Ze-hee learned Z

Source: Internet
Author: User

Ye Zhan, assistant general manager of Yuanze Investment, is currently the assistant to the President of Qilu Securities Asset Management Company, Qilu Star, star Han and other financial investment manager.

  Introduction : Three years ago, I joined Ze hee Investment, formally become a professional investor. It's always been my dream to be a professional investor. In the stock market with eyes and brains to treasure the game itself is enough to let me crazy, not to mention the wealth of this by-product. It is really exciting to think that you can see a close-up investment in a stock market masterpiece.

Ze Hee's performance has no need I repeat, so over the years, its every move has become the focus of the market, each year to the end of the inventory results, the list of the total without its name. Boss Kingclean was dubbed "private one elder brother" the title, The lakes and rivers do not know how many rumors about his legend, but he always keep the secret low-key, reluctant to expose too much in front of the public.

Fortunately, in my three years in Ze hee, I often worked with Kingclean, although he was not talkative, but still benefited me. Here are the 7 lessons I learned in Ze hee.

  First lesson Focus

A long time ago, I knew that Kingclean was a very focused investor, but when he arrived at Ze hee, his concentration still gave me a fright.

Usually, his day is like this: Every morning, Ze hee began the morning meeting, each researcher reported market information and company situation, after opening to enter the trading room, trading time never leave the plate, lunch with the seller of the general researcher at noon, continue trading in the afternoon, after the closing is one to two roadshow, the evening re-disk and research stocks.

He studies the stock market for more than 12 hours a day and has little entertainment and other hobbies, and as far as I know, this habit has been going on for more than 20 years. There is no doubt that Kingclean is one of the most diligent and dedicated investors I have ever seen.

Compared to many investors, in addition to stocks, but also concerned about football, stars, travel, golf ... Kingclean can be regarded as an ascetic in the stock market.

It's the first lesson I've learned, with unparalleled focus and extraordinary rewards.

Now, I also developed the habit of staring at the plate, trading time as far as possible without leaving the plate, day in, the market's breathing and rhythm will slowly leave a mark in the mind, until the formation of trading intuition.

The stock market is a winner-King Jungle, full of danger, if attention is not concentrated, it is easy to become the object of the hunt.

Lesson One: Focus alone can keep people on the lookout. Though the process can be tedious and exhausting, it is an essential price to win.

  Lesson two long-term investment

Many classic books emphasize long-term investment as an important weapon in the fight against the market. I also agree with long-term investment, but the concept of long-term investment in my eyes may be a little different.

Ze-hee is known for ferocious and fierce investment style, often involved in a large number of short-term transactions, the market even to "death squads" name. So, is Ze hee a short-term investor or a long-term investor?

I think it's the latter.

In the case of a shareholding cycle, Ze Hee's position has a large number of fast-forward and fast-out varieties that do not conform to the concept of long-term investors in general sense. But what is the definition of long-term investors? Is it measured only from the stock cycle?

Since 1993, Kingclean with more than 20 years of time in the securities market fight, in the actual combat in the form of fast quasi-ruthless investment style, and consistent to adhere to. This insistence is the fundamental feature of long-term investors.

The way of investment, thousands of ways, only to find the right investment method, and long-term adherence to the securities market can survive. However, many investors in the motive of the market, just want to short-term to catch a vote, never set long-term investment goals, do not know what their own body of this is what, follow-up, gambling, this short-term mentality, is the cause of the loss.

I manage the stars, star Han two products, with some Xu Zesi style, high turnover rate, the average holding period is 2 weeks, but I have always advised my customers, hope they hold the product cycle can be at least 3 years, because I will continue to use my method to create long-term returns for them.

Lesson two: Long-term investment is not necessarily how long it takes to hold a stock, but how long you have invested in your life. Only the investment as a lifelong cause to do, your mentality will be long-term, the behavior will be rational, will not chase the interests of the moment to risk unnecessary.

The third lesson absolute income or relative income

is absolute earnings important or relative gains important? Matter. But the two cannot both be recognized as the truth of the market: to achieve absolute returns, the risk should be avoided as far as possible, and to overcome the index, you must be willing to take risks. This is in itself a paradox.

But in Ze hee, absolute gains and relative gains are put together. Ze Hee's performance is most concerned about two major characteristics: the first is to rise fast, long-term far beat index, the second is to withdraw small, even when the market fell sharply, the performance will always remain stable. In the past 5 years, the net drawdown of 10% was only 3 times.

So unstoppable and rock-solid performance, really let a lot of people do not understand, which is the secret of what is it?

