It's not so much that people often think about "making persistent efforts" after failing to invest, but there will be a voice in their hearts that repeatedly says to themselves: This time is different, I will definitely be able to earn it back later!

But what is the truth? There are many people who lose in this kind of mentality, and there are many people who repeat the mistakes of the past!

Dao Jianxin stood next to Wang Qihua, looked at Wang Qiling in front of him and smiled. Although he was smiling, anyone could see the indelible bitterness in his smile.

"What do you mean?" Wang Qiling squinted and muttered.

"It has to be said that in the world of investment, there are often periods when investment prices are completely irrational. We investors who have not gone through such a period of time, who have not seen a situation of heavy damage. I won't say anything, after nearly 100 years of summing up, the general conclusion is: "This time is different!", which is the most expensive investment lesson. I'll just say that the periphery is bearish, and the state has directly lowered the reserve requirement ratio and put tens of billions of dollars into the market! Is this something that seems to have happened just two days ago? What is the result? Do you still need to say what the result is? Hundreds of billions of funds are thrown out, and the capital market will not rise to the sun at 100 o'clock and the father of the long yin will come down?

"That...... That's different, isn't it?" Wang Qiling subconsciously muttered.

"It's still different?" he ...... asked.

At this time, Yang Muye, who was like a shadow on the side, sighed and whispered: "Speaking of differences, I think of the high-tech stock market bubble that I remember vividly in the Internet era. ”

Wang Qiling didn't speak, but his brother Wang Qihua took a few steps outside, tilted his head and lowered his voice and said: "Internet bubble? That's all about two thousand years, why don't you talk about the five ancestors of Shaolin?"

Li Yan stood aside and heard Wang Qihua's chirping. As you can imagine, most of the people in the room should have heard it. However, Yang Muye continued as if he hadn't heard it: "I don't know if you still remember, as long as it was an Internet stock during that period, don't ask whether the company makes money, and don't ask what the prospects of the company and the company's products are, just close your eyes and buy it." Just like when they speculated in real estate, after buying it, they waited for the stock to rise. It's easier to make money than to eat. I was very young at the time, but I met many amateur investment experts who confidently said that becoming a millionaire was a matter of effort, and it would take just time. ”

It seemed that Dao Jianxin was very touched by Yang Muye's words, and said with a sigh of gratitude: "Yes! At that time, didn't everyone realize that the stock price was too high? Hehe, of course I did." But what everyone thinks is that this time is different, thinking that the Internet will change everything. I think that even if all the people in the room have not experienced it, they should have learned the history of the Chinese capital market, right? Many Internet companies have gone bankrupt and collapsed. Even in the most developed country, the Nasdaq, which represents high-tech stocks, fell from 5,000 to more than 1,000 points, a drop of 75 percent. If they think a 20 percent drop is a bear market, then ...... They should have fallen and even their dentures were out. The so-called high-tech stocks bought by many investors on our side have also lost their money and suffered heavy losses. ”

As Dao Jianxin talked, Li Yan couldn't help but recall the content he had studied. These things are not learned in school, let alone heard in the classes of the training teachers. A lot of things are actually just a few words revealed by those big brothers in the bathroom after Li Yan worked in the brokerage.

Li Yan was curious, and made a systematic summary and study of these things. Turn the pages and see the high-tech stock bubble bursting in the mouths of the big brothers!

Since then, the Federal Reserve Bank has slashed market interest rates in order to save the US imperialist economy, which has led to a real estate bubble in the future. At that time, it was not about buying a house, it was about grabbing a house. As long as it's a house, buy it first. Although it is known that their house prices have historically only risen at the rate of inflation every year, at that time everyone decided that this time was different, and they believed that house prices would continue to increase significantly. After all, the money issued by the Federal Reserve Bank is bound to flow into the real estate market. But to paraphrase an ancient Chinese saying: people are not as good as heaven!

