Take the big brokerage, which is almost Google.

Earth-like seamless coverage, from industry to individual stocks. No 100 emails, 70 or 80 short messages and comments every day. Is this over-research or under-research?

I often sigh in the office that there are too many reports to read, and some reports are thick enough to be used as quilts. And after reading it, it is often a piece of Wang Yang. The key logic always seems a bit far-fetched, and the view is like a fog. For this encounter that really can't fall in love at first sight, I also tried to embark on the road of long-term love for this heavy family. And this kind of investment is often the same as feelings, either ending in nothing or being deeply grieved.

To sum up, this chapter should be an understatement, and there is no need to highlight it. Not all relationships lead to marriage, and not all research leads to investment. Some processes are necessary for knowledge accumulation and storage. No in-depth coverage, shameless.

Another is the title party. The tips of text messages or comments are attractive, but the content is sparse. Not all investors can reach the depth of industry experts in their understanding of industries, enterprises and products. Investors also need to be educated and conquered. Besides wives, they can also be excellent researchers.

Research is a kind of work with strong subjective initiative, and everyone's mining and understanding of information is different. Today, we are gradually moving towards a misunderstanding, and we emphasize the system, norms and standardization of research. However, these things are often monotonous, boring, dull, unintelligible and even less attractive. Investors like to see fresh information, fresh logic and fresh ideas. Even if it is not proved by the market, it doesn't matter. How do you know that there is no good result without hard work?

The scale of research

Great changes have taken place in the investor structure of China market. There are more and more interests in this market. In the past, the China market was dominated by retail investors, which was an advantage for the slightly professional investors. In today's market, members of interest families, including major shareholders, size, management, funds, private placement, insurance, etc., are very professional.

Previous researchers, as long as they are sure of their own research results, the market can finally prove its effectiveness. In today's market, researchers need to do their homework, even communicate and coordinate various interest relationships, help investors and management maintain the same interest relationship at each different stage, and accurately understand and grasp the trend of the company's stock price.

I often feel that this kind of stock price massage service has gone beyond the scope of strength and is hovering on the edge of the balance. But there is no way. Most people are afraid of risks. To avoid fluctuations, the simpler and rougher the more effective. Therefore, many researchers spend a lot of time and energy to study the short-term fluctuation of stock prices. Every day, half of emails and text messages prompt market sentiment and expected changes in real time.

Although investment is related to high probability events, it is more about certainty. The reason why the market is effectively balanced depends on different understandings of the same information and the same thing, which is precisely uncertainty. Not all investors are concerned about short-term fluctuations, and only long-term logic that integrates many objective factors is the cornerstone of investment decision.

A friend once put forward a point when communicating with him, saying that first-class researchers can find and seize industrial opportunities, while second-rate researchers can handle one or two companies. One sentence tells the truth.

Style of research

In autumn, the long grass warbler flies and the dark horse whips. In the long investment career, most nights are full of loneliness and pain. Without words, the moon is like a hook. Compared with the pleasure brought by the stock price fluctuation for a day or two, loneliness and cold are the right way in the world.

Many eloquent, well-connected and well-informed researchers are certainly liked by customers; But for a knowledgeable, hardworking, meticulous, cautious and objective researcher, even if he doesn't look so likable, he can still win the deep respect of customers. This respect comes from the appreciation of knowledge, the courage to work hard, to think independently and to persist.

Different people do the same research work in different ways and get different results. Some people make their faces dusty and their temples frosted, while others make this work lively and fragrant. But then again, the highest level of doing anything is always doing things with style.

Just like girls always like to associate with people with depth, grace and tolerance; The same is true of investment. The long logic of investment also needs depth, width and angle. Images are always portrayed as nouveau riche or hooligans, and girls will worry, hesitate and not last long.

The style of doing things and the personality of being a man are actually passed down from the research methods. Tickets have ups and downs, and the moon has ups and downs. The stock price that can't go up and the waistline that can't go down are all very melancholy things. However, investors are well aware that the fluctuation of valuation is normal, and the long-term change of performance is the key that researchers need to objectively analyze and grasp.

A truly successful researcher should not only know where the focus of research is, but also know where the starting point of demand is. I will mention again that he has learned a lot from his predecessors over the years, but he always feels that he can't wait, and his work is not as fulfilling and happy as he imagined. He is under tremendous pressure every day, so he has to give up.

In fact, I love this line not because of its flashy appearance, but because of a habit of learning and thinking every day. Just like the secret of marriage happiness, it is never without temptation and test, but how to cross it. On the road of investment, it is also a process of crossing the performance mine, crossing the industry recession and crossing the economic cycle with the help of research.