"Investment is a long way. Don't affect your mood for short-term ups and downs. Long term investors should base their stock selection on the long term, look for good businesses and companies in areas where the 'Snow track' is long enough, and finally reap the rose of time." Recently, in an interview with the reporter of Securities Daily, GUI Kai, investment director of growth investment strategy group of Harvest Fund, said.
Recently, the global market has undergone drastic adjustment, and the A-share market has also continued to adjust in the short term. GUI Kai said that in the short term, the global spread of covid-19 pneumonia has increased the downward pressure on the economy, reduced the market risk appetite, and strengthened the expectation of the introduction of loose liquidity and stable economic policies in the market. At present, the overall valuation of A-Shares is relatively low all over the world, the decline space of the index is also relatively limited, and there are rich structural opportunities in the market.
In the medium and long term, GUI Kai is more optimistic about the market. He said that the stock market, whether in terms of valuation or medium - and long-term trends, is becoming more and more attractive in investment, and the asset allocation of residents is gradually inclined to the stock market, which can also be seen from the record high issuance scale of new funds this year. In addition, the institutionalization trend of A-Shares is constantly strengthening, the competition pattern of many industries is also improving, and the market share and competitiveness in the industry are gradually concentrated to leading companies.
GUI Kai told the Securities Daily: "in the process of investment, the first investment is growth. He focuses on whether the company can grow up for a long time, whether it can stand after growing up, and how many business models there are. Finally, it is to find a company that can grow up and last for a long time."
In terms of stock selection logic, GUI Kai pointed out that on the one hand, we should take into account the length of investment, Look for short-term positive changes on the basis of long-term optimism: "Some very high-quality companies in the long run have short-term benefits, but the long-term space is very attractive. They are strategic assets. However, enterprises with good business models and great growth potential are scarce after all, and they are more phased investment opportunities. In investment, we need to combine strategic assets and tactical assets, taking into account both the long and the short."
(Securities Daily)
