Chapter 306 [The faucet fell, and the mud and sand were all down]
After the market opened, Jia Changliang glanced at the information on his account, immediately closed his eyes and quickly turned his head away. His heart was bleeding after he saw it. He had lost money to the point of vomiting blood today.
The whole person fell back and collapsed on the chair, his whole body was weak and his consciousness was blurred.
I don't even recognize him anymore.
The market value of the position before the market was 3.08 million yuan, but after the market opened, there was only a market value of 650,000 yuan.
With a click, 2.422 million yuan was gone!
And the bald yin that came out today means that it has not fallen completely yet, and it will collapse tomorrow. At least there is still at least one inertial killing kinetic energy that has not been released.
I regret it! I regret it to the point where I beat my thighs to pieces!
It hurts so much! It hurts so much that my heart is aching!
If you had stopped in the first place, why would you have done this?
In fact, Jia Changliang did not lose money. This time he entered the market again with a principal of 200,000. Last week, he was supposed to buy more than 4 million, but accidentally missed 1 million and did not buy it.
At least the money was saved, it was real money.
But even if Jia Changliang earns 1 million now, he doesn't feel any joy, because he is thinking about the fact that he clearly has more than 4 million, and has been psychologically anchored at more than 4 million, so he believes that he has suffered a huge loss of more than 3 million.
It won't make me happy, but will make me more miserable.
It really confirms the saying: when you are satisfied with your eyes and suffer from greed, you will sink into hell again.
At this moment, the comment section of Tiansheng Convertible Bonds is also extremely popular.
"The guillotine, this negative thread, is really a masterstroke!"
"It fell -78.64% in one day? My friends and I were so shocked that the melons fell to the ground."
"What kind of falling method is this? Blind Jiba's falling method in ancient times?"
"No, this is the latest method of not admitting defeat..."
"Are the people inside okay?"
"The group has been destroyed!"
"Look at this big penis, it looks like Lao Gao's grave with grass... [Funny]"
"I know how it went up and how it will eventually come down, but I never dreamed that it would come down like this. For less than 400 million, nearly 80 points were lost. This..."
"There is no volume today, the selling pressure has not been released yet, and the collapse will continue tomorrow, it is not over yet!"
"The spiritual debt is dead. If something happens, the paper will be burned. The spiritual debt will be reincarnated!"
"Tian Sheng Convertible Bonds: Wait until I come out and chop you all to death!"
"They've all been killed, there's no one left alive, no one survived!"
"The pig-killing plate is not so cruel. It's really a long time to see!"
“After seeing this negative line, I realized that the stock ETF would only fall to the limit, and suddenly I felt that the price was still good... [face covering].”
…
Today, the market continued to collapse for the third day. The Shanghai Stock Index fell below the 3,100-point integer mark and plunged -2.79% after the market closed at 3,072.27 points.
The brokerage sector has experienced three consecutive days of lower limits, and the stock market crash-like three consecutive lower limits in August 2015 has once again reappeared.
Basically, everyone knows that the index has gone bad. The high point of 3587 will be a high point to look up to. The next market outlook will either fluctuate sideways or continue to fall. It is impossible to rise. Even if it rises, it will only be a technical rebound.
The holding plate above was too heavy and no one dared to touch it. All kinds of comments came after the market, most of which were afterthoughts.
"There is no doubt that this plunge is a flash crash of blue-chip heavyweight stocks represented by the 50 constituent stocks of the Shanghai Stock Exchange. The heavyweight stocks were speculated too high, and retail investors did not accept the order, because Quan Tama has been trapped by 3587 points. How can they take it? No.
The money was accepted!”
"This week's flash crash was caused by institutions that couldn't bear it and chose to flee, triggering a stampede and eventually leading to a stock market crash in the past three days."
"I said last year when Maotai skyrocketed that the price above 50 has always been a time bomb. Retail investors are used to speculating in concept stocks, small and medium-sized enterprises, and have no interest in big blue chips themselves. You can go back and take a look at what was preached a while ago."
"Bigness is beauty, core assets, how do you fool everyone into buying blue chips?"
"Most of the funds in blue-chip heavyweight stocks come from institutions. A group of sub-fund managers use the money of the people to speculate higher and higher, and no one comes to take over. There will always be funds that cannot withstand the money and want to cash out, and then there are those who want to cash out first.
He was walking. When other agencies saw that he had run away, let me run too, and then there would be panic, stampede, and collapse of blood!"
"Don't think that institutions are guaranteed to make profits without losing money. In fact, those fund managers are also having a hard time. Unlike hot money or retail investors, they have small funds and can't just pull up and get away. Institutional funds are large and can easily reach billions or even more.
Tens of billions, if we have to retreat in batches, it is difficult to avoid the fate of killing many."
"Obviously, the leader of this wave of group holdings is Tiansheng Holdings. If the leader falls, all the mud and sand will fall, causing thousands of stocks to fall to the limit and hundreds of stocks to crash. Some people even imagine that the GEM will be the next newcomer to take over. Stop dreaming. The valuation of small and medium-sized enterprises
They haven’t been killed yet.”
"Now that we have hit the three-digit limit, there is still no sign of stopping the decline. It will continue to fall tomorrow. Let's wait and see if the index breaks through the 3,000-point integer tomorrow!"
