Huge loss of 2 million clearance 3 thousand fans big V "quit the net"! 1 billion private placements reflect on investment setbacks in 222.

As the year is approaching, there is another wave of "anti-ideological trend" in the investment circle.

At the beginning of the year, the well-known private equity firm Dunhe Asset Management, which attracted market attention due to the sharp drop in products, recently held a year-end strategy meeting. The chairman and fund manager successively reflected on the lessons of the past year and bluntly said that "222 is the most painful year for investors and the most painful year for making their own investments".

a financial magnate with 3, fans "saved his mind and effort", and after losing millions, he directly announced the clearance. What happened?

"farewell" to the stock market with a loss of more than 2 million

At noon on December 27th, a news released by Big V "Save your mind and effort" attracted attention.

"Worry-free" means: "Clear the warehouse and admit defeat. I lost a lot this year, and there is basically not much financing left. I have been unable to turn over for many years. I hope you will not go to the stock interface to circle me again. I have no positions left. Thank you."

A netizen commented: "A big investment V fell in the darkness before dawn."

In fact, with the rebound since November, many investors are close to "returning to their capital", and the net value of many public and private funds has also "returned to blood" substantially. Why did this big V clear the warehouse at this time?

previously, due to the continuous updating of firm offer and account losses, "worry and effort" attracted a lot of traffic. Looking back on the previous operation, "Worry-Free" once issued a document saying that the loss in 222 has exceeded 2 million, and said that this round of "full-handed track stocks are not flexible" and intends to transfer positions to stronger track stocks.

He once said that 6% of the account funds are allocated to Tianqi Lithium Industry, and the rest are mainly military and photovoltaic stocks. Tianqi Lithium Industry, as a popular institutional heavyweight, saw its share price rise sharply in the first half of this year, but since July, it has been falling all the way, from the highest share price of 148.57 yuan to 81.93 yuan, which directly "halved".

In this regard, an industry insider commented: "Some so-called big V styles are very radical, and their positions are too concentrated. It is dangerous to bet on the track and constantly add leverage."

Frankly speaking, we have relaxed our vigilance.

The new year is coming, and many institutional investors have deeply reflected on the investment operation in 222.

Recently, Billion Private Equity Dunhe Asset Management held a year-end strategy meeting. At the meeting, Shi Jianjun, the chairman of the board of directors, and the fund manager reflected one after another, and sincerely analyzed the shortcomings in the investment in 222. Shi Jianjun said frankly that in 222, he did not outperform the market median and the industry average, and ranked in the last 2% among the peers of major cooperation institutions, and the retracement was also greater than that of his peers.

according to his analysis, there are three main lessons this year: first, he relaxed his vigilance in thinking and did not pay enough attention and vigilance to the risks at home and abroad in 222; Second, we don't know enough about the difficulty of large-scale asset allocation, and the large-scale asset allocation strategies are very diverse, and each strategy is also required to be higher, which reduces the probability of success; Third, there is insufficient understanding of the balance between risk and return. In the face of extreme shocks, the risk awareness of net worth controlled withdrawal is not enough.

Zhang Yongjun, chief investment officer of Dunhe Asset Management, is even more blunt: "222 is the most painful year for me to bring investors, and it is also the most painful year for me to make my own investment. However, it may also be my fastest growing year. "

He reflected that the losses mainly occurred in the first quarter, mainly due to shorting ferrous metals in long stocks. In the second quarter, the positions of equity products were reduced, which missed the staged rebound of the stock market. In addition, the "bargain hunting" of Hong Kong stocks in advance also brought many losses.

To sum up the lessons of this year, Zhang Yongjun said that on the one hand, asset management products have higher requirements for controlling withdrawal. Once the net value approaches the warning line and stop loss line, investment will be very passive, and even some investment actions will be "deformed"; On the other hand, investment should not be excessively concentrated or dispersed. From the perspective of fund managers, investment must be concentrated and focused on the most advantageous projects, but the sources of product income should be diversified. In addition, the investment industry often does not make money, only a few times it makes money, so it needs to find a paradigm to help it find opportunities with asymmetric risks and returns.

Invest 1 billion yuan of self-owned funds to buy the company's products

For the investment in 223, Shi Jianjun sincerely stated that the focus should be on repairing the net value of products. First, different position management and investment strategies should be adopted for different products. Second, increase investment in R&D, consolidate, improve and innovate the product strategy system. On the stock side, we should develop the stock neutral strategy index, strengthen the long-short strategy of strategic stocks, increase the research on the allocation of different industry styles, and strengthen the rating and position management of the stock market; In terms of commodity strategy, continue to improve the vertical strategy system of all commodities; In the aspect of macro-strategy, the research on fixed income arbitrage, commodity macro-strategy and stock macro-strategy should be intensified. The third is to strengthen risk control, strengthen the rating of various assets, do a good job in allocation, and do a good job in risk budget implementation. Fourth, strengthen organization and coordination, completely change the current organizational form of managing products according to departments, concentrate the resources of the whole company to serve the main products, especially in strategy development, break the concept of departments, set up professional teams, and focus on a certain type of strategy. The fifth is to further strengthen communication with customers.

Shi Jianjun revealed that about 1 billion yuan of the company's own funds have been used to buy a number of company products. In addition, for private equity funds managed by Dunhe and asset management products as investment consultants, the management fee and fixed investment fee will be reduced by 6% when the unit net value is lower than that of 1 yuan, that is, 4% will be charged.