Category: Money Tips Date: 2006-08-18
- Professional investors Shi Zhijian's "semi-annual summary"
Of the stock market earlier this year I was from December 22 last year, began to participate. Individual stocks, I chose the G force, G Zhejiang Sunshine, G blond, aerospace and electrical appliances four stocks to the gradual clearance in late April, the total yield of 38.7%. During this period 25.3% increase in benchmark Shanghai Composite Index, in this sense, I "beat" the broader market; However, from December 6 last year, Hu Zhi 1074 points since the beginning of the May 16 deadline for 1678 points, then the market's an increase of 56.2%, this Quotes in general I am a "lost race" of.
Outperform Ye Hao, running lose market worth mentioning after the clearance to do is sum up the pros and cons in order to benefit future battles. The following are my experiences and lessons of the first half of this year's summary: --- As a full-time investment agent, I already have a good stock 3-like "magic": a good attitude and effective financial management system, stock picking techniques, which makes almost no problem to capture Quotes. However, the specific ways closer to hot spots, as we choose a large-scale operation of the main sections or individual stocks, you still need to improve.
I've generally based on individual stocks weekly line of graphics, fundamentals, institutions, etc. to select the candidates out of individual stocks, the inadequacies of this approach is based on subjective and relatively stagnant, the main force will operate, and when the operation of the basic stocks surface may change and other factors will lead to individual stocks ultimately failed to provide satisfactory returns. Quotes in this time, I experimented with a completely objective approach to stock picking, I call the "price and the average difference in degree of stock picking method." G force is to use this method elected (which is my current selection of four stocks in the strongest walk), through the Quotes of the examination and the other co-conditions, stock analysis, I decided after all this way to the election Unit goal is to select the top 10 percent increase in per Quotes stocks.
--- Relatively large section of the stock market generally to run, each section has led the stocks or plate. For example in December last year, this time from the bottom of the stock market can be divided into two phases: the first from December 6 of 1074 points to February 15 of 1300 points, led by stocks of Nanning Sugar, G Lu and gold sugar, gold, non-ferrous metal plate; the second phase from March 8 to 1238 points to May 16 of 1678 points, led the stock are non-ferrous metals, machinery, low-cost popular stocks, shares and other quasi-G. Therefore, the idea of stock picking but also tightly close to the broad market trend to operate in two to maximize the utilization of funds to Quotes homework. My "price and the average difference in degree of stock picking method" could very well find every Quotes of stocks led to ensure that underperforming.
--- Run the main reason lies in the broad market lost their subjective belief that stocks would stop in the four modernizations in the vicinity, in the broad market reach I set the "destination" after the clearance, while the stocks by the end of April beginning of broad based subjectively ignored, In fact, this broad based, is the real "golden harvest."
--- Of course, there are other reasons: as a full-time investment agent, I would want is certainty, stocks carry out stock to be suspended for a long time to change brought about uncertainty is that I can not afford, and stock-picking when I can only reform have been shares of stocks picked (there were only more than 200 G Unit). The share reform is precisely the subject matter of this Quote, one of the main driving force to do more, and the prices a large portion of the former hot spots are concentrated in the quasi-G unit body, which makes G Unit, is somewhat "less than the day after tomorrow."
I now have all their short positions, then how to do it? The only guiding principle is that tape will be judged on how evolution is the wave of renewed or transferred to continuous adjustment? Personal view is that the latter more likely. Main reasons are the following: the majority of the stock since last year has risen dramatically in June, more than 100% and there are plenty of profits accumulated a large plate, not been adjusted to the lack of momentum to rise further; IPO, refinancing in any case the funds are a kind of detached; IPO quality than most of the existing stock is the market consensus of a good resume makes money purchase funds become available for reservation; a change in location of the main think about doing, after all, only play a decisive role in the main funds. Quote this point, the main force will look at the hands of the holders of the value of the stock further, especially position heavy fund, IPO subscription, non-public offering of subscription and so in need of cash, and very worthwhile, compared to the current point A bit value of shares overall participation will "discount"; In addition, the management hopes the stock market was rising, but the market probably is not their excesses in mind.
For these reasons, I Recently just talking about things like individual stocks, broader market to adjust fully to wait patiently, and then for the next operation.
Here, I would like to combine their years of investment experience to the vast number of investors reminder: You have to this market is to make money, but to make money will have to pick up stocks. Up with broad market segment to operate it with the company's not necessarily good or bad relationship. Many investors fall into the trap of a misunderstanding that is subjective and determined a company's stock will go up and buy. Imagine that you are just ordinary civilians, so how can you identify one from the 109 thousand years, you have nothing to do with the listed company's stock will go up or down? As a stock investor, and all had to return to the disk, the stock charts will tell you everything, but you can read Bale. Therefore, learn how to read the tape and the language of individual stocks is essential, otherwise, your investment probably be a bit dangerous. (Jinshan finishing)
