Category: Money Tips Date: 2006-08-07
Investment and speculation that the twin brothers, in the international investment community has been used for many years, never speak ill of the points, but in China, which has a world of difference between the two terms can be treated.
Investment is a sacred aura. Many people have described themselves as "investors", or "value investor", but in fact there are few people truly understand the true meaning of investment, who can truly value investing? Some people may think that picking out a stock can be a long-term holdings, you can sleep in. The idea is likely to have fatal hazards.
Fund managers may have this feeling: the money-losing stocks are generally no idea of the stocks in the market when the trend of bad people will dare to stop. The loss a lot of money in the stock is often very familiar with the so-called "White Horse Unit" or "good stocks." Fuyao is a good example. Beginning in 2002, Fuyao how scenery, broad market plunge it up alone, but also reaching a record high, a story of globalization has attracted a lot of people involved, but in April 2004, after its share price slump, globalization The story has lost its appeal. In the fall the process, many investors still holding so-called "value investing, long-term holdings," thinking, has held "good stock" and not willing to come forth, from 5 yuan to 10 yuan and forbearance, suffered heavy losses. This investment is already quite irrational.
The truth one step further is the fallacy.
Why is there such a situation? Is mainly inertia of human thought.
For the "White Horse Unit", there are many people to include them in the list of Awkwardness, as such shares all the advantages could easily be accepted by retail investors is also very easy to be persuaded. However, if you want to change an existing deep-rooted understanding of, that is to negate their own, but it is a very difficult thing. The ever-changing market, let us tired. "Where mountains and sing the song where" the different stocks, different investment stage, if there is no corresponding investment strategy, no changes in the market compatible with the ideological changes, only deeper into the mire of pain.
Changes in the market, there are two aspects: First, the company's fundamentals may have changed, the future growth prospects blurred, there has been commonly referred to as "performance risk"; second is the market to determine the company has changed, market investment those who appeared on the company's price adjustment, which is commonly referred to as "valuation risk." Now investors, for a deeper understanding of the former is a risk, but also better handling, because the game easier to win, and digital. But the latter risks, investors generally try to take an evasive attitude, because it is in and the market game, the market is elusive. In reality, curriculum, fund managers have this bias.
I do not deny that if the shares are correctly identified, from the perspective of long-term investment performance, investors may get beyond the market's performance. But for the specific situation of China in terms of mutual funds, cruel market may make you not see the "the day the final victory of the revolution." The one hand, opportunity costs, the fund managers can not afford many of the stock transfer is a two or three years to position a large number of ineffective and negative effect on the assets, the opportunity cost much. On the other hand, fund managers may face many external pressures, such as ranking, internal risk control, leadership, etc. These factors could allow a fund manager at any time to make the liquidation of non-rational behavior. Good start can not be hospice.
Therefore, as the buyer of the fund researcher researcher shoulder two responsibilities, first in-depth grasp of the fundamentals of listed companies, and second, an accurate grasp of market changes in attitudes. This latter point, researchers who wish to become fund managers also need to work deliberately to cultivate and exercise this market feel. As a fund manager's eyes and ears, researchers want to listen to the voice of the market, from the exchange and external reports in the mainstream market analysis point of view, grasp the market for the company's latest views and on the company's latest concern, to determine where the market stage.
