Track deep (h) long-term is gold, silver midline

 Track deep (h) long-term is gold, the center line is silver
1. Selection of individual stocks based on long-term investment
stock saying: This sentence is not suitable for long-term investors, the real fear for long-term investors should be the operating results. assuming that no secondary market, only one market, then investors will come to realize gains by taking dividends; or some company had little to dividends, but these retained earnings for expansion of production scale of new products or new projects development, the rapid expansion of the company's performance will also lead to the rapid expansion of capital, investors gain even more expensive. As a result of the secondary market, which makes the stock transfer has become very convenient, with a high degree of liquidity. It the same time to give investors a chance to get the difference, but at the same time creating a huge drawback, so many people only know how to post profits, forgetting itself is a shareholder, can grow with the company were great benefits. is Because long-term investors focus on the results of sharing the company's growth, and thus became the basic analysis of the major long-term investment tool. The following selected ideas outlined several investment giants or two.
(1) Graham, Value Investing the originator, because by the stock market crash of 1929, he strongly advocated the real value of selected mainly from those who may be qualitative rather than quantitative factors of the factors of company stock, believing it will have a greater margin of safety. Therefore, the grid Lamb favorite equities investments are some cheap stocks, especially the stock price higher than the net current asset value of 3 / 2 stock. (This shows that even if the company goes bankrupt, investors will not be any loss.) shares this no, he looked for stocks with low price-earnings ratio, (the inverse of price-earnings ratio) of high-quality bond yields to 2 times, when the stock price rose 50% after the sell. by Graham's stock selection criteria is very useful in a bear market. since then, good and bad, regardless of the market, cheap stocks are everywhere. Investors can then just copy the big end of courage, and technical analysis may still find the next support there. But in a bull market, but more difficult to apply , Kaohsiung surplus of some high-growth stocks can not do anything.
(2) of Fisher: Fisher is the Gramm contemporary investment guru, but he is only concerned with the Graham factors to quantify the different stocks, and in particular focus on qualitative factors, namely, the expected future growth and viability assessment of management. He decided that cheap or expensive a stock price of the real elements than its price earnings ratio relative to the current year, but the price relative to the coming the rate of earnings. colloquially put it, a high stock price-earnings ratio does not matter, the key is as long as it can grow, grow and then grow, then no matter how high the stock will look very cheap. Fisher stressed the role of research, to find out real soon value of long-term growth potential of stocks, the way he would hold until his growth potential is exhausted. Fisher Price rises against because of easy sell. because a good share of the high points will be repeated on the move, although short-term There may be a substantial pullback, it is often difficult to grasp the immediate repurchase of the time. Fisher had a famous saying: True confidence is so firmly held by a stock? The answer is yes. Coca-Cola holds the American woman is 40 years! there is a discerning person can see the potential of the mobile communications industry, decided to put most of the funds in 1955 Motorola to invest in the above, the stock more than a year without even performance, but 20 years later, 20 times the share price appreciation, excluding dividends, the annual compounded rate of return that is 15%, Fisher is the man I am! selecting a stock is not easy, but after selecting and watch it continue to rise, pullback, and then rise, not be tempted to sell it is difficult to sleep at home and peace of mind.
general investors sell the stock the biggest difference will be benefits, they just see the post profit, rather than using objective measure of long-term interests. If the enterprise from a management perspective, most companies will not sell the stock held, seeking to gain compensation for the difference is often wrong trading access. The continued operation of the strongest companies, was compounded after-tax profit will increase, and investors will follow the investment interests of the huge compound interest, accumulation of astonishing.
O'Neal to have remarked: so the actual holding time compared to fundamental analysis for long-term investment standpoint, but also a lot less. according to Fisher's theory, for a high-growth stocks, technically only the sharp pullback from the large number of profit-taking pressure only, as long as the fundamentals remain good, the next bull market to go up will be more rapid, so it can be said, , go home, you went to sleep. is concerned, like Gramm, as emphasized margin of safety. If you can not find such a stock, he would wait until the market downturn, or a good business experiencing temporary problems caused by low stock price when purchased. Buffett's stock selection An important feature is the search for those with a strong production of consumer goods exclusive of special characteristics of the enterprise, is difficult to compete with other companies, such as the Washington Post, Coca-Cola, Gillette are such enterprises.
