Yesterday, a fan commented on my article saying, "Teacher, the stock market has been falling recently, and you are always so optimistic, not affected at all."

I replied, "Only speculators are affected by the stock market trends. The value investment I do is originally considered for the next 10 years, and the recent rise and fall have little to do with me." The vast majority of small and medium investors focus on the "near-term" and "immediate", thinking about "making money as soon as possible."

"Making money as soon as possible" was my philosophy more than 20 years ago. Now I have long abandoned this idea of "making money as soon as possible." Since I have no intention or plan to "make money immediately," I buy according to a 10-year or 20-year plan. I am determined to become rich slowly, so of course, I am not anxious and have a good mindset.

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Therefore, most friends will be anxious and even fearful when they see the current market decline, because this means that their plan to make money within a few months or a year has been shattered. However, I focus on ten or twenty years later, and for me, the current market decline is an opportunity to buy. If I have any anxiety, it is the anxiety that the funds in hand for increasing positions are limited. If there is any fear, it is the fear that the market will rise sharply immediately, and I have not bought enough at a low position.

This is the difference in the position and the perspective of considering problems. From a short-term perspective, the current decline may be a risk. From a long-term perspective, the current decline may be an opportunity. Most people in the market look at the stock market from the perspective of short-term gains and losses, and naturally, they are very averse to the current declining market.

For example, yesterday, Guolian Securities resumed trading after acquiring Minsheng Securities, and the stock price was limited to a daily increase, but other stocks in the sector fell sharply, with Zhejiang Securities hitting the daily limit, and Guosheng Securities, Pacific Securities, and other securities stocks all fell sharply. To be honest, I am not concerned about the daily limit of Guolian Securities. Because, I look at this matter from a long-term perspective.

Only children will be happy and jump for getting a piece of chocolate. Adults care about long-term development such as studies, work, marriage, and promotion. What I pay attention to is whether there is any substantial change in the basic situation of the securities industry. Obviously, the current basic situation of securities has not changed, and it has worsened.

Because with the implementation of the new nine articles, it will inevitably strictly hold securities companies responsible. The impact on the new stock underwriting of securities companies is very large, and the income of securities companies will definitely be affected. The new nine articles are actually bearish news for securities companies in the short and medium term. Of course, the new nine articles will build a high-quality market from a long-term perspective, and it is a major good news for securities companies in the long run.

In recent years, I have always told friends to stay away from securities companies. Securities companies not only have no new changes in the basic situation, but also have serious homogenization competition, and the valuation is too high. Moreover, the securities industry is a typical cyclical industry, and a price-to-earnings ratio of 10 times is not cheap. Why are many securities stocks now more than 30 times the price-to-earnings ratio?

So the decline of the securities sector yesterday is normal. Even if it didn't fall yesterday, it will fall sooner or later. From the long-term basic situation, the securities sector was originally overvalued and full of bubbles. Many things in the world are vague when seen up close, but clear when seen from a distance. Just like not recognizing the true face of Lushan, it is only because you are in the mountain.Yesterday, the real estate sector saw a significant surge. Many friends are confused again—should they chase it or not?

In fact, as long as we stand from a distance, we can see clearly. Fundamentally, although the sales of new and second-hand houses have not seen a significant recovery, they have not continued to deteriorate. The fluctuation history of the global real estate industry tells us: the comprehensive improvement of the real estate industry requires at least two years.

That is to say, the current rise in the real estate sector is actually a short-term market game. Although the real estate sector is now in the bottom area of the market, it may still take some time to completely get out of the bottom, because the fundamentals have not really improved. The current market is just speculating on the expectation of the real estate industry building a bottom—rumors that localities directly buy up the inventory of new houses.

If you want to do long-term investment, you can slowly buy in now. If you consider buying now and then immediately expecting the real estate market to have a long bull market, that's really overthinking it.