Obviously, we will never be able to guess where the next field that will make young people “not insane, not alive” will be. I have gone through the mythical age of shoe-making riches, and I have also witnessed the deformed consumption trend spawned by blind boxes, but the incomprehension and laughter from the outside have not been able to build the rational nerves of young people. Therefore, when they frequently wander in funds and stock markets, they just add a little uncertainty to this already turbulent circle.
The real mutation of the fund circle starts with the influx of the rice circle culture. This is a common topic for years, but when fund managers are forced to “debut” on social networks, the whole circle is among young people. Surrounded by, gradually drove towards the pathological direction.
According to data from the Mob Research Institute, in the first half of 2020 alone, China’s new Christians exceeded 20 million, and about half of them were born in the 90s under 30. It is unclear how much value this figure can bring. Do those fledglings born in the 95s and 00s really understand investment and financial management? The facts are mostly ridiculous. On Alipay, some people don’t know that there are fees for fund redemption, some are pointing fingers at fund managers, and some even mocking Buffett’s annual return rate of only 20%.
It’s not alarmist. Looking around, young people’s enthusiasm for buying funds has transitioned from star-chasing fund managers to “backfeeding” short video celebrities. Xiaohongshu does not grow lipstick and replants funds. Sina Weibo’s “Novice Buying Fund” topic has 6383w Reading volume. Behind the investment spree, people can’t help but suspect that countless invisible hands are fueling the flames.
This year’s crazy active young people in the fund circle are being harvested as leeks by various forces. When the fund became crazy, no young man was innocent.
Why does the fund frequently “call” with young people?
Forget about when the outside world is keen to talk about young people. Capital likes to cater to the young people’s market. Consumerism, kidnapped by various bubbles, has become an enduring topic. In recent years, blind boxes, sneakers, fashion games, Hanfu, e-sports… countless money-burning projects have not only emptied young people’s wallets, but have further formed pseudo-exquisite consumption traps, feeding the values of advanced consumption.
According to the “Report on China’s Young People’s Indebtedness” released by Nielsen, only 13.4% of young people aged 18 to 29 have zero debt. In other words, compared with the middle-aged group whose economy is stable, young people who excessively pursue consumption upgrades have more financial needs. The survey conducted by iResearch also confirms this point: Fund management can enable post-90s generations to have a certain economic strength to pay for their hobbies.
In essence, various methods of financial management are actually a combination of current cognition and future demand after the consumption level has developed to a certain level. Affected by the epidemic last year, how many people are in a state of “sitting and eating nothing”. More importantly, as the Internet level penetrates downward, the path of contact with young people tends to be diversified.
It is undeniable that the sinking side of fund sales channels has driven young people to run in. Data show that as early as 2015, the market size of my country’s life financial mobile APP reached 836.87 billion yuan, of which funds accounted for more than half. In 2014, 14 third-party payment institutions were approved to provide corresponding services for fund companies.
Nowadays, the two major payment giants, Alipay and WeChat, have infinitely magnified the concept of financial management. All kinds of red envelopes and activities for buying funds are the boosters for their acceleration of the fund.
Not only that, Weibo, Zhihu, Douban, Station B, Xiaohongshu and other young people gather in the community atmosphere, and even expand to the radiation range of the entire online celebrity group, becoming a springboard for content exporters to make profit, whether it is financial or not. In the field, as long as there is traffic, it can take the opportunity to build momentum.
The income is the white moonlight and cinnabar mole in Xiaobai’s heart, and every set of rhetoric without specific basis can make them eager to move. Of course, we can’t be too harsh on the current overall environment’s pursuit of financial management, but as Buffett said, “Never touch investments outside of your ability.”
But the fact is that young people have a tendency to blindly and passively accept funds under the influence of the general environment, and even the most basic information acquisition and knowledge learning are controlled by intentional people in a commercial way. As a result, we sadly discovered that it is not that young people have a basic plan for the future, but that the temptation is changing and upgrading.
It is worth noting that according to QuestMobile’s survey of post-90s in third-tier cities and below, their income is generally below 6000 yuan, with an average monthly income of about 3938 yuan, of which 36.6% are below 2000 yuan, and 2001-4000 yuan. Is 20.5%. According to a data from the National Bureau of Statistics in 2018, only 16% of people in China have a monthly income of more than 5,000.
These two sets of data are intriguing. On the one hand, the fund circle is madly recruiting new ones, and on the other hand, the assets of young people are not satisfactory. With the sickle waved, it will be the collapse and helplessness of the leeks’ investment rationality.
Don’t need young people in the fund circle?
Today, the fund circle has become a social carnival corner for young people, even under Alipay, an online dating conference spontaneously formed by the new foundation has been born, and various hot stalks and god comments are frequently out of the circle. For this reason, Jack Ma was caught by netizens. The ridicule has achieved years of social dreams in disguise.
