Recently, there is a rather heartbreaking phenomenon - stocks are rising, but the money in hand is falling.

Some people made 150,000 when the points were at 3,000, but now that it's nearly 4,000, they have lost 260,000 instead. Others are even worse off, losing 10% at 3,000 points, and now losing 20% at 4,000 points. This is not an isolated case; it is said that 80% of retail investors are in loss this year, despite the market looking quite good.

What is going on? I thought carefully and there are probably three reasons.

**Major shareholders are crazily extracting blood**

Every time the stock price rises slightly, there is an immediate announcement of major shareholders reducing their holdings. The stocks they initially acquired at a very low cost are now being sold off in a clearing manner, pulling billions of funds out of the market. It's like installing a pump in a pond that already has little water, and it pulls out with precision.

**Financial reports may just be jokes**

We painstakingly study financial reports and analyze data to make investment decisions, only to find that it may have all been built on lies from the very beginning. For example, the ST Gaohong case, which fabricated revenues for nine consecutive years, totaling as high as 19.9 billion, ultimately leading to delisting. Almost all of the hard-earned money of 80,000 investors has vanished; can you imagine the impact of such a blow?

**Quantitative institutions crush us on another dimension**

If the major shareholder's reduction is a blatant attack, quantitative trading is an unexpected ambush. We go to battle with cold weapons while they use radar and missiles. They dominate the market, capture our actions, and operate at a trading speed of 299 times per minute, which is a completely different level of confrontation.

In the face of such a market, ordinary investors really find it hard to find a way out.