Chapter 430: Crazy 2018 has begun.
"What the hell, why did Brother T limit the purchase again? Doesn't he plan to charge management fees?"
"Why does the manager of Jiangxiang always limit purchases? Is he suffering from hunger marketing resources? This is meaningless."
"1,000 yuan a day, who do I look down on? 100 yuan a day doesn't bother me either! Because I can only afford to invest 20 yuan a day!"
"No impact, no impact, I will continue to invest. It doesn't matter to me whether there is a limit or not."
"Is it going to fall? It seems that the market fell for more than a month when the purchase restrictions were implemented last time?"
"It's possible. Considering the decline in the second half of November, it's possible that prices will continue to fall in December."
"Yes, didn't the market also fall in December last year and the first half of January this year? It seems that Brother T is looking for adjustments."
"What the above person said makes sense. Brother T must have a reason for limiting purchases. Otherwise, which fund manager would not want to charge management fees? In this case, I will redeem half of it and see."
"By the way, where is that gay friend lurking in Brother T's company? Why haven't we seen him speak? What is Brother T doing recently?"
"I'm here, I'm at work, sneaking around. Our boss is busy taking care of his son recently, so Sister Liu is basically managing the fund."
"Wait, who is Sister Liu? You, the traitor, never mentioned her before. Is she pretty?"
"125,700 fund assistants. There are photos on the official website. You can see for yourself whether she is pretty or not."
"Tsk tsk tsk, I've seen her, she's pretty, Brother T is also a talent, his personal assistant is a pretty girl, and his fund assistant is also a pretty girl."
"Don't talk nonsense, Junshi's No. 2 fund manager and the manager of the proprietary trading account are all men, including the personal assistant Sister Li. The four of them were the first to follow the boss. They were brought up by the boss and are almost like apprentices."
"Stop talking nonsense. You LSPs are not going off topic again. As for the insider, do you know why the quota is limited?"
"Brother, the term traitor is too harsh. I am just a fund participant! As for why there is a limit, I definitely don't know. If I knew, I wouldn't be here talking nonsense with you. But I still decided to redeem most of it first. Every decision our boss makes has a certain meaning."
"Tsk tsk, calling you a traitor is a compliment to you. You are clearly just fleecing Brother T, taking his salary, buying his funds, and chatting here for two bucks!"
"I am a new-age worker. I have made almost 300,000 yuan from this fund. It is the end of the year now, so I will use the money to buy a car, haha."
"Okay, you're awesome. I'm going to ask Brother T to report you and have you fired!"
On Friday, December 1, the first trading day of the last trading month of 2017, the Shanghai Composite Index maintained repeated battles around 3,300 points throughout the day.
Jiangnan Jiajie, which was acquired by Zhou Hongyi in the early trading, was nailed to the lower limit after 18 consecutive daily limit increases, and its share price was 47.67 yuan.
Among the 18 daily limit ups, 17 of them were daily limit ups with unlimited volume. The backdoor listing of Shunfeng Holdings has allowed some "leeks" to benefit from it.
Jiangnan Jiajie's 18 consecutive days of trading and its sudden limit down this morning without any warning were somewhat ugly.
A wave of 17 flat boards, a daily limit with large volume, and a daily limit drop without any signs on the next trading day, which is a very obvious signal of selling.
Gu Junhao had never participated in Jiangnan Jiajie's backdoor listing from the beginning to the end. To be honest, he really didn't remember which stock was borrowed, nor did he remember the specific year when Zhou Hongyi returned from the Chinese stocks.
I just knew that this happened, but I never paid attention to the specific time.
2017, 2018 and even 2020 are still the times when the Internet is booming. An Internet company that delisted from the Chinese stocks and came back to reap profits is not really a very good company.
Jiangnan Jiajie's limit down hit the popularity of high-priced stocks. The stocks with high dividends and bonus shares, newly listed stocks and 5G concepts topped the list of declines throughout the day.
The 5G concept has shown signs of hype since the end of this year, but it is not yet a mainstream hype concept. As for the best stock in the 5G concept.
Nowadays, it is still in a half-dead state. If you can catch up, you can try this stock. There is a 10-fold room, so it is not bad to make some profit.
Today, the liquor sector is still driving the index. Shuijing shares soared by more than 8%, Fenjiu Group soared by more than 7%, Shede soared by more than 5%, Luzhou Liquor Industry and Wuliangye soared by more than 3%.
Junshi Value Investment, which holds more than half of its position in the liquor sector, continued its upward trend today.
Since the changes in the fund's net value can be estimated in real time during trading, even after the announcement was released yesterday, not many people redeemed Junshi Value Investment's shares.
"Forget it, forget it. Anyway, I have done my duty to remind them. When the net value starts to fall, they will probably sell it."
For the next two consecutive trading days, the Shanghai and Shenzhen stock markets behaved extremely strangely.
