Many platforms publicized Zhang Kun and his E Fund in 65438+February and 65438+1October, which directly pushed the little-known Zhang Kun to the altar.

Although Zhang Kun has been working for 10 years, the average annualized rate of return is close to 20%.

But if Zhang Kun hadn't robbed this round of liquor market in recent two years, his actual annualized income would be a little more than 10%, and the fund management scale would be tens of billions.

It can be said that times make heroes. When the wind came, Zhang Kun took off.

This is not to say that Zhang Kun thinks the liquor industry is good. It's that Yifangda ordered liquor this time, which made Yifangda take off.

Finally, Zhang Kun was left to take the blame, who made him a pig on the tuyere and who let him take the management fee.

Zhang Kun is not miserable, and Zhang Kun's fund is not miserable, because Jimin was guided by market public opinion and bought the fund at a high level.

Fund managers get money from ordinary people and passively add stocks that have been overvalued.

Therefore, the fault lies in the people, in the public opinion that guides the people to keep buying, in the fund's speculation on performance without mentioning risks, and in the market.

The net value of the fund "cheated" many people.

Statistics don't lie. It is normal for E Fund Blue Chip to lose more than 84%.

It's normal for Zhang Kun to fall off the altar when the wind stops, because it was Ji Min who kidnapped Zhang Kun in the later period of the scale crazy expansion.

This matter cannot be said to be the fault of the people, nor can it be said to be the fault of the fund manager, because of the fund system.

It can be said that Zhang Kun has done its best to limit purchases or pay dividends.

Many fund novices don't understand the rules of the fund's game, and the result is "fooled" by the fund's rate of return. This is logic.

Today, we will uncover 84% floating losses in The Secret Behind.

Funds themselves are different from stocks.

The share of the fund, that is, the scale of raising, is actually unlimited.

That is to say, with 1 yuan, the fund may have 1 billion shares, and with 2 yuan, the fund may have 500 million shares.

The total management scale of the fund has changed from 1 billion to 1 billion, but the net value is still 2 yuan.

If we look at the fund's rate of return, the last year was 100%, but the actual rate of return may be 80%, 50% and 20%.

Because many people may have bought funds at 1.8.

In terms of share, E Fund's blue chips were 9.2 billion at the end of June, 654.38+05.2 billion at the end of September and 654.38+23.6 billion at the end of February. It should have exceeded 28 billion before the Spring Festival.

In other words, the basic people are constantly adding positions at high positions.

According to statistics, most people bought E Fund's blue chips after the end of September, and have been adding positions in the last six months.

Therefore, it is normal for most people who buy funds at high positions to experience floating losses.

Some people think that why the fund doesn't take the initiative to lighten its position and why it doesn't limit purchases in advance are all measures that will be taken after the decline.

In fact, no fund dares to put forward the purchase restriction first, because this is a bad signal, and no one dares to release this signal first.

On June 27th, 65438, Zhang Kun's Yifangda restricted the purchase, in fact, in order to reduce the risk, but it was misinterpreted by the people as a good fund not to buy, and it was even more crazy to add positions.

The basic people subscribed wildly and gave money to the fund, forcing the fund to continue to overweight at a high level and continue to push the stock price up.

Due to its high position, E Fund Blue Chip doesn't have so much cash to support dividends, and it is in a dilemma in the face of the influx of funds.

I think it's hard for Zhang Kun and others to cope with this form of passive bubble blowing.

Even if the fund manager knows that the stock valuation is already at a high level, he should continue to buy silently and passively add positions.

Not only this fund, but almost all the funds are repeating the same action.

When the central finance and economics mentioned the fund fever and the scale of fund raising began to slow down, the cliff-like plunge of the fund was not far away.

At this time, Yifangda was small and medium-sized, and finally reduced its position through dividends and stopped purchasing.

The release of so many signals still didn't wake the sleeping little whites. Believing in long-term value, they kept "hunting for the bottom" to cover their position until all the bullets were gone, only to suddenly find themselves cut with leeks.

The situation behind the cliff-like decline of the fund is that the fund has not suffered large-scale redemption, and the vast majority of the people are still adding positions.

This once again explains why 84% of the citizens lost money by buying at a relatively high level.

Many times, the helplessness of fund managers is not understood by ordinary people.

When the market reaches 5000 points, your friends admire your ability and give you100000 yuan for stock trading, which makes you have to hold more than 60% positions. What is the result?

The result is a big loss.

Zhang Kun's Yifangda is facing such a difficult problem.

How do retail investors lose money?

A stock, from 40 to 100, you start to enter the market, because others tell you that it can go up, maybe up to 200.

100 yuan, you buy some tentatively.

It rose to 1 10 after two months. You thought it was reasonable, so you bought some more.

