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Shipping point in time for the Futures Thinking

In personal opinion, as long as the average futures investors have a certain ability to learn, through technical as well as the fundamentals of inspection, the overall trend of the big judge their accuracy rate of at least 50% or more, or even much higher with this. Difficult to grasp is that an approach point and, unlike the stock futures can be patient and hold, futures investors are often encountered in practice be "apprenticeship Czech Republic, the body is not the first death" desolate. Approach point and will have a direct bearing on whether the ship calmly and whether they can weather the short term or even a longer period of disruption. Once the approach point and select appropriate, and the latter is the market for investors to determine a kind of pre-verified, it may make money, it may lose money, you may experience shock, it may encounter many other unexpected conditions, but investors and This reaction is mainly reflected in the choice of the shipping point in time.
 
From a certain perspective, investment in futures market or the stock market Ye Hao, including foreign currency deposit market or put it bluntly, individual investors and the market is actually an interactive process itself, investors through the fundamentals and technical investigation, to understand and master the information from the market, followed by the latter part of the trend of the market to generate a judge and then judged to operate; then the market is to investors, the audit stage, the independent movements of all investors are treated equally; Finally, there is shipping shows the trend of investors in the market re-reflection. The word "audit" the term seems a bit heavier, to better use "game" to the more leisurely and more lively. Futures Investment essence, is a "game", just as it involves too many interests too substantial and dignified.
 
On the individual and see, the choice of shipping point and entry point is far different approach from the stop loss point can be to control risk, and then control the mind. The shipping point, especially after a profit shipping point, the test is a person's wisdom, but in fact the greatest impact, or state of mind. Earned, if not, in case upwards, the profit taking is necessary; earned, assuming that out of the event down, I lose the more profits. This worry about the outcome of the mentality in operation, not only afflict me, and surely had plagued many of the investors. This process in the position of non-rational emotional concerns to a certain extent, can be said of investors in futures operation failed a very important reason, as its ultimate consequences resulting from loss more often does not stop, make a one thing only the surplus, and thus earn less losses and more make a small loss large, heavily loaded and gambling mentality will take root in this soil, and eventually burst warehouse fact it was just a matter of time.
 
Select shipping point is the last link in the investment process, the stock market said "We will buy the apprentice will be selling the master," futures market was also true that the case. In the specific operation of the shipping point to grasp for me is a very big problem, if each operation than to make a campaign, then for each campaign, not only to make their own access to the most trophies, but also the body and retreat, which requires not only the capacity of commander-spot decisions, but also need to be able to from beginning to end on a macroscopic level the ability to grasp the overall situation there is a. Their Long Way!

In personal opinion, as long as the average futures investors have a certain ability to learn, through technical as well as the fundamentals of inspection, the overall trend of the big judge their accuracy rate of at least 50% or more, or even much higher with this. Difficult to grasp is that an approach point and, unlike the stock futures can be patient and hold, futures investors are often encountered in practice be "apprenticeship Czech Republic, the body is not the first death" desolate. Approach point and will have a direct bearing on whether the ship calmly and whether they can weather the short term or even a longer period of disruption. Once the approach point and select appropriate, and the latter is the market for investors to determine a kind of pre-verified, it may make money, it may lose money, you may experience shock, it may encounter many other unexpected conditions, but investors and This reaction is mainly reflected in the choice of the shipping point in time.
 
From a certain perspective, investment in futures market or the stock market Ye Hao, including foreign currency deposit market or put it bluntly, individual investors and the market is actually an interactive process itself, investors through the fundamentals and technical investigation, to understand and master the information from the market, followed by the latter part of the trend of the market to generate a judge and then judged to operate; then the market is to investors, the audit stage, the independent movements of all investors are treated equally; Finally, there is shipping shows the trend of investors in the market re-reflection. The word "audit" the term seems a bit heavier, to better use "game" to the more leisurely and more lively. Futures Investment essence, is a "game", just as it involves too many interests too substantial and dignified.
 
On the individual and see, the choice of shipping point and entry point is far different approach from the stop loss point can be to control risk, and then control the mind. The shipping point, especially after a profit shipping point, the test is a person's wisdom, but in fact the greatest impact, or state of mind. Earned, if not, in case upwards, the profit taking is necessary; earned, assuming that out of the event down, I lose the more profits. This worry about the outcome of the mentality in operation, not only afflict me, and surely had plagued many of the investors. This process in the position of non-rational emotional concerns to a certain extent, can be said of investors in futures operation failed a very important reason, as its ultimate consequences resulting from loss more often does not stop, make a one thing only the surplus, and thus earn less losses and more make a small loss large, heavily loaded and gambling mentality will take root in this soil, and eventually burst warehouse fact it was just a matter of time.
 