Where did the money go? The funds that the Federal Reserve Bank put into the market did not go directly into the hands of the people of their country, but went to the banks first! After the banks got the money, they used it as a coefficient and added a leverage of five to six times before continuing to release it. One dollar has become five or six yuan, and it is said that two trillion yuan of funds have been released, and it is not just the number on the books that circulate in the market!

The people of the United States were crazy, and the people of the American imperialists thought that the house would definitely rise, because it had risen before, and the funds would definitely rise after it came out. But the housing prices that followed chose to fall, followed by the world economic crisis. All this becomes a strong proof of investment loss!

At this time, Dao Jianxin continued: "In addition to the real estate bubble and high-tech stock bubble of US imperialism, there is also a stock bubble of railway companies in the history of their country in 1870 and a stock bubble of the 1920s before the Great Depression of US imperialism. Every time a bubble happens, everyone thinks it's different. The result is that although the cause of the bubble is different each time, everyone suffers the same heavy losses! You told me today, this time is different?"

After speaking, Dao Jianxin smiled bitterly and glanced at Wang Qiling, who was no longer speaking, before turning around and looking at Li Yan again.

Li Yan, who was standing on the side, naturally understood that although Dao Jianxin was "angry" at Wang Qiling. But the meaning of every word in the words seems to be a reminder of what they say!

Pulling the stool with his hand, Li Yan glanced at the statue of Guan Erye next to him and said lightly: "I know this, and even I know that in addition to the US imperialism, there is also the economic bubble in the 1980s and the crisis that can be called the lost 20 years. There is also the British railway construction bubble and the Dutch tulip bubble. ”

Wang Qiling muttered weakly as if he was selling cuteness on the side: "Always talk about foreign countries, why don't you talk about our Huaxia?"

After Li Yan finished saying this, he raised his finger and pointed to the monitor in front of him and said: "Open the year line and count it, Huaxia's stock market has fallen from 6,124 points to 1,664 points, how much has it fallen?" At that time, I remember that the two mouths of the stock critics on the radio every day flew up and down, shouting about the value depression every day when it was more than five dollars...... People aren't stupid at all. Then again, can any of you tell me that there was no bubble in the crazy stock market that rose wildly that year, and that the stamp duty hike could not be suppressed?"

Wu Zhilin blinked, as if she had seen the strange atmosphere in the room. I heard her say aloud: "Looking back, everyone is Zhuge Liang." We need to understand history, but don't we have to look to the future? In June this year, the stock market of US imperialism hit a record high. What's different about this time? This time, they and the rest of the world have very low interest rates, and there is nowhere for the money to go. ”

At this time, Dao Jianxin suddenly glared, and retorted at Wu Zhilin: "That Mr. Wu, this is not quite right." Although everyone has seen that the US imperialist stock market has hit new highs, what many people have not seen is that the index of change in their country's stock market has also hit a new low in several years. Even the Rate of Change Index measures how much people are worried about the stock market. When stocks are high, people are less concerned about market risk, so the rate of change index is lower. Conversely, when stocks crash, there is a high level of concern about the market, so the rate of change index is high. The current rate of change index is basically the same as the rate of change index of the year before the subprime mortgage crisis, and I call on everyone to calmly think about whether this time is different from before, but people are just rising! Not to mention the high point in half a year, the recent monetary tightening of people's money has not yet hit a new high? Compared with the situation where our currency is frequently put on the market and the capital market is still falling, why not make people want to smile bitterly?

Li Yan thought for a while and said with emotion: "What you said is right, in addition to the rate of change index, we can look at the investor confidence index." At present, more than 60 percent of the population surveyed is even higher than in August 1978, the second highest in history. Everyone also knows that after 1978 and 2017, the market plummeted!"

"What do you want to say?" Wu Zhilin asked Li Yan with some suspicion.

"Are you talking about what I wanted to say just now, or ......" Li Yan was stunned by Wu Zhilin's sudden thoughts. However, Wu Zhilin quickly gave him the answer he wanted: "What am I asking about the economic crisis?"

