Recently, the Chinese stock market rises and falls like a history of recurrent cycle of
my new book, Wang graduated three from Ohio State University, excitedly to join me and my colleagues to do another fund management company, this young man feel when the king three fund managers, day trading stocks and options futures cool, therefore, decided in Taiwan to the parents the good news, said he had found a good a job, let the parents raise their happy happy years. his family for generations are to open a bank, he is an only child, King III that his father will certainly use their own bank for us in Taiwan fund-raising, after all, this is the cause of his son to do. Let the king thirty Wanmoxiangdao, when he told his father on the phone when their practitioners plan, his father cursed his meal and said son, if it is in the United States having failed to make to go away come back, whatever the outcome, in Taiwan, I can give you arrange the work of a man appear! years ago, the traditional Chinese family business owners, known experts want to stock, wait for national stocks. So, in the community of stocks turned positive from negative, of university graduates compete for jobs after the fund company, China is not from the stock market has a healthy culture, and American financial revolution in China the soil to root out? or is it on the surface like a > in the previous chapter I talked about that the Americans even more money than any other country, it is important because it has to any assets, any future income stream into a financial capital of the institutional system of capital, land for those who can not move and resources, see also touched on future income flows up into the capital today, so that wealth can be transformed into the capital after the premise that there must be a reliable institutional framework (in particular implementation of the system architecture) to ensure that the only way the instrument as a financial capital carriers will not depart from it represents the assets or future income stream and independent existence. that is, carrying property rights with its financial instruments bearing the distance between the assets can not be too far. Otherwise, when the financial instruments and the carrying value of the assets it has, after decoupling, the trading of financial instruments just like gambling, no essential difference, this paper deals around culture is one thing just like a gambling culture. This nature of the capital market is not the East and West differences.
to the stock market, for example, the stock market capitalization of course, is the most important one of the ways, by the listed companies assets and securitization of future revenue streams, so that a country's capital supply greatly increased. what stock market trading in the financial contract is based on the expected future income to pricing. Since the trading value of the contents of the expectations by the decision on the future , which gives almost unlimited imagination, but also for speculation, manipulation of the stock market has provided a broad space. a stock transaction, the stock is prone to a world, the stock of listed companies behind is another world, nothing to do with each other. Once the stock listed company with its actual out of the relationship between the stock market is really just an idea for a casino, the stock of course, either in the free expansion for some time, other times can also spilled the ground indefinitely.
we have seen, the listed company's future full of uncertainty, including a number of risks. precisely because of this inherent risk is difficult to predict the real economy, on the one hand simple and easy people to please God, sharper, thanks to the Buddha, or simply look at the stock code There are no of the insider, external and government officials manipulate information and even false information, inciting the public confidence and create the conditions for investors. In general, the stock market listed company's future expectations, including two parts, first part is true information on the future based on the existing expected to form the second part by the insiders of listed companies, the external and the manipulation of government officials and other manufacturing shares of listed companies decide the distance between the core elements of the farther the stock market like a casino more than the investment market. Therefore, in order to make the stock market more like the investment market, the core purpose of the system architecture to minimize the market is required contents of the following aspects of the system.
must first have a free and open media, mass media without the full and fair dissemination of accurate information on listed companies and stock markets, , the stock market into a casino, the stock bubble will often do. at the stock exchange in the 16th century in the Netherlands and London, the newspaper has not yet been invented, and no magazines or radio, television and the Internet, investors rely mainly on coffee in London Hall heard the rumors and rumors, to determine the stock value and price trends. When the coffee shop, is the main oral hearsay occurrence of the stock bubble in the Netherlands and the United Kingdom is not surprising.
However, only newspapers, magazines and other news media were not enough, must also manipulate the information, false information to manipulate stock prices to justice. For example, there newspapers and other mass media, the fix, the media has become a tool for stakeholders, the illicit molecules or ulterior motives of officials spread false information in the most convenient means, the listed companies may use the media hype, administrative officials may also use the media release of misleading statements to know the truth of the investors astray. to the 1720s, London newspapers have been more popular, coffee shop filled with all kinds of information on the listed company share prices, and newspapers, because until then the basic is also the UK did not punish false information, regulation of securities fraud laws, some listed companies use the media hype, only for the company and glossy (disguised fraud), so, to the 1720 first time in history occurred in the stock market bubble mm South Sea stock bubble. After the bubble burst, the British Parliament altogether through the famous there are some false information to manipulate the stock market may be regulators open eyes closed eyes, even if identified, given the penalties are insignificant, the result of course is the shares and listed companies to contact only a little more than nominal.
third institutional arrangement is also important that the Government can not save the market. If the one hand, regulators say, each time when the stock market crash, but also through an editorial encouraging people to enter the stock market, through to the fund companies, securities companies can only buy pressure can not be sold, strictly limited to contain the new company listed on the stock supply, regulatory authorities in various mode prop up the market to regulate the market is equivalent to management stock market index, then eventually no one will be real useful information of listed companies have any needs, because its analysis of listed companies, might as well bet on the government's rescue policy direction. Once investors lose true information required incentive to provide information on whether the fraud, whether the manipulation of information, also nobody cares. slowly, even with well-developed media, with the Internet transfer large amounts of information, are also increasingly provided by The more , the government actually gives investors a fall prevention for each insurance. With anti-fall insurance, regardless of whether the listed companies, nor what information is to buy stocks are always earn less. This City, how so seriously.
This new book has been included into the Wealth Lesson
No comments:
Post a Comment