Arboretum: most major bull market is holding a _ a break

Category: talk 1. bear and bull markets investment approach is not the same, buying stocks is not the same. Arboretum: the first half tells us a number of companies to invest in ideas. Second, I'd like to introduce, we believe that the 20 best stock. Overall we deploy. Our investment approach should be flexible. First half and I have said, my method is the one when you are doing nothing, depending on the circumstances, it is changing. I want to talk about it, everyone in this market it is broken into a bear market or a bull market. In fact two kinds of investments are not the same, bear and bull market for the purchase of shares is not the same. So that we can do it inside the bear market to make money. Bear markets stocks you want to buy what? just buy some certainty of the highest levels of stock. I'm in a bear market, 03, I started to buy it. We can work for the company to its next three-year profits account, determine the stock and then buying highly. Because it is a bull market, I don't want it to say that a bear market, because they do not know the next bear market to which year. We talk about the bull market. Bull market myself into early to medium late.����We have to blow bubbles burst before, or is in this sign before, how do you avoid this risk. 2. the buying company, the most important criterion is the only stock whether bearish or bullish, which every year reaching a new height. A stock if interest rates are more than 8%, future earnings growth of more than 15%, bought in the bear market won't suffer as I have just said, certainty of the highest level of bear market is that you do. Because in a bear market, all of the stock is undervalued. You buy those severely underestimated, can work to the account, bought 12 months will make money. I found that as long as significantly undervalued stocks, it will get 12 months of market correction. What is seriously undervalued?, for instance, we buy a stock. If interest rates in a bear market is over 8%, which is my own summed up. 8%, its future earnings growth of more than 15%, I think you bought the company will not only suffer. Because we only 2% count interest on bank deposits, if each year give you coupon, 8%, or at least higher than bank interest income. Therefore, even if it's the annual fall because most bear markets are down, but in the new highs in dividend, the company is reaching a new height. We bought the company, the most important criterion is the only stock whether bearish or bullish, which every year reaching a new height. Not afraid of buying the wrong, it bought the wrong year is back. Is said to not more than 12 months, even if you catch it again the following year, but next year after 12 months and solution sets. Dividends and let you set and earn money. Always you have the solution set of opportunities, you'll be able to hold the company.����We fear most continued to fall, we try to avoid buying some no record company. 3. in a bull market whether beginning, mid-term, final, the most important way to make money is to buy leading stocks. Bull market has a lot of directions, regardless of initial, intermediate and final. It always has a faucet. What is tap? leads the market, always it trend must keep on going, could shock adjustments in the Middle, but the general trend is up. If the bull market continuing for several years, this stock is also reaching a new height. Last year I wrote an article, if the bull market in what is a line of Niu Xiong, China Merchants Bank if I say to the $ 15 is the dividing line. Why? bear and bull market very carefully, so big company in the market value is people dare to buy. Such companies are in a bear market will be underestimated. Underestimate the bull market back to normal, normal standard is in my view it is up to (from undervalued to return to normal there is an increase of 150%). At that time, we do 5, 6, up to $ 15 is precisely what the market boundaries. 94 of Shenzhen Development Bank is taking the lead in a bull market. At that time just verified this. Why do I say that. Lead bull market actually rose, is what we call the runs through the entire bull market hub. It may be more than one stock, but my article why wrote it? I have my considerations. First of all, I was setting up my standard. Must is the largest participant. Participants significantly less I didn't say that, I just said the most important, so that people can remember me. So here's the opportunistic, you have to make people remember. Will tell you what happens to the stock market over the next three things, then you can go to the test. Otherwise the light that has no meaning before. This is what I just said, the bullDesk Help Software Tracking market cycle. In a bull market like you, is in a bear market doesn't do. Speed is not fast enough for the second you make money. Overseas how to solve, in fact, in the securities in the book did not write. But I do research findings is that foreign direct substitution. And fund managers in the bull market in bear market is not the same. My boss, I simply changed his whole person, not-for-brain. So this prediction, Bull and bear markets should not be the same way of thinking. Bull market early, we selected leading stocks in the market value, as a key investment. 