Investing Is Like Long-Distance Running. Don'T Care Too Much About Short-Term Net Worth Ups And Downs.

After the early surge of stock market, the risk preference of investors will also decrease. Equity investment should also be adjusted accordingly, and the investment strategy should be reformulated for product characteristics.

The turning point of global liquidity has arrived.

Liquidity inflection point will come, but it will be relatively relaxed.

Under such circumstances, the bond market is facing adjustment pressure, but there are still opportunities in the medium term.

Under the background of the current shortage of assets, what is missing is good assets, and no shortage of "Black Swans".

Su Yuping believes that the risk adjusted income is low, and the debt side is high. If we bear too high risk, we can gain a certain excess return. Once the "black swan" appears, the losses it will bring are extraordinarily heavy.

"The market is changing forever. We must keep awe and constantly update our knowledge structure to keep up with the market.

Investing is like long-distance running. Don't care too much about short-term net worth ups and downs.

Speaking of working experience for more than 20 years, Su Yuping, manager of Huaan fund fund, told reporters.

Su Yuping has won the award of the best fund manager for the three - year two level debt in the third China fund industry awards.

It is worth mentioning that Su Yuping has been on the list of Yinghua awards for two consecutive years.

"I am a risk averse investor.

My performance may not be very good. "

Su Yuping said frankly.

The more "old drivers" in the market, the more important they are to control risks.

At the beginning of the year, frequent credit default incidents occurred, and Su Yuping avoided all. She attributed it to her luck.

In the source of earnings earned by Su Yuping, there is almost no sort of rating sinking securities.

Su Yuping likened this operation dilemma to parachute jumping. Strict wind control is like the parachute on his back. "Jumping down with his eyes closed, it must be the fastest landing, but the premise is not to fall."

If you open the parachute, the probability will not fall, but it is much lower than the direct jump efficiency.

This situation will continue for some time. "

Su Yuping also classified himself as the kind of parachute carrying out the pursuit of adequate security and risk control when choosing a credit obligation.

In the current market environment, Su Yuping believes that although the two approaches are different in risk taking, there is not much difference in earnings.

Su Yuping, a professional student of money and banking, has an experience as an investment department manager in an insurance company. This makes her better at top-down configuration. When the market comes, he gains excess returns through large asset allocation, and defends ahead of time when the risk comes.

Su Yuping said that the external market, since 7 and August this year, Europe and the United States, Japan and other bond market yields have shown signs of uplink, the central bank's monetary easing movement seems to have converged; because the United States to raise interest rates are expected, Asian currencies have also recently depreciated in different ways.

From the domestic point of view, after the real estate regulation of the central bank, monetary policy also has a marginal tightening trend.

Therefore, Chinese and foreign factors are superimposed together and signs of adjustment appear in the bond market, and pactions are not very active.

Su Yuping believes that the global central bank is also aware of the sequelae of over relaxation of liquidity, with a warning, liquidity has tightened trend.

Looking from the outside, there is some truth in the turning point of liquidity, but there are also some restrictions. At present, the global economy is not improving. The rate of interest increase in the United States is longer or longer than expected.

Liquidity inflection point will come, but will not suddenly appear, will be relatively relaxed.

In addition, China's monetary policy will not be too loose or tend to be tight by external market risk factors.

In the short term, there will be some pressure on liquidity, but in the medium to long term, the inflection point will last longer because the economy is still at the bottom.

In Su Yuping's view,

After the bull market in 2014 and 2015, there was a wave of adjustment in the first half of this year because of the release of credit risk, but the latter trend is still strong.

At present, the whole asset pricing and asset allocation of large categories are affected by the excessively loose liquidity of the Central Bank of the world, and there is a malfunction.

"There is some adjustment pressure in the bond market, but there is still opportunity in the medium term. After all, there is still a relatively definite return on the bonds in the uncertain market."

Su Yuping judged.

According to reports, since 2015, the number of funds managed by Su Yuping has reached 6, taking into account the pure debt fund, the two class debt base and the new fund.

As a versatile fund manager, Su Yuping has a unique understanding of the bond market and stock market.

In her view, the fourth quarter income is relatively limited.

Specifically, the bond market is more differentiated, which can exceed the long term interest rate debt; the equity market can focus on some thematic opportunities while controlling risks and flexibly adjusting the positions.

Su Yuping believes that the bond market has to deal with many uncertain factors, relatively differentiated, but the risk is still controllable.

In the configuration, Su Yuping is mainly based on the credit rating of the middle and high grade, and at the same time, he has over long term interest rate debt.

The adjustment of real estate or the benefit of the bond market, she analyzed, the poorer the economic fundamentals, the higher the value of bonds. As a major engine of the economy, real estate is being suppressed, the economy is further weakened, and the equity market is thus affected, and the bond market is regarded as a blessing in disguise.

For the first half of the credit market, Su Yuping expressed a relatively optimistic view that the future credit debt risk will be eased.

Since the beginning of the year, the credit default incidents have made the market panic and even difficult to issue new bonds. But then, from the risk information disclosure of securities firms to the Rating firm's rating adjustment, various institutions and links have been patched up.

"After the break, we need a professional response process. As long as we are professional and standardized before, after and after, we can minimize the risk."

She said.

In terms of equity market,

The fourth quarter PPP, state-owned enterprises reform and the pharmaceutical industry have certain opportunities.

"Stocks with performance and valuations are still scarce."

She said.

Since 2015, the number of funds managed by Su Yuping has reached 6, taking into account the pure debt fund, the two class debt base and the new fund.

In her view, the fourth quarter income is relatively limited.

Specifically, the bond market is more differentiated, which can exceed the long term interest rate debt; the equity market can focus on some thematic opportunities while controlling risks and flexibly adjusting the positions.