Category: Money tips Release Date: 2006-08-11
A decade of institutional investment experience Trader
Ups and downs of so many years, the examination of numerous, operation countless hearts feel this decade, such as a dream. But it also left some market perceptions that the market is now there are many institutional investors, called the comments a day on the market, always feel that they are still fool ourselves,
I do not want to stock analysts for the agency more than words. I do still talk about how the institution Trader look at this market, bar.
Let me first discussã€?ã€profit model
Profit model should be mainly refers to the body, medium and small retail profit model does not matter, can only be called the investment strategy.
The so-called institutional profit model Mr. Wu said, yes, this is a casino. The market has been the so-called profit in the noisy model, bluntly, that is how other people's money Taodao own pocket. Who here, taken for a ride? One-sided to say this is an individual opinion, in fact, the pockets of individual investors that two of the three melon jujube how feed was fed. If individual investors suffered heavy losses themselves, others are inadvertent, not deliberately to be calculated for you, now see so many people want to appeal, the claim is really a bit ridiculous.
China's reform, more than 20 years, that is, a state-owned assets into private pockets continuous process, the securities market, how can an exception. In fact, the so-calledã€?ã€profit model is built Rat himself, using public sector money up to play, easy as pie. One by one firm that limit up, pull up the momentum, such as rainbow, without shivering, is what makes money so excited inside, is it a good performance of listed companies, distribution generous, theme unique? These are to show people, and really allow them to move forward is to think of my little treasuries are followed by swelling, Heung Che mansion just around the corner.
Later, see a number of large capitalization stocks have a market large corporations move in, hailed as "blue-chip era." In fact, because of years of development, Rat scale have been too large to fit on the small-cap stocks have been in favor of large capitalization stocks doing the band, the idea is Youziyouwei. That is not a good account of the national deficit of the, ah, rest assured, the state will not suffer losses, so long as the top high price on it, carrying on the pile of floating win. To the end of the year to prepare accounts, when the chips down again, floating real win win change, of course, accounting technology, and then next year, followed by the top, many people watch carefully pull the end of late, in fact, a sudden heavy volume on the down end of the year is the main you do not believe to see k-line. Many people see some large organizations Kongpan degrees too high, but also for people worried about how to ship. Do not worry, over two years, Zhang boss soaring, and Li boss took over, even if shipping to Li Zhang bosses boss, and Li boss good work, as long as no crates, there will be an opportunity out to Wang veterans, that is, simple as that. However, since last year, this profit model well done, and why? Market began to focus on structural adjustment induced decline in the value of the main reasons, of course, but if you can still continue to do enough to cross. Direct cause say it all not believe it. It is because a market, canceled, changed the market value of placements, not a market revenue of. The management of this measure fail later on, to activate the market, did not think the fuse is becoming a Yindie. The reason that only you understand their operation and be able to understand. Although you can use accounting methods to make profits, but many state-owned securities business has become the main source of profit. Bonus each year waiting for the money it. You have to give me some cash. Previously done very well, ah, Kongpan raised the money for themselves while doing the performance, with a market revenue as profits turned over. Many funds do not do that, Shigekura pull market value, a market revenue out dividends. There are no one's market, where to get cash on the end of the year to go, ah, in the hands of the stock Kongpan level was so high, no way to dive it, now get some ready money to come back really hard at the end. Therefore, management to activate this market is actually very simple, either back to the era of new shares before the fight, or abolition of the market value of placing a single account limit. Although this is only an expedient measure, but a hundred times stronger than what the lower stamp duty. Many people also boast a degree of management control from that point of view things, they are also on the boat yet to find a safe place.
Then add a few words the above topics. Accounting methods used by the agency will greatly affect the operation of individual stocks of the disk. Why? Each agency has a certain profit targets each year, in the completion of this year's profit targets at the same time, we must do something for next year's profit reserves. However, some stocks they need to swap out a part of this year. This cash out of profits does it mean that over the year, but next year, less reserve it? The reality is that many organizations to adopt and sold, excluding gains offset against the cost of the direct approach. Some of the cost of such shares were washed very low, we have a stock cost is 0, an outsider is difficult to understand. In this case, a number of commonly used technical analysis tools market, basically of no use, do you feel as if all the chips are stuck disk, but a steady supply of sell orders, because it's cost is 0, unknown persons close to the situation you can want? . The reason can now be open to talk about this issue is because last year the estimated savings would eat up all of the institutions regarded, this kind of accounting practices are not useful here. Hehe.
Topics more pull the more it seems the article before the teacher must first be taught to write the outline is very necessary. Profit model, in fact, refers to the eco-environment in this market, we are all here, how Hunfan Chi's.