2. Random randomness of long-term investment
long-term investment is very simple to buy and has been held without any short-term access. by buying more shares of the portfolio, the more the system can eliminate the risk of non-stock, it is more close to the market index reflected increases in average earnings. usually more than an investor with the money free to buy shares of a way, whether it be a bear market bull market, good stocks bad stocks, over time can still get a good income.
simpler way is to buy index funds, your income will be synchronized with the exponential growth of the average market gains will not be difficult to obtain. randomness, though not for any investment analysis, lost many opportunities for excess return, but to avoid a lot of mistakes, and reduce the considerable transaction costs. Although such a negative strategy, regardless of stock quality, do not speak band, but to grasp a simple truth: The stock market's long-term trend is upward, and any high point will be low, and by compounding effect, long-term investment of wealth were the cumulative value is still amazing.
Wall Street brokers have been made by a research report: Suppose a person from the 1970-1991 period a total of 21 years, annual investment in 2000 dollars in the stock market, and are highest in a year when entering the market, the shares were acquired for long-term investment is not sold. While each acquisition is the worst time in the market, but there is still a virtual stock 11.6% average annual rate of return. In 21 years, the investment capital from the original $ 42,000, an increase of $ 180,000.
3. midline is silver, short-term risks facing the huge
(1) Transfer silver
midline investment is a band of investment method. Why is the Bank of midline? Because even if you step on the potential of the beat, will be let go as the State Power South, environmental protection, such a long bull stock shares. in the middle of selling out of their investors, until they find a good substitute (this possibility is very small), otherwise it is difficult compared to the United States held the same way.
greatest difficulty lies in the center line of investment easier said than done still very difficult. rub it up in the stock market will go up too so you do not believe, or it is also true. can learn to catch the big top with the large end is not easy, if you reflect back later, real-time with a corresponding into the positions are considered clever or extraordinary.
but generally speaking, if not beyond the market, investments do not lose the center line, and some profit. A few people continue to enhance its analysis capabilities, and strive to step on some of the large quasi- beat to capture the hot stage, the benefits will be possible to achieve amazing.
(2) short-term risks facing the great people have the habit of doing
despite short-term, but objectively speaking, face enormous risks of short-term, even if that Ten dead nine wounded, can not be overstated. earned two levels with a loss to describe the seven short-term investors the situation is fitting. This is because the short-term investors to be successful market timing is extremely difficult to master, and frequent trading has led to the transaction costs rise sharply. the United States had two professors concluded that: control of the market timing had to have 70% of the time is right to buy shares held by investors over and they never met the probability to follow the market 70% of the people. Chinese scholar Liu Shiyong studies suggest that greater risk of short-term speculation about the success rate to 66% can play for a draw, in order to profit will have 70% -80% success rate, and it is very difficult to do to.
, combined with stingy dividends of listed companies, eager to misappropriating caused.
investors who might be able to give Taoyong root (the first investment in China in 1996 champion), stone open (quadruple revenue in 1999) that short-term experts example. But do not forget that this is the extreme case is rare, and are just to catch up with the bull market. I studied their experience, mainly the following characteristics: a good sense of the disk, a case of strong stocks start strongly follow-up; strong sell into, do not grab a rebound; case of continuous pulled up, then hold, and vice versa, then quickly open, do not participate in consolidation. common shareholders is extremely difficult to do, a mistake, or could not bear to stop, or the mentality of chaos. Many people always made a short-term money, and losing the middle is made, then become a long-term, final, could not convertible, but it started. bubble in the market every day, there are many people, Although knowledge of stop-loss, the same can not escape fate. they are most easily caught in the cycle chase sell whipsaw stage, thus not buy low and sell high, buy low and sell high but, or level off, but lost fees. major is the disk of hot stock exchange every day, and his recovery went once, encountered adjustment, and then for horse riding, guessed Zai Yu adjustments, the accumulated charge is quite amazing. Many stock analysts who often jokes that : to others about the stock, others holding to make money honestly, but he did not know at what time and so early too impatient to leave the flesh.