"Oh, I would say that the stock market can go up and down for all sorts of reasons, but we can't lose our rationality in the stock market. When stocks reach a new level, people can find all sorts of reasons to embolden themselves. One of the most common ones is, this time is different! But if we learn history so clearly, we shouldn't make the same mistakes, right?" Li Yan asked rhetorically.

At this time, I saw that the traders who were originally in the corner of the room quietly surrounded them. Although they are doing the most unskilled work such as placing orders, work is not an excuse to stop their curiosity and learning. The dialogue between Li Yan and others successfully mobilized their curiosity.

"In addition to the stock market of US imperialism, in fact, the real estate market in China has also lost its rationality. Now the real estate market in China has exceeded the purchasing power of ordinary people. With the demographic dividend effect brought about by the suspension of the one-child policy in the future, in the future, either housing prices will fall or the RMB will depreciate, and the result will be a decline in everyone's living standards. Wang Qiling on the side arbitrarily gave his opinion.

"Guarantee the exchange rate or the house price?" After Bi Peilin tilted her head and asked Wang Qiling, she said with a smile: "Do you mean that our consumption will be downgraded? We must believe in the management ability of the management, and we must believe that our country can lead us out of the ......"

"When did you become like this?" Wu Zhilin frowned and suddenly interrupted Bi Peilin's words. Then I saw Wu Zhilin come to Bi Peilin's side, and asked curiously, "Are you ...... Got a fever?"

"Sister Wu, why are you like this?" After Bi Peilin was interrupted by Wu Zhilin, she complained to her bitterly.

Li Yan shook his head with a wry smile and said: "Talking about risks over and over again, in fact, are there fewer risks around us? The difficulties that need to be dealt with have always been in front of us, aren't they? For example, in addition to real estate, the personal wealth of Chinese people is also a big bubble. Given China's limited natural resources and population, it is a difficult task to make a good life for everyone. Now the above is still shouting about the battle of poverty alleviation, and the general secretary is most concerned about the people in difficulty! China's prosperity in the past 30 years has basically been based on the demographic dividend of family planning. ”

Saying this, Li Yan paused, and after his eyes crossed everyone's faces, he continued: "Now people born in the sixties and seventies will slowly enter the retirement stage, and those born after the eighties not only have a low population base, but to be honest, the spirit of hardship and hard work is much worse than that of their parents' generation? It is very difficult for the country to maintain the rapid economic growth of the past 30 years, and even the country's own official media have been saying: Slowing growth is a normal phenomenon!" Many people still want to receive a retirement salary and count on the state to provide medical insurance, but I don't say that this is not reliable at all in my opinion, and I don't say that the future state finance department of the death knell theory will not be able to provide for everyone. But we must not cause trouble to the country, so we must at least take precautions, right?"

..................

"Sister Wu, why are you like this?" After Bi Peilin was interrupted by Wu Zhilin, she complained to her bitterly.

Li Yan shook his head with a wry smile and said: "Talking about risks over and over again, in fact, are there fewer risks around us? The difficulties that need to be dealt with have always been in front of us, aren't they? For example, in addition to real estate, the personal wealth of Chinese people is also a big bubble. Given China's limited natural resources and population, it is a difficult task to make a good life for everyone. Now the above is still shouting about the battle of poverty alleviation, and the general secretary is most concerned about the people in difficulty! China's prosperity in the past 30 years has basically been based on the demographic dividend of family planning. ”

Saying this, Li Yan paused, and after his eyes crossed everyone's faces, he continued: "Now people born in the sixties and seventies will slowly enter the retirement stage, and those born after the eighties not only have a low population base, but to be honest, the spirit of hardship and hard work is much worse than that of their parents' generation? It is very difficult for the country to maintain the rapid economic growth of the past 30 years, and even the country's own official media have been saying: Slowing growth is a normal phenomenon!" Many people still want to receive a retirement salary and count on the state to provide medical insurance, but I don't say that this is not reliable at all in my opinion, and I don't say that the future state finance department of the death knell theory will not be able to provide for everyone. But we must not cause trouble to the country, so we must at least take precautions, right?"