Graham writes in The Smart Investor, "One stroke of good fortune, or a super-wise decision, may be more important than a lifetime of hard work." But who can tell the difference between the two?"It has always been difficult to build an "evergreen" in the investment world, and it is precisely because of this that Warren Buffett, who has an annualized rate of return of only 20% and does not look amazing, can become a god because of the evergreen foundation. 20% in a certain year is so easy, stepping on the tuyere on the pig can do;But don't say it's ten years, it's ruthless to be able to keep it for ten years.
Liu Gexiang, the star manager of GF**, was also a ruthless person, especially in 2019, he won the top three public offering partial stock ** returns, and the GF Shuangqing, GF Innovation and Upgrading, and GF Diversified Emerging Returns managed under his name exceeded 100%. At that time, it is difficult to say whether Liu Gexiang stepped on the tuyere, but at present, Liu Gexiang is managing some of the best, and the performance is quite bleak.
Let's just say that Liu Gexiang has been in charge of GF Technology Pioneer (008903.) since January 2020of), it's just miserable, the last three years have accumulated **4809%, this year is also a significant **3434%, compared with the performance benchmark for the same period decreased by 871%, an underperformance of 26 percentage points.
Moreover, Lichang Jun found that the increase and decrease of GF Technology Pioneers in heavy stocks stepped on the points very poorly. Looking back at the second quarter of this year, among the top 10 heavy stocks of GF Technology Pioneer, the largest increase in positions was JA Solar Technology (002459SZ), Shengbang shares (300661SZ) and Trina Solar (688599sh), the increase is .24% and 1781%。
But after that, the trend of these three key position objects, two of them were particularly tragic, and in the third quarter, JA Solar Technology ** 3866%, Trina Solar** 2826%, that is, Shengbang shares stabilized, only a small **531%。* Copied in the middle of the mountain, directly pushed the net worth performance of GF Technology Pioneer into the abyss.
Speaking of which, Liu Gexiang is also a well-known figure in the world, has been done in China Post, Rongtong, and Guangfa, and currently has 6 ** in management, with a total scale of nearly 40 billion, of which the largest single product is GF Technology Pioneer, with a net management value of more than 9 billion yuan. Since the beginning of this year, GF Technology Pioneer has ranked 3420 among 3509 similar products, second only to GF Technology Pioneer and GF Industry with a net value of more than 8 billion yuan, and has been ranked 3459 among 3509 similar products, all of which are at the bottom.
Even if it's Waterloo, it's a bit too much to say if you skate for three years in a row, right?Liu Gexiang, a veteran of Guangfa, should reflect on it, and the tuyere is inHow can I step on it again?