www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Opinion / Op-Ed Contributors

Confessions of a small-time investor

By Huang Xiangyang (China Daily) Updated: 2011-11-17 08:05

I have a confession to make. I am a small investor. During the past 10 years, I have invested part of my income in stocks and warrants, funds and gold, in the hope of beating inflation. But the result, it pains me to say, is I am no wealthier now than I would have been without such speculation.

I admit I am not an intelligent investor. But then intelligence really has nothing to do with the money game, otherwise Isaac Newton, who most people would agree was quite a smart man, would not have lost a large chunk of his fortune in failed investments.

I am not a reckless investor either. I try to follow the golden rules when picking stocks and I study the theories and sift through the avalanche of expert advice available. It was my belief that diligence and discretion, combined with a mastery of the principles and techniques, would help me win the battle for wealth. But alas I was wrong. The gamble for gain is far more tortuous than anyone could imagine.

Because I did not have large sums of money at my disposal, I started small, betting on an electronic manufacturer selected as the "Best Managed Company in Hong Kong" by an influential Asian financial publication. Ngai Lik seemed to fit well into all criteria for a good bet set by Benjamin Graham, the father of value investing: low price-to-earnings ratio, earnings stability and years of dividend record. It was a favorite of respectable analysts, and was recommended in a variety of books and magazines. In 2005 I jumped in.

That was the beginning of my nightmare.

In the following years the stock price embarked on a long march downward, "because of the rising price of crude oil, which increased the company's production costs". But the fundamentals remained sound, analysts insisted. So I bought more, expecting oil prices would one day drop so I could get out. And drop they did, to a record low of about $33 a barrel during the 2008 global financial crisis. Unfortunately my stock dropped even further. I jumped ship as it continued to plummet into the depths. Today the company has changed its name and lost 97 percent of the market value it had six years ago.

I had bought another stock to diversify my small portfolio, because, as we all know, it is dangerous to put all your eggs in one basket. It happened to be Beijing Media, the advertising arm of Beijing Youth Daily, the first and only mainland media organization to list in Hong Kong. The listing was hailed as a milestone for reform of China's media industry, and shares began trading in December 2004 with much fanfare after being heavily oversubscribed in its initial public offering. I started buying at HK$19 ($2.44), only to see the price drop to its nadir of HK$2 in 2008. Today it hovers around HK$4.5 with basically no trading volumes.

Doing an autopsy of my investment history, marked by losses as a result of misjudgment, is painful. Looking back, I am stunned by the decisions I made, which put me in the wrong place at the wrong time on the wrong stock. I missed the biggest bull run in the mainland market in 2006 and 2007, but dived in after the Shanghai Composite Index soared above 6,000. I cringed with fear when I should have been bold, and held on when it was time to get out.

Now I realize how mindless I was when I had tried to discover the secret of wealth in a place where the only rule is that there are no rules. Boom and bust come and go, good companies turn bad, and the market rises and falls on waves of randomness and deviations. To win out in this place where 80 percent of traders are destined to lose requires much more than just a grasp of principles and theories, backed by the encouraging words of expert advice.

The mainland stock market is witnessing a rebound after losing nearly 20 percent this year. But with the European debt crisis deteriorating and the US economy yet to recover, China's economic outlook is by no means optimistic. So ignore the temptation and fasten your purse strings.

The author is a writer with China Daily.

(China Daily 11/17/2011 page10)

Most Viewed Today's Top News
New type of urbanization is in the details
...
主站蜘蛛池模板: 久久骚| 精品久久香蕉国产线看观看亚洲 | 毛片一区 | 欧美日韩亚洲高清不卡一区二区三区 | 日韩一级精品久久久久 | 亚洲不卡在线 | 欧美在线成人午夜影视 | 欧美满嘴射 | 国产成人高清亚洲一区91 | 国产成人午夜片在线观看 | 国产精品手机视频一区二区 | 欧美成人综合 | 成年人免费在线视频网站 | 欧美日本一区二区 | 久久精品国产一区二区 | 亚洲国产欧美在线不卡中文 | 欧美日韩人成在线观看 | 欧美黄网站免费观看 | 日本美女黄色一级片 | 色综合久久综合 | 精品国产日韩亚洲一区在线 | 真人一级毛片免费观看视频 | 国产美女作爱视频 | 日本卡一卡2卡3卡4精品卡无人区 | 午夜爽爽视频 | 久久久影院亚洲精品 | 亚洲高清在线观看视频 | 亚洲精品在线免费观看视频 | 日韩精品特黄毛片免费看 | 伊人青 | 国产成人综合亚洲一区 | 国产孕妇孕交视频 | 成人a毛片| 欧美一级成人免费大片 | 成人在线免费视频 | 国产国语高清在线视频二区 | 欧美激情一区二区亚洲专区 | 99视频免费观看 | 久久最新 | 亚洲欧美国产一区二区三区 | 久草在线新首页 |