On the road to the investment fundamentals

I do talk about their experiences on it, I was in 1993 the stock market, no computer at that time, his paintings K Line, the paper every night with coordinates of painting. With computers in 1996 to not only painted K-Line. When conditions are very poor, but in good spirits. Zuo Gupiao the first time, basic股评is watching and recreating simple technical analysis of select stocks, good stops on the implementation of strict discipline, in that harsh Bear saved the city itself. 1996 began to do their own research, gradually understand the value of their research, is the beginning of all the 183 stocks all do it again, out of which the second year that the shield 2 / 3 of the future, every new stock issues, I will carefully Look at the brochure, should be included in the list of follow-up study, and no longer have to study the value of the omissions. Now each year about 50 to be done to the company. The first to do research at the very superficial, but are still relatively successful, for instance, Shen Changcheng, I carefully read the statement, and then brought back to Shenzhen and the urban transportation plans, Shen Changcheng control to see how the location of the property lots , Resulting Shen Changcheng Estate valuable conclusions. Xinjiangtunhe when I have to do with their feet to the Changji Hui Autonomous Prefecture of the railway from Urumqi, now find themselves up to funny.



   I feel that the end of 1996 the stock market recovery has been far too hasty move, the central bursts of 12 gold medals seem indifferent to the market, bear market in 1993 with the baptism I sniff out dangerous from the flavor, in considering new investment objectives I set our sights Into the then 96 (8) bonds, 8-year interest-bearing bonds in denominations of 100 yuan, the annual interest rate 8.56 percent, while the prevailing market price is only around 98 yuan, I think the market in the mistakes, bought 96 (8) The spot bonds will be profitable in more than 10 percent, and is absolutely risk-free profits, so I will be in the stock market following the withdrawal of all funds into 96 (8) of treasury bonds was 96 (8) bonds include the entire bond market We all clear trend, I really have tasted is the sweetness of their own research.



   On the creation of value, the most successful research is to find those that have not yet recognized by the market or market erroneous understanding of the industry and listed companies, for instance, in 1996 the emerging computer industry and in 1998 the telecommunications equipment industry, just because of the rise of industry At that time the stock market or their lack of understanding of fundamental has yet to note that overlook the value of investments in these sectors; industry have long recession due to poor performance by the market and their own offensive Xianqi already quietly changing in the industry, such as in 1999 The real estate industry, the liquor industry in 2003. For those who long recession in the industry we should eyes wide open, because no industry has been recession will continue, unless that is indeed a result of technological innovation or social change and ensnared the industry. For those who have been continuous high-growth industries and companies to harbor vigilance, because the extreme prosperity always buried behind the rapid decline of the seeds, any industry will be the role of gravity in the fast-growing but also accumulated the same number of contradictions And problems of these contradictions and problems to a certain time of the outbreak and will certainly reflect them.



   I have several big top escaped but was later does not seem wise, the 1996 top defectors missed Dongtaiapai, 2001 Shenzhen Vanke Korean defectors to the top again missed, summing up his back and in fact the stock market peaked or not Is not so terrible, so long as the hands of the stock does have investment value, for the efforts it has enough self-confidence should be retained, not to ignore market Change. I think the mentality of stability comes from you on a deep understanding of things, With this, you will not be the acts of other people around.



   Those securities companies is also a research report I see, but mainly to see the inside to provide some basic information and a unique perspective, I think that down the years who report a certain value, but not of great value, and found that a significant investment Mainly on its own. A research report to a certain timeliness, it may not be to our hands is the first time the position tend to have a problem, the author may not be able to stand completely independent of the objective to express their position on the results of the analysis.