On the one hand, the weighted and blue-chip stocks, mainly including the three major financial sectors of banks, securities companies and insurance companies, as well as the popular liquor sector, are holding on to the 3,300 point level.
On the other hand, the number of GEM stocks and the small and medium-sized start-up stocks they represent plummeted, and the Shanghai and Shenzhen stock markets once again entered an extreme 2:8 differentiation stage.
The entire month of December was spent in this strange market situation. While the Shanghai Composite Index repeatedly fought around 3,300 points, the ChiNext Index soared and plummeted, but the decline was the main trend.
The Shanghai Composite Index fell 0.30% for the month, but remained above 3,300 points at 3,307.17 points. The index rose 6.56% for the whole year.
The ChiNext Index fell 10.67% throughout the year. During the year, the ChiNext Index fell to a low of 1641.38 points and finally closed at 1752.65 points.
Over the past two years, the ChiNext has fallen by nearly 40%. Among the small and medium-sized growth stocks, there are many stocks that have fallen from their 2015 highs to half their value.
2017 was a happy year for investors holding blue-chip stocks, especially the liquor sector, which rose as much as 98.70% throughout the year.
In December when the market was sluggish, the liquor sector still saw an overall increase of more than 11.61%, with the sector's monthly line rising for 15 consecutive days!
As the undisputed leader of the sector, Maotai Liquor Industry, which also had 15 consecutive positive monthly lines, closed at 697.49 yuan this month, with a monthly increase of 10.54%.
This is the third time that Maotai Liquor's monthly growth has exceeded 10% since April 2015.
Throughout the year, Maotai Liquor Industry soared 108.74%, far breaking its historical high. The acceleration of Maotai Liquor Industry also means another acceleration of the liquor sector.
Judging from the stock price trend, Maotai Liquor's adjustment before 1,000 yuan was basically stable. After breaking through 300 yuan, it fell back to around 200 yuan at most.
After breaking through 400 yuan, it will fall back to around 300 yuan at most. Similarly, this time it broke through 600 yuan, the next adjustment should be around 500 yuan.
Taking the stock price of Maotai Liquor Industry as a reference, during the big bear market in 2018, when the stock price of Maotai Liquor Industry fell to around 500 yuan, it was almost time to buy at the bottom.
At least, the liquor sector can be bought at a bottom.
Due to the sharp rise in the liquor sector throughout the month, although Junshi Price Investment has limited the subscription amount, the redemption amount has not decreased much, and the overall size of the fund has increased instead of decreased.
Finally, at the end of the full year of trading in 2017, Junshi Price Investment's net value was fixed at 2.6451, with an overall scale of more than 12.5 billion yuan.
Junshi Price Investment's annualized return in 2017 was 32.59%. The diversified holdings and position control allowed Junshi Price Investment to maintain a very balanced return throughout the year.
However, compared with last year, Junshi Price Investment failed to take the first place in annual returns this year.
Manager Hou joined China Merchants Fund Management Co., Ltd. in July 2009. The China Merchants CSI Liquor Fund, which he took over in August this year, won the title of the public fund yield champion in 2017 with a yield of 74.91%.
This year’s public offering champion is still “HAO Brother”, who changed from Gu Junhao’s Hao to another Hao.
Not surprisingly, our Brother Hao will start living a life of easy wins starting from this year. Gu Junhao held this fund in his previous life from early 2019 and sold it before the Spring Festival in 2021.
It was completely near the highest point, simply because the fund market was so hot at that time, basically the same as the stock market frenzy in 2015.
All kinds of people, whether rich or poor, knowledgeable or not, will ask you if they can buy funds. If you tell them that the current price is too high, they will continue to ask you if they can make regular investments.
In short, you have to buy it. Gu Junhao is too familiar with this feeling, so on the last trading day before the Spring Festival, Gu Junhao decisively liquidated all the funds he held and never touched the funds again.
When the market becomes extremely enthusiastic, it is time to exit. This is true for any investment market.
Wang Ruoyu achieved a full-year profit of 50.44% for Junshi No. 2, which just reached the profit sharing line of 30%.
Due to the flexibility of the positions, starting from the third and fourth quarters of this year, Wang Ruoyu fine-tuned the fund's positions, and fully utilized the team's operational level while holding a large position in liquor.
Finally, he achieved his goal of annual profit of more than 50%, making up for last year's failure.
If the profit exceeds 50%, Junshi No. 2 can not only charge a management fee of up to 4%, but also obtain a profit share of up to 30%.
The overall scale of Junshi No. 2 exceeds 42 billion. The annual management fee alone is as high as more than 1 billion yuan, plus a 30% profit share, the annual profit is even more amazing.
At the end of 2016, Gu Junhao's generous concessions paid off throughout 2017. By the end of the year, the market value of Junshi No. 2's holdings had fallen below 10 billion yuan .
