Beautiful Spring City Lakeside Golf Course).
part.01
This week, under a series of "favorable" policies, the Shenzhen Stock Exchange has hit a new low since March 2019 for three consecutive days**! The Shanghai Stock Exchange was red on Monday because of the support of the national team, but then it was ** for two consecutive days, and the index returned to below 2,900 points. What's even more tragic is that there are only 238 companies in the two cities today, and the remaining 4,923 companies are **, and the number of **companies is 20 times the number! It can be seen that ** is not only large (the decline of the Shanghai Stock Exchange and the Shenzhen Stock Exchange reached 18% vs. 24%), and quite broadly.
The trend of the market once again verified my judgment: the favorable policy of restricting securities lending and borrowing that has been touted by various ** is essentially negative! Markets are voting with their feet to deny the supposed upside.
I have repeatedly explained the reason, and here is another reason, that is, many large institutions buy a lot of **, because the amount of money invested is very large, in case of ** there will be a huge loss, so, for the sake of safety, they will lend some securities to sell to hedge the risk of holding shares, but now they are not allowed to lend securities, or rather, they can still lend securities, but because people who have coupons are not allowed to lend to them, then when there is no means to hedge the risk, they can only reduce their positions, that is, directly sell a large number of your own holdings in the market to reduce the risk.
Therefore, I really don't understand, constantly revising the rules and restricting securities lending will bring so many sell orders, and there are so many kinds of market **, why does the CSRC repeatedly study and discuss, or still introduce such a policy? In the case that everyone is bearish, in order to let the majority of people lose some money, the most correct way is to be fair and just, so that the majority of people, like institutions, can hedge risks through securities lending and make money in the market through securities lending!
If you have to make a fuss about reducing the number of sells, then the second way is to solve the contradiction from the root, that is, to stop issuing new shares, stop private placement, and stop issuing convertible bonds! In this way, there will be no new **, new huge sell orders!
Before, I have written two articles in a row, questioning where the money went, and today I saw a statistical table, written by an Internet big V, ** as follows. Although it is not known whether the data is completely correct in this table, at least the accounting subjects listed by others are true, unlike the China Securities Regulatory Commission, which only takes out a new share financing and private placement financing in the last five years, and simply judges that investment and financing are balanced.
Let's take a look: This table is the statistics of the past 8 years:
Stamp duty went 152 trillion yuan, ** company's handling fee is charged 182 trillion yuan, and the issuance of new shares took 28.3 billion yuan, and the major shareholder ** took 325 trillion yuan, listed companies fixed increase, allotment of shares to take 97 trillion yuan. The above five items are added together to take a total of 1912 trillion yuan. This person still missed the same thing, then the money taken away from the issuance of convertible bonds, most of this money was eventually converted into ** or the money of investors in the secondary market, plus this money, 8 years for 132 trillion yuan, ** the market has taken 20 from investors in the past 8 years4.4 billion yuan.
The dividends, according to the authoritative data of the Securities Regulatory Commission, have been distributed in the past five years400 million yuan, then according to this calculation, the dividend in the past 8 years is 13400 million yuan, taking into account the 20% tax to be paid, then the investor can get back only 10 percent of the money in the past 8 years7.5 billion yuan! This means that the average loss of investors over 8 years is almost 50%!
part.02
Yesterday I went to play an 18-hole golf game with a few golferous friends. In the process of chatting with friends, I learned that our country's Yunnan is recognized as a golf paradise in the world, because the four seasons are like spring, players will not give up because it is too hot and too cold, after the reform and opening up, Yunnan has built 44 golf courses, but because of the four major crimes: such as occupying arable land, forest land, polluting the environment, excessive consumption of water resources, becoming a hotbed of corruption and other crimes were banned, and there are only 17 left.
The national data is also quite miserable, with the number of golf fields (i.e., the number of companies) falling sharply from more than 900 to only about 300 now.
On average, a golf course that takes 4,000 yuan to build a square meter is withdrawn and returned to the field to be planted with corn, and one square meter of corn needs to be planted for 100 years to get a profit of 4,000 yuan!
What's even worse is that those villas with golf as the appeal, after all of them are completed, because the golf course is banned, all the villas have become unfinished buildings (as shown below), which is really sad!
And, are golf courses really that sinful? As we all know, Japan is just a small land, and it is still an island country, and there is much less arable land and forest land than usWith a population of 300 million, there are 2,600 golf fields! New Zealand, with a population of only 5.2 million, has 450 golf fields! That's 150 more than us, that's 50% more courts!
Why aren't Japan and New Zealand hotbeds of corruption? Why don't they need arable land, forest land? It can be seen that the golf course has been banned on charges that do not exist. Has anyone benefited from such a ban? Not at all, because the land of those leftovers itself does not have much planting value. The grass was uprooted, and no one wanted to plough it.
As for pollution, has anyone heard that Japan and New Zealand are the most polluted countries in the world because of the large number of golf courses? There are even more golf courses in the United States, with more than 300 million people owning 14,200 golf courses as of 2015.
In fact, in 2020, the U.S. Golf Association published an article on its **, written after a joint study by two universities: golf courses provide the highest cooling capacity and retain more nutrients in rainwater than residential buildings. The conclusion was that the course was as useful as a city park or open green space for the improvement of the surrounding community.
Golf has nothing to do with **, but at present, both are facing the fate of declining, and there is a common fate of real estate. A few years ago, how prosperous the real estate industry is, now, the leading boss Evergrande officially went bankrupt, the stock price of the real estate company was cut in half to be delisted, and the door of the sales department of the real estate company, there are always people in the **, not to ask for money, to ask for housing, too many real estate companies at the door has no one customer, only a variety of schematic diagrams on the wall, recording the dreams of real estate people - shopping malls, parks, hospitals, pension apartments and schools, kindergartens, all the supporting facilities have disappeared in reality.
I really hope that the relevant decision-makers can understand from the fate of the decline of the golf and the fate of the real estate company that the introduction of policies should be very cautious. Too many industries have entered the downward channel under intervention, do we still have to run all the way to the dark? Are we so rich that we don't need industries, companies, or jobs?