Category: Money Tips Date: 2006-11-29
At present the market shares of many ordinary investors abandoning the weak of unwilling, for the strong not the reason to buy stocks is to invest in ideas because there is no change in the background with the market transformation, there is no change in the nature with Quotes transformation, there is no market concept with The update abandoned.
The reason is very simple, in June 2005 the market before and after the background, and business properties, the market concept of different. Changes in the market change and Quotes each passing day, stick to the idea of the past must be legalistic, the face of changes in the market must be at a loss helpless in the face of the stock market under the new features must be always passive.
"Times" is reflected in the formation and the rise of new concepts in the early stages will be able to keep up with the pace of the concept of access to the market excess returns, but in some sort of idea development to market abuse period, again geared to this concept is is likely to be facing the risk. In the investment philosophy as the market changes the background and Quotes characteristics, can they stick to the original concept, then will become the market's laggards, the market risk-takers. For example, in a fashionable new clothes just when setting this clothing is a luxury, but a lot of people on the street wearing this clothes, you will inevitably become a discounted goods or "to spread the product."
In 2000, the prevalence Zhuanggu bullish, the index of the vast majority of ordinary investors do not earn money, and even made a profit index is still losing money, finally believe in the "There Zhuang Ling" doctrine. With the 2002, 2003 Zhuanggu Quotes of the overall collapse, as well as the 1997 stock into the goods "cover their out of prickly heat", the many investors only Ganwudao "So the need to stop the Zuogu Piao." But by this time the market philosophy but to the concept of non-stop mix of investments, as well as the degree of respect for the industry boom of new ideas.
Investment philosophy is to change with the market changes, and the same problem at different times, the description of the problem and the resulting evaluation criteria is not the case, with the attendant formation of investment philosophy and operation of the strategy is very different. Studies have shown that, because G shares resume trading day not incorporated into the index, so index does not reflect the date of Change G shares resume trading on the broader market impact. At present about 1350 points, the market index, to a certain extent, inflated the true value of the market, the index actually only equivalent to less than 1100-point level, indicating the market's overall valuation is still cheap in fact. However, a year ago, the index is not included due to IPO index and the resulting inflated stock reform, has become a "false prosperity" and the Quotes of the reasons there is a large room to fall.
The same problem also shows that in the initial stock reform, investors Sinopec and China Unicom on the price is expected to get 10 shares at least 10 more, but now get 2.3 shares of China Unicom's 10 against the price of the program was accepted as a big positive. In the early stage of stock reform, people are stock reform finished G-Unit be shunned, but now diluted G-Unit has become a good selection of bargain opportunities. In China the stock market 15 years ago, people have always thought that would be tradable stock market disaster. But now, full circulation will be China's new horizon for the stock market, as well as a new starting point for a new sense of a new bull market is gradually taking shape. (A Qi)
