Crown of pearls to buy time to prove

Crown of pearls to buy time to prove January 16, 2010 Shenzhen Economic Daily Felix Chung
[Learning from mistakes persist in frustration: in the most difficult moment, we do not lose confidence and faith, but from mistakes and errors to learn, believe in the plight of faith, adhere to principles in the setbacks.]
from technical analysis to value investing, but bin is now
firm practitioner of value investing, but he did a decade earlier technical analysis of investment .
But Bin came into contact with stock, learn investment began in 1992 and .1993, investment stock and bond futures, suffered four major setback. investment approach gradually from technical analysis to value investing.
2001, the In the context of global stock market crash, but Bin investing in Hong Kong stock market, not for profit that holds earn less, just to not lose money psychology, bought a good company in the industry, nearly five times investment income .2004, but the bin and Peer Zhongzhao Min with the establishment of the East Harbour Investment Management Co., Ltd., was A-share market in the long bear market of 2005, the Shanghai Composite fell to 998 points, but the bin with the long-term buy and hold quality companies mm Maotai, Chiwan , Changyu A, B and Yunnanbaiyao Changyu and so on, in the A-share market in the long bear market has made a good return on investment. to October 2007 when the high benchmark Shanghai Composite Index, but bin the total capital of 20 billion to achieve 1800% return on investment .2008 hundred years of the financial tsunami, the global stock markets plummeted, due to combination of closely related with the macroeconomic sectors mm leveraged finance, real estate share is too large, but the bin was once in assets under management a larger decline hh2008 in August, in the most difficult times of global financial crisis, but the bin with fellow marathon in Hong Kong China Fund, the East Harbour, Eastern Harbour Marathon last year, revenue reached 105.13% China Fund, similar funds in overseas markets in the forefront. Currently, the Eastern Harbour of assets invested more than 1200% return rate.
insisted
tasted the sweetness of value investing, but bin that the value of the investment income earned over two main ways: one is growing by the enterprise bring wealth; one is in business to make money buying undervalued. accompanied with the growth of small to large enterprises can be done, but it is difficult to identify undervalued companies and unsustainable.
but Bin said Benjamin. Brigham Gray, Warren. Buffett and Philip. Fisher Haier regarded investment guru as an investment research firm starting point. be different is the value of the concept of Brigham Gray (afterwards) and the growth of the concept of Fischer (good business) is the cornerstone of value investing, Buffett is a value investment firm executive. accurate valuation of the enterprise is difficult, simply count the value of corporate assets, ignoring the business growth has great limitations. Buffett inherited the Brigham and Fischer Gray's theory, the organic integration of the two again and carried forward. Buffett also beyond the vision of the world, you can see the future lies in the dilemma.
but Bin believes that if the Vampire Slayer special alone buy undervalued companies, is not earn so much money. Now-raised funds, private equity many have become increasingly difficult to find undervalued stocks. bought a good company in the industry long-term holding, is an important part of value investing . Wal-Mart has been listed shares rose more than 1000 times, but few people buy and hold today? but Bin said about 30 per 2004 buy Maotai, in June 2004 and the Changyu buy Changyu A B (A Changyu which was sold in 2006), 2006, Tencent Holdings to buy a dozen dollars, Shigekura intervene and insist on long-term holding, accompanied with the growth of small to large enterprises. At present, Maotai, investment income in recent Changyu B 20 times, Tencent Holdings more than 10-fold return on investment. But Bin said Moutai see is to buy brand and price increases capacity; buy Changyu on the grounds that red wine is the fastest growing wine, Changyu is wine industry leading enterprises. phase Tencent Holdings is the company's unique revenue model and a huge growth potential users.
holdings with long-term strategy of value investing, but bin in the last round of the big bull market, won the 2007 private performance of the year ranked third country sunshine.
insist that it is the core of value investing, but bin buy
and Changyu B Moutai earned nearly 20 times the profit to buy 10 times Tencent Holdings, which is very remarkable investment performance , the dark horse of the unique phase Cheats What?
but the bin that bought the outstanding enterprises in the industry and has long held the key to earning excess profits. as a major long-term investment, must be very strict screening of companies . outstanding enterprises, good business to have a broad market, with high barriers to entry, can live long enough. The third is the team selection and price. The final step is closely followed, in the enterprise without a major change in the fundamentals held prior to adhere to. But good stocks will be compared to the bin on the crown of pearls, but most people hold on to. and dubbed Few people can hold.
but Bin believes that value investing is based on the value of the investment, business valuation is very difficult to accurately .1982 to 1994, the determinants of U.S. corporate earnings, the factors can not explain the variance accounted for 42.89%. The combination of quantitative and qualitative development of the company's future prospects to determine a method of quantitative methods is not an investment in the most crucial thing is qualitative. How to look at a long-term competitiveness of enterprises, the difficulty is relatively large. good investor is to combine the two, the ability to grasp the variability factor (insight), may be the key to winning investment.
but bin, for example, there is great potential for the Internet industry, new energy. Internet industry there were many super Ushimata, Microsoft, Google, Baidu, Tencent, etc., the current outbreak of the Internet industry in the period. the new energy industry is still in the investment period, so much money into this industry is justified, but which companies will ultimately win out to observe.
