In the Chinese stock market, there is a technical term called the 28 phenomenon. The so-called 28 phenomenon refers to the fact that large-cap heavyweights, which account for only 20% of the stock market, are rising, while small-cap stocks, which account for 80% of the stock market, are falling.

The China Stock Market Index is calculated according to the total market value of the stock market, so a 1% increase in a large-cap heavyweight stock can pull up the large-market index by a few points; And small-cap stocks, even if the limit is up, the impact on the large-cap index is probably only 0.01.

Because large-cap heavyweights represent most of the market capitalization and weighting of the stock market, as long as these 20% of large-cap heavyweights rise, even if the remaining 80% of small-cap stocks fall, the large-cap index will still rise.

530 is a message from the China Securities Regulatory Commission that the state has begun to resolve to curb the development of the stock market.

This change in attitude may not have been noticed by the majority of short-sighted retail investors, but institutions with a keen sense of smell have already noticed it.

After 530, all major equity funds began to transfer their positions.

In 2007, due to the active bull market atmosphere, not only the securities business hall was full of people, but the scale of equity funds also expanded rapidly.

After all, the vast majority of China's propertied class is not familiar with stocks, and it is better to hand over the funds to those relatively professional equity funds than to personally study and operate unreliable stocks.

Compared with those equity funds in Europe and the United States with mixed performance, China's equity funds have generally performed well. The most fundamental reason is not because of how strong the managers of Chinese equity funds are, but because their opponents are too weak.

In the stock markets of developed countries in Europe and the United States, the main investors are major investment institutions, and it is very rare for retail investors to directly participate in the stock market. More investors are handing over their funds to professional financial institutions to take care of.

For example, the U.S. stock market, since 1930, has been on the rise for decades, but even so, there are still very few individual investors who speculate in stocks.

It's not that American investors don't care about financial management, but that Europeans and Americans themselves don't have the habit of saving, and the general concept of financial management in capitalist society is that they eat more than they can eat, and it's too late to borrow money to spend, so how can they have the funds to manage their finances?

In addition, the trend of European and American stock markets is relatively stable, and in general, stock prices fluctuate very little unless the macroeconomic situation of individual stocks or countries changes dramatically. Coupled with high capital gains taxes, short-term speculation is fundamentally eliminated.

Therefore, among the rest of the people, even those who speculate in stocks by themselves, most of them are engaged in long-term investment, and there are almost few retail investors who frequently run in and out.

Therefore, most of the counterparties in the European and American stock markets are institutions of the same level, and the duel between professional players is naturally very tragic.

The situation in China's stock market is completely different, and Chinese people have very strong savings**, so they have a lot of spare money on hand. Coupled with the inflation that has accompanied the rapid development of China's economy, the savings in the hands of ordinary people are easily depreciated.

All of the above reasons force the common people to participate in the high-risk capital game in the form of speculation.

There are too many retail investors in China's stock market, and these investors are better off and understand the fundamentals and know how to analyze the trend and performance of the next individual stock; And there are a large number of retail investors who are simply amateur-level, or even inferior to amateur level.

Although the managers of Chinese equity funds are really not complimentary, and occasionally they also have rat traps and interest transfers, no matter how bad they are, they are professional players from professional backgrounds after all, and it is more than enough to bully retail investors who don't know anything.

As the 530 turmoil subsided, institutional investors, sensing the danger, have sharply reduced their positions in small-cap stocks that had been speculated in the early stage, and instead concentrated their funds in larger-cap blue-chip stocks with more stable performance.

The result is that the broader market continues to hit new highs while individual stocks generally fall.

As the weighted blue chips led by the banking sector continue to rise, all kinds of follow-up funds continue to pour in, and the market has been pushed to a new high in an instant, driven by the big blue chips.

As the market re-entered the upward channel, the enthusiasm of retail investors was ignited again, and the investors who were scared away in the 530 incident reoccupied every corner of the securities business hall.

