Chapter 127: Maximization of warehouse building costs
"How are the fund's performance recently?" Zhang Yiru asked Gu Junhao when she returned home in the evening.
"It's okay, why are you asking this?" Although the position is not high and there has been a pullback today, the current net value of Junshi No. 1 still remains above 1 and has not fallen below 1 since the position was established.
Like most private equity funds, Junshi No. 1 Fund has an internal investment group, but Zhang Yiru did not join it.
This group was established not long ago and does not have many members; however, it is still quite lively. However, it seems that the topic has gone a bit off track, especially among some Beicang customers.
Junshi No. 1 is still in the accumulation stage, and its current net value does not mean anything. These bosses, whether they understand stocks or not, understand this, so basically no one discusses the net value of the fund.
Just like when they started their own business, there was no way they could make money right from the start.
Except for Su Mingyu, all these customers are from Ningbo, and are basically concentrated in Beicang. What Gu Junhao could not have imagined was that this group of middle-aged bosses were so enthusiastic about group chats.
The topics they talked about were all over the place, but the most popular one was probably sea fishing. Sometimes when Gu Junhao looked through the chat records, he even suspected that he had set up a fishing group. It turned out that fishermen were the ultimate destination of all men.
"Oh, Huanhuan mentioned that after the fund officially started operating, she would often check the changes in net value." Zhang Yiru couldn't help laughing when she thought of Liu Ruihuan paying attention to the changes in net value every day.
"It's the accumulation period. It's a bit early to pay attention to the net value now." When Gu Junhao heard her say this, he couldn't help but think of a joke on the Internet in his previous life. The net value of a certain semiconductor public offering fund often fluctuated greatly, making a group of investors want to die.
Liu Ruihuan's situation was the same in his previous life. He belonged to this type of fund investor. Although he did not buy much, he would pay attention to the net value trend of the fund every day.
"That's what I told her. By the way, she also got a permanent job. She said she would treat me to a meal at noon this Saturday to celebrate."
"Then go ahead."
"Then you are not alone, why don't you come with me."
"I can't. I'll go check on the progress of the renovation at the weekend." Recently, Gu Junhao almost forgot that his house was still under renovation and had not visited it. It was Aunt Qin who had been running back and forth between Jiangbei and Beicang, which was quite tiring.
"Yeah, we haven't been there recently, so I'll tell my mom not to come over this weekend."
"It's okay. If she wants to come, she can come. We can have dinner together then. You haven't been home for a long time."
…
Thursday, June 12; it’s time for the weekly index tribulation.
"Today we will continue with yesterday's rhythm, buying on dips and reducing positions on rallies; but we cannot increase our positions anymore." Gu Junhao gave instructions to the three people after the morning meeting.
It is important to maintain the liquidity of the position during the position building period. After all, there is now 40 million, not 40,000 or 400,000. Only by allocating funds reasonably can more chips be collected.
"clear."
"Okay, let's get to work." Compared to the three of them, his task today was much easier, which was to reduce his holdings. After all, he was already almost fully invested.
The metaphysical effect continued to manifest itself on Thursday, with both markets opening lower; the Shanghai Composite Index opened at 2051.71 points, and the ChiNext Index opened at 1363.74 points.
Hailanxin opened low for the third consecutive trading day, and today's opening price is still 15.50 yuan, but today's 15.50 yuan is not the same as yesterday's 15.50 yuan.
The same price of 15.50 yuan was still some distance away from the five-day line yesterday, and yesterday's false positive line also caused Hailanxin's five-day line to move up today. The price of the five-day line after the move was 14.45 yuan; today it opened just above the five-day line.
"Yes, it seems that the funds from the 140 lots sold yesterday can still be invested. Every little bit counts." He placed an order for 144 lots of HaiLanXin at the opening price of 15.50 yuan. The available balance in the account dropped to 800 yuan, which was a full position in the true sense.
The opening price of Hailanxin exceeded Gu Junhao's expectations. He thought that today's opening would be very low and break the five-day line to scare the floating chips in it, but he did not expect it to open so well.
This is probably the difference between trading by hot money and trading by institutions. Most hot money has no patience and will push the price as far as it can, while formal institutions are accustomed to looking back every three steps to make the stock price K-line more solid.
In the stock market, the term hot money is not limited to individual investors, but most of them are short-term investors. This type of people includes some individuals with large amounts of capital, some small private equity institutions, and even some brokerage branches. Their goal is to pursue high returns in the shortest time. This type of funds is collectively referred to as hot money.
As for how to identify hot money stocks and determine the amount of hot money, it is not an easy task. However, generally speaking, most hot money investors do not participate in stocks with a larger circulating market value. A large circulating market value requires a large amount of funds, and it is difficult and time-consuming to increase the price, which does not conform to their interests.