…
Thursday, February 8, Tiansheng Capital Headquarters, morning meeting.
In the conference room, Li Mingyang looked at Lu Ming and said: "Mr. Lu, Tiansheng Value Growth Hybrid Fund is facing huge redemption pressure today. I am afraid that the cash on the book is not enough, and the stock assets cannot be sold now."
Because of the concerted action agreement, and because Tiansheng Value Growth Hybrid Fund is a representative of blue-chip heavyweight stocks such as "Haitian An's Mao Wulu", it only announced the reduction of holdings last week, and will not be able to sell it until 15 trading days
, the specified date has not yet arrived.
And the fund is full of positions, leaving only 5% of the position in cash assets, which is difficult to cope with the current redemption pressure.
The market has crashed recently, and the stocks that have fallen are the constituent stocks led by "Haitian Anshi Mao Wulu". The retracement of Tiansheng Value Growth Hybrid Fund during this period is also very large, with a retracement of -22.69% from the highest point.
, the income this year has fallen below.
During this period of time, during the flash crash of blue-chip heavyweight stocks, Tiansheng Value Growth Hybrid Fund suffered the decline along with the market.
But having said that, none of the investors actually lost their principal, because they had enough profits to cover the bottom, so it was just a profit retracement.
Even now, the investors who have made the least profit still have a profit of +28%. The reason is that the fund has suspended external subscriptions during the second acceleration stage of this wave of market conditions, and those who want to chase the rise have no chance to chase the rise.
However, most Christians have an anchor price in their minds. Those who retreat from the high point think that they have actually lost money. In addition, the decline during this period has been too severe, and the news on the Internet said that it will continue to plummet. It says
The good ones took three, five, or even ten years to buy, and the fundamentals couldn't bear it anymore. They wanted to protect their profits in advance, so they began to redeem them on a large scale.
Tiansheng Value Growth Hybrid Fund has suspended subscriptions so far, but redemptions have always been open, and investors can leave at any time if they want.
Lu Ming turned to look at Li Mingyang and asked: "How big is the redemption pressure expected to be?"
Li Mingyang immediately replied: "About 45 billion!"
so much?
The other attendees were all surprised.
Tiansheng Value Growth Hybrid Fund is still facing such huge redemption pressure, and other public funds participating in this group market will definitely not be much better, or even worse.
The accelerating rush to the top of the market in January was actually driven by the large influx of irrational Christian Democrats as the main force.
The citizens are crazy about adding positions, and other public fund managers are not as courageous as Tiansheng Value Growth Hybrid Fund to close the door and refuse customers. In the final analysis, they are unwilling to bear the management fee.
For fund companies, the income is guaranteed regardless of drought or flood, and they dare to accept as much as they come. The more the fund companies buy, the more management fees they charge.
But after receiving these funds, they must all be used out. Otherwise, the net worth will not increase and the performance will not be good. These investors who came in will definitely leave in the end, and they will not receive management fees.
In desperation, fund managers had no choice but to chase up blue-chip heavyweight stocks, push up their stock prices, and generate profits to satisfy the public, make money for fund companies, and benefit everyone.
Don’t those fund managers know that there are risks in doing this? Of course they know, but they still turn a blind eye, which is just a bullish top!
The biggest reason why they dare to be so bold is that the loss will be the money of the Christians anyway. At worst, they will be scolded, but they will not be fined. At least they will earn the subscription fee and redemption fee.
So there is no reason for fund managers not to support it.
Now that the market has collapsed, the fund managers can't bear it anymore and start to cut their flesh. Fund managers are forced to sell constituent stocks to cope with redemption pressure. Once the constituent stocks are sold, the stock price plummets, and the net value of the fund plummets, prompting the fund managers to further sell the fund. A vicious cycle eventually triggers the market
Continuous flash crashes, the group just collapsed.
At the meeting, Lu Ming thought for a moment and then looked at Su Xiaoman and ordered: "The company will use 50 billion, no, 100 billion liquidity to purchase the Tiansheng Value Growth Hybrid Fund to cope with the redemption pressure and control the drawdown. Today I
Come and take control.”
This is equivalent to the company spending its own money to buy its own fund. If the fund has more cash on its books, it does not need to sell stocks to cash out to cope with the redemption pressure. It can just withdraw the company's funds after this wave has passed.
Tiansheng Capital now actually has trillions of liquid cash at its disposal. Of course, the company's own liquid cash is only about 200 billion, and most of it is funds belonging to its LP institutions.
But it doesn't matter, the control rights of the money now belong to Tiansheng Capital, which means that Lu Ming can go wherever he wants the money to go.
The main purpose of bringing in an extra 50 billion yuan is to control the drawdown, and use the funds for short-term arbitrage operations to control the fund's drawdown within 25%.
Lu Ming added: "In addition, fund subscriptions are open, and the upper limit is raised to 50,000 yuan per day. If someone dares to come in and buy the bottom, the new subscription funds will be used to hedge the company's 100 billion temporary commitment funds."
For example, if a new investor buys 100 million yuan, the company will temporarily take over 100 million yuan to offset the funds. The original 100 billion temporary investment funds can be reduced to 99.9 billion, and so on. The amount of funds purchased by the company will be hedged.
How much, the upper limit is until 100 billion is reached.
