# "These 18 Years: The Tragic Generation of Chinese Investors"

I am a firsthand witness to these 18 years! This clipping from the *Southern Metropolis Daily* that reads "Shanghai Index Breaks 6000 Points" — I've kept it for 18 years! From 2007 to March 2026, the world's major stock markets have played out a cruel tale of two extremes.

In October 2007, the Shanghai Composite Index surged to its historic peak of 6124 points, yet today it hovers around the 3870-3950 point range, with a cumulative decline still approaching -35% or deeper. Outside of China, virtually every nation's major index has recorded astounding returns: the U.S. Dow Jones soared 210-220%, Japan's Nikkei 225 skyrocketed 280-300%, India's Sensex surged 380-420%, and developed markets like Germany's DAX and Sweden's OMXS30 have universally doubled or more. South Korea, Switzerland, France, and most other indices have seen gains in the 150-250% range. Simply put: over these 18 years, buying stocks in virtually any major country except mainland China would have basically made money, with wealth even multiplying several times over. Only A-shares became the world's most tragic exception!!!

During these 18 years, China's stock market not only completely missed out on the global super bull market, but instead trapped hundreds of millions of ordinary retail investors in the mire, wiping out their fortunes. Many people have since directly equated the four words "stock investment" with "gambling," losing all faith in capital markets and all hope of achieving wealth growth through legitimate channels. These 18 years have witnessed a crazy global redistribution of wealth, while also reflecting the cruelest dream-shattering for a generation of Chinese investors: while others celebrate, we weep.

This is the tragic generation of Chinese investors.