Why Today'S A Shares Are "Diving" Trend?

Dan Bin is China's most successful value investor. His success proves that Buffett and Munger's ideas are very useful in the A share market. The original text of the speech is more than 10000 words, not only very long, but also can be repeatedly involved before and after the same question.

Therefore, the author has read the book three times, and has made the appropriate word adjustment and composition, condensed into the following five points, and with simple annotations and comments.

Please enjoy.

The bottom of policy is not "bottom".

The domestic market is still in the rescue market situation, but in the past, the bailout market was not only once, but also earlier in 1993 and 1994, that was the "818 defense war". At that time, the Shenzhen Stock Exchange actually had no money, and they had to add money to buy it.

I hope this market will be stable.

But my experience tells me that the bottom of the policy is not the bottom, and the bottom of the market is the real bottom.

Friends who have gone through 93 or 94 years should know that the real bailout is very difficult.

Comments: in October 28, 1993, the Shanghai Composite Index closed 824 points, the lowest 778 points, and once again dropped at 777 points.

At that time, 777 points had not been broken, and investors thought it was the end.

The beautiful double bottom makes people think, the Daniel market is just around the corner.

From 1536 points to 777 points at that time, a drop of 50% is also up.

However, 2 months later, in December 20, 1993,

In the end it was 777 points below the iron bottom and the lowest point was 750.

Subsequently, the market began to rebound, in order to express the determination and protect the index, the national team and the organization jointly defended Shen Yuan's stock 8.18 yuan, known as "818 defending war".

At that time, Shen Neng stock was the largest stock index, and every day it was hung up with 99999 hands.

Soon after that, the stock price of Shen Neng was hit from 8.18 yuan to about 3 yuan, which was a fall of all kinds of wars.

History shows that artificially reversing market trends is a thankless job.

On the last day of the Spring Festival, my friends and I were in Chengdu for research and biology. He said that this is the last chance for our generation to make a fortune. Then 4 hundred million of the money is bought and 8 hundred million of the financing is made. What is the result?

Fortunately, he left his wife 20 million private savings.

After 93 years or 94 years, I will not finance any more. When I fry stocks, 1 to 10 will be the same as the current financing.

Let me give you an extreme example, when I was selling stocks in China Merchants Securities.

There was a man who had no money, but he found a large family, who had a good relationship with him and put 20 million yuan directly into his account.

He had no money, but he gave him 20 million. In the end, he won about 10000000, but then he was gone.

In the past 93 or 94 years, most of the financing has been done by the market. Therefore, to invest in a long period of time is to be honest.

Comment: "adding leverage" to most people is aggravating your greed, but it does not increase your risk awareness in proportion.

Big guys dare not play with levers.

Bankruptcy should take place as early as possible.

I think investment is more discernment than anyone can see.

In another word, it is very difficult for us to go bankrupt as early as possible and not to go bankrupt at my age.

It's best to break production once around 30 years old. At that time, you knew the power of the capital market. After that, you won't have big problems.

You should be careful when you are very well, but when you are very uneasy, believe in yourself. If you think you still have the ability to earn money and have insight, you will have an opportunity in this market.

Because China's investment market will still have many opportunities in the next 50 years.

Comment: a successful investor should at least "fear" once, and the sooner the better.

I used the money to buy a house 9 years ago to temporarily stir fry the Chinese oil, the result of cutting more than 10% of the field, I was deeply scared.

Now, this is a valuable asset that I won't sell you for 1 million yuan.