4. the bull market early I'll make a fool, a turtle, regardless of its direction, seize the leading stock holders. When such as bull market early, often Bull/bear contracts boundaries, you can't judge. Rose fall tomorrow today, it is difficult to determine what is Help Desk Tracking Softwarea bull or a bear market. Because in a bear market rally, rose and fell. So we grasp the valuations, grasp the core of things, I'm still waiting for it to rise. Beginning of the bull market, we will seize the leading such stocks, you would be tantamount to seizing a bull market-minded as you think. Early I'll seize the bull market, I'll do a fool, a turtle. Regardless of which direction I could become one of the most stupid person. Bull market will develop in depth. I think the time has come to the bull market in the medium-term. Early to medium-term bull market, characterized by many stocks will rise over the medium term. People have forgotten the bear market risks, and slowly faded. Can't buy shares to buy, we buy it would rise, which is the rise of restorative. Medium-term bull market part of the stock will rise. To the end of the bull market which many stocks will rise. 5. the bull market of small-capitalization stocks will rise over the market share, most profitable species in addition to leading stock bull market, that is, high quality small-capitalization stocks bull market, rising stocks, in my opinion is that one is me mixer unit,Is driving the entire bull market, rising early, intermediate, advanced. There is a high quality small-capitalization stocks. As I said, why choose equity and profits while growing up, so I bought the insurance. We want to select a number of small plates, plates as small as possible easily rises. Last year I wrote in March or April, two classes that came up. Because this is also on the international experience, a good market, people will forget about risk, may select some worth little. Everyone worth small easy to buy, it's easy to rise. But I'm not going to speculate, I'll choose some high quality small-capitalization stocks. This is going to run through the entire bull market. Small caps eventually must have higher market shares.����What is this bull market in stocwells fargo home equity loansks most likely to rise, and the investment strategies of the bear and bull market does not like. 6. the bull market early I deploy bull market I buy leading stocks in the early days. Mixer unit configuration that I may be 60�C70% up. Small caps I 15%, in the middle part is that I think must be underestimated in a bear market. Interest rate above 10%, I combined result. And this is what we call the deploy. That I always want to keep my source of life, you don't worry about it. This was when I was in a bear market early. Nothing else can also rise, middle part of the annual dividend is enough to my life. So, bear market, bull market, I will always be a full warehouse, it will not suffer. I haven't had a day short positions. Unless I want to spend money, I would have no matter what price you sell. This is the beginning of the bull market of deploy. One will be the leading unit, is the center piece of higher dividends, higher dividends in a bull market, it must have been low PE and bonus is very high. It is a pair of twin brothers, are connected together. Third block is the quality of small-capitalization stocks. I was leisurely in the bear market, which is also sent me time, reporters and I write articles for them. Actually I spend money on the surface, actually deploy well has helped me make money. Bull market you will forget about the bear market in the early days of suffering. Rising stock market, most of the time is in sleep, rose only 5% of the time. So you just have to weather the bear necessity, will be able to do something else. Buffett is the land went to, I cannot finish him, to love. So it is important to pass the time.����So you can leave alone the stock market. The medium-term when, I just need to do one thing, is scaled down this block in the Middle, even down to 0%, this is middle low PE high dividends, to zoom out. Then it is necessary to intensify investment in small caps. Decisions we do is small-capitalization stocks most likely to rise, is the bull market will be small-capitalization stocks rose the most. Small caps will bring additional income to you, so you only need to do this step on it. If you are not pursuing higher profits, at least I deploy, you can share this wave of bullish exponential growth. Index rose to 130% last year, I was increased five times times. My most awkward way, you don't have to ask me, when you buy, it can at least keep up with the index, you will not be backward in the index. In fact in the stock market, most people are not kept pace with index. Index has risen, the majority of wealth has not kept pace with indices, is very easy to keep up with the exponential. In particular, our index, it is actually a distortion, on market share, which is in accordance with the issue price, distortion of many, most people could not keep up with are very normal.