The death of "China's first shareholder" Yang Wanyi has made the era of retail investors' blood boiling become a masterpiece

The era of Yang Baiwan that made retail investors excited is gone forever. Its story is legendary under the background of the times. However, a shares are not what they used to be. Institutions have dominated the market of a shares, and mainstream funds have more and more voice. While the majority of retail investors are gradually withdrawing from the market, and a large number of stocks with poor liquidity and low turnover are emerging.

"I'm not Yang million. I'll make money if I buy it." In 1994, the line, which was made in a film called "the stock market madness", reveals the position of Yang Huaiding, the first shareholder in China, in the stock market.

Born in 1950, Yang Huaiding resigned to the sea in 1988, and gained the first barrel of gold through treasury bill trading. In that year, he quickly processed it and completed a million wealth accumulation, thus he was named "Yang million". In 2013, it said it had accumulated 20 million yuan of wealth in the stock market. On June 13, 2021, Yang Huaiding died in the early morning at the age of 71, according to oriental.com.

After the nickname of "Yang million" was famous, Yang Huaiding, by virtue of his investment in the stock market, became a landmark "retail investor" in the history of China's securities development. His story was also reported overseas by the media such as time magazine; In 1998, Yang Huaiding was named "the top 20 years figure of China's reform and opening up" by CCTV; In 2000, Yang Huaiding, as a junior high school graduate, went to the platform of Peking University to teach postgraduates and MBA students the idea and practice of securities market.

In addition, Yang Huaiding has left many famous words and sentences for thousands of shareholders, such as "stock market should have ordinary heart, contentment can always be happy, can not be too greedy", "stock market does not earn more than who, but who lives longer, more elegant" and so on. However, there are still many shareholders can not help "Yang million in, Yang Bailao out" embarrassing loss.

In the view of industry insiders, the era of Yang million's making retail investors excited is gone forever. Its story is legendary under the background of the times. However, A-shares are not what they used to be. Institutions have dominated the A-share market. Mainstream funds have more and more voice. Retail investors are withdrawing from the market step by step. Stocks with poor liquidity and low turnover are emerging in large numbers.

Yang Huaiding borrowed "sell Treasury bills" to incarnate Yang million

In fact, Yang Huaiding is not Yang million's original name, his original name is Yang Huaixin.

Yang Huaixin was born in Zhenjiang, Jiangsu Province in 1950. After graduating from junior high school, he worked as a worker in Shanghai ferroalloy factory, and later as a warehouse keeper.

In 1988, more than a ton of copper was stolen from the Shanghai ferroalloy factory. Yang Huaixin, who was in charge of the warehouse, was suspected of stealing from himself and was once asked by the police to talk to him. Although the follow-up investigation shows that Yang Huaixin is not responsible for the theft, Yang Huaixin's mentality has changed.

He once revealed in an interview that he resigned with shame and indignation“ You planted me like this, and you said that in order to be responsible for me, if the thief is not caught, I will carry the black pot all my life? "

After going out from the gate of the factory, Yang Huaixin calculated that he must do something that people respect and can no longer be looked down upon. So he changed his name to Yang Huaiding, meaning "change his destiny, change himself, set his hope for reform and opening up", and began to try to find the way to get rich from the newspaper.

"I ordered 73 newspapers at that time, and on April 21, I saw the central government's decision to open the Treasury trading market on April 21 in the Liberation Daily in Shanghai." According to his own calculation, the bank interest rate was 5.21 percent, and the interest on national debt was 10 percent more than that of the bank. Based on his 20000 yuan deposit, the interest difference could be 2000 yuan more per year. According to his 51 yuan monthly salary, it took more than three years to earn the interest margin.

In the 1980s, 20000 yuan was a huge sum of money. By contrast, the per capita disposable income of urban residents in 1988 was only 1181.4 yuan. However, there are different opinions on the source of the fund. Some reports say that Yang Huaiding works in the ferroalloy factory and has obtained the sales business of a township enterprise.

On the day of opening up the trading of national debt, Yang Huaiding was not only the one who saw its high yield, but also the public poured in to buy, which also led to the decline of the yield of national debt and the price rise“ In the afternoon, the purchase price changed to 112 yuan. I sold it to him for 20000 yuan, and I earned 800 yuan a day. Then I earned a year's salary a day. "

After earning the first barrel of gold by using treasury bonds, Yang Huaiding soon found that there was a price difference in the national treasury bonds in pilot Treasury trading cities.

According to Yang Huaiding, the state-owned Treasury bills were classified at that time. When I read the party newspapers in Shanghai Library, we found that the opening price of the Treasury bills in Hefei, Anhui Province, was 94 yuan and the closing price was 98 yuan. Then he rushed to Hefei overnight, and a principal of 20000 Yuan back and forth became 22000 yuan.