2007 is destined to be Sun Haoyang's lucky year, and the rising market indicates that he has made an accurate judgment again, and this time it is a double happiness.

In addition to Sun Haoyang's own optimistic banking sector rising as he expected, the concept of venture capital was also ignited without warning in this round of market.

For stockholders, there is nothing more joyful than holding a stock in their hands that has risen all the way.

But at this time, Sun Haoyang was not excited at all, and even had a faint worry on his face.

Before that, Sun Haoyang even hoped that his analysis was wrong. If the 530 event does not rise after the 530 event, the bull market will continue.

And now, the banking sector is soaring as Sun Haoyang expected, which means that this round of bull market, which has lasted for more than 1 year, has entered the countdown stage.

Recently, the shareholders in the business department of Wanyue Road have been depressed. If the 530 stock market crashed before, everyone lost money, but now the market has hit a new high, but retail investors are still losing money, which makes many shareholders very entangled.

In the past year, the old retail investors in the business department of Wanyue Road have become very familiar with Sun Haoyang, a young man. Coupled with some insights that Sun Haoyang inadvertently revealed when chatting, this made the shareholders in the retail investor hall all look at this young man with admiration.

Therefore, when he goes to work every day, as long as Sun Haoyang is free, there will inevitably be many shareholders gathered in front of the counter to ask him for experience.

"Young man, I still have a lot of money in my hand, recommend it to me for stocks." This is one of the most frequently asked questions in Sun Haoyang's daily work.

Sun Haoyang will not answer any such questions. In the past, Sun Haoyang was unhappy to answer. Recommending stocks is a thankless task. If the recommendation rises, others will praise you at most, and if the recommendation is lost, maybe people will scold you.

And now, Sun Haoyang doesn't dare to recommend it. Knowing that the bull market has entered the countdown, and recommending stocks at this time is definitely an old birthday star eating arsenic - I am too impatient to live.

But even so, there are still many people who keep pestering Sun Haoyang every day.

Sometimes he was so annoyed that he had to explain to retail investors: "The stock market is a zero-sum game, and if someone makes money, someone will lose money."

The stock market is not a company, it does not have the ability to create wealth, and it can only achieve a redistribution of wealth.

Look at those old shareholders and institutions, they are all more than 1,000 points into the market, so far they have made several times the profit in the stock market, who will pay for so many profits? It will definitely not be those old shareholders who entered at 2 or 3000 points, then only those of you who enter and increase their positions at 4 or 5000 points are left.

It can be said that every time you increase your position now, you are paying for the old shareholders and carrying a sedan chair for the institution.

Are you still going to buy it? ”

"Isn't the market rising now, and I'm not greedy, so I'll come in and make a little money, and when the bull market is about to end, I'll clear all my positions immediately."

Sun Haoyang shook his head helplessly, judging the top of the bull market, which is something that even Warren Buffett can't do, but these retail investors, who have only been in the market for a few days, say it so easily......

"One of the biggest illusions you newcomers is that you have the ability to escape the top at the end of a bull market.

But countless histories tell me that this is simply not possible!

When the bull market really comes to an end, those experienced old investors who entered the market at 1 or 2000 points may still be able to escape the top, because for people in our situation, it makes little difference whether the market will rise to 6,000 points or 8,000 points in the future.

Old shareholders have now made several times their profits in the stock market, and if the market continues to rise in the future, it will be just the icing on the cake.

Therefore, when we, the old shareholders, feel that we have almost made money, we will calmly withdraw.

But you new shareholders are not, the current 4, 5000 points just come in the stock, the future may just taste a little sweetness from the stock market, in this kind of interest when the highest time will you withdraw? No way!

Therefore, if you want to increase your position now, the only fate that awaits you in the future is to be trapped at the top of the stock market in blind impulse! ”

Sun Haoyang's words can be said to be bitter. But even so, those investors who have long been stunned by the crazy stock market can't even listen to a word.

The shareholders ignored Sun Haoyang's admonition, but some people listened to it......

This book was first published from 17k, the first time to see the genuine content!

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