Category: Money tips Release Date: 2006-01-28
Editor's Note
Buy low and sell high, in the absence of a mechanism short of the Chinese stock market is the only way to make money. In the Spring and Autumn Period, the more wealthy countries Fan Li Ji Ran on teachers to "buy low sell high" has been the classic way: while your upper pole of the anti-cheap, very cheap, under the Anti-expensive; expensive, such as dirt, cheap to take, such as Zhu Yu. The stock market into turmoil period, the level of changes, investors in mind how?
However, how to look high and low are equal, what kind of vision and scale to measure the high and low are equal, it is difficult, it also determines the operation style of investor. In a value investor Warren Buffett as the idol of view, should be a fairly long "historical period" of equal status within the study, while in the short-term hands-speaking view, are equal on the "flash of light" between.
Which one is better, it seems inconclusive. But the current short-term operation in the domestic individual investors in the more popular. According to the Shenzhen Stock Exchange statistics, in January of this year reached 13.8 times the number of transactions per household, about half occurred in the last week. A-share market, individual investors account for 85% of the share transactions.
"Records of the Historian Zhi Biography" says: The corruption of the three Jia, Lian Jia Wu's. Later scholars note the sentence as follows: greed Jia did not sell and when to sell, in summer to buy and buy, so little benefit, while 10 have three; Lim Jia Gui and sell cheap is buying, so 10 was 5. If we "when" "may" be understood as the sale of the timing and frequency of these words are as evident in today's market: those who invest in evergreen tree, often with a long-term vision and prudent operation, are equal to grasp properly.
"In this round of the bull market, the Shanghai index gained 1,000 points in the first one to make big money is primarily paranoid value investor, buying Maotai, Suning Appliance big profit to buy the bank, Datong-Qinhuangdao Railway and other big blue chips have hit the jackpot. in December last year to this year's post-1000 point of making huge profits while most of the short-haul master, especially the kind of 'garbage in the Gold Rush' investors. two kinds of investment themes and values are completely different but not mutually exclusive. two kinds of operation modes is also the two extremes, but can be profitable for your service. "assistant general manager of sales department of a brokerage Mr Lo on the" First Financial Daily "said," This shows that the stock market theme is not static, and it is spiral-shaped development. Participants must be good to identify, find this one of the 'turning point' in order to catch a ride. "
Prior to December last year: long-term lead the charge, short-term Qiaobian Gu
"Based on my experience and understanding changes since 2006 Quotes of the watershed is roughly in December last year. That is, in December last year, frequent before the swap operation, chase the short-term speculators to sell into what the majority does not make a lot of money, while the election of the good stocks but do not cover their fixed value of shares investors are becoming bullish first half of the Board more than 1000 points Quotes of the biggest winners, 3 to 5 times their money over a lot of people. "Explorer Ding Yimin private equity fund recently received" the first a financial daily, "said an interview.
His main attack since last year, variety is the driving force within the cloud (000903.SZ) and Softto (000662.SZ), so far in the two stocks have gained about 2.5 times earnings. "My philosophy is from the cap, lower the value of investments in mining fundamentals with a good potential to accelerate the stock, and then keep track of and update the knowledge about its fundamentals as a way to determine its own operating strategy. Last year I basically not very involved in the value of those investments as a model of high-priced stocks, for those who have already gone up two or three times I was at arm's length of the stock. "
Because the participants a great amount of money, Ding Yimin operating practices in a number of short-term expert in the eyes may be a bit slow, he never changes in market trends as early as buying and throwing. "Big money Jiancang costs may be higher than the retail 3% ~ 5%, so stock selection is particularly important right or wrong. In addition, the operation frequency is not worth for us, and I rounded out previously keen on short-term popped up, I feel as a very enjoyable, but now can only be forced to the value of investment. frequent access, especially in unilateral increase in the position to sell the bull market is likely to pick up the case did not come back, the short-term operating profits may be higher than cover their share has shrunk more than 30% . "
He has taken the strategy is about 80% of the main positions in a clear upward trend, basically a large positions without moving the remaining 20% of the positions were carried out more frequent operations, a substantial change in the stock master position does not exceed 4 times, short-term positions out there are more than 20 times. "I have found that unilateral city, frequent operating profits cover their positions are sometimes less than the main stock that is not moving the harvest, or even a loss will occur (ie, sell shares after the price rose to a certain trigger points, was forced to stop High covering). Of course, the other hand, be able to exercise your short-term stock keen sense of throwing to speculate by buying the proportion of the dealer's position, and pulled up or Zapan will then adjust their operation strategy, but one feature is retail not very big in terms of meaning. "
This may explain a lot of frequently running short-term individual investors why since the second half of the stock market last year, did not outperform, individual or even a loss phenomenon.
