In the third quarter, the market performance was tangled, and the overall downward trend. Due to changes in market styles, although our net worth does not fluctuate greatly, the rankings always jump up and down, which profoundly illustrates a truth: rankings are involuntary and depend on market preferences.
The market is entangled in the inflection point of demand, and demand depends on policies: one is the policy of stabilizing growth, and the other is the policy of epidemic prevention. Therefore, monthly macro data, ten-day industry data, and daily epidemic data have become marginal information that investors chase. But if you go back to the origin of investment, you will find that the inflection point is actually meaningless. Value is “weight”, not “trend”, so long-term structural factors, not cyclical ones, really matter.
Long-term economic growth will slow down, which is a high probability judgment. However, the slowdown does not mean the loss of investment value. Although the conversion process from high speed to low speed is a one-time pain, in the long run, the stock economy is more likely to give birth to a better industrial structure, and a better industrial structure will bring more lucrative profits. Long-term profit is the determinant of value, not the shape of the curve in the process.
Long-term returns are limited by the purchase price in addition to the enterprise value itself, or in short, excess returns come from “value for money” and not the shape of the curve in the process.
So our goal is to buy the best possible stuff at the lowest possible price, and good stuff is judged by long-term weight, not short-term trend. The low-priced good products are more buried under the prejudice of the market, so the investment portfolio is formed by passive response to the market, rather than active deployment, or the intersection of subjective perception and market bids.
This means that as the environment changes, so does our mix. No matter what the exact definition of “depth value” is, we can’t guarantee that we will always have deep value, because as long as it is a good product at a low price, there is no need to pay attention to which industry and which style it belongs to.
Combining competitiveness and valuation status, the current portfolio is relatively stable. As for how the market will go, there is no need to judge, just deal with it.
Content source: “My Fund Three Quarterly Report”. The above content only represents personal opinions and does not serve as investment advice. Please be rational.
@Egg Roll Fund @Today’s topic @中泰投資管理
#Value Investment# $ Zhongtai Xingyuan Flexible Configuration Mixed A (F006567)$ $ Zhongtai Xingcheng Value One Year Hold Mixed A (F010728)$
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