Select shipping point is the last link in the investment process, the stock market said "We will buy the apprentice will be selling the master," futures market was also true that the case. In the specific operation of the shipping point to grasp for me is a very big problem, if each operation than to make a campaign, then for each campaign, not only to make their own access to the most trophies, but also the body and retreat, which requires not only the capacity of commander-spot decisions, but also need to be able to from beginning to end on a macroscopic level the ability to grasp the overall situation there is a. Their Long Way!

In personal opinion, as long as the average futures investors have a certain ability to learn, through technical as well as the fundamentals of inspection, the overall trend of the big judge their accuracy rate of at least 50% or more, or even much higher with this. Difficult to grasp is that an approach point and, unlike the stock futures can be patient and hold, futures investors are often encountered in practice be "apprenticeship Czech Republic, the body is not the first death" desolate. Approach point and will have a direct bearing on whether the ship calmly and whether they can weather the short term or even a longer period of disruption. Once the approach point and select appropriate, and the latter is the market for investors to determine a kind of pre-verified, it may make money, it may lose money, you may experience shock, it may encounter many other unexpected conditions, but investors and This reaction is mainly reflected in the choice of the shipping point in time.
 
From a certain perspective, investment in futures market or the stock market Ye Hao, including foreign currency deposit market or put it bluntly, individual investors and the market is actually an interactive process itself, investors through the fundamentals and technical investigation, to understand and master the information from the market, followed by the latter part of the trend of the market to generate a judge and then judged to operate; then the market is to investors, the audit stage, the independent movements of all investors are treated equally; Finally, there is shipping shows the trend of investors in the market re-reflection. The word "audit" the term seems a bit heavier, to better use "game" to the more leisurely and more lively. Futures Investment essence, is a "game", just as it involves too many interests too substantial and dignified.
 
On the individual and see, the choice of shipping point and entry point is far different approach from the stop loss point can be to control risk, and then control the mind. The shipping point, especially after a profit shipping point, the test is a person's wisdom, but in fact the greatest impact, or state of mind. Earned, if not, in case upwards, the profit taking is necessary; earned, assuming that out of the event down, I lose the more profits. This worry about the outcome of the mentality in operation, not only afflict me, and surely had plagued many of the investors. This process in the position of non-rational emotional concerns to a certain extent, can be said of investors in futures operation failed a very important reason, as its ultimate consequences resulting from loss more often does not stop, make a one thing only the surplus, and thus earn less losses and more make a small loss large, heavily loaded and gambling mentality will take root in this soil, and eventually burst warehouse fact it was just a matter of time.
 
Select shipping point is the last link in the investment process, the stock market said "We will buy the apprentice will be selling the master," futures market was also true that the case. In the specific operation of the shipping point to grasp for me is a very big problem, if each operation than to make a campaign, then for each campaign, not only to make their own access to the most trophies, but also the body and retreat, which requires not only the capacity of commander-spot decisions, but also need to be able to from beginning to end on a macroscopic level the ability to grasp the overall situation there is a. Their Long Way!

xunG     uploadeb     freaksharp


RMB appreciation on the impact of commodity futures

One of the biggest impact of RMB appreciation is that the inflow of foreign capital, thus raising the price of RMB assets. Now many institutions are in the research and explore the Chinese will be a one-off rise or a slow appreciation, as I personally think that the appreciation of these two different ways in the long run impact on China, especially the impact of the market is the same, because whether it is a one-off appreciation of 2% -3%, or slow the appreciation, it will further strengthen the long-term steady appreciation of the yuan will come expectations, and thus to attract domestic and foreign investment capital with long-term pursuit of RMB assets, thus pushing up asset prices. As China's independence and the current economic situation in the complexity and seriousness of the RMB appreciation rate is bound to be controlled within an acceptable range so as not to hurt the real economy, so the appreciation of the magnitude and intensity will not be great.
 
Foreign capital inflows coupled with the common role of domestic private capital will undoubtedly bring long-term nature of stock prices, as well as a profitable, and our 20 trillion in private savings will also be a corresponding large amount of leverage, so in the foreseeable the future, the state regulation of prices and stock prices will further increase the difficulty. China's Shanghai and Shenzhen 300 from the current trend of view, in the form of a triangle formed a kind of convergence, 3000 point location to find a breakthrough in the direction of upward or downward, from my personal point of view, as long as the Chinese economy is not the second since the end of as a whole will be a steady upward trend of the stock market, which in the early text of my Bo had a more detailed exposition. From the past appreciation of the RMB to the Securities trend terms, but also further increase the possibility of its break up. Although the short-term yuan appreciation will ease the country imported inflation on domestic yuan-denominated commodity price movements have a certain pressure, but personally believe that this pressure can be negligible. Because in the early trend in the entire bulk commodities, has been largely ignored the impact of the dollar, so the current stage, the impact of currency factors are a major factor in commodity movements. With increased purchasing power of China is believed that the factors contributing to the international market, China will be a new round of speculation, the international commodity prices will be further supported so as to lead to domestic produce.
 