4. Conclusion
Although we speak so much, But regardless of the stock market or the stock market this big in life, to do short-term in the long term than those who do are always the overwhelming advantage, Why do this?
from a subjective perspective, the weakness of human nature dictates too. Five Laws of Human Nature :
(1) Most people drift;
(2) most people are greedy;
(3) Most people have no persistence and perseverance;
(4) most people is forgotten the pain;
(5) Most people are rolling stone.
objective factors can not be ignored, mainly due to the uncertainty and the future livelihood of the force in two ways. The hardest thing to grasp is the future! you hold a stock for three years or five can not find it, it taste good about it? you write an essay to the newspaper, can not be published, nothing but a waste of your day to do; if you can not publish a long, how much time you have withstand such a toss it? will therefore not surprising that the following scenario: after one year if analysts recommend a stock to rise 50%, believe there is no one to fill; if it can be recommended after a rise in January 30% of the shares, I believe not many people are interested in; However, if analysts can recommend a few days up 10%, there will be many people eager.
really not Xiangman, in my experience has never yet truly experience a short-term expert. and many master because he insisted in private long-term investment, have realized from the retail to the progress of medium and large households. The general principle is to promote medium to long term, rather than on short-term should be, will the less, would rather caution. now swept the country in the : . cultivation to be successful, as the best poet is the with local sales manager of a securities company's remarks.
Mr.Wang I fortunate enough to visit, just sat down, the door of a large Wuwu headlong in, exclaiming: advanced. a handful of stocks, which earn a little, it would only lose a little, the last is not a draw. Technology is only one deep. br> author: , 1400 point to leave, but also at least 40% of the profits. However, our sales department shareholders, can be said that 80% are not, why? do not look at trends, rounded out the blaze all day. > I thought surprise, waited at the trading floor every day, especially in medium and large households Room of the people, pundits construction, a fax, information has been particularly well-informed, so why would it?
author: market fluctuations, the volatility of the market entirely about attitude chaos, so it would be so. I do not have computer at home, and sometimes may not be a bad thing. from the market close, inevitably sometimes the same as r l Mangrenmoxiang. : its own comprehensive plan. , Shenzhen and Shanghai stock market really began to accelerate upward, which was then a dramatic plummet. and I met several very successful, although not specifically in the stock market bubble, but all have rich life experiences and philosophy literacy. This has made me determined Stock of the Road, and Heaven, authentic, humanity is forged in the ah, the stock market a small life, life is great the stock market. master and the master of common hands of the points is the difference between ah and craftsmen. what can only rigidly in accordance with indicators and trends Makers operation can only be mastered small .
Road and operation of the points! Gaoshanyangzhi, shadow-line behavior, although not to the heart and desire.
the time when I studied chess, chess management often a profound inspiration to me: Go under the most attention to the bigger picture , regular activity also encounter great, take into consideration. beginner does not know the art of sacrifices, often as a second son escaped, while the stricken Dragon captured; master this situation is rare, especially in such as Ma Xiaochun to ethereal floating Qifeng known players. the stock market has so many people due to lack of stop-loss that may cause lose money. biggest advantage was actually plain, no faint head, do not make a stupid mistake. which makes him repeatedly over a ground-breaking MicroHand often appear to Ma Xiaochun et al. think of the stock market, many people often seize the dark horse, and finally it is empty-handed, the reason is faint with too much. Therefore, the fewer mistakes is not more important than the profit you earn?
another look at the art of war, war. The Art of War stresses , the main force of public opinion is not often borrow large build an atmosphere of terror in order to make a in philosophy, think Kasparov lost to the computer play disorders, while the computer is not people are nervous or difficult to understand not to have compassion, always objective and peace of mind. the most depressed, he would approach, called of the investors, this is called worthy of thought as well. Think about the ebb and flow of life, as the stock market's ups and downs. Think about why the stock market is always in a desperate start, hesitate in the rose, the joy of death. social life, a new industry is not experiencing any the same process it? Think about why The ugly duckling into a swan? ? snobbish people Yeah, think he is wise, is really stupid!
