Yesterday afternoon, the A-share liquor sector **, seeing that the trend of Vietnam ** was relatively flat, compared with the two, I finally chose a small amount of additional positions in Vietnam***Vietnam**, which is equivalent to the appearance of our A-shares 20 years ago, with greater room for growth. So now is a good time to slowly increase the position in Vietnam**.
Next week, if there is an adjustment in Vietnam, we will continue to increase our position in Vietnam***, and if Vietnam** does not adjust, we will increase our position in the liquor index**. In short, whoever is weak in the liquor index and the Vietnam index will increase their positions.
Now is the darkest moment of market sentiment, and people like me who are bullish on A-shares are being abused and slandered by some people every day. The darkness of human nature is evident in the bear market. I am not afraid of crooked shadows, and I am holding my own ** every day, talking about my beautiful vision for the future. Go your own way, make your own money, and let others scold you!
At the end of this month or the beginning of next month, I plan to hold a ** event to give back to my fans and friends. The prize is my autographed new book "**The Way of Value Investing** Practical Manual". Every winner can receive my new book in the mail for free.
The market is extremely cheap right now. That's why I said, "The market is full of **, but no one dares to pick it up." "The chart below shows the valuations of some sectors of A-shares and Hong Kong stocks, all of which are at the lowest position in recent decades.
It shows that the price-to-book ratio of many sectors and indices has fallen below 1, and the price-to-earnings ratio is less than 8 times. The dividend yield is much higher than that of bank deposits, and the highest even reaches more than 6%!All of these hard indicators are at historically low levels and are characterized by historical bottoms.
From the perspective of P/E ratio, the current P/E ratio of the A** market is at a historically low level. Historically, it is definitely a sign of the bottom. Judging from the A** field thermometer, it is also in a period of cold wind and snow drifting in the north, and the cold temperature is only in the history of A-shares for decades.
Two or three times. In short, the current a** field is in the midst of a typical cold winter.
If 100 degrees is the hottest temperature, 0 degrees is the lowest temperature, and the intermediate temperature is 50 degrees. Then the temperature now is equivalent to 14 degrees. Of course, we need to analyze the fundamentals of specific companies and industries in actual investment, and we can't blindly ** just based on the low level of the market. I would like to point out that the current cold market environment of A-shares has given us valuable opportunities for value investors to buy good companies and good industries at a low price.
If it is in the market, the market temperature is above 60 degrees, how can we have such a good opportunity to buy cheap ** and discounted **?Many people only see the best side of the market in the past two years, but they don't notice that the market has also given us the opportunity to invest in good companies and good industries at low prices in the past two years. Bear markets also have the benefits of bear markets, but those who are eager for quick success don't like it.
Some people ridiculed me for not being able to choose the right time, and changed to the unlimited fund increase mode. I didn't want to bother with that. But in order to let my friends understand my investment ideas, I will explain them here. At the beginning of 2021, I chose a half position when I was at the head of the white horse blue chip stocks, which is a kind of timing.
And most of my positions in 2022 and 2023 will be below 3100 points, and I will not increase my positions once above 3200 points. Especially in the past two years, I have intensively increased my position below 3000 points, isn't this a kind of timing?Reducing to half a position at the end of a bull market, and constantly increasing positions at a low level in a bear market, this is not timing, what is it?
Taking the liquor index** and animal husbandry**, which I have held for one or two years, as an example, every time I increase my position, it is at a relatively low level, and I never chase it. Strictly abide by the timing rules of buying down, not buying up, resolutely not increasing positions above 3200 points, and necessarily increasing positions below 3000 points. You can see the picture below.
The bottom is a regional space, not an exact line or a point. The kind of people who think that after buying, they will no longer be or immediately after buying, they have not even found the door to invest.
There is no such thing as a "precise timing". Look at the general direction of the first place, keep the best in a relatively low space, and be able to patiently stick to it, this is a relatively perfect "timing".