Junshi No. 2, whose overall position is less than 25%, will continue to implement Gu Junhao's position reduction behavior until the position is reduced to the minimum.
According to Gu Junhao's requirements, the final position of Junshi No. 2 will be around 1 billion yuan, and this 1 billion yuan will be used as the basic base for traders to perform daily T operations.
Unless it reaches a certain level, Gu Junhao does not allow Junshi No. 2 to increase its position. As a trader, he must be prepared for a decrease in income.
In a bear market, it is inevitable that the income of practitioners will decrease, and Gu Junhao does not need to take the psychology of the trading team into consideration on this point.
Not only Junshi No. 2, but all trading teams in the three major divisions of Junshi Capital will see their revenues drop significantly in 2018 compared to this year.
Of course, no one in the current trading team, including Wang Ruoyu, knows exactly when Gu Junhao will build a position.
The three of them, including the trading team, did not receive any signal except that the boss was determined to reduce his holdings this time.
In January 2018, the Shanghai Composite Index continued to soar. The first trading day after New Year's Day saw a surge of 1.24% that day, and the index once again broke through 3,300 points to 3,348.33 points.
From January 2 to January 29, in 20 trading days, the Shanghai Composite Index closed with a negative sign only on three trading days, including January 29.
On January 29, in the morning session, driven by heavyweight stocks, the Shanghai Composite Index hit a high of 3587.03 points, a two-year high.
At 10:30 a.m., the Shanghai Composite Index rose and then fell, blue-chip stocks began to plunge on a large scale, the heavyweight Shanghai 50 Index led the decline, and the liquor sector, which continued to rise sharply this month, began to fall sharply.
Blue chip stocks such as Maotai Liquor, Gree, and Vanke led the decline, and the Shanghai Composite Index closed at 3538.77 points at noon, down 0.54% on the day.
During the lunch break, Gu Junhao issued instructions to Liu Tingting, Wang Ruoyu and Xu Jianqing in his office: "Starting today, reduce your positions indiscriminately and reduce them to the lowest position we mentioned before."
Today is Monday, and there are more company affairs to deal with, so Gu Junhao did not enter the trading room. After seeing the market plunge at noon, he issued an emergency call to the three people to order them to reduce their positions across the board.
In fact, after a month of increase, almost all the cuts have been made, especially in the proprietary trading and Junshi No. 2, where the positions are already very low. Junshi Price Investment has also maintained a position of 70%.
There was not much decline in December, and the stock market rose sharply for 20 consecutive trading days in January. Investors in the funds have forgotten about Gu Junhao's quota, and quite a few people curse him every day.
However, the institutions and large investors in Junshi Value Investment were quite cunning and started to reduce their holdings in large amounts in December last year and January this year.
Over the past two months, although the net value has continued to grow, the overall scale of Junshi Value Investment has not increased but decreased. All this is the result of big investors running away.
Gu Junhao, who is known as the "Sauce-flavored Manager", failed to win the title of the champion of public fund returns in 2017. After limiting the subscription quota of his funds at the end of November, there was no expected sharp drop in December.
In January 2018, the market continued to rise wildly to above 3,500 points, setting a new high in two years.
This also made the market doubt whether Gu Junhao, who always had a big picture perspective, had misjudged the direction of the market this time. Judging from the trend in January 2018, the market was clearly heading towards a bull market.
The blue-chip rebound that started in 2016, until the end of 2017, finally attracted the attention of the "leeks". Value investing was repeatedly mentioned by major media at this time, and the "leeks" who were severely PUA finally started to rush into blue-chip stocks in 2018.
In the afternoon, the Shanghai Composite Index saw a rebound led by the steel sector, but the index never turned positive. Instead, funds continued to flow out of the market.
As of the closing, the Shanghai Composite Index rose and then fell, with a drop of 0.99% throughout the day and a turnover of 285.4 billion yuan. On the K-line, there were two Yins and one Yang at the high level, a sign of a big drop.
The liquor sector fell 4.73%, ranking first in the two markets.
In Gu Junhao's view, January 29, 2018 was very similar to the trading after the Spring Festival in 2021 when funds were very popular. The market also rose and fell that day, and large-cap stocks fell collectively. It took several months of adjustment before a rebound.
After the market closed, Gu Junhao specifically observed the comments in the comment sections of major stocks, which were similar to the remarks made on the day of the big drop after the New Year in 2021.
All major websites are filled with slogans such as "reversing to pick up someone", "value investing means buying more as the price drops", and "it doesn't matter if the fund drops for one day".
After watching for more than half an hour, Gu Junhao couldn't help but shook his head and said, "People are different every year, but leeks are always the same."
After a month of crazy growth, these people have forgotten the horror of the bear market. How can a daily trading volume of 200 to 300 billion support a bull market?