Of course, hot money does not completely avoid participating in such stocks with large circulating market capitalization, but most of them do not end up with good results. The time period when hot money was slaughtered that left the deepest impression on Gu Junhao was the Xiong'an concept.
As the concept of Bear An came out, the heat quickly exploded. However, most of the Bear An concept stocks have large circulation volumes. Some of the hot money that participated in that year suffered heavy losses. The Dragon and Tiger List was miserable, and there were many hot money that entered the market on the first day and sold their shares at a loss on the second day.
Under normal circumstances, hot money, especially some of the current hot money, generally likes to participate in some junk stocks, problem stocks or small and medium-sized start-up stocks with small circulation. These stocks generally have no large institutions invested in them, the chips are dispersed, and they can achieve a wave of profit-taking with very little capital.
The biggest characteristic of hot money is that it can switch positions quickly and use all available sources of information such as topics and news to hype things up. Generally speaking, there are two most common ways for them to build positions: one is to suddenly push up the price in the early trading session and build a position quickly; the other is to quickly pull up the price at the end of the trading session and build a position by surprise.
After building a position, some hot money will be more independent and use a continuous daily limit trend to force a short squeeze. Of course, this usually happens when there are major positive news. This method is more powerful. As for the later delivery method, each person has his own way. Some will deliver at a high level with fluctuations, and some can even deliver at a continuous daily limit.
In the absence of major positive factors, or when the hot money is not so independent, they will use the method of continuously pulling up the stock price to push up the price, including but not limited to abnormal movements in the call auction, sharply opening high or low, etc.; and then fan the flames during the trading session to guide off-market short-term followers to enter the market. The advantage of this is that it saves a lot of money.
Relatively speaking, the second type of hot money is better than the first type. However, for ordinary retail investors, no matter which type it is, you must pay special attention. Hot money is different from large institutions. They have no restrictions and come and go like the wind.
But unfortunately, most retail investors particularly worship hot money. Some even regard them as idols and create terms such as "leading strategy". However, they do not know that this type of people are the most ruthless when it comes to cutting leeks.
Of course, there are no good people in the financial market. This is a negative-sum market. Ultimately, everyone's goal is to make money. Gu Junhao has never considered himself a good person. What he really wants to protect himself is to stay away from the stock market.
Back to the trading of HaiLanXin, after the trading started at 9:30, HaiLanXin experienced a brief fluctuation for tens of seconds, and the stock price finally dropped by only 3 cents to 15.47 yuan. Then it rose straight up, and the stock price quickly rushed to 15.89 yuan, which was a typical hot money tactic.
Gu Junhao placed the order at 9:25, and these few tens of seconds were enough for his 144 chips to be successfully traded.
The start set the tone. After 15 minutes of sideways fluctuations, Hailanxin surged again. Continuous increase in volume made Hailanxin's stock price quickly reach the integer mark of 16 yuan.
Whether it is 14 yuan, 15 yuan, or even the integer price of 16 yuan, it seems not worth mentioning to Hailanxin. After only 20 minutes of opening, Hailanxin's increase exceeded 4%.
At 9:55, Hailanxin's trading volume increased again, and the stock price continued to rise in waves. Ten minutes later, the price was reported at 16.65 yuan, and the real-time increase during the day reached 6.25%.
"Boss, you actually have a full position in Hailanxin? Then you must have made a fortune." Liu Tingting appeared behind Gu Junhao at some point.
"Why are you here? Why are you running around during trading hours?" Gu Junhao looked at her in surprise.
"Hehe, I'm not going to trade today. I'd like to observe your operation methods and learn from them, okay?"
"Not trading? How many positions do you hold now?" It is not impossible not to trade. Generally, traders also have the right to trade independently. When they judge that there is no opportunity to make a move, they can choose not to trade.
"The position is still 70,000 shares. I sold the positions that I added before." After the call auction, Liu Tingting placed some of the positions that she had added in the previous trading days at a price of 11 yuan, leaving a bottom position of 70,000 shares.
Her position was the lowest among the three, but she was not in a hurry at all. Instead, she was thinking about reducing her position, which aroused Gu Junhao's curiosity.
"Oh? Tell me your reasons." Gu Junhao asked while switching to the intraday chart of Xibu Securities on another computer.
This trend chart of Xibu Securities is really hard to read. The intraday trading volume is small, and the stock price fluctuates by less than one point. It is like an electrocardiogram. The performance of bank stocks in the past few days is much better than this.
"After a few days of trading, I personally feel that its stock price is already at a low level, otherwise you wouldn't have chosen it, but its trading volume has remained at a low level and fluctuated sideways."
Seeing Gu Junhao looking at her encouragingly, Liu Tingting happily continued, "There's a saying that goes, if the market goes sideways for a long time, it will fall. In addition, although it's at a low level, the trend line currently shows no signs of moving up. So I think if the main funds want to complete their positions, they need at least another big drop to shake out the market."
