Stock Market Review | Speed is not to reach

Recently, the A -share market has a good effect on making money, as we said before -the short -term is not dead, and the rise is endless. The atmosphere in the WeChat investment group gradually became active again. Many retail investors who were frightened before the end of April began to talk and laugh. From the information they communicated in the group, it can be seen that many people's accounts have returned to a state of full warehouse, full of leverage and preparing to let go. It is said that "fish's memory is only 7 seconds" has long been rumored, but the memory of many retail investors has been repeatedly confirmed.

Is the transaction leverage a wealth accelerator or a dream terminator? The stock disaster in 2015, I believe everyone is remembered. At the beginning of 2015, a classmate of the author, the "professional guidance" of the pro -nephew of his work in the securities company, raised all the net worth of 5 million yuan at a ratio of 5 million yuan, and the 10 million yuan account was in the stock market disaster. In just a few months before, I have turned 4 times. At this time, if he was sitting at 40 million yuan, he never thought of entering the bag for peace. Instead, he calculated that he would soon become a billionaire at this speed. Starting in a dozen trading days on June 15, 2015, in the stormy waves of thousands of stocks and thousands of shares suspended, the classmate's account was forcibly closed, and there were only 200,000 yuan in book assets. This is not a story, and there is no exaggeration, but the tip of the iceberg after the collapse of the bull market. The cause of this situation is that the market rose crazy before. Many investors were driven by interests. They added leverage through financing, resulting in too large the market bubbles. After the rupture, it fell violently.

In the stock market, the use of leverage is raised N times for stock trading. The essence is to amplify the income and risks. Once the capital chain breaks, it must face the loss of the principal and early out of the situation. Buffett once said: "The only way I know the clever person I know is to add leverage. If someone draws your salary at the bottom when a financial disaster occurs, then you will go bankrupt; if you have no leverage, over time, the securities market will not Causes damage to you. "Buffett has said countless times on countless occasions on the harm of leverage. The reason is very simple. It provides you with financing departments. Its rights and interests will not be lost anyway -when you make money, it collects your commissions and interest rates; when you lose money, once the price falls to the liquidation, it will fall to the position of the position. Near the line, you must add a deposit, otherwise you will be closed to ensure that your account balance can cover its capital cost. After the position is closed, there are basically few on the account. Capital is profit -seeking, and there have always been more "icing on the cake", and there are fewer people with "sending charcoal in the snow"; there are more "falling stones", and there are fewer people who "pull the knife". Therefore, it is not difficult to understand the principle of "gentlemen do not stand under the wall".

British economist Kanes believes that the price of assets always return to rationality, but once a leverage is added, it may not wait for the price to return to rationality. Essence Even Buffett's mentor, the originator of the valuable investment, and Graham, who is known as the "Wall Street Godfather", eventually broke the bottom of the leverage. Buffett said that there are many ways to get rich slowly, so that we can enjoy fun in the process of getting rich, but in order to get rich quickly, we have lost all risks to borrow money investment and stock trading. This is simply crazy! Because this will let you face bankruptcy and even bring a big crisis to your family. Even if you make money in the short term, you only have a short pleasure without real happiness.

Naval believes that there are two types of people: one is a person with lever, and the other is a person with no leverage. Even if a leverage does not work, there is something to help him make money; if a person who does not work does not work, he will not make money. True benign leverage requires good personal reputation, social reputation, personal expertise, and responsibility, and it is by no means that you can fly to the sky with boldness and borrowing money. The money returns provided by society must match your value. The way to find your own leverage is: Don't follow the trend and look for love. No matter what you do, you must aim at the things itself, not the goal of money.

A well -known private equity boss was asked when asked why he didn't need to leverage: "I am timid, I want to live a good life every day, and want to control my destiny in my own hands. Good people can make big money to keep their wealth. It does n’t matter if you go forward, the most important thing is that you do n’t go back sharply. It is difficult to turn over down. "Investors who are pursuing quick money can rarely go to the end. Many investors who are pursuing short -term wealth are crazy, and most of them are in the end, and most of them end up, ending overnight. Therefore, investors should pursue long -term return and compound profit growth.

Shanxi Economic Daily reporter Zhang Rong

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