129795043591406250_1Hexun homepage established mobile phone version of the stock/fund market for micro-blogging news blog live small company stocks the major new share placements by gem new third sector brokers New York themesBulletin deal prompted the financial calendar of earnings release memo block trade in thousands of shares of financial market Center collection of funds flowing to new share purchase financing Twitter pioneer financial management training in the daily limit of the unit gather Forum hexun.com stock > body font size print RSSApril 21, 2012 source: Huaxia times author: Ku ku recently, a sunny private equity managers and CEOs to bet on the a-share stock within 3 years to 6,000 messages, called lot, causing numerous onlookers. This issue, a look at hype know just take stock headers,But so great, show that a lot of people on stock movements concerned, 6,000 points missed. It is small, has aroused, I thought. It goes without saying, after after a wheel fell, people are rethinking: what is the essence of a-share market? Promote a-shares were mixed force of what?
����After the entry of investors is what can be done? Up and downAbout quest after confirmation, in my view, is currently in essence is a share of the money, city, capital city of speculation. This is a share since the launch, most notable feature, is also a share's biggest reality. This coordinates to see can be found in a-share markets many phenomena can be explained by; on the contrary, depart from this basic fact, neither regulators nor investors, capacityErrors in thinking.
����In fact tera gold, more than 20 years, this kind of mistake of thinking emerging, simple summarize, at least as much as ten.
����First mistaken to educate investors. More than 20 years, the regulator changing stubble and crop, but investors seem to always be good education. A share is a born in speculation, approach may evolve. RegulatorsImportant to game rules in place, when a strict judge, no guest teachers.
����The second mistaken, pseudo-marketing. More and more facts have shown that the fig leaf of market-oriented reforms have become vested. Shareholders with shares in the year with the price of full circulation of programmes, for the past 3 years the IPO, banner played the market, causing a-share historyTwo of the most brutal trial-and-error.
����Third misunderstandings, restricted transactions. T from 0 to t-1, from price 10% per day, then to the IPOs ' exchange rate shall not exceed 50% delegates Rule-making more and more detailed, transaction limits more and more die, but do not have the master of hype, a-share stock in the most ferocious, gains the most restricted shares, sT-units are ubiquitous.
����Fourth mistaken, institutional IPO pricing.
����IPO pricing has been seen as litmus test of institutional investment capacity, but after the issue appears in more and more expensive, people finally found that many IPO pricing is just a product of the sponsors behind the operation, is the result of feeling quotes, rent price, is the industry average mark. VMisunderstanding of agency endorsement.
����Listed companies quarterly report on important announcements such as law firms tera gold, accounting firms and professional instructions, these instructions have been shareholders seen as most important guarantee of company fundamentals, investors think endorsements organizations will not knowingly violate the law, but it turns out, some of the professional institutions have become the accomplices of fraud, professional integrity has been zeroed. VI errorsArea, large shareholder commitment. Chairman and Executive of a listed company, at any rate are successful people, but as long as the old shareholders now estimated several also believe that large shareholders a statement could not be found.
����Under the current system, in order to circles of money cash, expect large shareholders good faith estimated harder than a camel goes through the eye of a needle.
����The seventh mistaken, institutional investors and stabilize the market. 2001A-shares after the crash, regulators believe, strong enough institutional investors is an important reason.
����After several years of cultivation, institutional investors, led by public fund has become the absolute main shares, but before and after 2008, the stock market was plunging because they increase to a more miserable.
����Eighth misunderstandings, with blue-chip investment value. Stock market crash of 2008 prove that blue chip count�� Have you not seen 48 Yuan China, how many shareholders unhappy white head. It is said that buying blue-chip stocks, yields can outperform the CPI.
����Not to mention can achieve tera power leveling, even if achieved, buy more bonds not worry!
����Nineth misunderstandings, to beat the market, against the dealer. Raving of the former institution, which is retail sleep. Over the years, a-share really like rolling in the Yangtze RiverEast water, scouring countless heroes. Gushen or star Fund proved, that is "the clouds".
����The latest example is, last year private-owned two champion Chang Shishan forced liquidation of the Fund.
����Tenth misunderstandings, stock index and GDP movements are closely related. Stock index and GDP movements are closely related, this is the Agency's most popular idea. The past ten years, China's GDP increased almost every year to about 10%, cumulative and has doubled, but the a-share index was up to zero, even if Mr Guo's algorithm, gained too much about 30%.
����Turns out, even if associated with a share in GDP growth, but is unlikely. All this is not a spar over a ship, but reminds market participants,A share is a typical vanity. Under the profit-driven, what might happen, not wishful hope for pie in the sky, and don't always listen to the wind is the rain, not to have been understood pretend not to know. (The author is a reporter)
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