprised.

Because we all know that stock trading is generally a priority to do the leader.

But he prefers to do the second and third dragons, or even the back row of catch-up.

When I asked him why he did this, his answer was that the leaders are mostly in collusion, and ordinary people entering the market are destined to be washed out.

And the back row of catch-up dragons, positioning dragons, etc., because the unknown is not high, can attract the following of retail investors.

This point, it can't be said to be completely agreed with, because there is no actual participation, and it is not very clear.It seems to make sense too, after all, from the perspective of capital operation, from the angle of hot spot speculation, the concept is related, and the speculation after the low position start is more likely to make a quick and accurate profit.

The leader has the cost-effectiveness of the leader, and the catch-up has the cost-effectiveness of the catch-up.

Since capital will speculate, there must be profound implications and reasons behind it.

For retail investors who dare not chase high, big hot spots are all rising, and doing the stocks in the back row may have a higher risk-reward ratio, and be more stable.

Finally, a point was also mentioned, which is about the psychology of gambling.

Most people like to gamble because gambling is very exciting.

When you are not sure whether it will rise or fall tomorrow, don't buy stocks, because the probability of falling is definitely greater.

The psychology of gambling will reduce a person's judgment.

Because no one can be sure about the future, gambling will always exist.Many opportunities that are not so good are not suitable for gambling, and opportunities that one cannot even see through should not be gambled on.

Although, no transaction is guaranteed to be profitable, when making trading decisions, one must be 100% firm in believing that they are right. Even if it is proven wrong in the end, it is still a lesson and experience.

In the end, he also said a meaningful and earnest passage.

Haste makes waste, and there are always opportunities in the stock market, but the opportunities now are obviously much fewer than before.

This is because the dividends of the era are gradually fading, and the pace of economic development is slowing down, and good opportunities will become even more scarce.

This is also why every new term should be understood, learned, and participated in as much as possible, because it contains the dividends and opportunities of the era.

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