It is necessary to disclose a little bit of ze-hee's assessment of the researchers, there are three main: recommended stocks to be able to rise, the best horse rose; higher than Shanghaiand Shenzhen (3608.021, 15.18, 0.42%) The index is not allowed to fall more than 10% after the purchase, otherwise the unconditional stop, does not allow to fill the position.

This is called "The history of the most rigorous" assessment method is indeed cruel, many researchers can not adapt for a long time, but this does reflect Ze Hee's investment philosophy, that is, based on absolute earnings, with relative gains as the goal, with strict stop-loss as the discipline.

To reach Ze Hee's standards, we have to have in-depth research on the fundamentals of the company in order to select the target, but also to the market sentiment sensitive understanding, in order to find the point of sale.

So Ze-hee researcher very hard, most of the time all over the research, the density and depth of the investigation is far higher than the industry average, and then coupled with the unique sensitivity of kingclean to the market, and ultimately produced a miraculous performance.

I will ze-hee's assessment method is almost intact transplanted to Qilu capital, because for customers, making money is the hard truth. Depending on the application, it depends on the medium and the bottom. Only with the most stringent requirements of their own, can force us to invest the greatest energy, because of the limits of capacity, performance may not be able to match Ze-hee, but at least to be worthy of their own, can be worthy of customers.

Lesson Three: Absolute returns and relative gains are important. If the hard to be divided into a sequence, my choice is to take absolute income, and then the relative benefits, but no matter what kind of income, must pay hard work. Lesson Four Reverse Thinking

Ze Hee's researcher pressure Alexander, in addition to the rigorous assessment criteria, there is an important reason: they often find their findings are kingclean negative, especially to do a lot of homework, consulted the experts, confidently explain the reason, Kingclean but lightly said: "No."

But the actual trend after the event proved, but Kingclean and the researcher's conclusion is inconsistent, most of the time, the boss is right.

I've looked at it many times and found that most of the time, when researchers ' opinions converge with mainstream opinion in the market, the probability of being denied increases significantly.

Obviously, Kingclean is not agreeable to the view that most people agree with.

There are many times, ze-hee re-held stock, in the market report a bullish, the price of the sharp rise, Ze hee is quietly out, and sell the price is often the market stage top.

This feeling, after repeated many times, let me form the current habit, the most popular market in the plate and stock, always special vigilance, usually the most popular, trading board full screen, always heart chill. There were times when this habit made me miss a chance, but many times it made me avoid the pitfalls.

Citing Charlie Munger repeatedly emphasizes that, in turn, he always thinks in turn. is to warn investors, to think independently, do not conform, when the market is highly consistent, the inflection point will soon come.

Lesson four: Others are greedy I fear, others fear my greed, this has become the stock market in the well-known slang, but easier, overcoming the weakness of human nature, it takes a long time to hone.

Lesson five cautious use of leverage

Since last year, with the market warming, many investors saw huge profits in the front, have to add leverage, the balance of the two melts soaring, tiered funds in the most sought-after, there are many highly leveraged structural products were born.

However, I did not see Ze hee plus leverage, on the contrary, Ze hee at the end of a large proportion of dividends, will have been permanently closed product scale continues to drop a lot.

Is Ze hee don't want to make money? Obviously not.

Leverage is no stranger to the long-kingclean in the market, but as the investment takes longer, his attitude toward leverage is becoming more cautious.

Leverage has a cost, and leverage has a deadline, which is a well-known fact. When you add leverage, time is no longer your friend, but it becomes your enemy.

The more important reason is that leverage can distort the investment behavior. Under the pressure of cost, term and position, investors either become more aggressive, want to make more profits as soon as possible, leading to greater risk, or become more conservative, afraid of falling because of the closing of positions, thereby losing some investment opportunities.

Remember The tragedy of Chang Jiu biochemistry (14.17, 0.17, 1.21%)? How many investors because of the increase in leverage, overnight lost, even if the stock price rebound, but also because of being forced to close the position and missed error correction opportunities. The price of leverage is that even if you succeed 99 times, the last failure is enough to get you back to the starting point, and even fan Ben Chance is lost.

I myself have used the lever, has had the windfall experience, has had the painful lesson. Now, I think I will not be willing to try this sharp double-edged sword again. Remember Buffett's words: Steady investors sleep soundly every night.

Lesson Five: In the long run of investment, the stimulant may allow you to run faster in the short term, but it will cause irreversible damage to the body in the longer term. (not to be continued)

Ze-hee learned Z

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