"Wang Stock God, can't you run the stock market?" Li Feng quipped. Pen & Fun & Pavilion www.biquge.info

"As long as we can continue to issue shares for financing, the purpose has been achieved!" Wang Tianxing said disdainfully, "As for the sale of 1 billion assets for 300 million or 200 million, it doesn't matter." All we want is to promote the development of productivity and economic scale, sell stocks for cash, and then invest the cash into productivity, no matter how undervalued the market is, as long as the energy supply is constantly new funds for investment in new projects, it is a qualified market! Now, stocks are cheaper, and they are actually very beneficial to investors. ”

"It seems that even if it is given away for nothing, it seems that not many people are involved!" Li Feng said teasingly.

"There's no way, any large-scale delivery of money, ordinary people are sluggish!" Wang Tianxing sighed.

Throughout the historical opportunities, they are all people who find opportunities in the early stage, and the probability of success is high, and then everyone is moved by the wind, but it is easy to become a pick-up man.

The real estate industry is a typical example, at the beginning of the commercial housing reform, buyers must have taken advantage of the boss. Later, when it became more and more expensive, it was forced to buy a house, which was tantamount to paying for the bubble that blew up, and really took over the market for the country.

The same is true for the Beijing Stock Exchange in this world, where the stocks and bonds listed in advance are all carefully selected and strictly controlled by the exchange. These companies can be regarded as very well-governed, extremely promising companies in this era.

Even so, because the number of investors is small, it is tantamount to flattering the blind.

So, spread the word and let more people know!

The purpose of the blowing is not to make the market go up, what is the use of going up? It is equivalent to a large amount of money being wasted, only used to raise the stock price.

Attracting more capital into the market is only to provide liquidity to meet the needs of financing new projects.

In order to avoid the rise of the stock market, waste money to engage in a bull market. After the bull market, it's a mess of chicken feathers. Therefore, the issuance of new shares and new bonds by the Beijing Stock Exchange will always exceed the market's capacity.

The purpose of this is, on the one hand, to maximize the financing of capital. On the other hand, it is the real protection of investors.

Speculating on the valuation of the market is very high to meet the short-term interests of investors, in fact, it is harming more investors to be the receiver.

Therefore, the style of the Beijing Stock Exchange is to continuously issue and supply high-quality assets. However, there is never a bull market that is suppressed by the market. In this way, investors hold shares for a long time and share the company's long-term profits and dividend returns, which makes it easier for investors to maximize their long-term interests.

On August 8, 1981, the Beijing Stock Exchange said in the news media: "Because the people do not understand the new thing of stocks, so that a company like Fengchao Real Estate has fallen below the issue price after listing, and the company with an annual profit of 200 million yuan is conservatively estimated to have a market value of 500 million yuan at this stage." According to the development of the company, it may be two or three years later, and the profit of one year will be no less than 500 million yuan. The Exchange has repeatedly audited and confirmed that its revenues and profits are not false at all. In addition, Fengchao Real Estate Company promised to invest half of its net profit in dividends every year, which also reflects the company's confidence and responsibility to investors. ”

Next, the experts of the exchange, in the CCTV program, talked about the common sense of the popular science securities market, the price-earnings ratio, the price-earnings ratio, the return on net assets, the dividend yield and so on. It also introduces the return on long-term holdings of successful investors such as Warren Buffett in the United States. There are also companies like Coca-Cola, the little girl bought Coca-Cola stock when she was young, and she kept forgetting about it, and when she was old, she accidentally turned over the stock, and then, she found that it had multiplied tens of thousands of times, and the little girl became a multimillionaire.

Then there are the most profitable tobacco companies, with the U.S. tobacco industry's stock return in a hundred years reaching a frenzied million-fold, more than any other industry. Even if any data suggests that the number of people smoking has been decreasing, tobacco companies' gross margins are not too high. However, the compound growth that has lasted for a hundred years has allowed the compound yield of tobacco to reach incredible levels.

A bunch of examples tell everyone to snowball, if an industry and a company can operate sustainably and make money every year, then in the long run, the rate of return is extremely amazing.

In the future, if the exchange advocates a listed company, it will definitely be in violation. However, at this stage, the system is not perfect, so it is nothing.

