Some time ago, a netizen shared his income in a financial management community. The income from holding a certain fund was -4502 yuan.

A closer look revealed that the fund he bought was a popular star fund, with a return rate of 86.74% in the past year.

I would like to ask if you are also like this netizen, the fund makes money, but the fundamentalists do not?

I have.

I once bought several potential funds. Although the net value of the funds continued to grow, I was losing money.

Will I blame the bad market environment?

Does fund style drift?

Or am I just unlucky?

Later, I gradually discovered that: first, it is difficult to judge the short-term ups and downs trend of the capital market. Sometimes I think I have bought the bottom, but the result is halfway up the mountain; sometimes when the real bottom comes, I dare not buy again; second,

There is a lag in fund transactions. Due to the long subscription and redemption cycles of OTC funds, even if you hit the right buying and selling points, you may have missed the best opportunity.

If there is no problem with the fund itself, is the trading "posture" wrong?

I summarized the following wrong investment postures: At the beginning of the year, the technology sector was very hot, and funds related to electronics, computers, semiconductors and other themes also tasted the benefits.

For example, the fund held by this netizen focuses on technology and emerging growth industries. It has experienced a large increase in the early stage, and the fund at this time is no longer cheap.

Sam Walton, the founder of Wal-Mart, once said: "Only when you buy cheap can you sell cheaply." The same is true in the capital market. Only when you buy cheap can you sell, otherwise we will be the last to take over.

Buffett said: "We should not try to climb the 2-meter-high hurdle, but focus on finding the 0.3-meter-high hurdle, and then easily cross it. Short-term pursuit of hot spots is like the 2-meter-high hurdle challenge, although there may be some room for growth.

, but the margin of safety is not large.” Four months ago, my China Securities Bank Index Fund hit the bottom, and the index valuation percentile was lower than the 99% level. Although it suffered a lot of losses, I still think it is a good investment.

"0.3 meter high hurdle".

The other sectors were "2-meter high hurdles" that my professional level was not up to, so I insisted on investing in the China Securities Bank Index Fund. With the valuation recovery of financial blue chips in the past few days, the income was quite good.

Like everyone else, there is a common misunderstanding in fund trading that fund trading requires frequent decision-making.

But the more times you trade, the higher the chance of making a mistake.

The more important strategy in investing is to wait rather than trade frequently.

In the short term, the transaction process in the capital market is that the winner earns and loses the loser, but if fees, stamp duties and other expenses are added, it will become a negative sum game.

In the long run, the social economy and corporate profits continue to grow, and the transaction process in the capital market is a positive-sum game.

Holding undervalued stocks or funds for a long time is a simple way to share the dividends of the capital market.

"If the cuckoo doesn't sing, then kill it" is like sitting in the stock market and driving up the stock price; "If the cuckoo doesn't sing, wait for it to sing" is like drawing a K-line, doing stock reviews, and letting the stock market form a trend; "When the cuckoo doesn't sing, wait for it to sing" is more like being patient.

Hold undervalued stocks and wait for their mean reversion.

As long as the cuckoo is not mute, we will eventually wait for its sweet song.

If the cuckoo doesn't sing, there's no need to wait.

Recently, there have been frequent hot sales in the fund market, with many funds sold out in one day.

For example, on July 8, a newly issued selected hybrid fund had a subscription amount of up to 130 billion yuan, setting a new historical subscription record.

In the public fund market, there is a saying called "The Curse of Hot Funds".

It refers to when the market conditions are good and new funds are issued exceeding 10 billion or more, it often indicates a periodic top of the market.

My investment experience is: don’t blindly pursue hot-selling funds.

When the market is good, the new fund's positions are lighter, and the process of buying stocks is equivalent to carrying the sedan chair for the old fund, so the old fund has a greater chance of outperforming the new fund.

As the saying goes, a horse's power can be seen over a long journey, and a person's heart can be seen over time.

The same goes for investment funds. Long-term performance can eliminate some accidental factors and luck.

Funds that have been established for a long time have more historical performance for reference and the fund managers have richer investment experience.

Therefore, when choosing a fund, it is best to choose a fund that has been established for more than 5 years and has experienced both bull and bear markets.