ST Tunhe Xuan announced at noon, the time node is very strange, when the news reached Chen Qiaoshan, the stock market was basically known.

First of all, the Shanghai Stock Exchange issued a risk warning, Tunhe shares were forced to wear a cap, and then the main force tried to suppress it, ST Tunhe's share price experienced a continuous cliff-like decline, and the decline was heavy.

Seeing that the market is declining, there is a possibility of halving if it continues.

No one could have imagined that it was against this background that Tunhe, which had become a lamb to be slaughtered, would wait for an opportunity to fight back, and it was a crucial blow.

Just opened in the afternoon, ST Tunhe completed the whole process from the limit to the limit, and in a very short period of time, the amplitude was as high as 10%, which caught everyone off guard.

On the contrary, the market did not appear as expected of the counteroffensive, the decline deepened, the Shanghai Composite Index has fallen below 1800 points, the original highly sought after "five golden flowers" decline is fully revealed, and in the past two months, the glamorous steel, auto and financial blue chips quickly turned into a continuous decline.

As of the close, Sinopec plummeted 7.4%, China Unicom plummeted 4.1%, the depth of the decline can be seen, with the rapid decline of many index stocks, the decline of the market has been inevitable.

Chen Qiaoshan is clear at a glance, for him, the trend in the next few months has been completely clear, from April to August, the situation of continuous monthly K-line closing may be inevitable.

For several days, the same scene continued to be staged, the market continued to decline, but ST Tunhe bucked the market, the stock price rebounded strongly, and the back is fierce.

Chen Qiaoshan knows that under such circumstances, ST Tunhe is not only expected to regain lost ground, but also has a great possibility of hitting new highs.

The big blue chips have fallen one after another, but the second-tier blue chips dominated by ports, electric power and chemical industries are obviously increasing, but they still can't reverse the deterioration of the situation.

The alternation of hot and cold in the market, without the slightest warning, made many shareholders have no time to react for a while, and in just a few days, there are not a few who have suffered heavy losses, and there are many who have been trapped.

The sudden collapse of the stock market made some people suddenly remember the scolding war on the Internet not long ago, and many people immediately regretted it.

Peking University Qiao Shan warned repeatedly, but what he received was ridicule and ridicule, but the facts finally proved that his inference was correct, but unfortunately it was too late.

As a result, the number of registered users of the Tsingshan Forum has surged sharply, and the number of real-time online users in the financial sector has reached a new high.

At the same time, due to full preparation, as early as the moment he learned the news, Wang Wei entered the market according to the agreement and made a lot of gains.

Chen Qiaoshan felt that the pressure on his body was much less, before the situation was clear, he lost a lot every day, although it was expected, but it was indeed a torment to watch his own wealth shrink.

The market collapsed unexpectedly, some people were happy and some were worried.

Chen Qiaoshan is undoubtedly a profiteer, whether it is money or reputation, he has gained a lot.

"Dashan, why don't you stimulate Li Su, he was so arrogant at the beginning, how can he retaliate back?" Sun Guangming was very interested, the stock market collapsed, and he also benefited a lot.

Under the instruction of Chen Qiaoshan, Sun Fatzi has been posting bullish second-tier blue chips recently, and now they are appearing one by one, and his spotted bamboo is famous again, and his reputation has risen to a new level, and he has a faint posture of catching up with and surpassing Peking University Qiaoshan.

Chen Qiaoshan said with a smile: "I'd better keep a low profile, the stock market has collapsed, and there must be more people who hate me than love me.

"Let's hear it, who likes you?" A familiar voice sounded in his ears, Chen Qiaoshan looked sideways, Yan Xiaoqin was staring at himself with a smile, he couldn't help touching his nose and sneering: "I just say it casually, casually!"

Yan Xiaoqin glanced at him in disgust, but she didn't continue to investigate, she asked, "What are you two talking about?"

Sun Fat Thief smiled: "No, he is showing off how many people love him." ”

"Go aside. Chen Qiaoshan glared at Sun Fatzi angrily, then looked at Yan Xiaoqin and asked, "Why are you alone?"

Yan Xiaoqin explained: "Wang Lin and the others have classes in the afternoon, so they can't come today. After a pause, she asked, "I'm fine in the afternoon, what can I do to help?"

Chen Qiaoshan said with a smile: "Yes, there is another free labor, you can go to Sister Chang's to have a look." ”

After Yan Xiaoqin left, Sun Guangming asked with a straight face: "Dashan, how do I feel that the finance I learned is not useful in the stock market at all?"

"Why did you suddenly remember to say this?" Chen Qiaoshan was a little puzzled.

Sun Fatzi said loudly: "I found that the securities investment taught by the teacher is compared with the real stock market, which is a problem. ”

Chen Qiaoshan became interested, he asked with a smile: "If you have any questions, let's hear about it." ”

"There are many problems!" Sun Fatzi muttered, "For example, calculate the discount rate according to the volatility of the stock, and then discount the company's future cash flow, and compare the theoretical value with the market. ”

Although Sun Guangming looks unreliable, he is far from being as lazy as he seems on the surface, Chen Qiaoshan knows that he is also a beginner.

Finance is a discipline that attaches great importance to practice, and its most significant feature is that it is simple in theory and complex in practice.

But for finance, if you don't understand the capital asset pricing model, the exam will definitely be scum, but once you really enshrine it as a guide and apply it to practical work, it is estimated that you will have to roll up and roll out of the egg as soon as possible, and how far and how far it is.

Chen Qiaoshan knows that Sun Guangming is now in a period of confusion.

He has also gone through this stage, and the inability of economic principles to explain market behavior can undoubtedly make people feel very frustrated, and even have self-doubt for a while, which is also the charm of economics.

"The discount rate is just a theoretical prediction, it's a complete market assumption, and you have to know that future cash flows react differently to different risk differences," Chen explains. ”

"After all, theory is just theory, finance focuses on practice, and it is difficult to make accurate judgments based on theory about market expectations. ”

"In that case, then why should we learn these useless theories, just practice them directly?" asked Sun Fatzi.

Chen Qiaoshan chuckled and said, "Why do you think theories are useless?"

Sun Fatzi was very unconvinced, stared at him and said: "Haven't you listened to the course of securities investment, if you speculate in stocks according to the theory in the book, do you think you can make money?"

Chen Qiaoshan shook his head, "The analysis of fundamentals is only an appearance, and it is naturally inaccurate. ”

"So what do we learn to do? And financial management, monetary finance, empirical finance, all of these are the same. ”

"It's not the same. Chen Qiaoshan interrupted Sun Fatzi's complaint.

After a pause, he stared at Sun Guangming and said seriously: "Engaging in finance requires accumulation, how is the industry model, the relationship between the upstream and downstream of the industrial chain, future prospects and market expectations, these are all factors that need to be considered comprehensively, and finance is the basis of all this." ”

Sun Fatzi was thoughtful, silent for a while, and then he began to get to the bottom of the matter again: "What you said is practice, what does it have to do with theory?" “

Chen Qiaoshan glanced at Sun Fatzi meaningfully, and after a long while, he said: "The things we are learning now are not to understand how to make profits in investment, but to avoid risks to the greatest extent. ”