China'S Stock Market Can Not Escape Fate.

In early 2016, the collapse of the fuse policy prompted the stock market to fall into a series of irrational falls.

Today, however, as the stock market moves slightly upward, it has never been able to return to the operational area at the end of last year.

In fact, for China's stock market, it is more vulnerable to market policy, while the stock market policy changes slightly, but it is easy to impact on the market operation trend, and even change the market trend.

Therefore, for China's stock market, it might be more appropriate to describe it as a "policy market".

China's stock market is booming.

This is a household fact.

Xu Xiang, known as the "private brother", is also popular in the market, and many investors regard him as his idol.

From the age of 17, he entered the stock market, and became the general manager of the "Ningbo daily death squads" and then became the general manager of Shanghai Zai Xi investment. Xu Xiang's life experience was perfect.

At the same time, he has a very sensitive investment smell and precise market prediction ability, he has achieved many precision "copy the bottom to escape the roof" task.

Even during the stock market crash last year, he could still achieve the myth of "undefeated" and was considered by the market to be one of the biggest market winners in China's securities market.

Unfortunately, with the occurrence of Xu Xiang's sacking, the stock market myth of "private equity" has finally come to an end.

But Xu Xiang, a "God like" character, left a very deep impression on the market investors.

Mr. Buffett can be regarded as a world class stock figure, and he is still recognized by global investors.

In China, there are many people who have been named "China Buffett", but for many years, there are few people who can really survive in the market.

It can be seen that Buffett's investment myth, which can be copied in the domestic stock market for a long time, is very rare.

On the contrary, for the Chinese stock market, they are still keen on short term stock gods, but the fate of most Chinese stock gods is frustrating, while the life cycle of stock gods is "short".

Rather than Buffett's investment myth can not be replicated in the Chinese stock market for a long time, it is better to say that the market environment of China's stock market can not achieve Buffett's long-term investment myth.

Indeed, compared with mature markets abroad, China's stock market has many hidden problems.

At the same time, compared with the long history stock market in Europe and the United States, China's stock market has a history of more than twenty years, but it is still in the process of maturity.

If we analyze from more specific characteristics, there are still some major problems in China's stock market.

First, the volatility of the stock market is large and the market speculation atmosphere is strong.

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The running performance is basically in the state of "short bear".

At the same time, because the market is still dominated by retail ownership and institutional investors lack self-discipline, the speculative characteristics of the market are very significant.

In the past two years, for example, under the influence of the full activation of highly leveraged tools, the market has entered the state of universal speculation. The rise of leveraged funds has accelerated the rhythm of the stock market and accelerated the burst of the stock market bubble.

Obviously, for the stock market with "leveraging and losing leverage", with the intensification of the pressure of "deleveraging" and "de foaming", it has directly led to the accelerated downlink of the subsequent stock market and intensified the overall volatility level of the stock market.

Second, the stock market lacks equal trading environment, and institutional investors are more speculative than ordinary retail investors.

Compared with ordinary retail investors, domestic institutional investors have the characteristics of capital advantage, cost advantage and information superiority.

At the same time, because of the asymmetry of market trading system, it is easy for some institutional funds to maximize profits by loopholes in the system.

However, in practical operation,

Investors lack self-discipline and driven by market interests, but it is easy to form a more speculative situation of institutional investors than ordinary retail investors.

As a result, for ordinary retail investors who can only earn more profits unilaterally, they can hardly compete in the market with the funds of these institutions.

So far, ordinary retail investors have always been in a passive situation due to their lack of capital, cost, information and pactions.

Third, the policy changes rapidly, which indirectly exacerbates the risk of market volatility.

The policy of the stock market is changing, but it brings some uncertain risks to the market.

However, when the policy risk occurs, it is easy to aggravate the volatility risk of the stock market. If there is some institutional capital going short, it will further exacerbate the adjustment risk of the stock market and increase the difficulty of ordinary retail investors.

In fact, Buffett's successful investment myth is not only based on his sensitive market sense and experienced market experience, but also can not be separated from many years' bull market investment atmosphere.

Because of this, Buffett also strengthened the probability of long-term investment myth.

In contrast, under the unstable market environment of Chinese stock market, investors are far from enough to rely on sensitive market olfactory and experienced investment experience.

Perhaps in the market environment where stock market volatility is high, Chinese stock gods also need to have some luck to cooperate with them.

But to this day, it seems that Chinese stock gods still can not escape the curse of "short-lived", but when the Chinese stock market can produce the real Buffett type characters, it still needs a long observation.