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去年,对于普通投资者来说无疑是一场噩梦。上证指数从2808点下跌到2000点上,跌幅为209%多,个股的跌幅更是惨不忍睹。到今日我们或许都无法相信自己的眼睛,2011年指数居然会跌到2100～2200点一线,这也是我们在2011年年初无论如何也预测不到的。但这就是市场,市场只有输和赢,没有什么对与错。对于封基投资者,也是比较惨痛的一年,经历了2011年一季度分红行情的疯狂拉升透支折价率后,2011年后两个月封基开始还债,二级市场价格跌幅远远大于净值跌幅,折价率逐步回升,整个封基板块不仅没有丝毫体现出熊市的抗跌性和防御性,反而暴露出系统性风险来临时的泥沙俱下。
Last year, it was a nightmare for ordinary investors. The Shanghai Composite Index dropped from 2808 points to 2000 points, a decrease of more than 209%, the decline in stocks is even more appalling. We may not be able to believe our eyes today, the index in 2011 actually fell to 2100-2200 point line, which is what we did not predict in any case in early 2011. But this is the market, the market only lose and win, there is no right and wrong. For the base-cap investors, it was also a rather painful year. After experiencing a frenzied overdraft discount rate in the first quarter of 2011, two months after 2011, when the base closure started to pay off debts, the secondary market price decline was far greater than the net value Decline, the gradual rise in the discount rate, the entire base plate not only did not show the slightest resilience and defensive bearish, but revealed the systemic risk of the advent of the Nadu.