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Hello everyone, happy summer,This is the third podcast of "Tai Ke Talk".

If you are interested in index investing, this podcast is well worth listening to.

Dividends are a "bear market thinking" variety.

In the past many years, especially in the years when high growth was popular, dividends were not exciting or sexy enough, and the gradual accumulation of dividend income seemed slow.

But when the market enters a volatile cycle, investment products that pay dividends become popular.

For example, the recent dividend state-owned enterprise ETF (510720) has paid dividends for four consecutive months. Investors directly expressed their feelings in the stock forum."It pays wages more punctually than our company"。

In an era of declining risk appetite, slowly distributing dividends and quietly outperforming, this long-term companionship has become reassuring and precious.

The recent adjustments over the past month have also caused controversy regarding dividend investments to become increasingly prominent.

We will start by talking about the past and present of the dividend index and try to answer the questions that everyone is most concerned about.How long will the dividends continue to fall? Can I still buy? Is the dividend track a bit crowded? What's the matter with products that pay dividends every month? Is the money I receive every month the investment income of the fund?

Finally, we will also talk about the recent "big events"——At the end of July, the real-time quotes of the Shanghai Composite Total Return Index were officially released.The Shanghai Composite Index was released on July 15, 1991. It has witnessed the entire history of China's capital market and is the "first benchmark" index in the minds of investors.

At a time when the Shanghai Composite Index repeatedly fluctuates around 3,000 points, what does the release of the Shanghai Composite Total Return Index mean?Does it mean that we will never have to "defend 3000 points" again?What products can be tracked? What is the current market situation?

What impressed us most in this podcast was the discussion among the guests about the bonus of life——Bonus is a philosophy of life。

Dividends are closer to the "Graham-style" fundamentalist value investment philosophy.Unlike most indexes on the market, the dividend index uses the dividend rate as the adjustment standard. When individual stocks rise a lot and the dividend rate drops, they will be removed from the index, and the index will then adjust to include some oversold high-dividend-rate stocks. From this perspective, dividends are a way of adjusting positions by "selling high and buying low", which is more in line with Graham's investment philosophy of "picking up cigarette butts".

Dividends can be a solution to dealing with "historical garbage time".Whether it is ETF as a product category or dividend strategy as an investment methodology, they have been "on the bench" for a long time, and have experienced a long period of dormancy without anyone paying attention to them until the market picks up. This life cycle trajectory of "80% of the time is spent on accumulation and accumulation, and 20% of the time is spent on taking off and exploding" may give us some inspiration for life.

Bonus can be a way of thinking that makes it easier to achieve happiness.Dividends pursue "security" and "emotional stability" rather than "excess returns" and "comparative value". Dividends are not a way of thinking that requires a sense of happiness from comparison, nor do they pursue the goal of being better than others or making more money. Instead, they are a process of vertical comparison and slow growth in a market environment where beta is difficult to obtain.

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Wonderful views · Take a look

The enlightenment of sitting on the "bench"

Don't go to crowded places

As a product, dividend ETF

It has been on the bench for many, many years.

But dividends as an investment strategy,

Although it has been on the bench for many years,

It's just rarely discussed.

But if we look at historical data,

The performance of various dividend indices over the past decade,

Many of them are in double digits.

Far exceeds the CSI 300,

It is a quiet and narrow path.

But the return it gives to investors is a smooth road.

This is actually a very interesting place.

Just don't go to crowded places.

Instead, you can reap a wonderful investment prospect

At this time you will find that

I am quite happy to sit on the bench for bonuses

How long will it take to defend 3000 points?

3000 points is indeed in the minds of the majority of investors

It is a very important dividing line

Including the past ten years, everyone has been

I am also in a love-hate situation.

From an investment perspective

A-shares are indeed a very volatile market

Although we have seen the past 20 years

Its long-term bottom is constantly rising

The short-term fluctuations are indeed huge.

From an investment perspective

We still need to practice Buffett's very simple philosophy

Buy in a bear market and sell in a bull market

Especially at this time

A general consensus among everyone

A shares below 3,000 points are definitely relatively undervalued

If everyone can calm down and look at it

Below 3000 points may be in the minds of rational investors

It is a better layout node

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Note: The principle of income distribution of the dividend state-owned enterprise ETF fund is as follows: 1. Under the premise of meeting the relevant fund dividend conditions, the fund manager can distribute income according to the actual situation, and the specific distribution plan shall be subject to the announcement. If the "Fund Contract" has been in effect for less than 3 months, no income distribution may be made; 2. The income distribution method of this fund is cash dividend; 3. When the net asset value growth rate of the fund shares approved on the fund income evaluation date exceeds the growth rate of the underlying index during the same period, income distribution can be made. On the income evaluation date, the fund manager calculates the fund net asset value growth rate and the growth rate of the underlying index during the same period; 4. The fund manager can conduct monthly evaluation and income distribution, and arrange income distribution if the fund dividend conditions are met. The fund manager can determine the evaluation time, distribution time, distribution plan and the amount of each fund income distribution according to the actual situation and announce it in accordance with relevant regulations; 5. Based on the nature and characteristics of this fund, the income distribution of this fund does not need to be based on the premise of making up for losses, and the net asset value of the fund shares after the income distribution may be lower than the face value; 6. Each fund share has the same distribution right; 7. If there are other provisions in laws, regulations or regulatory authorities, they shall prevail. The fund manager may adjust the above fund income distribution principles at its discretion without violating laws and regulations and without having a substantial adverse impact on the interests of fund unit holders. This adjustment does not require the convening of a general meeting of fund unit holders, but should be announced in the prescribed media before the change is implemented.

Risk Warning: The fund mentioned is an equity fund, and its expected return and expected risk level are higher than those of mixed funds, bond funds and money market funds. The fund mentioned is an index fund, which mainly adopts a full replication strategy. Its risk-return characteristics are similar to those of the market portfolio represented by the underlying index. If you need to purchase related fund products, please read the fund legal documents in detail, pay attention to the relevant provisions on investor suitability management, conduct risk assessment in advance, and purchase fund products with risk levels that match your own risk tolerance. Funds are risky, so be cautious when investing. (CIS)