"The analysis is very good. How low do you think it will fall?" Gu Junhao asked as he looked at the K-line chart of Xibu Securities. This trend line not only has no tendency to move up, it has already started to move downward.
In addition, with the new stock issuance next week sucking blood, it is likely that Xibu Securities will experience a shock, so Liu Tingting’s reduction in holdings is not wrong.
"Based on today's opening price of 11.02 yuan, if it drops by 10%, around 10 yuan, I will start to increase my position building efforts."
"It can't fall that much. If you look at the K-line over a longer period of time, the last big drop was in mid-May, and the correction at that time was only about 6%. Your calculation based on today's opening price is incorrect."
Gu Junhao showed Liu Tingting the trend chart of Xibu Securities' six consecutive declines in May. Although the stock of Xibu Securities did not rise much, it was also resistant to declines. The largest single-day decline in the previous three months was only 3.5%.
Often after a decline of two or three trading days, there will be six or seven consecutive trading days of small positive lines. After six consecutive negative lines in May, the Xibu Securities market has seen a total of fifteen trading days of small negative and positive lines.
During the fifteen trading days , the share price of Xibu Securities remained around 11 yuan, with a sharp drop for two or three days and a rise for six or seven days, a sharp drop for six days and a rise for half a month. This shows that there is a very patient fund in Xibu Securities that has been slowly collecting chips.
This fund is so patient that it is willing to spend several months building positions and collecting chips. It seems that it has long-term goals.
"Then boss, to what position do you think he can pull back?" Liu Tingting asked.
"If you calculate based on the highest point of 11.75 yuan on the day of the correction in May, a 10% drop here would be around 10.58 yuan."
"As for what you said about less than 10 yuan, I think the probability is not high." Gu Junhao then explained his analysis to her. It is a good thing that subordinates want to learn, and Gu Junhao does not mind sharing his views and experiences.
"Really, Boss? Then I should increase my position around 10.58 yuan?"
"Yes, that's not a big problem. You can even build a position earlier and then go all in at around 10.58 yuan." It took three or four months to build this position. Even if he found that millions of funds were rushing in to grab the chips when the trading volume was not large, he should not change his position.
July is about to begin. We have spent countless funds and manpower. It is impossible for us to stop for the sake of millions of funds.
"Wow, boss, you are so confident. What if the price really drops below 10 yuan and I am fully invested at 10.58?"
"Then this 6% loss will be mine and will not be included in your performance." Gu Junhao said with a smile.
"Awesome, no wonder Xiao Xu admires you so much, you are so confident." Liu Tingting smiled and gave Gu Junhao a thumbs up. Not only Xu Jianqing, Liu Tingting, but Wang Ruoyu was also not afraid of Gu Junhao, but Wang Ruoyu didn't like to talk much.
"Hey, the boss is giving you special treatment, and you still say bad things about me. That's a bit too much." The operating room is so small that it is normal for people to hear unless they speak softly.
"Okay, that's it. If you want to watch it, just watch it." Without paying attention to Xu Jianqing or continuing anything else, Gu Junhao turned his gaze to Hai Lanxin again.
"Then how about making a bet with me, boss? I bet that you can guess it's 10.58 yuan and I can guess it's less than 10 yuan?"
“Don’t gamble. Although we are in the stock market, we should look at stocks from an investment perspective, not a gambling perspective.”
During the ten minutes or so that the two were chatting, Gu Junhao was not at all paying attention to the trend of Hailanxin. After rising to 16.60 yuan, Hailanxin experienced a round of benign correction for more than ten minutes. After the stock price fell back to near the yellow moving average of the day, the selling volume began to decrease.
At 10:23, there was another round of volume changes, but this time the volume was smaller than the first round. However, Hailanxin's stock price still set a new high of 16.80 yuan.
"Boss, you're not selling? It's already gone up 7%." Liu Tingting didn't want to disturb the boss, but seeing that he was still staring at the screen calmly, she couldn't help but ask.
"Wait a little longer. The volume of this wave of increase is not as large as the previous one, but it's not much different. Let's wait and see if there is another wave."
Before Gu Junhao could finish his words, Hailanxin, which had fallen back to 16.75 yuan, moved again. Several buy orders totaling 4,000 lots quickly drove the market, and Hailanxin soared to 17.15 yuan, with the stock price rising to 9.44%.
"The volume has shrunk again? I'm sorry." 5,644 sell orders were quickly thrown out, and the price was several levels lower at 17.05 yuan. The followers quickly cleared Gu Junhao's sell orders.
When Hailanxin was rising for the second time, Gu Junhao was considering how much he should sell. The previous position of 7,000 lots plus today's position of 144 lots totaled 7,144 lots.