Data show that at that time, the state chose 7 cities as the pilot cities for treasury bills. However, due to the different economic development degree among cities, banks in some pilot cities would sell Treasury bills at a price lower than the par value (100 yuan), which led to arbitrage space between different cities.

In the view of the industry, Yang Huaiding took advantage of the opportunity of backward market system at that time. In the case that the state has not established the national Unicom trading market, the difference of price hanging around gives Yang Huaiding and other markets with sensitive smell. However, such investors, Yang Huaiding, also promoted the process of the central bank to establish national network of treasury bond trading information.

At first, Yang Huaiding ran back and forth between Shanghai and Hefei, and made 100000 yuan in two months under the effect of compound interest. With the expansion of pilot cities, Yang Huaiding has a footprint all over the country. Because the price of national debt rises rapidly, people eager to make profits have cashed out, which also makes some banks with insufficient funds to buy national debt with large amount of funds as "salvation".

In less than a year, Yang Huaiding's principal expanded rapidly to over a million yuan. Because it was very difficult for individuals to withdraw money from other places, Yang Huaiding had to carry dozens of kilograms of cash or treasury bills in boxes to and fro many places, and even invited the police to serve as his own security.

"The security company of the Public Security Bureau was there and, as soon as I took so much cash, I took the initiative to tell me that we sent you home for safety. When I got home, I asked them if it was OK to hire them. They said yes, it was 600 yuan per person per month. "

Yang said that after hiring security, Liberation Daily soon reported that the first millionaire after the reform and opening up hired a security company from Shanghai Public Security Bureau as a bodyguard“ As a result, Yang's reputation has spread far and wide, and even attracted the attention of Zhu Rongji, who was the mayor of Shanghai.

The event of "Treasury bonds" made Yang Huaiding the first individual to engage in the foreign exchange of large Treasury bills, to hire bodyguards from security companies, and to the first to actively consult tax authorities on tax policy. And this is just the beginning of his legendary career.

Switch to the stock market, had precise approach in the eve of the rescue policy

Treasury bond is not a long-term solution. With the rise of its price, the arbitrage space is getting smaller and smaller. At this time Yang Huaiding looks to the stock market.

"I see an article saying that credit unions and banks have put decades of profits on the brink of loss due to the increase in the hedge interest rate. I felt that it was a signal that interest rates were about to fall, and I decided to sell treasury bonds and buy stocks. "

In 1986, Shanghai stock market opened again in 37 years; In December 1990, the first stock exchange in mainland China, the first stock exchange in the mainland, officially opened its business. Initially, there were only 7 stocks in the Shanghai stock market, namely, the music of the music, flying music, electric vacuum, yzhong, Shen Hua, Ai Shi and Yu Garden. After six months, a real estate was listed.

The electric vacuum is the first investment target of Yang Huaiding“ I bought the vacuum for the first time, with a face value of 100 yuan, and it fell to 91 yuan. Half a year later, stocks began to soar, and the electric vacuum stock price rose to 800 yuan. "

After sales at high point, Yang Huaiding made a net profit of more than 1.5 million yuan. Before long, the electric vacuum fell out of the next opportunity. When the exchange opened, the price of electric vacuum had fallen to 375 yuan. As a result, on the first day of opening, the electric vacuum transaction was over 1000 shares, and Yang Huaiding bought 500 shares by himself. Later, the electric vacuum stock price once soared to 2500 yuan, and Yang Huaiding dropped it when he was about 2300 yuan, making a big profit again.

Often walk by the river, where there are wet shoes. Two years after the opening of the Shanghai Stock Exchange, China's capital market has suffered the largest bear market since the opening of the market. The Shanghai Stock Exchange Index fell from 1429 to 386 points, a drop of more than 70 percent, only half a year. After rebounding to 1558 in three months, it fell to 325 in a year and a half, a decline of over 77%. During this period, Yang Baiwan was also trapped.

Yang Huaiding once said in the agreement of Luyu, "I think it has fallen almost, bought it in more than 400, and didn't expect it to fall to 320 again, which dropped by 340%. On the last day of my desperation, July 31, 1994, I put in the last 20000 yuan. On August 1, the chairman of the CSRC announced the three major policies for the rescue of the market, and the stock market rose back in a minute. "

It is worth mentioning that behind the punctuality of entering the site, Yang Huaiding has got "inside information" in advance.

"Just a week before the rescue, the exchange informed me to go to a meeting and said the Central Committee was coming," Yang said. The meeting discussed what the stock market would do if there were any policies. I heard of it and went home to play stocks. They thought I was particularly analytical and actually had a meeting. "

Soon after, Yang succeeded in escaping before the big fall. After this service, Yang million's reputation has been thoroughly launched in the Jianghu. In the late 1990s, Yang Huaiding was frequently invited to give speeches in Shanghai University of Finance and economics, Fudan University, Zhongshan University, Yunnan University of Finance and economics, and also on CCTV and served as a full-time professor in Shenyang University of Finance and economics for ten years. According to his own account, since 1996, he has been giving lectures almost every week all over the country.

