Category: Money tips Release Date: 2006-08-06
Not only rise and not fall the stock market last Tuesday down rapidly and began to market, making investors by surprise, people began to realize that market risks. In fact, play the stock market should first think about is how to hedge, then the current market conditions, how do we hedge it?
Does not mean short positions hedge
Three kinds of hedging method
For the risk awareness and risk management, marketing experts, Gu Shu-teacher's opinion is worth learning, in his view does not hedge Quotes operation, medium and small investors to suffer losses of important reasons, the time when the market is no longer a strong rise in the market is still pondering over the The operating principles, and do not operate on the Quotes of the reversal of the stop-loss, only the win, will result in a profit into a loss or even disappear.
In fact many different types of hedging practices, such as short selling stock index futures, such as buying put options, but because my time being there are no corresponding short hedging mechanism, so the vast majority in our country do not apply. Gu Shu-that can be adopted in our country there are about three kinds of hedging methods: absolute hedging, relative hedging, and actively hedge.
Because of potential selection
Three ways to different
Hedge is the absolute easiest to sell the stock, to maintain short positions the state, such operations can completely eliminate the risk of market decline, have been established for a large decline has already begun, there is still a significant decline in the market, this time should do most of the all stock is sold.
Relative hedge means selling a huge early gains a strong stock to buy relatively small fluctuations in the blue chips, shares and other public utilities. Because in the strong stock market gains a huge decline in the coming years is likely to decline would be relatively higher, while the blue-chip buying or utility stocks can be kept relatively small fluctuations in market value for the market is back to see unclear Zhang Sheng, or the end of the tune.
Actively hedge will be applied to the overall decline while the stock market, but investors on specific stocks, or when the plate is still confident. Way is to sell stocks, buy shares or convertible bonds, warrants, lock the risks and keep do not give up Quotes operation.
The current market
Holding cash at hand should not wait and see
It is now of the stock market, investors should be thinking what kind of hedge it? Gu Shu think that the market although there has been a decline in large scale, and the vast majority of the stock still has a considerable drop in space, but the policy context of care, the market does not rule out the possibility of adjustments to continue to rise. So now do not necessarily fall in line with the situation, not to absolute hedge. Now a better way is to hold the fund holding, such as G Suning (002,024). High magnitude of value the company's operating network, under the concept of winning in the channel and channel advantages of intangible assets, investors have been recognized, but also to the Suning Appliance has brought a high returns. This stock valuations are still low, even if the stock market really began to run downward trend, investors still have the opportunity to get out, the operation belongs to the relative safe-haven.
The early focus of a lot of research institutes and organizations are recommended China Merchants Bank (600036), but in the present context, continue to hold China Merchants Bank is still sensible? Gu Shu-view, China Merchants Bank shares Leaving aside the good or bad in itself, just from the perspective of hedging, convertible bonds held by China Merchants Bank (110036) should be much better than the holders of China Merchants Bank, China Merchants convertible bonds last Friday closing price of 106.43 yuan turning stock price 6.23 yuan, after buying the equivalent cost of 6.63 yuan per share, China Merchants Bank price 6.34 yuan, 0.29 yuan per share, spend more, you can be a loss of lock, if the stock market fall further, China Merchants Bank transfer debt due to the properties of bonds, the minimum will be down to about 98 yuan or so, historically low 98.65 yuan, equivalent to 6.15 yuan China Merchants Bank, lock a loss of 0.48 yuan, if the stock market rise, convertible bonds and stock effects , similar shares of other convertible bonds with much better than the corresponding shares, which is a positive hedge.