ã€Casino, mainstream institutions and non-mainstream profit modelã€?/span>
Mr. Wu said that this is a casino, very right, the casino is the positive and negative, and to rules of the game. As mentioned above, being taken advantage of the state rather than retail. However, some people do not understand this truth, who? Is that these so-called private equity funds. Take a look at how the so-called private equity funds are emerging bar. With so some people, Zuo Gupiao earned money, and feel that they are great. And so, if the speech offends some comrades, please forgive me. Thus began for others, financial management, would like to use leverage more Zhengdian, perhaps big funds felt Zuozhuang is easy, to make their own one. Take a look, they have started to embark on a misunderstanding. In this casino, you have to make money, we should find that people who lose money to you, this is the profit model.
Mainstream institutions of the profit model is very stable, that is to win the state's money Well. So you follow these mainstream institutions persists in the form, earn some money, you are mistaken for their own powerful, we must go it alone, and so private, you come of the disaster began. You may also find that people who lose money to you, do you think he should be those retail. Retail banker to eat, we do not all say so? Oh, the national retail on so much money on such a big, pretty fellow, suddenly there are so many bookmakers you want to eat them, it is powerless to change, feed unsaturated ah. Some of private equity is still relatively bright and continue to follow persists in the form, 0048 (in science and technology pioneer) and his ilk. And those who want to go it alone, and that the way to learn the operation of mainstream institutions, and accumulation, driving, very smooth, the ship, and how it seems not the same, and out to the Who's that? Only a day knocking on their list on the retail level it? Where individual investors? So last year, destroying so many private, not sure if they learn from their mistakes, the wish to understand not, if they feel bad to kill your market, then the next time you should re-Beimie. When you go it alone at the beginning, it was decided that you will surely die. Now see that many so-called private equity fund spokesman Gesanchaiwu write comments in there that we are the dynamics of how the private placement, preparing to launch what Quotes, and it seems perverse, but also eat small investors? Therefore, we note that, if you want to Zhuang, first of all wants to understand that you link in the food chain, you are willing accomplice, persists in the form together, or is willing to do other people's food. Why some individual investors to make money, some lose money, not the level of the main reasons is that they are not conscious in this casino stand to a different location.
The talk about the fund. We all know that the fund shady, shady nature of that? Is that the Fund acts as the role of being taken advantage of the casino. This role by the state as originally, but then the nature of closed-end funds its own destiny, 15,20-year closure period, the money equivalent of ring do not also, market speculators will not let this piece of fat meat. Of course, at that time some of the Lock behavior of the fund has done a lot of good, or at least objectively persists in the form together to act as role. Each year, the shares of the advantage by playing a lot of red points. However, the Fund's this amount of money and large compared with national resources, or too small, so he was unable to obtain additional stream, which determines his net worth increased to a certain extent after the very difficult to move. I was right to do the fund's friends joked that bought the fund is actually very simple, light to heavy from his position the process is to continuously improve the process of the net, you pick a position light, there is nothing to buy in. Awkwardness, waiting for him to re-position out on the list of the later. We can recall, at the beginning of the fund star is "an word line", "Yu word clone," and later "with the word line", and then later we were re-position, and also burst shady, and a buddy called Taihe because of shady position is not particularly light, a result, he began to emerge, and generous constantly. Explain what I have said what the position was not an ordinary 50 % position, is there Awkwardness.
Later hair open, and this is definitely a milestone in China's fund industry can also be considered a small milestone in the securities market. Because open-end fund companies are beginning to do serious fund. Open-end funds now exist in embryonic form of institutional investors in China's future, despite the hope that is still very small, but can not be ignored. Do not know if you think there is no, the Fund has grown from being taken advantage of all of us are the evil one, and gradually transformed into one who can not ignore the role. The rally, most of the mainstream plate fund-led, and their ideas have also been a lot of bodies in transition recognition. I remember one time a private equity fund seems to advocate writer condemning the way the Fund Quotes delayed development.这已ç»æ˜¯ä»€ä¹ˆæ ·çš„一ç§å¿ƒæ€ï¼Œå¤§å®¶å¯ä»¥æ£æ‘©ä¸€ä¸‹ã€? In the present fund companies, I have studied a few organic months doing data analysis, such specialization is the hope I feel. At the same time fund the company's division, also notice we have chosen to open-end fund risk. (And even some fund managers if you do not look at material, let him put the fund prospectus to give you repeat once again, it would be hard, because many funds are fool thing, R & D department came up with a bunch of nouns, the fund managers did not know him .)