Considering that the initial cost of building a position was around 14 yuan, Gu Junhao decided to keep 1,500 lots of Hailanxin. It would be best if the stock price of Hailanxin continued to rise. If it fell to the initial building position, he could still ensure that he had a position with a market value of 2 million.
If it falls below, then we will look for opportunities to increase our position to 2 million.
"Wow, boss, you are so ruthless!" 5,644 sell orders were completed one after another. It was difficult to digest the large orders of nearly 10 million yuan. The share price of Hailanxin also stagnated at 17.15 yuan, and then briefly rose to 17.07 yuan and then began to fall rapidly.
However, during this process, Gu Junhao's sell orders had been fully digested, with an average transaction price of 17.09 yuan, and a return of 9.6456 million yuan. In the sub-account, Hailanxin held 1,500 lots with a market value of 2.49 million yuan (at this time, Hailanxin had fallen back to 16.60 yuan.)
Hailanxin has a market value of 2.49 million yuan, but its holding cost is only 475,500 yuan, with an average cost price of 3.17 yuan. In this way, Gu Junhao only took four days to get the chips needed by Hailanxin at a very low cost.
"How is it? Is its position building cost lower than any of yours?" Gu Junhao couldn't help but feel a little proud of completing the position building in such a short time and at such a low cost. He pointed to the position holding cost and asked Liu Tingting.
However, this kind of opportunity is hard to come by, and the period of building a position happens to be the period when hot money takes over and pulls up the market. Not all targets have this opportunity.
"I'm convinced. Boss, can you analyze your delivery note and your mentality when you bought the product for us at the closing of the market this afternoon?" Liu Tingting looked at the cost with some envy.
Fortunately, the boss does not participate in the performance appraisal, otherwise the three of them would never have a chance to succeed. This kind of all-in operation, in the end only costs a few hundred thousand funds to get millions of chips, is simply ridiculous.
"No problem. I'll give you a lesson after the market closes this afternoon."
"Thank you, boss. I'll go back too." There was nothing to see. Liu Tingting also knew Gu Junhao's operating habits. He only did T once a day, regardless of whether it was right or wrong. In Gu Junhao's words, the more you do, the more mistakes you make, and if you don't do it, you won't make any mistakes.
Wang Ruoyu and Xu Jianqing didn't know the specific situation here. They only heard Liu Tingting yelling, and then the boss said that he wanted to teach the three of them a lesson. They didn't feel much.
But Liu Tingting herself was shocked. It turned out that trading could be done in this way. It turned out that nothing can be formatted and one must adapt to the specific trend.
You should know that among the three, Wang Ruoyu, who currently has the highest profit, has less than 5%, Xu Jianqing's Yin Zhijie has a profit of less than 3%, and he himself is just barely making back his investment. The current net value of the fund can be maintained above 1, all thanks to the operation of the eldest brother alone.
"If I were to operate Hailanxin, would I be able to do it to this level?" Liu Tingting returned to her seat and thought about it seriously, putting herself in the role of operating Hailanxin. The final conclusion was that she couldn't do it.
First of all, I didn’t dare to build a position in HaiLanXin on the morning of the 9th, and it was a large position. If I were to do it myself, I would have built a position at the end of the 9th, so the cost of building a position would be nearly 5% higher, and I didn’t dare to buy 6 million on the first day.
…
"Who crashed the market?" In the operation room of Shen Da Investment, Ren Yetao couldn't help cursing as he stared at the market. It was a direct crash without any skill. Ren Yetao hated this.
I had originally wanted to guide the market to close, but I didn't expect the sentiment to be destroyed like this. Although the market corrected today, I guided the sentiment in the morning session and ignited the market several times, which eventually allowed Hailanxin to successfully attract funds from inside and outside the market to take over.
Although not much funds were used in the several guidance operations, the effect was very good. It was originally hoped that off-market funds would take over and close the market, but it was unexpectedly destroyed by this sell order of more than 5,000 lots.
"Could it be the same institution as before?" Ren Yetao was not sure at this time. The cooperative funds might also turn against him. All this would only be known after the after-market Dragon and Tiger List came out.
As for whether the unknown institutions have so many chips to throw, Ren Yetao has no doubt at all. It is impossible for an institution to appear on the Dragon and Tiger List only once and then disappear. There must be chips that are not on the Dragon and Tiger List.
“Continue to guide it upwards and don’t let it fall below the 16.50 yuan price.” Once it falls below the average price, market-smashing funds are likely to flock in, and the mood may be destroyed. By then, with so many chips, it will be too late to sell them.
After all, the purpose of cooperation is to make money. The more than 5,000 lots just now are a very bad omen. The funds in the market are very likely to make wrong judgments when they don’t know who has taken the lead.