����But this approach, such as 12 months can outperform the indices. 7. the bull market is the main actions for holding, can't use will not be able to earn money, earn 1 time twice times don't make a lot of money. Buy low sell high I can't do that, you can do is immortal. Throughout this bull market approach. Of course in a bull market phase III, my judgment is now bullish medium-term. There is no bull market the most frantic period. I won't do that predicted that others confused at that time, you're confused, making money, but you want to know, where do not participate. Next, my trick is how to avoid such risks. This is a how-to in a bull market. Most major bull market is held, is the most critical. You buy stock, to stand. You fry fried, which is the sth section by section I'm here to talk about buy low sell high approach. I was actually a fool, other wise men do buy low sell high, they went to, I earned money from them, I will do the most simple way, I'll take it. Buy low sell high, I think that I can't do that, how can you do that? is immortal. I'm here to give you an example, said that the market value, for several years was dropped from near the rose to five cents to San Mao. I have a partner in business, he did to the five-year were sold, near the buy back three years he has earned a total of five or six cents. Last year sold it, and then buy back. Every time I see him, he said I was making money. I just say that you got your approach, I did not ignore him. Finally, I told him that I said earned 32 times. He said, is your line. When you do such a thing in the stock market, the last time you bought back in May is behind most of the money when you're gone, that's big, amount of money must be big. One girl said to me, buy stocks, you should now holding was sold to buy. And I said, I thought so. If you are a low purchase and market better. I eventually sold the stock must not sell the highest point, I accept the highest fall out 30%, if it makes my loss of market value less than 30%, I think I'm the most successful. 1500, this market has it that high, but at that time those who sell, I might as well sell high. Stocks make money when you must be the craziest time making money, it is necessary to make a lot of money.����People must have the experience to make money, can't use will not be able to earn money, earn 1 time twice times don't make a lot of money. 8. the three conditions to sell stocks: finding price/performance of the company; and a change in the business company is overvalued. I would add that, when I choose to sell it? should speak of the previous section. You think I have been buying, how to sell it? I sold three conditions. First, I always pick the cheapest thing in the stock market, price/performance best. I now held by the company may not be in my opinion it cannot rise, I also sell it, I would choose the price/performance. The second is the company, operating conditionsThe change. My life is a company that is the case of investments. After I bought, found its gross profit margin fell, a change in operating conditions, trends, once formed. Of course does not mean that a two-month changes in the gross profit margin, for example, this company in order to fight rivals, comes once in a while a change, this does not mean that trend. If the trend of decline in gross profit margin was formed, we determined to sell. Maximum risk is the risk of the stock market �C changes in the gross profit margin. There is also a really overrated. I feel this company 100 years to get back to this. When we eat, there may be some students do not understand the PE. PE meant me to explain. The case if the company does not have to grow, you invest in this company for many years back. This is a concept of time. PE8 times, is that you invest in the company for 8 years back, I was referring to static, it does not increase case, this back to the length of time, of course, this is the shorter the better. 9. us money must have been in a warehouse for three years to rise 10 times, 20 times, times of stock, in order to make a fortune I is not willing to communicate with others, Exchange that they could not understand. My life to Exchange, no more than five people. You're telling him for a long time, he could not understand. But my people and I know, smart people, you and he said he understood. Some people say, and I share. I said you don't exchange, I never communicate with others, I just want you to listen to me. I communicate with you without significance, questions you ask are silly questions, there is no way to communicate. This practice is to deploy. Us money must have been in a warehouse stock, within three years to rise 10 times, 20 times, times fortune, or even more. They asked me just now, you get even only up to three times in three years. I said, I have the most conservative, we have taken the worst places. We risk locking, resist and do not