【西街观察】玄学炒股侵蚀价值投资

Core Viewpoint - The phenomenon of "mystical stock trading" in the A-share market, exemplified by stocks with the character "马" (horse), has led to significant price increases, prompting calls for urgent regulation to curb such speculative practices [1][2]. Group 1: Nature of Mystical Stock Trading - Mystical stock trading encompasses various forms of irrational speculation, including trading based on names, zodiac signs, and arbitrary associations, which disrupts market order and undermines value investing [1][2]. - The recent surge in stocks associated with the "马" character reflects a trend of annual speculative trading, lacking any fundamental basis or logical connection between the companies involved [2][3]. Group 2: Impact on Value Investing - The speculative nature of mystical stock trading distorts the fundamental principles of value investing, leading to significant deviations in stock prices from their actual company values, creating risk bubbles [2][3]. - The influx of funds into mystical stock trading can result in a misallocation of resources in the capital market, where genuine high-performing stocks may be undervalued due to lack of interest [2][3]. Group 3: Role of Institutional Investors - The participation of some institutional investors in mystical stock trading undermines the credibility of professional investors and negatively impacts the confidence of retail investors [3]. - The reliance on stock names for valuation disregards financial reports and professional analysis, leading to unfair market conditions and potential market manipulation [3][4].