股市是不是个零和游戏（Is the stock market a zero sum game）.docVIP

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股市是不是个零和游戏（Is the stock market a zero sum game）.doc

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股市是不是个零和游戏（Is the stock market a zero sum game）

股市是不是个零和游戏（Is the stock market a zero sum game） Wu Jinglian first proposed that Chinas stock market is a zero sum game. This is from the point of view of game theory, combined with the situation of Chinese stock market at that time, the conclusion is correct at that time. But this does not mean that at any time, in any countrys stock market, this conclusion is correct. Chinas stock market is still of great value, but it is only now that its value is being covered up. Take Pearl Village as an example, there is a key problem that everyone has neglected, that is, the actual value of pearls is the question of how much money. 2 extreme assumptions, one is not worth a penny, so there is no doubt that this is a zero sum game. Another is priceless, then whether it is sold 200 yuan, or 500 yuan, are lost. So, this relates to a seller information asymmetry problem, assuming that all information is transparent, both parties are able to understand all the information to the market, so the price of pearls will focus on the value of small fluctuations, I think this is an acceptable to everyones market. Or to the Pearl as an example, suppose there is a large higher than the actual value of the pearl market prices continue to buy and hoard pearls, pearl market caused by rising prices, the stock market and Zuozhuang roughly the same. Similarly, this involves the issue of transparency in information disclosure and how to prevent the regulation of pearl market prices by strong funds. The huge value of the stock market can also be illustrated by a recent example of the recent decision by the Bank of America to exercise the CCBs call option at a price of $1.2 per share. A lot of people covered on sale, the loss of state-owned assets, what big hat button down, but what is the sale basis, A shares are priced at 6 yuan. If the stock market is a zero sum game, then the A shares price is 6 yuan or 6 cents of CCB and what to do, just as you enter the casino gambling, and gambling on behalf of