精品网曝门白浆一区二区三区_国产精品线在线精品国语_亚洲国产三级在线观看看_日本在线一区二区三区免费观看_亚洲成a人片在线观看无遮挡_久久99精品久久久久婷婷_精品国产aⅴ_蜜臀av电影在线观看_欧美一区二区三区四区在线观看_狠狠色丁香婷婷久久综合考虑

投資和投機(jī)。投資和投機(jī)本質(zhì)的區(qū)別其實并不大。有人認(rèn)為持有時間短的就是投機(jī)，持有時間長的是投資。似乎是專門針對這個不太明顯的區(qū)別，A股市場有一個詞叫做價值投機(jī)，就是指雖然是長時間持有股票，但卻是在股價泡沫中的堅持持有。投機(jī)其實是一個中性詞，在英文中的對應(yīng)詞匯“speculation”沒有任何貶義。那為什么在國內(nèi)明明是投機(jī)，偏要說成是投資呢。一方面，國內(nèi)的投機(jī)有貶義含義；另一方面，投資更像是一個高大上的事業(yè)，而投機(jī)更像是散戶就可以做的事情。對機(jī)構(gòu)投資者來說，跟散戶一樣投機(jī)至少顯得水平不太高。所以，經(jīng)常能看到買了幾百倍市盈率股票的基金經(jīng)理大談價值投資，其實所談的跟價值投資一點關(guān)系也沒有。價值投資兩個基本要素：一個是堅實的基本面，一個是低估值。趨勢易尋，但基本面好且估值又便宜的股票不好找。但對于堅持價值投資的基金經(jīng)理，本職工作就是尋找這些股票。彼得·林奇在富達(dá)工作13年，13年如一日，從早到晚大量閱讀各種研究報告、公司的定期報告，就是為了找到這樣的股票。查理·芒格說過投資從來都不是容易的。避難趨易也是人之常情。買高估值股票的基金經(jīng)理其實本質(zhì)上是趨勢投資者，或者說是價值投機(jī)的踐行者。基金經(jīng)理在解釋時會說對公司基本面有信仰，可以看得很遠(yuǎn)，至于是10年后還是30年后都不重要。重要的是當(dāng)前估值雖然很高，但還能上漲，能為投資人賺錢；重要的是客戶很滿意。如果堅持了價值投資，但賺不到錢，那就很難向客戶交代了。最近客戶恨不得按手買入、建議抄作業(yè)的報道流傳甚廣。A股市場作為一個趨勢市場，投機(jī)賺錢相對容易。能夠幫助客戶賺錢的投機(jī)有什么不好嗎？當(dāng)然沒有?？客稒C(jī)賺錢的李默弗爾曾經(jīng)威震華爾街，只要及時收手就好。

A股漲跌不一。上證指數(shù)上漲，而創(chuàng)業(yè)板指下跌。因恒大債務(wù)問題得以解決，A股和港股房地產(chǎn)板塊大幅上漲。美股道指和標(biāo)普500再創(chuàng)新高，7月消費(fèi)者價格指數(shù)同比上漲5.4%，高于預(yù)期的5.3%，但除去食品和能源的核心消費(fèi)者價格指數(shù)環(huán)比6月份只上漲了0.3%，預(yù)期為0.4%。二手車價格只上漲了0.2%，而6月份上漲了10%。意味著通脹很可能就是暫時的，聯(lián)儲在收縮流動性上并沒有落后于通脹。

About investment and speculation. There is no stark difference between investment and speculation.Some deems that investment means a longer holding period while speculation means a rather short holding period. A new word invented in A-share, which seems to counter this difference. It is called investment speculation, which refers to those investors who hold stocks for a long time but in bubbles. Value investment requires two factors: one is solid fundamental, the other is low valuation. Some think that it is challenging to find companies with solid fundamental and low valuation. For a portfolio manager it is his or her job to do this. Peter Lynch,the famous investor, read companies’ quarterly reports and annual reports as well as analysts’ research notes day by day for 13 years when he worked at Fidelity. Investment is never easy, as Charlie Munger said. It is also natural for a portfolio manager to seek the easy way to do investment, such as following the trend. In A-share it actually is easier to make money by following trends.The portfolio manager can still talk about value investment despite high valuation. Their excuse is that they have a firm belief in the company’s fundamentals and can hold the stock for a long time. Whether the stock’s valuation can come down in 3 years or 10 years is not that important. The most important is that they can help clients make money. Livermore in “Reminiscences of a Stock Operator” made a lot of money for clients. This means that speculation is just a tool for making money. If he could stop losses earlier the results would be good.

A-share was mixed on Wednesday. Shanghai Composite Index rose while Chinext Index fell. It was reported that government is helping China Evergrande Group to relieve its debt burden. This news boosted property stocks in both A-share and HK market. The US July CPI grew 5.4% year-on-year, higher than 5.3% expected. Yet core CPI, which excluded food and energy prices, rose 0.3% month-on-month versus 0.4% expected. The used vehicle price, which rose 10% in June, only rose 0.2% in July. This supports Fed’s view that inflation is transitory.

聲明：本市場點評由北京楓瑞資產(chǎn)管理有限公司（以下簡稱“楓瑞資產(chǎn)”）“楓瑞視點”微信公眾號提供和擁有版權(quán)，授權(quán)上海海獅資產(chǎn)管理有限公司轉(zhuǎn)載。在任何情況下文中信息或所表述的意見不構(gòu)成對任何人的投資建議，楓瑞資產(chǎn)不對任何人因使用本文中的內(nèi)容所引發(fā)的損失負(fù)任何責(zé)任。未經(jīng)楓瑞資產(chǎn)書面授權(quán)，本文中的內(nèi)容均不得以任何侵犯楓瑞資產(chǎn)版權(quán)的方式使用和轉(zhuǎn)載。市場有風(fēng)險，投資需謹(jǐn)慎。