After the wind, the share price of Fengchao Real Estate Company barely returned to about a piece of five. Later, for a long time, its market capitalization fluctuated between 500 million and 1 billion.

It is precisely because Fengchao Real Estate, a high-performance and high-growth company, is so cheap that it has laid an atmosphere for the Beijing Stock Exchange.

Under normal circumstances, the average price-to-earnings ratio of 5 times in the market is considered very expensive. The average price-earnings ratio can reach 10 times, which is a super bull market.

Of course, this has to do with the fact that the market has a high risk-free rate of return, which is basically considered a country's risk-free rate of return. The interest rate on deposits of large banks is close to the risk-free rate of return. At present, the deposit interest rate of domestic banks is above 15%.

Therefore, it is normal for stocks to be cheap, and risky assets should be cheaper than risk-free assets. This reflects the valuation of risk.

Because China's capital market has maintained such an undervaluation for a long time. A few years later, Wall Street in the United States, after learning of this situation, strongly demanded that the Chinese government open up the authority for foreigners to invest in China's stock market.

In this regard, the Chinese government approved, and then, the Beijing Stock Exchange remained our own bank, and the scale of the issuance of shares has been like a flood, completely ignoring the ability of funds in the market to bear.

Later, there were some proverbs on Wall Street - "There will never be a bull market on the Beijing Stock Exchange", "Value investors, get out of the way to the Beijing Stock Exchange!" ”！

Indeed, the Beijing Stock Exchange is completely similar to the bond market, and the stock is incredibly cheap. It is inconceivable that the dividends are generous, but it is impossible to rise sharply, and it will always suppress the bull market.

The means is to keep issuing better performing stocks cheaply.

Endless new issuances, never taking into account market affordability.

This strange practice also makes the Chinese investors in this world completely different from the Chinese investors in other worlds.

Chinese investors in other countries are mostly speculators.

And the Chinese investors in this world are almost all value investors, and most of them have blown up Buffett in long-term returns.

This kind of maverick exchange, because it was like this from the beginning, forced everyone to become value investors.

So much so that later everyone became accustomed to it and thought that it was a manifestation of socialism with Chinese characteristics.

……

August 1981, Beijing, Fengchao Base. This is no longer just a military base, but an incubator for a series of "Phoenix Nest Plans".

The Phoenix Nest Plan is a large and comprehensive plan, including military, economic, scientific and technological, people's livelihood, culture and other levels, to help the Republic develop as soon as possible. Relying on the great power of the Republic, everyone has hope to complete the task of obtaining 200 cubic meters of g.

At present, there are about 8 beta nests on the earth, and most of these nests are sub-bases of Kashgar nests.

Due to the fact that the Kashgar lair was the first to land on the earth, it has developed for many years and has become the highest-level lair on the earth, and there is a heavy mind level beta inside!

And the later nests are all new bases that they sent out to occupy the territory and open mines. The Kashgar Lair, the beta lair that commands the globe. The other nests are the beta units that command the creation of them.

An ordinary nest may not have as much G-element as 200 cubic meters, so this plan was aimed at attacking the Kashgar nest from the beginning. The largest lair should have enough g-elements.

Why choose China as a partner instead of the United States?

On the one hand, the United States is a rear country, with front-line countries on top, and there is no existential question for the time being. Therefore, the United States feels good about itself, and it is not possible to listen to the advice of the traversers.

On the one hand, China is a front-line country, directly facing the threat of beta, and the country and people are behind it, so they can only do their best to tap their potential to fight against beta. On the other hand, China's execution ability is relatively high, and what it plans to do is definitely more efficient than that of countries like the United States and the Soviet Union.

Well, if it was the USSR in the Stalin era, that's two words. The current Soviet Union is not only ready to hang up at any time, but its real strength is no longer as good as that of the republics.

On the side of the republic, don't look at the GDP data. However, China currently has a population of 3 billion in the world, and China accounts for 800 million, and already has an industrial base and high-quality citizens.

What's more, the traversers have brought a lot of advanced technology to the republic, which has made the development of the republic rapid by day.

Under the passion of the traversers to climb the science and technology tree, it is not entirely a dream to catch up with Su Chaomei...... Of course, catching up with the USSR and overtaking the United States was not the goal, the aim was to have overwhelming forces against the beta! (To be continued.) )