The Market Knows a Lot More Than You Do.: 信报研究部: 专家束手的股市生态

Investing is an art and highly emotional and subjective.

When buying stocks, if your buying decisions are based on"insiders' information or rumours" and not sound analysis, then you are gambling. Many investors enter the market when stocks prices are high (lacking of confidence to enter beforehand when prices were low). Once the stocks market crash, they tend to sell out their shares out of fear and pessimism, swearing to "chop off their fingers" and never enter the stocks market again. If such situation happens, all their previous gains may be wiped out and suffered a loss.

Investing is an art and highly emotional and subjective. Subjectivity is largely controlled by our emotions. There are times when we are optimistic or pessimistic. If we are unable to control our emotional weakness, we are unlikely to become successful investors.

To be successful, you must first understand yourself, in particular your emotions and the degree of pressure you can tolerate.

The investors should also analyse the country's economic prospects together with the earnings outlook of the major listed companies.

It is imperative that you like Mathematics as the sound mathematical knowledge plays a key role in investment.

财富為了实现梦想;而非梦想拥有财富 .
美元对亚洲货币走势图

Tuesday, August 24, 2010

信报研究部: 专家束手的股市生态

在资金成本相对昂贵的年代，投资者拣股比较谨慎，他们对每一隻股票都会小心研究才作出买入决定。然而，股市生态受到政府宽鬆货币政策影响已发生变化，在资金成本近乎零的环境下，投资公司以至私人投资者已不会花时间去分析股票的真正价值才买入长线持有待善价而沽，现在流行的是以低成本借入资金作高频交易，只求捕捉任何一隻股票每毫秒的价位变动买卖图利。

高频交易已成為今时今日股市的主流，过去真正专业投资者所倚赖的投资方式愈来愈难获利，投资胜负在极短时间决定，中长线持有已不合潮流，继索罗斯的前得力助手Stanley Druckenmiller之后，另一靠次按危机掘起的投资专家Paolo Pellegrini上周五也宣布结束他的对冲基金；而根据最近几个月互惠基金的资金流动亦发现，愈来愈多小投资者正离开美股【图1、2】，财经专栏及散户看好股市前景的比例渐减【图3、4】，电脑程式逐渐将大小投资者挤出股市。