Since this year: two months of operation 36 times, 260% profit
"But in December last year, after the nature of the stock market has changed significantly. Now it seems, 12 months after the beginning of the stock market is the main Shenglang many stocks, particularly among the cap, lower staggering. Chasing after 'two' abandoned '8 ', a step the beat of the investors in this wave of Quotes stuck in the blue-chip due to high forced to act as spectators. "Ding Yimin said.
Fought in the stock market for 8 years, is currently the vice president of an investment advisory firm in the wave (a pseudonym) is that the short-term customers can really make huge profits from the frequent operation is the start of the year. "In particular, cap, lower participants in this year's rise in their segment's largest and most immediate benefit, many long-dormant varieties is almost the main Shenglang collective emergence of the trend has been uninterrupted since never."
The wave in the first two months of this year's profits has reached 50% last year, a total of 20 repeated operations, involving more than 10 stocks. "I know a short-term master this year, a total of just over two months since the operation 36 times, almost did not repeat the participation of species, a total of more than 260% profit. So, in December last year, particularly this year is the short-term master's paradise, its corresponding external environment is the cap, lower the collective to start, almost indiscriminate white, get the counter you can fry one. "
To the wave of the cap, lower the tide expressed his worries, "Generally speaking, the cap, lower the collective to start at the end of the bull market surge is the emergence of, and often show a Quote Yu's coming to an end." He believes that cap, lower - in quite a mixed bag, the information asymmetry is too obvious, so many investors abide by the principles of value investing from it.
"But I personally felt cap, lower Quotes can be said that this round of pre-value investment philosophy is to be an amendment, but not the negative." Why? In his view, mainly listed as a whole, high-quality asset injection, backdoor, etc. is expected to make this round cap, lower-Quote has been given a different connotation in the past. After the split share structure reform, a major shareholder is entirely possible "to do the" because their interests with shareholders of tradable shares basically the same theory. So for those who have such a cap, lower the expected scale of value judgments is certainly not the same.
"I can assert that, some of which species will be more than double this year, even in the continuous movement of assets into the more up under the contrary, the lower the price-earnings ratio. Of course, for the individual concerned, than digging Maotai, Suning Appliance, CITIC The value of securities and other more severe test. Even the cap, lower in the future may also occur '28 phenomenon'. "Bo said to the.
Retail operation should not be too frequent
From a longer period of time and looking at people who really make money in the stock market may be a minority, one of the secrets to make money is the measure of value of stocks and flexible capacity to grasp. A certain media in March of this year's 2006 annual investor returns online survey showed that 70% of the investors in this round of bull market profits, most investors focus on earnings at 20% to 50%, and only 5% of survey respondents run win the broader market rate of return above 100%. In addition, 30 percent of respondents did not profit, more loss of 2% of respondents over 50%. In fact, most investors did not really share the bull market in 2006 brought huge returns, many people only make the index, and did not really make money.
"For the amount of money is not a great retail, I still recommend stick to value investments, short-term operation should not be too frequent, mainly due to frequent operation fee will be increased significantly, but the commission itself is higher than the retail big and agencies. In addition, individual stock picking ability and access to information will not be too idealistic, do share the more positive the greater the probability of error, so in particular, to beware of a few single-fault single-Peidiao you profit from happening. "Mr LO�
