保险公司双高杠杆之祸（Insurance companies are both highly leveraged）.docVIP

保险公司双高杠杆之祸（Insurance companies are both highly leveraged） Author: xu yidan/wen As they rapidly expand their market share, they stammer into the 35.88 yuan ($388) worth of haitong shares, taking a radical high leverage stock. Once a link is in question, it leads to a capital shortfall. There are few people in China who have enshrined buffetts investment philosophy, and few have copied their business models. Berkshires success lies in the active investment strategy and conservative operating leverage, insurance business assets and capital of 1.68 times the use of leverage that buffett can secure low-cost float funds, with an eye on the investment, the final achievement stock god of reputation. In contrast, the insurance company of China, especially the insurance company, in a bull market, the increase in capital and high investment attraction will induce firms to relax vigilance, aggressive expansion strategy, in order to gain a higher return on investment, the result is rising insurance costs and underwriting losses; And loss of the insurance business and further increased pressure on investment business, make more aggressive investment strategy, there was a huge investment loss results in a bear market, the capital has not only failed to keep up with the pace of expansion, also a sharp deduction, are forced to refinance, so a vicious circle. Excessively focus on the expansion of the scale, underwriting business and investment two wheels twin leverage risk brought by the amplifier, trying to realize high leverage and high yield at the same time, the result is often insufficient solvency, this is speculation means business strategy makes insurance institutions became the worst-hit areas in the process of this round of economic fluctuations. Bad bet Last November, haitong securities in the price of 35.88 yuan per share, to eight institutional investors consider 725 million shares, including the Pacific asset management company, huatai asset management company, thus the