Wen | Wu Lihua, a reporter of the "Finance and Economics National Weekly.")
Li Jia in 1993 has been a little annoyed recently, because she has become a "leek zero" like many post-90s who bought funds at the high point of the stock market last year.
At the end of last year, when the fund had the best effect of making money, Li Jia bought the fund with hundreds of thousands of yuan given by her parents and her own small savings. After the Spring Festival, the stock market fell, and the net value of the fund she held continued to decline, with a total of more than 600,000 yuan invested less than 440,000 yuan, with a floating loss of more than 25%.
Compared with the happiness of watching the account flutter red every day before the Spring Festival and communicating with her friends to "make money", she now describes herself as an ostrich and basically does not look at the account. "I plan to hold it for a long time, and sooner or later it will rise back."
But when the fund can rise back, can it rise back, Li Jia has no bottom in her heart. When I first asked my parents to take money to invest, I promised to repay the principal and interest when it was due, and now I only have to laugh at myself: "How arrogant I was years ago, how sad I was after the year." ”
Post-90s basic people like Li Jia are not in the minority.
A number of statistical reports show that in 2020, 60 million new mobile Internet basic users will be added, of which nearly five will become post-90s. Years ago, they shouted "make money", bought funds, sent star fund managers to hot searches, and exchanged money-making experience on platforms such as B station, Little Red Book, and Douban. Years later, they complained about losing money and created hot words such as "leek zero" and "falling mother does not recognize".
Why did the once arrogant post-90s generation admit it so quickly? They were "beaten" by the fund for the first time, what was wrong?
Follow the hot search to run into the market
Like Li Jia, Sun Han's holding fund has also become a grassland. If Li Jia works in a bank and has a little common sense of investment and financial management, then Sun Hanbui Fund is purely following the trend.
In the second half of last year, Sun Han saw that people around him were buying funds, and the increase was considerable, in order to force savings, he bought funds under the recommendation of others. At that time, she didn't even know what app to use to buy funds, and when faced with the guidance of "holdings are highly overlapping, you can choose one", she even asked: "What is the position?" ”
There are many young fund financial "little whites" like Sun Han. Since 2020, investment funds have suddenly become a boom. Compared with stocks, the threshold of the fund is relatively low, which makes many young people have the idea of "early financial management and early wealth". Egg roll fund data shows that among the platform's newly registered users in 2020, 48.9% are post-90s. According to the "China Household Wealth Index Survey Report", 52.9% of the new groups entering the fund market in 2020 are under the age of 30.
Among them, there are also some new people who seem to know how to diversify their investments and reduce risks.
Chen Yu, since entering last October, now holds 32 funds, liquor, new energy, military industry... Hit the top spots. But despite putting the eggs in 32 baskets, the risk has not been dispersed, and the current "has fallen to the bottom of last year's gains".
Some netizens joked to themselves, "I put eggs in many baskets, but the basket was placed on a shelf, and now the shelf has collapsed." ”
More new people who run into the market are good at "copying homework", following the gods around them or well-known bloggers and up lords on the Internet, "What others buy to make money I buy." ”
So much so that someone concluded, "This year's investors need a nanny-style tutorial." ”
After playing bigger, there are also borrowers to buy funds. Li Jia told reporters that there are indeed cases of borrowing consumer loans and even online loans to buy funds. These blindfolded young people listened to the advice of well-known bloggers, leveraged funds, 1:1 to match, loans for three years, only 6.84% interest per year.
The post-90s generation, who lacked financial experience, was taught a lesson by reality.
Fund manager into "love beans"
2020 is the year when China's public funds make history.
According to data from the Asset Management Association of China, as of the end of December 2020, the total asset management scale of China's public funds was 19.89 trillion yuan, an increase of 34.7% over the end of the previous year.
Public data show that in 2020, the scale of new issuance of public funds reached 3.16 trillion yuan, which not only hit a record high, but also exceeded the sum of the three years of fund issuance from 2017 to 2019. The average return of fund investors for the whole year exceeded 14%, far exceeding the 3.6% of shareholders.
Last year, China's economy took the lead in recovering from the epidemic, and in the context of the structural bull market, the fund showed a better money-making effect, with the average yield of equity funds of 30.36% in the first 7 months and 32.29% of hybrid funds.
Since then, the market has peaked again, with the Shanghai Composite Index rising from more than 3,200 points in October 2020 to 3,700 points in mid-February 2021.
Around the same time, the fund successfully broke the circle, and new people poured in madly. The size of equity funds and hybrid funds that mainly invest in the stock market rose from 5.62 trillion yuan at the end of October 2020 to 6.93 trillion yuan at the end of January 2021, an increase of nearly 24%.
It can be seen that in 2021, the fund is still hot. On the first trading day of the new year, 4 funds were sold out in one day, raising a total scale of more than 50 billion yuan. For the next two weeks, "daylight-based" kept appearing.
Topics related to funds are frequently searched, and under the pursuit of the whole people, fund managers have also been out of the circle and have become "love beans" in the circle.
As the first fund manager with a management scale of more than 100 billion yuan, Zhang Kun, a fund manager of E Fangda, became the top stream for a time, and the global "fan group" and "support association" emerged. Fans even shouted out slogans such as "Kun Kun is brave to fly, ikun (a fan of fund manager Zhang Kun) will always follow" and "Kun Kun is not old, blue chips are old".
Not only Zhang Kun, but also Liu Yanchun, fund manager of Invesco Great Wall, Glen and Zhou Yingbo, fund managers of CEIBS, Xiao Nan, fund manager of E Fangda, and so on.
