**Yao Zhenshan, the host of the TV station's financial channel, recently made remarks that sparked heated discussions in the society. He said in an interview: * All make money, who loses money. Seeing the remarks of this economic expert, I should not question his professionalism, but rather your *** ass sitting there . But when I calmed down, I suddenly realized:I think this professor understands Big A, and his subtext has already told you that Big A earns the best money。I realized,He must have been kidnapped, he told us in code words Run。This is the greatest kind of speculation.
I really don't want to talk about big A, things that can be explained in one sentence, a group of vicious listed companies want to use their ** to bankrupt my family. But this year is really rampant, Zhejiang Guoxiang, Fuhua Chemical, Belon Precision, Xinwangda, Xilong Science and this group of ** fully explained, I just want to buy**, but they want to sell the company to me.
*What is it?First of all, it is not about buying casinos of all sizes, which should be fully recognized. Secondly,It is a means of raising funds for listed companies, which is a financial instrument that allows institutions and investors to buy through the issuance of public information, and then returns to investors with the proceeds of enterprise development。Of course, this definition of U.S. stocks is suitable, but when it comes to big A, it doesn't seem to be the case. Many entrepreneurs in China take going public as the end point of their personal careers, and this starting point is already wrong。For example, Gujia Home Furnishing, one of China's top furniture companies and one of the few national consumer brands, has the idea of market value and cashing out after listing, and finally sold itself to the prince of Midea this year, and he and his family can retire successfully. (If you want to know more about it, you can go to my article "Gujia Home: China's century-old enterprises are folded in the big A").
There are generally two types of management methods for listing and issuance in the global ** market:Approval system and registration system。The approval system is that the listing of enterprises requires strict review, and whether to go public is mainly due to the final say of the audit agency, and there will be a lot of operational space in itThe registration system is much simpler than the approval system, as long as the company that wants to be listed provides real and effective materials, it can be listed after a simple inspection. Doesn't it seem that the registration system is more like opening a back door to listed companies than the approval system, making it easier for companies to go public？Actually, it's not right. The listing review cycle has become shorter, and the speed of listing has accelerated, but the corresponding supervision has become more numerous.
The registration system makes it easier to go public, so that more listed companies will enter the market, which amplifies the base of the pool and stock selection. If the listing becomes simpler, the game of eating two fish like Zhejiang Guoxiang will become more unmarketable. The best advantage of the registration system is that the market will lead the flow of funds to truly high-quality enterprises, and a series of business activities after the listing of enterprises will also be subject to more standardized governance and supervision。If a company proves to be garbage, it faces heavy fines and a quick delisting.
Let's talk about the data first, in 1965, that is, more than 50 years ago, 80% of the operators of the U.S. stock market were the first, and now 80% of the operations of the U.S. stock market are done by institutional investors. At the peak of 2015, investors accounted for 45% of total investment in China, and in 2020, the proportion of investors further shrank to 20%, and institutional investors exceeded 70%. This set of data compares and illustratesThe development of the first is from the first buy size model, to the era of institutional value investment。Mature ** is an era of institutional confrontation, and the game between large companies and large institutions is not a zero-sum game, although they both want to eat each other, but the final result is the oppositeBusinesses must create value and return to investors.
When the registration system comes, it will be the real professional world, and institutions will replace enterprises as the main body of investment. After all, the lack of professionalism can only be a cannon fodder in the face of a more professional **。Professional institutions, northbound funds will become the most active investment players in the market. This has led to a change in the way the market is played, and the original ** is concernedMethods of technical analysis, it will also be invalid, and not knowing how to examine the company's fundamentals is a dead end. **There will be more investment opportunities, but there will also be more risks. The best rule of survival in the future is to either make yourself professional, or hand over the money to a professional organization to manage.
** is a financing is the market, and he is not essentially serving **。From the beginning of its establishment to the present, Big A has been a market for the purpose of financing, in order to solve the financial problem of enterprise development. After the company goes public, it is found that the benefits of listing are far greater than the operation, which leads more companies to find a way to go public, and they can cash out after listing, and make more money than the company that has been operating for decades. Whose money do they make?It's definitely the little **s***。If you can pick up a knife and cut the main leek, then there is no reason. They are a professional team with funds, technology, and theory. If his group of ** players with high salaries are defeated, the name of that ** must be Fang Zhanbo.