I like the stock market because the stock market, people can understand the look at the face. I like it, because after the stock market fall and rise of baptism, the sense of balance will help temper Rain or shine. If you just come to the stock market to earn a little money, it was so short-sighted and stingy. You could have realized from the stock market to a lot of philosophy of life Yeah, the stock market fight, concentrated essence of life! you need to do far more than just the stock market winner, but do life's big winners.
stock market is a big school, the teacher is the market , each investor is the school's students, but never graduated. Who will be the school's top students do? every day on time to class, study hard in school, the more likely? No, rarely . If a person's quality philosophy, the influence of Art of War, Zen perseverance, rough life experiences honed sense of balance, then such a person enter the market there will be a great chance of winning. is not it? Chiu itself is a learned, very rich experience of the writer, after a year into the stock market made a capital of ten times.
particular, philosophical accomplishment I think is very helpful, it makes the vision through the beginning of the appearance of the complex to for the nature of law. Graham avid reader of ancient Roman writings, Soros once wanted to be a philosopher, Gann affected by the Bible, especially the one of the there is no new thing under. Over the past that is now, now over there. maximum effect from the book is not technical analysis, but the Eastern classical philosophy, Buddhist, Daoist thought.
There is a story that the United States when there is a company hired a general manager of a talent. The following people objected that He did not need the expertise of the company. chairman, said some professional knowledge of the company after a week he can take a basic understanding, but to cultivate a people like him, will take two years!
Track deep ( j) lies in the highest cardiac
practice what is the stock market
let us once again to analyze the famous phrase: ten stocks, making the second level of a seven losses. If a shorter period of time from the point of view, I am afraid ten among the more than one person make; but from a long time to calculate the income, then this statement is absolutely correct. What kind of people among that rare one-tenth of it?
other what kind of people I can not say, but at least There are two people. a class of shares may be called God, who is a class of investment guru Warren Buffett, George Soros, O'Neill, Lynch, Graham and China's Yang million and so on. these people are born intelligent, hard day after tomorrow and great talent. for their deeds, investors are already familiar. We can not think of another person may be, they are ordinary folk who may not look, not well educated, no skills, do not know what the basic means of technical analysis, looking a bit foolish clumsy taste was wholly unknown, let's call it shares melon. such persons useful in retirement until his death in the United States, Coca-Cola to buy the old lady; has carried a small notebook and a small calculator and Hong Kong's rich old lady; never lost a man, a farmer in California; in the 1998 bear market also triumph of the old workers; guarding the Securities newsstand Zhang; my friend, one year out of a two Li; a colleague of the father, always on with five million to fry, remove mm
earned at any time you may ask, how do you think of God and the shares will be shares of melon, experts compare it with a fool, it seems strange and contradictory. no hurry, I slowly come. look at the shares of melon, looks dull, in fact, they are not truly only the wisdom of chaotic level.
example, the U.S. woman to buy Coca-Cola has been held, it seems awkward, in fact, just accidentally coincident growth stocks held long term in order to share the outcome of the continued expansion of business logic. As to why we chose in the Coca-Cola it? is not difficult, she does not know how to analyze the characteristics of growth stocks, but that such a common sense: Coca-Cola, everybody drink (coincidentally, Buffett large-scale intervention in the 90's Coca-Cola, to lay its shares in one fell swoop Wang's position). Hong Kong woman, generally do not sell after buying, but highs will sell 20%, down 40% will have to buy. she actually know how to international practice, fell below 20% to enter the bear market (of course to sell), down 40% of the risk is definitely a very small (of course, buy). a man never lost his business from a stall in the enlightenment pig: Pig City, took the opportunity to buy cheap in bad times, there must be huge profits mm in the stock market in future What can the matter, as long as buying low cost can be. What a contrast the theories theory.