represent me three years to earn three times. I made a three-year, it must have been a big step. I get even is considered the most conservative, the stock market will give you the zoom in, or up to 18 months after 1.5 years when everyone was clear, this stock will rise. Settle my accounts must be 36 months. Five-year account of course I would also like to be, but I don't have this level, not to. On the business, I worked for three years is good, sharp eyes to see. Accounts for just three years, to 18 months, I used investment limit of 18 months, it is important to give the money back. So I invested in the past 18 months must be effective. Although I do a three-year, but are generally completed in advance. But we get even not your own head, zoom in, we want to be prepared for the worst, as far as unexpected harvest is an unexpected harvest, we plan to prepare for the worst to their own requirements. This way can you invest in victory, firmness, can hold. Bull market, you are not watching other people now earn more than you, you would go to admire him. No, we need to keep a peace of mind. We are the tortoise and the Hare. Precisely because the stock market swings, just because a cent daily plate stock, I can make money. If everyone had to find a good company, there will be no bargain, and I don't make any money. I buy must have been underestimated. Stock market will rise every day, it makes a wise man to abandon its principles. So we say that adhere to the principles is important.����What I did today was, in addition to this three minute, others say, I didn't listen. 10. anything can be, but making money is less. It is a lot of temptation. I can see it clearly, but people around me are not clear. I asked the people around me not to talk about price. You don't give me that stock prices, say you're out the door said. Here not to talk about today are going up, down, you don't say it, you have to overcome your weaknesses of human nature, overcome your weaknesses of human nature, it was you, corruption is a Word. Why do I say that making money is not come. Levels can learn, what science can learn, but making money is less. It is a lot of temptation. I can see it clearly, but people around me do not know, he'll where rivalries, including my parents, my wife, are like this. Every day together with me, she did not know. You speak to her, she or her train of thought. So the overall investment ideas only one clear to me. For example, investing in a building, I know if I should buy today, and how much to buy. Virtually all my work done, you need to know two things, one thing that I have had money, how much do I need to buy? what to buy shares? is the volume of stocks to buy. The latter is more important than the former. So many people ask me what to buy stocks, I think this is a minor, the most important thing is how much do you want to buy this stock. Can you predict, for example, we say that three years later the stock will rise, 20 times. You just bought 100 shares, that's more than jumping from pain. I've thought about this, I do not have to do it, they will jump. So how do we do, I am not involved in trading of stocks. And I direct economy of people, like my family, my friends, he must have no orders, including my own. Because I know that there are weaknesses of human nature. You can do on a reference, it must be random purchases, the end result is the best. Buy low sell high is wrong, ten times, there is a wrong, may be the last time you couldn't get enough. So I asked our orders are and what we do not have economic, what is the best computer will not see, do not know what, he only knows operations. Now I'm going to pick this one. I securities are securities of the company's employees to what I do, I usually don't talk to him, he gave me a operations, responsible for give me orders, buying and selling. This skill. You must have a single view, you're not the most intelligent people, you want someone else to do about it. Why?, he has no economic interest. You ask him to buy 10,000 shares, he would give you the best buy price, but he bought enough number for you. I don't care what percentage eventually is the amount you earn enough and bought.����This is very important. So the person must have some big ideas. Decided to have him in the direction of approach. This is what I do, I'll tell you. So I bought the stock, price is the highest price on the day that I buy. Must be my highest price, no way, I can't control. But I was mostFinal winners. Sell me stock who I believe will regret it.