2. The former 10 tradable shareholders are all fund stocks: if you think the stocks piled up by the fund are all good stocks, then your investment philosophy really needs to be reviewed. First, it is difficult for stocks with accumulated funds to have a big upward trend, because there is a competitive relationship between funds, which often contain each other and withdraw from each other. Second, the investment concept of the fund is not necessarily correct. They are also human beings, and they will have the same "herd" thinking as retail investors.

Let me give an example to talk about the stupidity of the fund. 002 1 18 Before 20 10, there were no funds in the top ten tradable shares of Angel Pharmaceutical Co., Ltd., but after a round of skyrocketing in the second half of 20 10, the top ten tradable shares were all funds, 201. This is the "brainless" China Fund, which simply doesn't deserve our trust. Why do I know so much about Angel Pharmaceutical? Because I have been tracking this company since 2007, I started to buy at 20 10 after the sharp drop in 2009, so I have been sneering at the fund.