Talk about the logic of portfolio.

Portfolio is the materialization of everyone's investment strategy. In the eyes of 1000 people, there are 1000 hamlets. The strategy and logic of investment are also thousands of people, reflecting the values and methodology of different people.

There have been many investment methods and strategies in the A-share market. Technical analysis is one of the mainstream methods, and it is still very popular. In addition, high-frequency quantization has become popular in recent years. There are also relatively small people, such as divination, emotional games and reorganization concepts.

There is no good or bad method itself. As long as it suits you and grasps the routines and laws of each method, you can make money. But for most people, the fundamental investment analysis strategy is a general method, and the fundamental investment analysis method is the basis of value investment.

Most Public Offering of Fund in the market choose to conduct investment analysis based on fundamentals. In the past 10 years, the effect of this investment strategy is still very good. The basic income of partial stock funds doubled, far exceeding the Shanghai and Shenzhen 300.

I have nothing to do at home on weekends. I resumed trading and looked at the top 50 bull stocks with annual increase. If the stock has been rising for several years in a row, you can basically find the reasons and reasons for the rise.

However, if a stock only rises for a short time, the reasons for the rise may be conceptual speculation or restructuring besides fundamentals.

The long-term performance of the enterprise is reflected in the financial statements, that is, the income continues to grow and the profit continues to increase. If you have a deeper understanding of the industry, you can find the right company and build the best combination through top-down methods on the basis of fundamental analysis. For example, a relative of our family, who is engaged in catering, found that Haitian's market was getting higher and higher a few years ago and bought shares in Haitian Property. In recent years, the income from stocks is much more than that from opening a hotel. Especially this year, the hotel has business this month, but the income of Haitian this year has exceeded the profit of this relative hotel last year.

These reasons are mainly considered in the construction of my firm portfolios. First, centralized positions, second, orthogonal industries, and third, not chasing hot spots.

The first point is about the position of centralization. Generally speaking, in one of my portfolios, taking the fund portfolio as an example, the number of fund positions will not exceed 10. The principle I decided before was 5-8, but now it is wider, 3-8. If I choose too many, I will have no energy, because every goal takes time to study and analyze. However, if it is too small, it is prone to black swan in the industry, which will affect the income.

The second point is about industry orthogonality. There should not be too much overlap between several industries. In this case, when a black swan appears in one industry, it will not strongly affect other industry sectors. We should not consider several industries with strong dependence at the same time, such as infrastructure and real estate, which are highly coupled.

The third point is about not chasing hot spots There is a very famous index in the index called Shenwan Initiative Index, which is a combination of some targets with the highest turnover rate, and this index basically disappeared in the end. Don't go to crowded places, because the probability of being too hot is often uncertain. At least I don't have the ability.

In the investment industry, the successful experience is basically the same, and the reasons for failure are different.

The A-share market is changing very fast, and the market itself is constantly maturing and evolving in recent years. Only by constantly learning and thinking, and then thinking, can we keep pace with the times. Every portfolio is the embodiment of investors' values. We prefer the bonus of enterprise growth to the zero-sum game. After all, making money together is the happiest thing.