����He just said, we are inside the current bull market, as long as it is buying low. 11. portfolio to resolve investment risk. Portfolio makes me risk control you buy the fluctuation of stock do not exceed 20%. If you said to me, how can I combine it? this is a known, it is high or low, who knows? indeed going up so many times, do? that's what we say, combined to resolve investment risks. Bull market at this stage, should we buy? what to buy? cumulative increases at this time, some things according to the purchase price is not paid for. Me because it is a full warehouse, I won't have to worry about, I just hold on it. I do not know the stock market's high and low, I bin anyway, I'll go back to bed. This is my most basic method of operation. How do you want money I buy? for example, I now also have the money, he give me 1 million today, and what I buy. This will require planning. First of all, I want to keep track of the market there are always underestimated. Finally to enterprise accounts. For example, I trust that last month, I will package 30% Expressway. Because I forget it, freeway PE between 15-18, I think this price is not high. Why less? we had theoretical support. PE Highway outside of listed companies all over the world in more than 35 times. Its growth has not been well in China. National Highway, I forget about it the growth of more than 18%. Because the auto industry, I was very good. Because we do not see the car industry excellent enterprise, it does not run out. I think China's automotive industry, local company should be run out of good, and even some well-known company in the world, I believe the general direction of the automobile industry is not wrong, house buying Chinese is to buy a car, the largest consumer. I was optimistic about the car industry. But I'm on auto manufacturing, it very much, signs are not allowed to run out, so we'll buy Freeway. Pao Lu. General direction as unmistakable, highway bar very high, you re a freeway, Expressway I do all the research, now worth only re-one-fourth of a motorway. For example, in accordance with the current market value of Buy Freeway. Now you want to build a highway also takes four times the price. So if you want to re and you the same highway, it must have been lost, and are also not accounted for.����Due to land acquisition, costs are up, his four times times, why should I own it? so I'll take the freeway as a priority. There we will select the next three years, banking, tourism companies, its rapid growth in the 30% above, this growth will be PE come down. This combination of delicate, so I am not afraid to buy high, I'm buying, buy I can hold a three-year, it should be no loss. So how to solve the problem, that is controlled by combining the amount of risk. You don't look at this big city would fall, but some stock market falls would not necessarily be dropped. Because I had done a long time, I know the city fell, but this stock does not fall. I'll do a combination. I have risen in this combination, it will balance, my stock volatility risk control you buy something, do not exceed 20%. For example, you buy shares of 1 million dollars, the greatest risk we can afford is the fluctuation of 20%. So we buy when, as I am a designer I design better. High, I might give it a balance. This is very effective. 12. holding shares for three years I can withstand the market any risk. I let it go for three years because the company's account. May in a bear market, I will not do so, we set out, because it is very cheap things, sooner or later will make money. But I would do to this position. This does not mean that we now stock high. I even have a vision, maybe after a few years later, this location is a place to start. I am not to judge, I'm just saying, holding three years I can withstand the market any risk. The following I forget it, say Freeway to 09 years PE has dropped to 10 times less. Growth that is not the case, you invest 10 or 8 years this company has also returned to this. 01 I remember when I bought Nanjing-Shanghai high-speed, PE 15, then it double. I bought three years, it is 9% more than three years of growth, 18 months, let me make a few times, so the accounts we are not afraid. Highway is now the case, including banks. Bought last year, I can invest in 50%, 50% the money I can buy a stock, and now I just need to invest in 20% or cent, I call it reduces the amount of, and thus risk control.����This is a balanced combination of risk would have been locked. 13. it does not talk about valuations, which is the greatest risk. Valuation of this spell is on my mind at any time. It is to deploy, and how we do asset allocation. My strengths are asset allocation, this is my best. Many people say that I leave the stock market bear market why, in fact I do not know. Every bear market, other than I have in the stock market activity, and at that point I had dropped out of the stock market. I say full bunker, I went to the market to buy cheaper somewhere else. But why a bear market, I will leave the stock market? I experienced was about three times a bear market. Bear market for the third time I came out. Next, think about it, I think I do this kind of art. Actually I was muddled, I don't know, I'm just through asset allocation. Today, I asked me the 10% 20, even money I went to the market a cheap thing, I also do the job, I began doing this work last month. Foreign markets, such as a company listed in Hong Kong, as well as domestic companies. Because of my long term track, I know it's cheap, cheap, I'll buy it back. I intend to do this thing, and have no intention to withdraw from the part of the funds. This is my asset allocation. I am in this market, I will be found to make money. I bought it must have been making money, that is, theHome I bought without risk. I would put my assets, go to the configuration of this part. But here there is a risk, most people he can't do that, because he knows that cheap is not going to buy it. For example, we now share some b-shares it is of great value, but we're not going to buy it. Why not to buy? is rising because the market's ups and downs fall makes people forget the discipline and valuations. Now do not speak the valuation, which is the greatest risk.