"Don't be a dead bull, don't be a dead bear, just be a firm" slicker. "; Low absorption and high throwing, bottom hunting and top escaping, when you see the good, you will take it back, and you will be the hero of Annai This is one of the famous words Yang Huaiding left behind in the stock market, and also the creed he insisted on when he operated.

In 2000, Yang Huaiding went to the platform of Peking University, which was regarded as the most glorious experience“ My education is not high, but I am constantly learning, sublimating and improving myself. Sometimes my education is not an obstacle, but I must learn. "

It is reported that among the first generation of shareholders in Shanghai, eight big brother level characters were sought after by the shareholders, known as "eight King Kong". However, after several rounds of baptism, only Yang Huaiding is still active in the first line.

In 2001, Shanghai stock index reached 2200 points, and Yang Huaiding left after-sales and did not enter the stock market for four years. Shanghai Stock Exchange also did not "live up to" Yang Huaiding's pre judgment, in 2001-2005 period of shock and fall, out of the near back trend.

After the comeback, the prestige is no better than that of that year, and the stock market is closely linked for a lifetime

"If I die, please sprinkle my ashes at the gates of the stock exchanges." Yang Huaiding once said that he was enough to see his "deep love" for the stock market.

After entering the 21st century, with the passage of time, Yang Huaiding began to shift the focus of life from the operation of the stock market to other aspects related to the stock market.

According to media reports, Yang Huaiding's home and securities studio, located in an elegant residential district in Zhabei District, Shanghai, are all shareholders who follow the "Yang million" to learn to fry shares. On his desk, there are three laptops at the same time, one is keeping track of the trend of the stock market, two monitor the stock market he is concerned about, and remind the students of the situation to be paid attention to. Arrive at the studio every morning before the opening of the stock market and get off work after the closing of the stock market at 3 o'clock.

On weekends, he will accept the invitation from many places in the country and fly to various places to give lectures.

In addition, in order to commemorate the stock market home, Yang Huaiding named his grandson Yang Xi (Shanghai dialect homophonic Yang line, meaning Yang line), and the small name is called the trading stop board.

He also published five monographs, such as "to be a winner in the stock market", and developed the software of "Yang million decision-making operating system" with his son.

"I've written five books recently, in which there are a few words: the stock market seems to have a very low threshold, everyone can enter, but in fact, the threshold is very high. It's a university without walls, only repeats, never graduates." In 2009, Yang Huaiding mentioned in an interview with fortune life.

Radar finance and economics noted that Yang Huaiding has been in the stock market for more than 20 years and has been criticized for reminding risks or suggesting the construction of the bottom warehouse. However, the biggest dispute for his personal is focused on CNPC and its decision-making software.

In 2008, it was reported that Yang Huaiding bought CNPC cover for the whole warehouse. Although the claim was dismissed by himself since then, Yang said that to pass CNPC to his grandson, "he is only 5 years old this year. When he needs to use money at 20, these thousands of shares may bring him a lot of money."

But in the current situation, Yang Huaiding's plan is afraid to be lost. On June 15, 2021, PetroChina reported 5.23 yuan, and its share price has not improved for many years, and has fallen by more than 85% since its listing.

According to Tianyan, in December 2002, Yang Huaiding and his son jointly founded Shanghai yanghuaiding software technology company. The next year, the software of Yang million stocks speculation jumped into the public view, and each set of software sold at a high price. Yang said in an interview with the media that he had incorporated many of the special indicators accumulated over the years into the software, reflecting his thoughts of seeing stocks, selecting stocks and speculating shares. However, this move has also been questioned by netizens as another form of "cutting leeks".

It is worth mentioning that in 2013, Yang Huaiding, who was over 60 years old, said, "compared with the 20000 yuan of capital in that year, the stock market today has 20 million yuan, and the assets have increased by 1000 times." But by this calculation, Yang million's income is not as good as Xuxiang, forest garden, stock speculation and family raising.

In response, Zhang Kaihua of Populus euphratica Fund said, "Yang million is a very small number of survivors of speculators. He left us, which is the end of an era. Now it has entered the era of institutions. It is a historical trend for retail investors to withdraw from the market. Institutions dominate the market. Only by leaving speculation and investing in great enterprises with long-term value, can they succeed like Buffett. It's a pity that Yang did not keep pace with the times in his later period. "

"Yang million's era of hot blood for retail households has gone," said niuxiaotao, capital of giogori. Institutions have dominated the A-share market, mainstream funds have more and more voice, while the majority of retail investors are gradually withdrawing from the market, and a large number of stocks with poor liquidity and low turnover are emerging. "