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数据显示,6月15日到7月31日,私募基金平均回撤了21.08%,而少数派投资旗下股票型产品反而逆势盈利38%。令人瞩目的业绩自然与投资理念密不可分,对此,少数派投资总经理周良表示,一个聪敏的投资者不仅要尽量避免市场情绪的影响,还要利用市场的情绪化反应配置自己的投资。对于后市,他认为下半年A股市场更适合选股型投资者,新三板则迎来布局时机。
投资要做“少数派”
中国证券报记者了解到,周良有20多年的证券投研经历,先后在申万研究、理柏和浙商资管工作,2013年创立了少数派投资。在这次市场震荡中,周良管理的产品净值反而创出新高。对此,他认为,中国的股票市场是极其情绪化的,充满了羊群效应,狂热的时候会涨过头;悲观的时候会跌过头。聪敏的投资者不仅要尽量避免市场情绪的影响,还要利用市场的情绪化反应配置自己的投资。了解大多数人的想法,坚持自己的独立思考。
他透露,在上半年市场一片沸腾的时候,他的操作非常谨慎,不仅主动回避高估值的小票,同时严控仓位。对于新三板,也放弃了很多参与增发的机会,耐心等待更好的投资时机。谨慎和耐心使少数派获得了在市场恐慌的低位,手握大量宝贵现金,从容选股建仓的机会,从而取得了比较好的投资效果。
“股票市场一时赚钱是容易的,要保持长期盈利却不容易,而长期盈利才是股票投资追求的目标。”周良说,经历过今年A股连续的千股跌停,经历过新三板3个月股价腰斩,会对这句话体会更深。他建议投资者,从长期盈利的积累来讲,一定要降低投资的风险,避免盈利大幅回撤的可能。他认为,在市场一片火热,街头巷尾热议股票买卖的时候,是拿着钱退出市场的时候,而不是追加投资的时候。等到股票无人问津,大家都在珍惜生命远离股市的时候,反而是大胆入市最好的时机。
下半年适合选股型投资者
对于A股后市,周良认为,经过前期的下跌,大盘蓝筹的估值目前已经比较合理,中小创的估值水平也有所下降。由于有政策面的强力支持,下半年对于选股型的投资者是比较好的机会。对于个股的选择,由于信息不对称性,研究得越深入,越可能发现别人不知道或者被别人忽视的信息。在掌握了更多信息基础上的投资决策,就会比别人更准确。
至于新三板,他认为,经历了上半年的飙升和腰斩行情 ,估值已经接近去年四季度的水平,与A股存在巨大的估值差距。由于很多新三板公司都已经符合IPO的门槛要求,可以把新三板看成是PRE-IPO的股权投资市场。随着注册制和战略新兴板的推进,下半年是对新三板进行布局的很好时机。
查看原文请点击:少数派投资周良:利用市场的情绪化反应配置投资