In fact, the excitement on the surface does not mean anything. According to the survey, individual fund investors are still dominated by middle-aged people with a certain degree of financial strength, aged 30 to 40, and investors with annual income of more than 150,000 after tax accounted for the majority; 41% of investors have investment experience in 5 Only 26% of newbies who have been in the game for less than one year are more than two years old.
On the other hand, CBNData has investigated and found that young people prefer current and short-term products. Paradoxically, the data released by Ant Fortune in 2020 shows that the actual profit and loss of fund investors is positively correlated with the average holding time, and the profit probability of holding for more than 5 years is nearly 80%.
At present, many wealth management apps only show a curve in the past three years, but looking back over the past few years, excellent funds have long-term compound interest. In 2020, liquor, medicine, and ChiNext index will all enter the structural bull market at the same time. Many new funds, Xiaobai, have tasted the sweetness in a short period of time, which indirectly determines the next explosive situation of the fund. It is precisely because of this that when the fall was so “declining” after that, the people who cut meat and increase positions in the major fund exchange groups looked at each other.
One thing to note is that fund companies have always talked about heroes based on scale, and the importance of sales channels is far greater than the ability of fund investment and research. Under this premise, the idolization behavior of young people who regard star fund managers as their standard has given fund companies a loophole to create explosive funds from a certain angle.
Taking GF Fund as an example, since Liu Gesong became a well-known star manager in the circle, GF Fund has issued 4 new funds in a row within six months, all of which are managed by Liu Gesong.
Every move of the young forces can arouse a wave of capital no matter when and where, as long as there are young groups in various tracks and fields, then the interests will be pervasive. According to statistics from Flush, from January 19 to the end of the month, a total of 81 fund products of 34 fund companies, including E Fund, will start to raise funds.
It is worth noting that the explosive funds seem bright, but they are not. Many APP’s first funds are because they continue to rise, but when newcomers buy, they are likely to be close to the highest level. Once the size of the fund is too large, operating constraints will increase. This is also the key to many experienced fund players deliberately avoiding the explosion of funds.
It is not difficult to see that the status of young people in the fund circle is negligible, whether it is asset strength or investment ability. The avant-garde action to idolize fund managers makes a lot of old investors almost vomit blood and call “dark smoke”, but Does the fund circle really need young people? It’s not certain to look into it carefully.
The myth of creating wealth in the Internet age has given birth to young people’s desire for excessive possession of wealth, and various forces are making unlimited use of this psychology. In the past 70 years, the proportion of retail investors in the United States has dropped from 93% to 11%. In China, the opposite is true. Nearly 90% of A-share trading volume is contributed by retail investors, among which young people cannot be underestimated. After all, without those young people who are inexperienced in the world, the leek field will inevitably be deserted.
The proliferation of leeks vs the talent gap
On February 25, the “Fund Practice Qualification Examination Registration” took advantage of the wind to board the hot search on Weibo. Up to now, the reading volume of topics has reached 32.244 million. Although there is no specific data to prove the scale of the exam, looking at the response of social platforms, the official registration website is on the verge of paralysis, and some netizens laugh at themselves that registration is more difficult than the exam.
From fried shoes to blind boxes, Hanfu to JK, the craze spawned by young forces is always endless. While the market is changing horizontally, only the scale of leeks has only increased. But what’s interesting is that funds are different from other industries. The rapid expansion of the scale is also the acute growth of the industry’s demand for talents.
In particular, the financial sector naturally has great supervision and strict compliance systems. Fund practitioners who can meet the standards are often in short supply in terms of quantity and quality. Recently, because star fund managers have moved out of the circle strongly with the help of young people, mainstream public opinion has gradually shifted their attention from funds to managers.
Earlier, some media made a fuss about the age of fund managers, bluntly saying that this investment PK is like entering an entertainment talent show. It is reported that the average age of fund managers in the United States is 54.9 years old, while in China it is 39 years old. Compared with Wall Street’s seniority ranking, domestic fund talents do tend to be younger.
This does not involve the so-called contempt chain of age. After all, only one has served more than 15 years among the top-ranking members, and the rest are under 10 years.
In fact, the rejuvenation of fund managers is a reflection of the talent gap in the final analysis. Statistics show that under the background of a normal mature market, it takes about 10 years to train a fund manager. Today, this number has become 5 years or less amid increasing demand. There are rumors that the minimum entry period for domestic fund managers is only 0.02 years.
With the influx of post-90s or post-00s into the workplace, the overall employment trend of all walks of life is showing a younger development, and the entrepreneurial market has also taken the opportunity to set off a wave. There is nothing worth discussing about youthfulness in the workplace, but for the fund circle, age may mean many key factors.
For example, have you experienced a complete market cycle, have experienced several market bull-bear transitions, or have sufficient in-depth understanding of risks… These worries have made the Citizens have a natural stereotype of young fund managers.
Obviously, we cannot eliminate this age contempt chain in a short period of time, but we can only be alert to the potential impact of the talent gap.