����Valuation of this spell is on my mind at any time. 14. I do every three years a lot of asset allocation. I am now forced me to within 12 months, asset allocation, I 30% to a-share market. I posted this 30% assets rise at least five times the next three years, three years later, this benefit of 30% I now includes principal equivalent to the total assets of 150%. Even my 70% loss after all, my 150% is sufficient to ensure that my money is still growing. I am now forced me to within 12 months, assets of 30% I do some configuration. 03 I sold stock in Hong Kong. When I sold was $ 17, sold a ** I bought back at a later time. Some time ago a ## into 12 pieces, I then bought back, this year I expect the performance of its 1.2. 08 I gave it a PE8 times. ## I just three years it not zade, I just went to a turtle. Because I'm not greedy, a stock market is now the world's best money, because it is a great bull market. It must be up here. But now I have done, for example, how many years I think the next thing, I forced myself to do 30% in the next 12 months, I will make ## in my withdrawal of funds, there is some time ago I did && is this sort of asset allocation. I do not want it to give me the number of returns this year, as long as you don't let me lose a lot of money, I'll stay.����It seems to be a conditioned reflex. 15. beat 01 bear market trick 97 had already begun to one a-share market does asset allocation 01 actually at the beginning of a bear market, when I was in 97 or 96 has been doing this work. I also forced myself to do, this kind of asset allocation is very important. So I told our customer, you join our team, not only stock I tell you how to operate, tell you the weaknesses of human nature, I gradually build so that you are not afraid of the stock market. Don't you think it is a risk in the stock market. You're not afraid of the stock market will be held, will make money. There is one crucial moment, I will give you the asset allocation, critical, I will tell you what this corporation there may be a risk, and what steps we should take. Does not mean that I sell this stock could rise, I sell so many stocks also rose at a later time. But we only made sense, we know that money. The asset allocation, as an indispensable element in the fight. Though I claim 12 months is 30%, but my guess is that these companies, I posted up at least five times and the next five years. Five times a rise, five rose 30% times, then, according to my algorithm, then three years later, this benefit of 30% I now includes principal equivalent to the total assets of 150%. Even if I have now lost all of this 70%, I 150% is sufficient to ensure that my money is still growing. This is what I do every three years a lot of configuration. Unless it is a bear market. A three-year bear market before my marketing strategy is better, I'm going to be warehouse purchases, waiting for it. Now I'm making a lot of money, I went to this area to consider. But for the most part I'm still a shares. I won't go to worry about, I'm doing such an asset allocation, on the list. Of its benefits is that people say is off West in the East, which will be enough. It is able to lock up my profits.����I didn't miss this approach was so many years. 16. the stock market I have another trick to make money.����Last year I almost every year there is a risk-free arbitrage. What I'm told, the stock market I have another trick to make money. Last year I almost every year there is a risk-free arbitrage. Risk-free arbitrage me with total assets of 40%. I was afraid of risk, risk-free arbitrage is so that we can easily make money. I still continue to do this thing. The thing to say, we have seen the end of it. For example, we now see some of the bonds, corporate bonds, it has dropped more than 70 more. I wonder, 100 money why are corporate bonds fell of the face value of more than 70 more. What to do, buy mortgage debts and mortgages to buy debt, I dared to borrow money to buy, firm purchases. I do not believe it does not make any money. I've made countless times this risk-free arbitrage. Buy stocks must have short memories. There are a lot of wealth is actually from fortune to slip away. I went to Dalian Wang Hong, he did not buy. I once even if I went to Dalian, I ran a couple of days and earn back 80 million. Dongzui, this does not need your money, take other people's money. Opportunities as you go along and see if you can grasp. A person's success, I sum up, a lot of people are smarter than me, better than me, I may be a fool. But he sent up a little. This is a risk-free arbitrage. Stock market risk-free arbitrage and sometimes very strange, even more than treasuries is down more than 60, had issued $ 100 down to 60. At that time we have taken a company of Shanghai, Xujiahui has a property called East of Manhattan. It is a very large building, I went to see it. At that time, I went to Shanghai, where general sale for more than 2000 dollars, which were sold for more than 9,000 are still very good. But we have taken account of it, I converted to its stock market value per square metre, so much of it assets. At that time fell to 900 Yuan a square House. You buy its stock is equivalent to more than 900 square meters of the House, is too cheap.