learning from mistakes persist in frustration
Eastern Harbour Trust is currently the number of products in recent years, the investment performance of each product data, focus on asset allocation industry, what is?
but Bin introduction, Eastern Harbour There are two trust products, a safe investment A shares. Eastern Harbour Marathon Trust; the other is the East Harbour Marathon Hong Kong stock investment funds in China. Since its inception the East Harbour, in 2004, 2005, 2006, 2007 achieved a better return on investment, investment income in 2004 was 44.50%, Shanghai Composite Index fell 15.40% over the same period; investment income in 2005 was 38.00%, Shanghai Composite Index fell 8.34% over the same period; investment in 2006 rate of return of 233.35%, Shanghai Composite Index rose 130.43 percent over the same period; peace in 2007. Eastern Harbour Marathon Trust income rate is 76.4%, Shanghai Composite Index rose 82.61% over the same period; but in 2008 peace. Eastern Harbour Trust performance fell Marathon 61.28% over the same period the Shanghai Composite Index fell 65.39%.
but admits Bin, 2008, because the investment style of the problem, but also because the portfolio is closely related with the macroeconomic sectors mm leveraged finance, real estate share is too large, resulting in in hundred years, the financial crisis sweeping the world in 2008 met with unprecedented challenges, in a dark cloud, in the most difficult moment, the company did not lose confidence and faith in my colleagues, but to learn from the mistakes and errors in difficulties in the confident belief in the setbacks to adhere to principles in the global financial crisis was deepening in Q3 2008, the difficulties of the Eastern Harbour in Hong Kong China Fund for the marathon. After all the efforts of my colleagues in the East Harbour, 2009, peace. net east from the Harbour Trust Marathon December 31, 2008 of 68.34 yuan, raised to 31 December 2009 to 117.30 yuan, an increase of 71.64%; the East China Fund's net Harbour Marathon by the December 31, 2008 of 835.98 Hong Kong, raised to 31 December 2009 of 1,714.83 Hong Kong dollars, an increase of 105.13%.
but Bin frankly, as in previous years the understanding of the value of the investment is not comprehensive, not the system, there are some mistakes and lessons learned. but that Bin , cyclical industries and enterprises for band operation across the industry in a good cycle of good business, long-term holders will get excess returns.
He disclosed that China is currently the East Harbour Marathon Fund Shigekura cyclical industry, mainly in the Internet , consumer, pharmaceutical, medical device and other industries; strong cyclical position in the industry is very light.
investment Heart Sutra, but Bin 5
setback
the most outstanding professional investment managers, it is difficult to avoid short-term performance fluctuations. But Bin frankly, from the investment of the city since the stock market, including the 2008, this time, a total of 5 major setback .1993 February to September, but there is a small bin in the stock market gains, rose to 50 million of principal was 70 million. have a very good return, a number of friends and scrape together some money, the principal and earnings of 250 million yuan .1993 near the end of the bull market in September, listening to news that Shenshen Fang big opportunity all the funds invested to Shigekura, but unfortunately after buying down every day, the results of principal loss also half came out leaving only 90 million.
but Bin recalled that in 1995, to do more suffered the largest bond futures setbacks. At that time many agencies doing the Mainland government bond futures, then all the way to do more with friends bond futures, at first was more than a dozen times the profits earned. days of the ominous situation, agreement positions, almost all losses money back.
Bin later, but had some commodity futures, corn, soybeans, rubber, made some slight, but the risk is very great. But Bin said the futures are hedging tool, not a profit-making tool. not a professional expert, preferably a conservative point of view in futures trading. Today, however Bin does not participate in all financial derivatives.
from 1995 to 2000, but bin them into the stock market volume weight of soil However, the final rise and fall several times ended in a loss. In his br> A share market this year, cautious optimism
2010 年 A-share market will be how to? hu operating range is approximately how much? major bullish market outlook which industries and companies?
for A-share market prices in 2010, but the bin remains cautious optimism.
but Bin said the company is good business by winning selection of institutions, not too concerned about the volatility of the market. Since this year, many uncertainties, the timing of stimulus withdrawal, stock index futures and margin trading on the market the impact of A-share market in 2010 is shock city center in the Shanghai Composite Index volatility around 3500, likely to touch 4,000 points up integer relations. This year the industry are optimistic about the consumer, pharmaceutical, technology stocks have relatively large if the growth, can be good. the financial industry valuation advantage, investors should have the opportunity. some small stocks, growth potential and no stock performance, valuation is the greatest risk is too high. In addition, the GEM of a home business if the bankruptcy, the stock return City, the GEM estimates may return to a rational level.
value investing, but bin quotations
ways to earn excess returns are mainly two: First, the wealth brought by the sustainable growth of enterprises; one is in buying undervalued companies to make money.
can persist.
quantitative method is not an investment in the most crucial thing is qualitative.
band operation for cyclical industries and enterprises across the cycle of good industry good business, it will be possible to obtain long-held excess earnings.