Italian assets fell before the risk of investment insurance is not successful escape-lm3886

Italian assets before the crash risk insurance is not successful escape the top: investing in the stock market crash before the successful escape / reporter Lu Xiaoping "last year from 6 to July, the stock market, the stock limit Chinese thousand thousand shares suspended phenomenon, liquidity has almost dried up, the stock market crisis is rare". This is the description of the stock market crash last year by Xiao Gang, chairman of csrc. However, there are people with precise anticipation, clearing in the stock market before the successful escape. In the interview, the reporter learned that Zhen Qingzhe and her Italian asset investment team did exactly that. Shanghai Securities Journal: the stock market crashed in 6 and July last year, did you slip away? Zhen Qingzhe: hide away. We started from the stock index 4500 points, began to lighten up. Before the crash comes, it clears up. Clearing means that the allocation of stock assets is lower than the standard configuration, close to the lower limit of allocation. As an insurance fund for cross asset allocation, the board has set a lower limit for equity allocation. Our positions are close to the lower limit, not 0. Shanghai Securities News: what was based on the judgment, why can successfully escape? Zhen Qingzhe: I don’t care about the direct operation, because each level has the scope of investment authorization. The board of directors of the company to the Asset Management Co’s stock and stock funds accounted for to set an upper limit, because the market is good, broke through the ceiling, reports almost every day we have to write the break through the ceiling. By the end of 4500, I panicked, ran into the trading room every day, and asked how the market was. Our supervisor was very experienced. He used to trade when he was a securities company. In fact, from the stock index of 4100 points, I began to uneasy. At 4500 above, it was unstable. And then I started asking all sorts of questions. What would happen if the market started to fall? The team says that once the market signals are sold, they will immediately tell me. I said, when you have such a high position, when can you get out? They say the signal comes out and it starts to withdraw. So I started collecting all the reverse signals from the market, and there was no selling signal. Shanghai Securities News: there is no signal in the market, why did it withdraw? Zhen Qingzhe: I certainly wouldn’t give up persuading them to leave. I asked them, a company meeting, the fire came, sitting at the door run fastest, the highest safety factor, who are you sitting at the door? Although it is difficult to judge from the investment perspective to make the decision to lighten up, we are starting from the investment of insurance funds, whether a sell signal has not come out, to lighten up, the cumulative increase from high stock began to decrease, escaped. Generally speaking, I don’t care about the scope of the investment manager’s authority. But this time, because the market is going up this way, it doesn’t conform to the normal logic. Once it falls, the situation will be very severe. Shanghai Securities Journal: insurance investment should be more rational. Zhen Qingzhe: I always adhere to the idea of insurance investment, that is, insurance investment is not a risk investment. At that time, the market rebounded to 4800 points, our investment manager did a good job, all of a sudden at the end of the day dropped 4 percentage points. But when theory

中意资产大跌前成功逃顶:保险不是承担风险投资   股市大跌前成功逃顶   ⊙记者 卢晓平   “去年6至7月,中国股市出现千股跌停、千股停牌的现象,流动性几近枯竭,股市运行危机状况实属罕见”。这是中国证监会主席肖刚对于去年股市大跌的场景描述。   然而,总归有人能凭借着精准的预判,在股市暴跌前出清,成功逃顶。记者在采访中得知,甄庆哲和她的中意资产投资团队正是这样做的。   上海证券报:去年6、7月份股市大跌,你们躲过去了吗?   甄庆哲:躲过去了。   我们从沪指4500点开始,就开始了减仓。在大跌到来前,全部出清。出清意味着股票类资产的配置低于标准配置,接近配置下限。作为跨资产类别进行配置的保险资金,董事会对权益配置设置了下限,我们仓位只能接近下限,而不能降低为0。   上海证券报:当时基于什么判断,为什么能成功逃顶?   甄庆哲:我不管直接操作,因为每个层面都有投资授权范围。公司董事会给资产管理公司的股票加股票型基金占比设定了上限,由于市场好,突破了上限,我们几乎天天都要写突破上限的自检报告。   等上了4500点,我觉得恐慌,天天往交易室跑,询问交易主管市场如何了。我们的主管非常有经验,原来在证券公司的时候,就一直从事交易。   其实,从股指上了4100点,我就开始不安了。到了4500点上方,更是坐不稳了。然后我就开始做各种询问,如果市场开始下跌,会怎样?团队说一旦市场出现卖出信号,会立刻告诉我。   我说你们这么高的仓位,什么时候能撤的出来呀?他们说信号出来就开始撤。于是,我就开始收集所有的市场反向信号,确实没有出现卖出信号。   上海证券报:市场没信号,为什么就撤了呢?   甄庆哲:我当然不放弃劝说他们离场。我问他们,一个公司开会,火灾来了,坐在门口跑得最快安全系数最高,你们谁坐在门口了?   尽管难以从投资判断角度做出减仓的决定,我们仍然从保险资金的投资目标出发,不管卖出信号有没有出来,都先减仓,从累计涨幅高的股票开始减,逃过一劫。   一般来讲,投资经理权限范围内的我不管。但这次不同,因为市场这样上涨,太不符合正常逻辑了,一旦下跌,形势将非常严峻。   上海证券报:保险投资要更理性。   甄庆哲:我一直坚持保险投资的理念,即保险投资不是去承担风险的投资。   当时市场有一次反弹到4800点,我们的投资经理做得不错,一下子全部一天就降了4个百分点。但当证金公司出手前夜,我当时和投资总监在太原出差。有投资经理马上连线对话,说政府肯定出大招(他判断很准确),打算加仓抢反弹,我们商量了说不行,现在市场风险没有释放完。对于保险资金,现在已经赚够了。   必须在关键的时候,坚持底线思维不放松。   上海证券报:得回归到保险资金投资目的本身。   甄庆哲:因为保险投资的目的是覆盖负债,并给公司创造一定的长期盈利。如果说一个固定收益的十年期品种方面有特别好的投资机会,我一定会冲进去,但股票不属于这样的投资品种。   保险分红产品的分成一般是三七开,大部分盈利给了投保人,能给公司留下利润很少。保险投资天性就是不去冒险,而是去满足自身负债的要求。   早在1862年,英国经济学家贝利就提出了寿险业投资的五大原则,将保险投资的安全性放在首位。理论界一般认为保险投资有三大原则,即安全性、收益性和流动性,安全性始终在最重要的位置。   保险投资必须小心谨慎,不忘初心。 进入【新浪财经股吧】讨论相关的主题文章: