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04. will end
The inner logic of monster stock speculation is nothing more than information asymmetry. The abundant liquidity of A shares, the habit of retail investors chasing hot spots and the mismatch between the price limit and the T+1 system form a deformed ecology.
The dealer Luliang uses the identity advantages of listed companies, public opinion media, and speculative funds to form an information gap between the true and false of information. In the case of Hangxiao Angola, company executives used inside information to build faster. The information advantage of retail investors; in the era of group demon dance, institutions and hot money use their own large amount of funds, get better information services, and form an information advantage between the depth of research.
Information gap is the basis of the existence of the securities market, if a strong effective market exists. Trading will only happen when information changes, and obviously we are faced with a more dynamic capital market. Everyone has to judge the true and false of each message and the impact on the market, thus forming the basis for the transaction. But if someone uses a special market identity and gains an information advantage in an unfair situation, it is cheating.
With the entry of foreign capital, the valuation system and market environment of A-shares are increasingly moving closer to mature markets, and the stock market hype is losing its survival soil. Instead of chasing this end-of-life speculation model, it is better to focus on how to build a stable asset allocation model. After all, the Chinese nation’s ethnic and national transport is the ultimate source of our investment in Alpha.