In the eyes of the fanatical Jimin, the best Kun Kun in the world is not Cai Xukun, not Xie Guangkun, but Zhang Kun; the best Chunchun in the world is not Li Yuchun, not Chen Xiaochun, but Liu Yanchun; the best Lan Lan in the world is not Wei Lan, not Alan, but Ge Lan.
Why "fall mother does not recognize"?
The bulls and bears in the stock market have repeatedly changed, the fund has risen and fallen rapidly, how crazy the "leek zero" is when making money, and how sad it is when it loses money.
In the first month after the Spring Festival (February 18, 2021 to March 17, 2021), the overall yield of active equity funds fell to -10.13%. From "holding positions for the New Year" and "fund blind date", it has become "idle fish crying miserably" and uninstalling fund trading software. This year's investors, turning the face faster than turning the book.
"The world's best Kun Kun" has suddenly become a "slag Kun" who only stirs liquor; Cai Songsong, the manager of Sino Analytica Growth Fund who once had many fans, has become a "falling vegetable dog" in the mouth of fans.
However, rational analysis, these funds, purely from the long-term growth point of view, or more considerable, such as Zhang Kun management of E Fangda blue chip select mix, although in the Spring Festival short-term correction, investors shouted "fall mother does not recognize", but as of March 28, its nearly a year's increase of 98.05%, the past six months of the increase is also 29.94%, the time to extend the time, the past two years rose to 146.93%.
But the problem is that the fund makes money, not the same as buying this fund and pursuing Zhang Kun's ikun to make money. The data given by the Alipay fund diagnosis function shows that the users who held this fund in the most recent year lost more than 5% to 77.8%, 9.5% lost less than 5%, and only 7.7% made a profit of more than 5%.
That is to say, in the past year, although the hot fund managed by the top fund manager has risen nearly 1 times, more than 87% of investors have not made money.
What is the reason behind this?
Alipay's fund diagnosis function concludes through user characteristic analysis that unhealthy financial habits are more likely to cause losses. Giving up on fixed investment, chasing up and killing down, frequent trading, and short holding time are the four major reasons for investors' losses. The behavior characteristics of profitable investors are long-term investment, non-random trading, and large proportion of fixed investment.
Investing in and buying funds is a professional and time-consuming thing, but most of the basic people lack professional ability, and there is no time to study and select a good fund, copying homework, reading recommendations, and chasing hot spots have become a common phenomenon in the investment process of basic people.
According to the 2019 National Public Fund Investor Status Survey Report recently released by the Asset Management Association of China, only 54% of individual investors read the prospectus when purchasing a fund.
Be wary of entertainment risks
Unprofessional, chasing up and killing, short-term investment, to some extent, is the commonality of investors of different ages in the market, why are the post-90s new basic people more concerned?
In the words of the head of a wealth management company, this post-90s people are younger and more "drama".
In the capital market, ups and downs are common things, for young people, the disposable income in their hands is not much, the risk tolerance is not strong, but they want to rely on funds to quickly achieve wealth freedom, which is a false proposition. Especially for many new citizens who have not yet been mentally prepared to enter, losing ten dollars a day is enough to make their hearts jump.
Some people on the Internet joke that whether it is to earn or lose, the sense of atmosphere must always be pulled. As a result, the fund lost money, 200,000 people ran to the idle goods trading platform salted fish to sell back blood, so that salted fish publicly wrote to fund investors, reminding the investment that there is a risk, resale needs to be calm.
Of course, the salted fish letter is largely humorous, by the way, marketing, but investors exchange experience on platforms such as B station, Little Red Book, Douban, etc., and even follow the bloggers and big v of various platforms to enter the market, but it is true.
The reporter searches for "fund" in the little red book, not only has the relevant graphic content, but also appears different topic classifications, including fund bloggers, position building, fund investment, novice buying funds, etc.; searching for the same keyword on the b station will display a large number of video content, including financial bloggers who introduce fund knowledge, and entertainment videos with funds as the topic. According to the official statistics of station B, in 2020, the number of investment and wealth management video playback increased by 464% year-on-year.
For Internet platforms, it is a good thing to increase the content of financial management, but the accompanying risks cannot but be vigilant.
On the one hand, funds are a tool for long-term asset allocation, and it is unlikely that they will get rich in the short term by speculating in funds. On the other hand, fund investment is a professional and systematic skill, and it is not advisable to blindly chase hot spots and star fund managers.
Under the bustle of entertainment and rice circles, some fund bloggers themselves have only recently entered the market, and they call themselves experts without qualifications and sufficient experience. What is even more frightening is that with the popularity of the fund on various social platforms, some institutions and marketing numbers smell business opportunities, mix marketing content in the fund sharing content, sell courses, and induce "Xiaobai" to buy various investment and financial products, causing great risks.
The entertainment of fund investment and the stardom of fund managers have also made many people in the industry worry about the prospects of the industry. A fund manager helplessly said that the fund frequently appeared on the hot search, and even entertainment programs invited fund managers to participate, which made the original serious investment become impetuous. Investment needs to be focused and not disturbed by external voices, but the phenomenon of increasing entertainment of funds will have an impact on the mood and mentality of fund managers.
Recently, the Asset Management Association of China issued an initiative that when public fund managers carry out investment and education publicity activities, they should pay attention to professionalism, integrity and compliance, guide investors to establish a correct concept of financial management, adhere to long-term investment, value investment and rational investment; entertainment is strictly prohibited, and it must not be contrary to the relevant spirit of the state and social order and good customs, and all institutions must not carry out and participate in entertainment-related activities.
Just like the various upsurges and impetuosities experienced by young post-90s in fund investment, the fund industry may also need such a growth pain to build a safety net against risks. (At the request of the interviewee, Li Jia, Sun Han, and Chen Yu are pseudonyms.) ）
Source: Xinhua News Agency