The traditional industry is sluggish, and when it comes to the securities market, it is naturally not welcome. The value of a stock is roughly the future cash value of the company.

If you make two million a year, and one share earns two dollars, then, if you are given a valuation of ten times, this stock is worth twenty dollars.

Well, if this return is constant, then there is no such thing as stock trading. Less than ten times you can buy because it is higher than the bank rate. Anything higher than twenty times is dangerous because there is uncertainty.

However, if you invest in ordinary industries, you can use PE to estimate, but you can't invest in high-tech industries. Take Cisco, for example, its revenue has been expanding dramatically, this month it is still two yuan, and next month it will be two yuan and five yuan.

Well, the valuation here is difficult, and the current stock price is forty or twenty times PE is really high. However, its performance is skyrocketing, and by the end of the year, there may be three yuan.

Well, what about next year, and the year after. Since you are investing in the future, 20 times PE is naturally inappropriate.

If it's just a Cisco, Wall Street doesn't care, and this product will be back on the market as soon as next year. Now it's not their turn to worry about the current valuation.

But the problem is that these technology stocks on the NASDAQ have obvious PE premiums. Software leaders like Microsoft and Oracle are valued at more than 30 times.

Generally speaking, valuations are too high, and major shareholders can take advantage of the opportunity to reduce their holdings. But the problem is, that damn William White seems to have forgotten that he still has these stocks.

When encountering a major shareholder who does not reduce his holdings much, investors are naturally very happy, they don't care anyway, it's a big deal to mortgage it to the bank.

If they are happy, naturally some people will be unhappy. If you don't sell, the market will not be active enough, and if it continues like this, you may be delisted.

Lao Mei's regulation is actually quite nonsense, the number of outstanding shares is too low, which is not allowed.

So, it's very difficult for you to control the market in the United States. Absolutely not, of course, it is impossible, it is not the majority.

This thing, in the forties and fifties, there were actually a lot of them, a bit similar to the stock market in the big rabbit country, anyway, it was all kinds of storytelling.

Later for the hair is gone?

Because the fools have been killed, no one invests in the stock market anymore, and everyone thinks that this is dealing with a group of fraudsters, not investing in any company at all.

The Great Depression in the history of the United States was caused by the moths of Wall Street. Deceit, deception, deception to the end, no one dares to invest, and more than half of the middle class has been wiped out.

Lao Mei looked at it, Nima, it's not okay to do this. So, they made the strictest laws in the world.

In the United States, this securities fraud law is very bullish13, it says that if you are guilty, you must find proof of exculpation.

This is very different from other laws, if you steal something, the whole world knows that you stole it. If the prosecution can't produce conclusive evidence, you will still not be punished.

The Securities Fraud Act is different, you can't find evidence to prove yourself, that is, you are guilty, don't say anything, all the proceeds are confiscated, and you have to be fined. This fine is punitive, and one wave can bankrupt you.

"Boss, the three major rating agencies believe that the valuation of the NASDAQ is too high, and if it continues like this, there will definitely be problems. ”

"Well, these old guys are really funny, do they think they can pick up cheap chips this way?"

"Ahem, boss, except for these new toys, no other industry is good. Filson smiled wryly, the crap of the rating agency, they don't take it to heart.

"Filson, the old guys are crazy, are they going to bully the stupid boys?

It's too much to talk about good value investing. ”

William White said it easily, but he was very unhappy in his heart. The so-called bubble now is insignificant.

Even after 2,000 years, the so-called dot-com bubble is debatable. From the perspective of future generations, this is more like an extreme shuffle.

Greenspan said in '96 that there was a bubble, and if you listened to his flickering, you would miss the entire Internet market.

Obviously, this is how the European friends were killed at that time. You guys keep saying that the stock market is risky, well, we listened.

Three years later, the European friends found that they had obviously been cheated. When they rushed in desperately, click, the dot-com bubble burst.

It's funny, Greenspan said in '96 that there was a bubble in the Internet, and this thing was a joke. In 99, he said that the economic transformation of the United States has been successful, and we have gotten rid of the original development model.

Ahem, when the European friends entered the pit, a group of bigwigs, including Warren Buffett Greenspan, began to say anything about value investment.

Well, by the way, I also slammed greedy investors.

As for the investment banks that fanned the flames, they originally planned to fine three glasses of wine. Later, it was really not good, Merrill Lynch and Citi fined millions of dollars.

Haha, the Nasdaq evaporated five trillion US dollars, and you fined several million?

Well, this is similar to the meaning of three glasses of wine.

The most unfortunate thing, to be said here, is that Germans never speculate in stocks. This is the kind of person who also fell into this Internet bubble.

What, when you beckoned people into the pit, why didn't anyone say value investing?

"By the way, Filson, what about Warren Buffett? Has his portfolio changed? ”

"No, the old guy has a good eye. He has been talking about the spirit of the United States recently, ahem, for the outward migration of the manufacturing industry, the old guy is very dismissive. ”

"Tsk, what kind of living treasure came out of this place. Not to mention, the vision is indeed very unique. It's a pity, if it's really like what he said, why not invest in General Electric. ”

Indeed, his portfolio is biased towards insurance and finance. ”

"Ha, look, it doesn't matter what a person says, what matters is that you have to see what he does. William White looked disdainful, how to say that, the account will not lie.

As for Greenspan, William White didn't bother to say that he couldn't speak on his own behalf. Didn't his predecessor just don't listen to him, and now he can only teach.

No matter how high the status of the professors in the United States is, there is no comparison with the boss of the United Bank of China.

However, they can play if they like it. He, William White, wouldn't jump out and shoot a cannon.

Stocks have been invented for so many years, and the way to make a profit has never changed.

It's just a dip to absorb it. Speculate high and sell. What has changed, but the means of absorption have been renovated.

Alas, it's better to be a predator, there are too many resources to use.

"Ahem, boss, we've recently reduced our investment, and they've been using it to promote it. I think they must be very much looking forward to us reducing our holdings. ”

"Alas, there are people in the court who are easy to do, but they think too much. What if there is a bubble, it is a healthy market if it is appropriately overvalued.

Still, Filson, keep an eye on this group of guys. The three major rating agencies, this cost is not small, if the estimate is correct, this group of guys must have a big move. ”

"Okay, I got the boss. ”

In fact, he William White is also one of them. When talking about how others are greedy, someone seems to forget that he may be the most greedy.

Why do you say that the US imperialists are annoying, the truth is here. Isn't it good for everyone to get rich together? Nima, if you don't cheat people, you will die!