Why can't foreign stock gods beat the China stock market?

In the past 20 years, foreigners have earned an annual return of less than 1.5% on China stocks, which is equivalent to one third of US Treasury bonds. Many of them failed for this. They had hoped to share the benefits of China's economic rise through the stock market, but where did the growing GDP go? In the four years after 2009, investors suffered more losses in China stock market than any other country in the world. Hong Hao, managing director and chief strategist of the International Research Department of Bank of Communications, said that the "Beijing knowledge" praised by some western observers as a substitute for the market economy is actually false. 1, European stock god beats China: ignorant of politics, mismatched private enterprises are called European stock gods, and Anthony, the most famous fund manager in Britain? 6? Anthony bolton of 1 announced on June 24th that he would no longer be in charge of Fidelity China Special Situation Fund, and admitted that it was more difficult than he expected to make money in China. 20 10 April, Anthony? 6? 1 Burton once told the investing public that investing in China would be the most exciting chapter in his life. Fidelity even promoted the fund to British individual investors, who put in a lot of advertisements and paid a lot of commissions to financial advisers. Patrick of Chase de Vere, a consulting firm? 6? Patrick Connolly (1) pointed out: "In the past three years, China's fund industry performed the worst." China's equity fund lost 0.6%, while the UK's equity fund gained about 40%. During Burton's 28 years at the helm, the average annual rate of return of British special circumstances funds was 6 percentage points higher than that of the market. But Burton's attempt to enter the China market has been a failure so far. Since the issuance of China Special Situation Fund on 20 10, its net value has fallen by 1 1%. Burton said: "In order to benefit from the new policy of the China administration, the best investment targets are private enterprises, not state-owned enterprises. I have always liked to invest in small and medium-sized companies, and I think their pricing is biased. State-owned enterprises do not aim at maximizing shareholder returns. Compared with private enterprises, state-owned enterprises are less risky, but I don't think state-owned enterprises will be the stars in the market in the next few years. " However, judging from the actual situation in China in recent years, China's economy has been kidnapped by "GDP doctrine", and its high growth depends on excessive investment in fixed assets, so economic development has not really benefited people's livelihood. Such a big environment is by no means a paradise for SMEs. In this context, the pursuit of the growth of small and medium-sized enterprises is obviously divorced from reality. 2. Asia Buffett Xie Qinghai "Frustrated A-share market According to the latest statistics of private placement network, Xie Qinghai, chairman of Huili Fund, who enjoys the reputation of" Asia Buffett ",also suffered heavy losses in the A-share market after Anthony Burton defeated China. Ping An Trust's two sunshine private equity products, with the Hong Kong Credit Suisse Fund as the investment consultant, have lost more than 20% in the past two years, greatly underperforming the industry average income in the same period. Ping An Trust-Huili Value Phase I and Phase II Sunshine Private Equity Products disclosed their net values in May and August of 201year, with initial net values of 8 1.39 and 82.47 respectively (note: it was not just established at the time of publication), but as of July 20, 20031year. That is, the performance of the above products is lower than the average level 10%! The fund managers of these two sunshine private equity products are Xie Qinghai, the chairman and co-chief investment director of the famous Huili Fund. 3. The ups and downs of Bear Stearns in China stock market have tortured investors for at least 20 years. Merrill Lynch and Bear Stearns were the first American securities companies to open offices in Shanghai in 1993. In February of that year, the Shanghai Composite Index hit a record high. James Cayne, CEO of Bear Stearns, kept a light sports car made by Hector China Motorcycle Co. in his office as a souvenir to help the company go public in new york. By199465438+February, the share prices of Shanghai Composite Index and Yichu both fell by about half. Wellian Wiranto, an investment strategist at Barclays Wealth Management, said in a telephone interview in Singapore on July 25th that China stocks are not suitable for cowards. 4. China stock market is like a dead animal Oppenheimer &; On July 23rd, Carter Voss, chief market technical analyst of new york Company, said in a telephone interview that the China stock market was like a dead animal. On August 4th, 2009, when the Shanghai Composite Index peaked, he predicted the end of the China stock market rally. Voss said that although the Shanghai Composite Index has less room to fall than it did four years ago, it is unlikely to rise. China's bear market wiped out huge wealth, but according to data compiled by Bloomberg, during the US stock market crash, the Dow Jones Industrial Average fell by 89% from the high of 1929 to the low of 1932. Recently, Japan's Nikkei 225 index fell by 63% between 2000 and 2003. The Shanghai Composite Index rose 0.7% on Tuesday, and the cumulative decline this year narrowed to 12%. China stock market is only open to local investors and qualified foreign institutional investors. 20 10 China petroleum, which ranked first in the world market value before March, has fallen by 1 1% this year, and now ranks tenth in the world with a market value of about $233 billion. MSCI Morgan Stanley Capital International China Index 20 13 fell 9.4%. Greece's ASE index has fallen by 4.5% this year and by 64% since August 2009. However, the current total market value of the country's stock market is only $59 billion.