After two months, it rose to 120 yuan. You thought it was too easy to make money, so you bought a lot more.

Therefore, 10% and 108 were withdrawn from 120. You think this is a good opportunity to make up the position and buy the rest of the money.

Now it has dropped to 100 yuan. Others did not lose money, but fell back to 90 or even 80, and the loss was even worse.

Psychological price anchoring makes you forget the starting point, 40 yuan. Remember 100 yuan.

The expected price in 200 yuan made you put the main show in 200 yuan, which dwarfed 100 other mountains. ..

After the price of 120 is anchored, it directly determines that the final value of your 100 crazy position will return to the original point of 100.

In fact, whether it is a stock or a fund, the trading psychology is the same, and the anchoring expectation of the price is often caused by people's inner throbbing.

The fund has increased by several times, but it has increased by two or three times in the last year or two, which actually accumulated risks.

In fact, everyone knows that there is not much room for short-term gains, but they always feel that they will rise in the long run, so they choose to enter at a relatively high point.

The result of this move is long-term passivity, relying on time to smooth out the floating losses, and the actual investment is the time cost.

Especially at the beginning of the decline, the retracement range is 10% and 20%, so we must be cautious in adding positions.

You can enter the stock market or fund market at any time, so don't worry.

Give some advice.

1, if you survive, lie down.

Every time the fund is substantially withdrawn, it will take at least half a year or more from the beginning to the end.

Indeed, valuations need to fall and take time to repair.

At this time, if we can give the fund some ammunition, the whole fund will stabilize and return to its original state, but it will be faster.

Unfortunately, it is estimated that citizens don't have much money in their hands and can only lie passively.

2. If the position is low, it is fixed.

If the position is low, you can make a fixed investment, the bear market will go down in the short term and the bottoming period will be long.

According to the law of fixed investment cycle, there is a high probability of getting more chips at the bottom, which is relatively favorable.

For solving problems and even making money, fixed investment may be the most suitable for the current market.

3. If there are funds to cover the position, wait until the decline stabilizes.

If you have the money to make up the position, you don't have to worry anymore. Many funds are currently withdrawing 20%. Judging from the increase last year, it is entirely possible to withdraw from 40-50%.

Therefore, there is no need to rush to make up the position now, and it is most appropriate to make up the position moderately after the fund has substantially retreated and stabilized.

Don't concentrate all your chips in the same price range, so you won't get the last copy and it's easy to flash.

A fall into the pit, a gain in your wit.

Fund investment is still a very good investment for ordinary investors.

Only for investors, any investment must be clear about risks, rules, play methods and strategies.

Follow the trend blindly, you buy and I buy. There is a high probability that you will be trapped at the top of the mountain.

When people gather blindly, the risk comes, because the investment market is ruthless and will not let a large group of people without concepts make money.

When everyone has no investment concept, they can still make money, which is also a great risk to the market.

Investment fund is a long-term investment behavior, which cannot be used as stock trading or short-term entry and exit.

I specifically checked the source of the landlord's point of view, and some websites have deleted this statement. In order to keep the original flavor, I quoted the original words of Tian Tian Fund Network:

For example, E Fund Blue Chip fell by nearly 20% after the Year of the Ox, and lost nearly 84% of users in the past year!

However, it can be seen that the return of E Fund's blue chip in the past year is above 107%.

E Fund's net return doubled in one year, but 84% of its citizens lost money, indicating that their investment style is also a short-term investment behavior of chasing high and buying. In practice, the author has also heard that investment funds are only a day or two, that is, they choose to sell when they make money, which is equivalent to short-term speculation, and it is easy to lose money. After all, a lot of money is taken away by transaction fees and commissions, and they can't enjoy the long-term growth of the fund's net value.

Doubling funds in one year is a long-term accumulation process, not a day's casting. Only by holding fund shares for a long time can we enjoy the steady and high income of expert financial management. Short-term speculation of funds is equivalent to short-term speculation of stocks, and losing money is a high probability event. Why do A-share retail investors suffer seven losses, two draws and one gain for a long time, that is, short-term speculation is too heavy and they are unwilling to hold shares for a long time. Rather than the lack of bull stocks in A shares.

The same is true of funds investing in Zhang Kun. The net value of the fund has increased by 107%, but many citizens have not held the fund for more than 1 year, so they can't get the income of 1 times. In short-term entry and exit, they may only get 10%, but the next time the stock market hits bottom, they will put 10.

The basic people lost money and the net value of the fund increased. People should think about their own financial habits, instead of blaming fund managers for their poor financial ability.

I personally don't recommend imitating whether it is an investment fund or a stock market. It is still a long-term investment, not a crazy pursuit of ups and downs. What is the slogan? Stir-fry, and finally draw water with a sieve.