It is a shortcut for investors to know the market through stock market proverbs or other people's experiences, but the key lies in two points. First of all, investors must really analyze the inherent essence of these experiences, and they need a process of their own research to understand the scope and conditions of their application and how to use them in their own operations, instead of blindly using them, which often leads to their own set. Secondly, investors need to be sensitive enough to the changes in the stock market base, that is, the stock market dynamics I introduced in the first chapter of the book "Lesson One". Once these factors undergo major changes, the original market experience will change, and many successful experiences that could have been applied are likely to become misunderstandings or even traps. Therefore, the only constant of the stock market is that it is always changing, and it is impossible for investors to want to do it once and for all. All stock market winners are advancing with the times. Before the class, Yu Ming analyzed "others are greedy and I panic, others panic and I am greedy" and "land price". Today, he continues to analyze "how long is the horizontal and how high is the vertical". This proverb will have many sweet memories for many old investors, but it is bitter for many new investors now. Because this proverb is an outdated proverb with the development of the stock market, we will understand it according to the analysis rule just now. "How long is the horizontal and how high is the vertical" lies in two elements, one is the horizontal and the other is the vertical, and the horizontal and vertical include two points, the cause and the continuous element. Let's talk about "horizontal" first, that is, why are individual stocks in a horizontal state, and why do they stay in this state for a long time? The reason why it will be horizontal is obviously that the market environment is in a bear market, which has limited the performance of individual stocks, or that the individual stocks themselves have weakened due to negative problems; And such factors have not been solved for a long time, so there will be a long-term sideways state. Therefore, the main point conveyed by "horizontal" is that we must first admit that individual stocks are in a weak and adjusted state, and that there are problems with individual stocks. Then we can draw out that the main point of "vertical" is that the horizontal elements have undergone fundamental changes, which has induced capital intervention and brought individual stocks from weak to strong. However, the long-term arrangement shows that the original weak elements are stubborn, and now they can be changed, which is bound to be big, so a large amount of funds will be introduced, and natural stocks will show explosive growth. Therefore, if investors want to get this "vertical", they must find this big positive, either the market environment has changed from bear to bull, or the negative factors of individual stocks have been solved. The reason why this proverb was very useful in the previous A-share market was that the market was first in a one-way long-term environment, and the stock market was small in scale and few in stocks, so it was often in a state of * * * falling, and slightly larger funds could dominate the market trend and individual stock market; The stock market is also in a state of skyrocketing and plunging for a long time. When funds come in, they will soar, and when they go out, they will plummet. Therefore, once a bear market is encountered, the trading volume will immediately shrink to a very low state, resulting in a large area of stocks in a sideways state. Once they enter a bull market, a large amount of funds will flood into the stock market. However, due to the small number of optional stocks, funds will take turns to intervene in stock speculation, even junk stocks will have their turn. And because the stock market can only make money by doing more, after a long-term weak pattern, the desire of funds to do more will be very strong, so there will be how long it is horizontally and how high it is vertically. However, since 26, A-shares have undergone a series of changes. First, the market scale has greatly expanded, and then the capital channels have also increased, which has directly brought about market changes. The most direct thing is that we have seen a surge in trading volume after the market scale has expanded, which shows that the market needs to drive the market and consume more funds. Secondly, the process of full circulation has brought about a large number of circulating market value, which means the cost of speculation. In other words, the size of the non-lifting ban has greatly reduced the right to speak of the original funds in the market. The most typical one is the fund. In 27, the fund's right to speak in the market exceeded 3%, while in 211, it was only less than 1%. This shows that no matter how big the funds are, they are only retail investors in the face of the rapidly expanding A-shares, and they cannot fully control the market trends and individual stocks, so they can only make local quotes. Then, in 21, stock index futures appeared again, which means that funds no longer need to be simply long, but a three-dimensional profit model, that is, they can be long and short, and they can also make profits by using the arbitrage model among varieties, completely getting rid of the original one-way model of funds and individual stocks, but a three-dimensional model of funds, individual stocks, ETFs, margin trading, stock index futures and any other financial derivatives. Therefore, we can see that A-shares are moving closer to mature markets, and there is a phenomenon similar to mature markets, that is, a large number of stocks are marginalized and in a depressed state for a long time. Even in a bull market, only the main stocks have a sustained surge and obvious profit-making effect, while the rest of the stocks are more following the trend and stagflation, and will continue to adjust once the market weakens. This is still the case that the delisting mechanism in the A-share market is not perfect. If the delisting mechanism is really as strict as that in the European and American markets, many stocks that have been sideways for many years will start the withdrawal mechanism, and the funds will not touch these varieties, but always choose those high-quality varieties for speculation. As a result, the conditions for the emergence of "how long the horizontal is, how high the vertical is" become more and more demanding and more difficult. More often, it does not mean that it is as long as the horizontal is. If you want to know the after-hours comments of individual stocks, the daily brief comments of individual stocks in the stock market are for your reference, and the confidential internal reference of the stock market (updated three times in the morning, closing and evening) provides you with tools to operate individual stocks. Blog is my train of thought and viewpoint, which is inevitably not suitable for your taste. Investment is a personalized matter, and opinions vary from person to person. Blog is the place where I record my feelings and communicate and discuss with you. I hope everyone can get what they need from the article. No matter what the point of view of the article is, it is good to laugh at you.