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25 January 1990. Pen × fun × Pavilion www. ｂｉｑｕｇｅ。 ｉｎｆｏ

Xu Cun returned to Xiangjiang from Japan with the daughters of Michiko Saiyo, preparing for the upcoming New Year that spanned into the nineties.

Although there are still a few months before Xu Cun's birthday, as soon as this year passes, Xu Cun has already entered the age of establishment and has become a real adult.

It is said that in such an important year, even if Xu Cun does not do a special event, he should be more solemn. But the fact is just the opposite - this year is the most concise year for the Xu family in recent years, Xu Cun not only did not take his family to Musa Island for a vacation for the New Year as in previous years, but also only stayed in Shi'ao Manor until the fifth day of the new year, and then Xu Cun flew to Taipei with the girls who were fine.

At present, Taiwan's economy has achieved an average high growth rate of 9 percent for 40 consecutive years, and in addition to the growth of wealth reserves, private income has also increased by a large margin. Ordinary civil servants can receive one to two months of additional salaries at the end of the year; workers in some ordinary industries can generally receive an extra three months' wages at the end of the year; in some monopoly industries, the amount of bonuses at the end of the year is usually equivalent to seven to eight months' monthly wages; and in those industries with rapid expansion, such as securities companies, the year-end bonuses are as high as 70 months, or even 100 months' monthly wages.

At this stage, countless hot money poured into Taiwan, making Taiwan's per capita GDP exceed 10,000 US dollars, resulting in the quadrupling of real estate in a short period of time, the rise of the service industry, the peak of automobile and housing sales, the beginning of tourism and tourism, and the emergence of famous brands and boutiques into the performance of department stores.

In the process of this surge, it can be said that the assets of the vast majority of the middle class have increased very well, and the number of account openings has skyrocketed from 50,000 to 6 million, and making stocks has become a typical sport for the whole people.

And at this stage, when you really buy everything to make money, it's like everyone is Buffett, so in the whole process of the surge, the middle class has a very good life - because the current platform bends are open at nine o'clock and close at twelve o'clock, so the whole trading time is only half a day. The first thing the rich people who have made a fortune after the market closes is to find a decent restaurant for a hearty lunch, and then arrange a variety of entertainment activities in the afternoon, including singing, dancing, grocery shopping, and so on.

In the course of the three-year bull market in Taiwan stocks since the end of the '87 stock market to the present, it is no exaggeration to say that anyone who adopts the "throwing darts" style of random stock selection can obtain an average monthly return of 8.5 percent in the Taipei stock market, and some people who dare to use leverage can easily become rich or even very rich or even super-rich with tens of billions of yuan.

However,

This unprecedented bubble-like surge has long since turned the Taipei stock market into a "casino" that does not produce real value, and it is impossible to talk about the function of rational allocation of resources that the stock market should have -- the entire market is keen on speculation, not investment.

Some companies that should have been delisted in other markets will immediately become market favorites after the current Taipei stock market is favored by big market makers.

Some companies often have no actual assets, no income, and even no employees, but as long as the market is small and the chips are easy to control, the stock price will be speculated to the sky - for example, a stock called "Novelty Wool Spinning", the company's business has not improved, but the stock price has appeared 22 consecutive limitless limits. There is also a stock called "Yihang", Yihang is a listed company with only one broken ship, the initial share price was only one piece of six cents and seven, and later from a piece of six cents and seven roads to nearly two hundred yuan by the dealer.

Contrary to the speculation of junk stocks, the stocks of a few large companies with good fundamentals and leading international competitiveness are not favored by the market.

The pattern of high-performing stocks lagging behind junk stocks has pushed the Taipei stock market to the position of the world's least valuable stock market.

Now, the average price-to-earnings ratio of Taiwanese stocks has reached 100 times, while the rest of the global market has traded below 20 times in the same period.

Although the regulators in Taiwan have also begun to warn of a bubble crisis, investors who have already gambled on red eyes are still optimistic across the board.

……

Yang Ming Manor.

In Xu Cun's study.

He Chaoqiong said a little nervously: "Brother Cun, our $10 billion is now less than $3 billion, and those Taiwan banks that provide us with leverage will let us make up our positions, otherwise we will be forcibly cut off." ”

He Chaoqiong, who has made countless money in the stock market with Xu Cun, naturally believes in Xu Cun's judgment.

Moreover, not only Xu Cun judged that the Taiwan stock market would fall sharply, but even He Chaoqiong could see that the deformed Taiwan stock market would definitely have a big fall.

But the question is, when is this big fall?

Since they entered the Taipei stock market three months ago to sell short, they have lost 70% so far, and this is thanks to their failure to get a large leverage in Taiwan, otherwise they would have been out of the game.

It is not difficult to see from this that even if you can see the general trend of the stock market, you will not necessarily be able to win money.

Xu Cun took He Chaoqiong's hand, dragged her into his arms, and said with a smile: "What's the matter, scared?"

He Chaoqiong put his backhand around Xu Cun's waist, then leaned his head on Xu Cun's arms, and said softly: "Hmm...... The people in Taiwan are so crazy, I'm really afraid that they will top the index to more than 15,000 as they say, in that case, even if we invest another 20 billion US dollars in it, we will all have to be strung out by this meat grinder!"

Xu Cun slowly stretched his hand into He Chaoqiong's clothes and said with a smile: "The market always sprouts in despair, moves forward in half-belief, and is disillusioned in joy. ”

After tasting Xu Cun's words that seemed to be very philosophical, He Chaoqiong looked up at Xu Cun's eyes - He Chaoqiong wanted Xu Cun to explain to her the specific meaning of this sentence now.

But after raising his eyes, what He Chaoqiong saw was the heat in Xu Cun's eyes!

This kind of scorching heat is too familiar with He Chaoqiong, who has been with Xu Cun for more than ten years, so familiar that without Xu Cun saying anything, He Chaoqiong glanced at Xu Cun, then slid down Xu Cun's legs to the ground, and then reached out to untie Xu Cun's belt......

"Sizzle......"

After He Chaoqiong buried his head between Xu Cun's legs, Xu Cun sizzled: "Go back and ask Xiao Ai to mobilize another 10 billion US dollars to cover the position, and then continue to sell short...... I really underestimated the potential of the Taipei stock market before......"

……