——Dianzhang Investment Education specially invited Hu Chaoyong, the investment director of Shanshi, to talk about the market in detail

In the TV series "Military Alliance", Sima Yi has a very reasonable saying, "There is no dispute." Winning or losing depends on right and wrong." Every investor may enter this market to make money, but if they invest with this goal in mind, people's desires will be infinitely amplified, making it easy to fall into a pit. Dianzhang Investment Education specially invited Hu Chaoyong, the fund manager of Shanshi Assets, to listen to his profound understanding of market rules.

?In investment, survival of the fittest, understand your own position

?In 2001, Hu Chaoyong entered the financial industry, which coincided with China's accession to the WTO and China's economy entered an acceleration stage, and also opened the golden age of China’s capital market. Hu Chaoyong started by doing futures, and later gradually became involved in other capital markets, such as stocks and bonds.

As we all know, China's stock market ushered in a super bull market in 2006 and 2007, but entered a bear market in 2008 amid the global financial crisis. During this period, Hu Chaoyong also witnessed too many situations where stocks fell from peaks to undervaluation. After experiencing such bull-bear transitions, he gained a deep understanding of the market, which is the survival of the fittest.

? As an investor, you must understand the survival rules of this market. Just like every animal living on the prairie, it has its own survival rules and will not complain about the lack of water in this prairie. There is a drought, there are still too many carnivores. They first need to position themselves, what is it? After knowing your own position, you can formulate survival rules according to your own position so that you can survive. There is no rule that says that all herbivores will be exterminated by carnivores. Each has its own survival rules. Once you determine your own position, you will know how to survive. This is survival of the fittest.

? The same is true in the capital market. As individual investors, compared with large institutions, they are at a relative disadvantage in terms of capital and professionalism, so they must find the laws of the market. You need to follow the trend instead of thinking that you are the maker of the trend, so that you can survive in the market for a long time.

?“Don’t argue about winning or losing, just talk about right or wrong”, the way to survive in the market

?After clarifying your position in the market, you must understand the way to survive in the market. Hu Chaoyong believes that the first step is to "not argue about winning or losing, only about right and wrong." The first thing is to consider right and wrong first. When making any transaction, safety comes first. All strategies must be based on safety first to make yourself invincible. Doing stocks is like doing an experiment. You must choose a market or industry that is easy to enter and easy to exit. Only in this way is it safe. Under the premise of safety, consider how much money you can make. This is a way to survive in the long term. .

? "Just talking about right and wrong" actually means doing what you think is right. For example, using your own logic to judge that the market is about to end and will turn around. Even if people around you are saying how to do it, you should do it. Stick to your own judgment using reasonable logic, rather than following what others say.

? In summary, the first priority for investment is safety and liquidity. In addition, Hu Chaoyong told investors that reverse thinking is also needed. In early 2000, after my country joined the WTO, the economy Rapid growth, but the stock market failed to recover, falling to 998 in 2005. As long as there is the logic of economic growth, it is judged that the stock market will definitely grow with the development of the economy, then people will buy when others are least optimistic about it, and when the In 2007, the stock market rose to more than 6,000 points, and a bubble appeared in the economy. So no matter what the market shouted at this time, if you stick to your own ideas and exit the market, you can escape from this market. This is reverse thinking.

Guest introduction:

Hu Chaoyong? Shanshi Asset Fund Manager/Member of Investment Decision Committee

Master of Financial Investment from Suzhou University Business School. He has securities fund professional qualifications, securities and futures investment analyst qualifications, and a solid theoretical foundation. More than 10 years of experience in securities and futures investment management, and has experienced the test of a complete bull and bear cycle. He has successively held positions in the innovation departments of private equity institutions and futures companies. He has long been committed to in-depth research and innovation in the asset management business, has rich practical experience in the field of securities and futures investment, and has formed a complete set of trend, arbitrage, and hedging strategies. Providing investment advice and managing assets to clients in Suzhou area, it has achieved stable and impressive performance and enjoys a high reputation in Suzhou area. The investment style is steady, with a deep understanding of the operating rules of the market and stock prices, and emphasis on timing and position management.