Another example is the emphasis on the historical experience of older workers, and thus more than 7 yuan to buy extension of the industry, to cover more than 20 straight outs. small Zhang's story then common enough, the three-month securities newspapers are no buyers to buy; month are selling, selling. a good head of a number of theories, did not forget to bottoming longer time than the peak. small Lee no matter what market, what Ushimata, earn 20% of the run. He seems to really understand the doctrine of the general market, the average stock, removing the head and tail of its gains to 20%. Finally, the old gentleman would make a profits are taken out, will control the risks. So, who can learn from them, knowing too how efficacious in the stock market.
fact, ordinary people on their knowledge of these shares are not melons do not know, just because these knowledge is too simple, so ordinary people or tools to use to defeat a result of their own; but also because they're smart, so they have to keep short-term speculation, the results are often non-wounded or dead. Why? The reason is that people who enter the stock market, all of them have described as one fine, fine people fine touch people, said the probability of winning is half and half. plus transaction costs expenses, bankers, large cunning, most people fail to a certainty. The shares of melon they are just as American movie in the description of Forrest Gump, a little Hansha man, in the real world always wins. Although some absurd story, but it shows that everyone is smart in the world, smart does not always win, but s wisdom is likely wrong.
I said: heart set match wits with people, do not want to earn from others about what, only get all their cost, no one can hurt them.
but you may ask, investment guru it is always great talent, rather than What is common sense to win the bar. wrong also, I can assure you, the investment must not exceed the master's skills most useful. is the so-called said: making money, he was all out until the fall of 1973 the market a mess, and he again to invest in the elderly, although a wise man almost desperate. Lynch often wear clothes from his wife, children wear shoes and the like to be inspired to invest in such stocks popular products until the price rose until the end. products began to sell well, and will definitely affect the stock price after a period of time, this is not what is common sense? but Lynch has good eye for research only mm
In fact, God shares with the shares of melon in the person's poles, the poles and just the same, called extremes meet, that is, dialectic truth. they have much in common, that is, no one may test market a number of tools, but common sense; they know personal limitations, so they often hold their own road to some opportunities, but control of the risks. And so the old workers, according to historical experience he would do, did not seize the lowest and highest price, but it caught the bottom and top of the area. and some not the same, they value every opportunity, the result is many, many are also wrong; they learn many tools, the result is all of them have Mo Xuehao, bite off more than can chew as well. Therefore, the tool is equivalent to much No, too many patients do not move like a trick works. is the so-called I said: decision-making, which is actually more than their capacity, and finally by the market-place repair will for granted. So I phrase or saying goes: deficiency, it is sensible, ordinary people's problems, that is, where less than their ability, then he thought all-powerful, and this is the crux of the Yeah!
Let us look at a life story, perhaps we have inspired by: Shenzhen have a little culture in rural areas to the women, initially working as a housekeeper for others, and later placed in the street of small stands and selling the film. She considered dead science, rolls of film will never earn a corner. business is slowly growing in volume, Then buy a lot of real estate. Now she opened a photographic equipment store, or make a film corner. Kodak sold on the market 23 yuan, 16 yuan 1 jiao she sells wholesale surprisingly large, Shenzhen, did not engage in photography did not know her . there have been a stranger lost the wallet in her place, she spent a lot of long distance telephone charges to find the owner. sometimes miscalculated overcharging account other people's money, she hurried to find someone pay. sounds like Lei Feng, can be extremely money. The semi-literate women, philosophy of life, I am afraid that is a kindergarten teacher taught us that a few simple things. she used what little simple things, in Shenzhen, where the piles of human sperm, defeated complex. Now and then a bull's photography business, they have obediently to her getting goods there.
Finally, let us share God with the words of Graham in a meaningful discussion of this paragraph to the end of it: a wise man does not need need smart ways to make money head; do not need smart people with smart brains ways to make money.