����But the stock market is making this sort of thing, and often occurs. So we don't watch the market, and the market does not have any relationship, I call there will be, and the market does not have any relationship. If you put your money on sustenance in one of the things that you cannot be sure, I think this is one of the greatest risks, and the second is a gamble. You do not have the fate of their own hands, I only have nagarno the market, we are certain to make money.����We end the pursuit of fun in the stock market is the compound growth, is risk-free. 17. investments in shares, one of my stock selection method, is a fool to operating companies, there is a good company just to say, how to treat the business leaders. Because the Chinese people, I think it's not so noble. This does not mean that the Chinese, because it is a system. Most of them are State-owned enterprises, which we cannot change, this is the status quo. Quite simply, people have interests. He earned such wages, there is no enthusiasm. Current investments in shares, one of my stock selection method, is a fool to operating companies, is a good company. Is that even today with a beggar to operate, which the company is a good company ... Good businesses from bad businesses, made known to you as soon as it exchanges. With people like rich people and didn't have the money, and speak to a completely different. You go to the enterprise, he gave to you about the difficulties we struggled in adversity, and how to make money, he said that his administration, when I saw it, I put the company at least as a second-rate company. I like the company is to eat, play, never to talk to you, this is good. I say this type of company you don't have to be afraid, he ate nothing, he can eat poor earnings of these billions of? I do not believe. But the company must be profitable, fool to be profitable, it must be the Taste of Food, good company is the Taste of Food, which can't be wrong.����So this is my view of the enterprise, this carefully. If you change your hopes on leaders, I think this approach is problematic. There is also a business receivable, you see a large portion of the money in it, good company in a bull market, took his money there is no place, he went to new shares. Such a company you have to note that all day long to the securities markets. You see, any word. Science and technology enterprise, like Tsinghua tongfang, I say it is a ruin the family of companies. These companies in good times in the stock market, companies must have been rising, the stock market down, it will come down. He is to take people's money to spend. The last time we met to Tsinghua tongfang, CEO said we in the securities market into 20 billion, I say to you how many billion to shareholders. This is not what is the black sheep? we don't touch this company. I say this, not my respect for this company, in reality it was our ancestors left behind, the enterprise may be a monopoly, but we like this kind of business, make money. With the party to make money, but it doesn't mean that we have no respect for it, it is also made a contribution to society, at least to the community on which so many people.����But that doesn't mean I want to buy, I, as an investor I would like to make money. This is my standard. Corporate cash flows must be energetic, and is the company you want to collect the money.����Finally, we reflect on the financial index, I like to focus on concepts of net assets. Attaches great importance to the meeting of some financial assets. My personal opinion, did not create the real value of the net assets are actually invalid asset, this is no use of assets. Your machines and equipment, undeveloped land, long-and-drop over the past few years House appreciation, but you look at some of the House is not able to benefit from the project, that is, we say that it is not able to make money. I think that this is not a valid net assets. To be honest, I don't look at this index.����I mean it profitable assets, whether it is profitable assets, rate of return means that the net assets and net assets yield higher the better. 18. the maximum value of the stock market is making money. It seems to be human nature is a kind of work. A lot of things really have patience, most people get through but I, I see people better than others, that is two words, stick to it.