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Any bull market in the stock market is not only a repetition of history, but also a very complex and irreproducible process. Of course, many bull markets have a hype "theme" www.biquge.info many bull markets.

In the long history of mankind, the main theme of these hypes is actually an excuse. However, people always need to have an excuse to be emboldened.

The tulip bubble in the Netherlands, the South Sea stock bubble in the UK, and more than 40 financial stock market crashes in the United States. So much so that people have repeatedly summed up their experience that at the beginning of financial disasters, they are all because of cheapness or the discovery of beauty.

By the time countless people flocked to it, the original reason had become an excuse for gamblers. Human gambling can turn any kind of transaction into a crazy gamble.

The stock market crash, in essence, is that bad money drives out good money, and there are fewer real value investors in the market and more gamblers, which naturally triggers a stock market crash. If everybody is a value investor, then ...... A lot of stocks can't be speculated at all. Because, if the stock price slightly exceeds its value, value investors will sell it, suppressing the stock price and forming a bubble. As soon as the stock price falls below its embedded value, value investors will act to buy it......

In short, a market dominated by value investors is certainly not a market with any interest, there will be no sharp rises and falls, and there will be no bull and bear markets. There will only be dull trading, and having a stock market equals no stock market......

Maybe it's because people are bored and love excitement! Therefore, rational value investors, since the birth of trading, have never become the mainstream.

Speculators and gamblers are always the mainstream.

The bull market that began in 05 is the main theme of "share reform". At the beginning, this share reform was the fuse of the plunge that everyone panicked, but in 05, the country continued to blow the wind, plus. Every time the stock reform is related, it is a skyrocket. As a result, people began to see the share reform as a huge benefit.

The reason for the share reform is that in the past, in the institutional design of China's stock market, there were many restrictions, and the stocks held by corporate legal persons, executives, and employees were stipulated as non-tradable corporate shares. Corporate shares are essentially the same as tradable shares in terms of voting rights and dividend rights.

The question is. The number of non-tradable shares on the market is several times the number of outstanding shares. If it is not tradable, the shareholders of these restricted shares will naturally not have the same mind as the shares, and the interests of the shareholders of the tradable shares are inconsistent. For example, some major shareholders of restricted shares only care about the interests of the parent company behind them and the interests of the listed company, who cares, anyway. He only uses listed companies as a financing platform.

After solving the problem of share reform, if the stock price is expensive, these corporate shares can also be sold for profit after the ban is lifted, so their interests may be more consistent with other shareholders.

To put it simply, 80% of the stocks are restricted shares that cannot be sold, and they can now be sold.

But. Once the shares of these holding companies and employees can be sold. The major shareholders are just some employees. I don't understand stocks at all, the original stocks bought for thousands of dollars in the early years, and the asset appreciation in more than ten years, some have become millions of assets. Even in financial analysis, the assets represented behind these stocks may be worth tens of millions. But these employees can't pay attention to these, anyway, the company half sold and half gave away. Wouldn't it be nice to buy it for a few thousand dollars, and now it can be sold for a million, don't you care about it, and buy a house to enjoy it after selling it?

In the next few years, under the share reform policy. In fact, the major shareholders who are mainly industrial capital are not the main force in the sell-off. The main force is "small non", that is, small non-circulating shareholders who hold very few shares, even if they are "small non", but after circulation, the market value of stocks is also hundreds of thousands, millions, and there are countless such small non-circulating shareholders in the domestic stock market. They don't sell for nothing, and if they sell stocks at any price, they will be 100 times, 100 or even 10,000 times higher than the original investment. If it can be sold, who will continue to keep the shares as a minority shareholder?

On May 16, 2006, YOUNGOR's share reform was passed, and it is expected that 2.5 shares will be given to each minority shareholder as soon as early 2007.

After this good news came out, Youngor's share price once rushed to 7.36 yuan, compared with the stock price of 3.06 yuan at the end of 05, which has obviously risen a lot.

However, soon affected by the pessimistic mood of the market, Youngor continued to fall in June, July and early August. By August 7, it had fallen to 5.03 yuan a share,

For Wang Qinian, holding the shares of Youngor is already a planned thing. It's just that I've been waiting for a good time. Now is the time to buy, which is obviously a better deal.

"Boss, 300 million yuan is ready!" Zhang Wei, CEO of Xiaobian Investment Company, said.

"Well, you can buy at this price right now!" Wang Qinian smiled, "With this fund, we will strive to buy 50 million shares!" ”

"Boss, I think it is better to sweep the goods directly after the opening and pull it to the price limit!" Zhang Wei said with a smile.

"Whatever!" Wang Qinian said indifferently, "I only look at the results, I want to buy a minimum of 45 million shares, I can buy 50 million shares, and I will give you a villa as a bonus!" ”

"Is there a girlfriend in the villa?" Zhang Wei asked humorously.

"Damn, I'll give you a villa, if you don't have the ability to kidnap a girlfriend, that's your own problem!" Wang Qinian said.

In fact, although the small partner value investment company is a small department, the team has only 13 people so far, and it is nicknamed 13 Taibao in the company. However, the scale of securities assets under management has reached 300 million US dollars, and it can be said that the capital invested by the small partner company has only been withdrawn, and it has also milked the parent company, contributing more than 300 million yuan in investment returns. Even so, the asset scale still increased to 300 million US dollars, and this money, 100% of the rights and interests of the small partner company, I have to say, can be called a miracle in the investment industry.

Of course, in the value investment company, Wang Qinian asked everyone to study Graham's books repeatedly. On the basis of Graham's books, then read Fisher-Price, Warren Buffett, Peter Lynch, and the like.

After all, Graham & Co. should be the only mass-produced stock god company in the world, and every Graham employee and protégé may not learn the same. But almost everyone who comes out of Graham shows with their long-term returns that value investing works.

Graham is like Zhang Sanfeng, the originator of Wudang Mountain in martial arts novels, each of his disciples has learned and comprehended differently, and his achievements are different according to different qualifications. But each of them is obviously far beyond the average level of their peers. Therefore, Zhang Sanfeng's set of martial arts proved to be excellent.

Graham's own excellence is nothing, but it is rare that every person who comes out of Graham's company has similar excellent qualities, and they are all hardcore value investors, almost all of whom have created a good rate of return.

In the short term, the market is a voting machine, and in the long term, it is a weigher.

It is precisely for this reason that the company established by Wang Qinian, the requirement for everyone is to deeply study and comprehend Graham's books.

On August 8, 2006, the small partner investment company began to sell in the market, and when the opening price of Youngor fell below 5 yuan, the small partner company bought a large amount of money.

At 9:45, the Youngor stock was pulled up to 5.5 yuan in one breath, which is about to rise to the limit!

However, then Zhang Wei ordered to stop buying!

Because, if the price limit is really strong, retail investors and institutional investors may be reluctant to sell! Stop buying, which may be mistaken for a dealer to lure long.

In this way, there will be investors who can't stand the ups and downs of the stock price, so they sell their chips.

"How many shares were bought?" Wang Qinian asked.

"More than 3 million shares!" Zhang Wei shook his head and said, "The trading volume is relatively small, not very active, and the average daily turnover rate is not 1%, so it is still difficult to buy a large number of them!" ”

"It's normal, in the long-term bear market in the past few years, most investors don't have the heart to open their capital accounts!" Wang Qinian said with a smile.

"Yes!" Zhang Wei nodded. (To be continued.) )

PS: Thank you for the support of the Lost Purple Sky Monthly Pass!

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