After analyzing so many professional things, I feel bored myself, so let's talk about interesting predictions。Why is it on the registration system at this time?Because the enterprise has no money, a large number of corporate debts are facing the risk of overdue, and the bank has no way to roll it over, so what should I do?Go public and raise money。The implementation of the comprehensive registration system at this point in time is to solve the financing pressure and save market entities and banks. Even the delisting, compensation, and punishment mechanisms are still in the perfect registration system, which is not a support for the first class, in my opinion, it is more like a new gang to rob.
Looking at Yao Zhenshan's remarks from this perspective, does it feel less hateful。If he runs away, he's really like a white knight. This year's market has not succeeded in artificially making cattle, and Uncle Hu has not succeeded in bringing ** and newcomer rhythm, so the full implementation of the registration system may bring a wave of artificial cattle. Let those junk assets simply be packaged into the market, and the method of buying orders through shareholders is a bit similar to the previous real estate logic。Finally, complete the reduction of the burden of the enterprise, as for the shareholdersIt's definitely not for food, right?
So many ** made money, whose money did they make?Other**。Big fish eat small fish, and small fish eat dried shrimp, but large shrimp can also eat small dried shrimp. As mentioned earlier, the main force cannot be defeated by **, and you can't even be the god of the guerrillas. It's the heavy money that weighs down, and you have no room to resist at all. What you can do is either follow the main force and drink some soup with good skills;Either chase the ass of other **, cast more nets to spread the risk, and then chase cautiously.
If you have any advice for the future, there is only one point: firmly do value investing。Big blue chips must pay close attention, study their macro environment, and the company's competitive position, and give the most cautious assessment. However, value investing should not pay attention to things like Moutai and banks with sky-high price-earnings ratios, which you can't play at all. Value investing doesn't make you buy ** at the highs, but you buy junk at the lows。In September 2008, BYD 8 Hong Kong dollar shares, if you can eat 10%, about 22.5 billion shares held until August 2022, how much money can he make you in the past 14 years?If you sell more than half of it by today, you will make a profit of 22.2 billion yuan, which is how old man Ba plays。Look, it still sounds like a story that makes you rush in
Entering the market is risky, and investment needs to be cautious;**Like leeks, you must have self-knowledge BlackRock scolded Big A for running away as a joke and just listen to it. I can't find the original ** inside and outside this, it's all the wind of self-**. Although Big A is indeed a B·S·M, we just need to scold ourselves, foreigners are thieves. If he could make money, he would run?Moreover, Bel-Air only turned off a 1$200 million **, because the leader ran away, the volume is too small, and the performance is not good, so let's close. Isn't it a bit exaggerated to interpret a flower cat as a tiger?As mentioned earlier, behind closed doors I admit that Big A is a B·S·M.
The rhythm should also pay attention to the impact Okay, you are watching the lively state outside, it is better to watch Uncle Hu to relieve boredom after listening to you. I read Uncle Hu's 2900-point talk, the truth is that reason, you can build a big position and win it if you fall 2500 points. If you lose, you go to 2000 points and continue to build a position, if not, you continue to explore. This kind of play is only possible for Uncle HuBecause the loss of other people's ** can be doubled back from the traffic, what does he lose？500,000 yuan is not even spare money for Uncle Hu, and winning or losing is extremely light, and he will not lose. On the other hand, the 200,000 yuan of my spare money ** has been lost, and after scolding and reflecting, I seem to understand, and I forgot the fuck when I operated
If the price falls below the market value, will it trigger foreign investment, so as to control China's livelihood enterprises on a large scale？This may be the case in a fair stock market, such as in the former South Korea. But in today's big A, if foreign capital comes to the **, it is to deliver milk. The so-called dark horses are not necessarily hidden, and the white horses are not necessarily so real, and the special stocks can also press them to the ground and rub them repeatedly. With our wisdom, we can't make any money, and foreigners still want to cut leeks?Why are you more capable than the referee?