Chapter 460 [Stars Capital has run away again? Everyone run! 】

What Fang Hong wants more is to smash the heads of those investors who hold benchmark participants in the North American capital market when evaluating listed companies in the galaxy.

You think that the listed company’s P/E ratio of 50 times is already very high, and the bubble is already very big. The valuation of the benchmark US stock market should be 20 times the P/E ratio, so you think that it will plummet soon, so you should withdraw quickly.

So you cashed out and waited patiently for it to kill the valuation, and then copied it in after the mean value returned.

This wait means that one year has passed, you don’t panic, you are very patient, so the second year has passed, the valuation is still hanging at 50 times the price-earnings ratio, you are still calm, choose to continue to wait, and then the third year has passed, At this time, you are very surprised, why haven't you killed it yet?

Three years later and three years later, you finally began to gradually doubt your life. Looking at the latest price of the investment department, it is already double or double the position of your original selling point. , It seems to be a point of purchase.

After waiting for so many years, not only has the valuation not been killed, but the growth of the value part in the past few years has filled the bubble, and the price-earnings ratio is still more than 50 times, and it is even approaching 60.

The facts are in front of you, and you have to admit that the previous strategy of evaluating against the standard US stock reference was a serious misjudgment. You lost the big bull stocks and sold them badly.

So, who would have trouble with money?

When the time period is prolonged, and when the profit-making effect is there, investors will naturally no longer anchor to the North American capital market for benchmarking evaluation, at least the core assets of the galaxy will never do so.

For a listed company, there are two ways for investors to make money: one is to earn value, that is, dividends; the other is to earn valuation, that is, bubbles. The former represents the actual performance profits of the company itself, while the latter represents the company's future expectations and is reflected in rising stock prices.

Fang Hong wants to start with valuation. Valuation is essentially a question of whether you believe it or not. If you give a price-earnings ratio of 50 times, if you believe it, you can top it. Fang Hong wants investors to believe it.

Those who believe will be able to get rich, and those who don't believe can only watch others get rich. If you don't believe, then you have trouble with money.

...

In the next few days, the trend of the A-share market has entered a consolidation stage. After the market index stood at the 2900 point mark, it could not move forward, mainly because it came to the pressure level of the rebound high in December last year.

And Weibo also encountered a lot of resistance to the price of 200 yuan. On Friday, February 18, Weibo’s stock price fell -4.53%, and the stock price closed at 183.67 yuan, with a trading volume of 5.782 billion yuan throughout the day.

After the weekend and weekend, on Monday, February 21, Weibo opened low and went high, and reversed the package. It rose +6.43% that day, and the stock price rose to 195.48 yuan. The total market value reached the 100 billion mark. Released 9.593 billion yuan.

The scale of Weibo’s large-scale transactions is about to reach the tens of billions level. The total turnover of the main board of the Shenzhen Stock Exchange that day was 118 billion, and Weibo, a listed company, accounted for 8.13% of the total.

Shareholders in other sectors also complained that the volume of Weibo is too much. This siphon effect is simply a gold-swallowing beast. The turnover of 9.5 billion can cause more than one industry sector to set off a daily limit wave, but Weibo has pulled 6 more points.

Many retail investors who did not participate in Weibo shouted "Weibo must die, everything will live after the whale falls", and then on the next day, February 22, the three major indexes of the A-share market plummeted, and the Shanghai stock index fell sharply that day. -2.62%, fell below the 2900 point mark, and closed at 2855.52 points.

Shareholders who shouted that Weibo must die yesterday at least got their wish today, because Weibo plummeted -8.21% today, and the stock price fell back to 179.42 yuan. The volume has decreased, reaching a daily turnover of 8.695 billion.

The whale fell, but everything was still dead, because it was crushed to death by the whale fall.

Today's market plunge is related to Qunxing Capital. Now it is the stage of pre-disclosure of annual reports. Many A-share listed companies have begun to release their latest quarterly institutional holdings.

Investors discovered that the stocks held by Qunxing Capital in the second quarter of last year...disappeared in the fourth quarter!

The stars are gone again!

The market began to spread wildly that Qunxing Capital ran away at 3100 points during mid-November last year.

This news suddenly spread widely today, and the big A was directly frightened to pee. The stockholders who realized it later were frightened by the news and fled in panic. In addition to the other bad news, the panic of the day and the market index dragged on. Can't live.

Most of the current stockholders like to see if there is any inside story, and if there is any gossip.

It is the heavyweight stocks that are mainly responsible for the decline, because Qunxing Capital mainly holds heavyweight stocks. With such a large amount of funds, it can only engage in large-cap stocks, and only large-cap stocks have good liquidity and are easy to withdraw.

After the close of the day, almost in a blink of an eye, there were a lot of bearish voices in the market.

Everyone has seen Qunxing Capital's market strategy ability. When the market hit more than 1,600 points at the end of November 2008, Qunxing Capital resolutely bought the bottom, and then retreated perfectly at 3,300 points. There are even rumors that it was at 3,470 points. Accurate escape.

But whether it is 3300 points or 3470 points retreat, Qunxing Capital will undoubtedly earn a lot of tickets.

Then, at the turn of last year's semiannual period, it successfully reached the bottom of more than 2,300 points. Then in the second half of the year, there was a strong rebound in the market, and the market directly rushed to 3,186 points.

At this moment, Qunxing Capital’s holdings in the fourth quarter are nowhere to be seen, which obviously shows that this large institution is not optimistic about the market outlook, and has already run away last year, and it is even very likely that it ran away around 3186 points, and escaped again precisely. top.

It is obviously impossible to say that there is no panic for an institution like Qunxing Capital, which has a strong record and has been labeled "smart money" by shareholders, to withdraw.

However, after the market fell sharply due to Qunxing Capital's run, it did not fall further, but ushered in a continuous positive rebound and reverse package.

In terms of individual stocks, the funds involved in Weibo went around in a circle, and I think Weibo is still reliable.

This stock has great properties, and when it rebounded, it was much stronger than the broader market. Weibo, which fell more than 8 percentage points, backhanded out of Si Lianyang and suppressed the shock before breaking through. It rose +0.42 in the next four trading days. %, +1.56%, 1.51% and +7.07%, the closing price was locked at 198.86 yuan, and the daily transaction scale once again broke through the 10 billion mark.

On the fifth day, Weibo closed again and went out of Wulianyang. It shrank and rose by +1.65% that day. The stock price stood at 200 yuan and closed at 202.15 yuan.

Shareholders looked back at the trend of Weibo, and unknowingly, the cumulative increase has reached +47.03% after the market turned upward. If it is calculated from the original price of 106.07 yuan, the cumulative increase has reached 92.09%, nearly doubled. up.

Although the recent rise is not as crazy as the market after the National Day in October last year, the upward trend that has emerged is also rare among heavyweight stocks.

As a 100 billion large-cap stock, it has risen by more than 47 percentage points in just 20 trading days, which is already quite strong.

...