对投资的理解（Understanding of investment）.docVIP

对投资的理解（Understanding of investment） Understanding of investment Prudence has gold The trend of investors, when the election is very strict, it is very difficult to operate, therefore, for most people, especially for the novice, in an attempt to import or short-term band operation to achieve wealth accumulation and undoubtedly a nightmare; only the rich market experience of large speculators could grasp the market of big city. For value investors, the stock selection is very strict, we must completely exclude strong cyclical stocks, should choose the consumption, medicine and other weak cyclical stocks, so the valuation is critical. If the investment enterprises will grow into a hundred years old, is the current price level is not so important, but it must be in the range of valuation; such investors to win the maximum probability, in our retail win among those with long held strategy, more losses to short-term import primarily. The real big speculators is the value of speculators, they stock picks are very sophisticated, one is to be able to grasp the trend of the two, is to be able to identify a good stock, but generally difficult to do long-term, three is in great need of anyone, are indispensable. As a result, we can divide the market into three categories, the first being long-term holders. They are the stock of long-distance runners, is the quality of the stock collectors, they choose the best stock, long held after buying, the highest selling is never sold, the classic explanation Fisher is: if the first choice is correct, what time to sell, may never come. The probability of such a successful investment is enormous, Fisher and Buffett are typical representatives. The second category is a strategic investor, or a great speculator. Their ability to judge the general trend and the ability to select stocks are beyond reach. They buy in a low part of a bear market and sell at the top of the bull market. They speculate on investments, or they invest and speculate.