A major problem now is that the domestic commodity futures price increase already very high, in my pre-doctoral paper had such a deep expression of concern, is now the price of commodities relative to the previous bull market peak prices have been the most order of magnitude, but such a situation and the slow recovery period at home and abroad are in the state of the economy are not consistent. But from now on RMB appreciation and the domestic economic development point of view, the second end to the domestic economy may be small, while the future of domestic asset prices may also be further elevated, and therefore the commodity has upward momentum, but due to the early or unduly restrictive, its range is limited upwards. Or it could be this expression, the impact of economic fundamentals, the domestic commodity not to a substantial adjustment period, but is bound to make an adjustment. I personally think that speculation in commodities chance is yet to come, in this position up or down the reduction was limited, If I have a preference for the views, personal call. However, the specific operation to maintain the pre-judgment "wait and see."

One of the biggest impact of RMB appreciation is that the inflow of foreign capital, thus raising the price of RMB assets. Now many institutions are in the research and explore the Chinese will be a one-off rise or a slow appreciation, as I personally think that the appreciation of these two different ways in the long run impact on China, especially the impact of the market is the same, because whether it is a one-off appreciation of 2% -3%, or slow the appreciation, it will further strengthen the long-term steady appreciation of the yuan will come expectations, and thus to attract domestic and foreign investment capital with long-term pursuit of RMB assets, thus pushing up asset prices. As China's independence and the current economic situation in the complexity and seriousness of the RMB appreciation rate is bound to be controlled within an acceptable range so as not to hurt the real economy, so the appreciation of the magnitude and intensity will not be great.
 
Foreign capital inflows coupled with the common role of domestic private capital will undoubtedly bring long-term nature of stock prices, as well as a profitable, and our 20 trillion in private savings will also be a corresponding large amount of leverage, so in the foreseeable the future, the state regulation of prices and stock prices will further increase the difficulty. China's Shanghai and Shenzhen 300 from the current trend of view, in the form of a triangle formed a kind of convergence, 3000 point location to find a breakthrough in the direction of upward or downward, from my personal point of view, as long as the Chinese economy is not the second since the end of as a whole will be a steady upward trend of the stock market, which in the early text of my Bo had a more detailed exposition. From the past appreciation of the RMB to the Securities trend terms, but also further increase the possibility of its break up. Although the short-term yuan appreciation will ease the country imported inflation on domestic yuan-denominated commodity price movements have a certain pressure, but personally believe that this pressure can be negligible. Because in the early trend in the entire bulk commodities, has been largely ignored the impact of the dollar, so the current stage, the impact of currency factors are a major factor in commodity movements. With increased purchasing power of China is believed that the factors contributing to the international market, China will be a new round of speculation, the international commodity prices will be further supported so as to lead to domestic produce.
 
A major problem now is that the domestic commodity futures price increase already very high, in my pre-doctoral paper had such a deep expression of concern, is now the price of commodities relative to the previous bull market peak prices have been the most order of magnitude, but such a situation and the slow recovery period at home and abroad are in the state of the economy are not consistent. But from now on RMB appreciation and the domestic economic development point of view, the second end to the domestic economy may be small, while the future of domestic asset prices may also be further elevated, and therefore the commodity has upward momentum, but due to the early or unduly restrictive, its range is limited upwards. Or it could be this expression, the impact of economic fundamentals, the domestic commodity not to a substantial adjustment period, but is bound to make an adjustment. I personally think that speculation in commodities chance is yet to come, in this position up or down the reduction was limited, If I have a preference for the views, personal call. However, the specific operation to maintain the pre-judgment "wait and see."

One of the biggest impact of RMB appreciation is that the inflow of foreign capital, thus raising the price of RMB assets. Now many institutions are in the research and explore the Chinese will be a one-off rise or a slow appreciation, as I personally think that the appreciation of these two different ways in the long run impact on China, especially the impact of the market is the same, because whether it is a one-off appreciation of 2% -3%, or slow the appreciation, it will further strengthen the long-term steady appreciation of the yuan will come expectations, and thus to attract domestic and foreign investment capital with long-term pursuit of RMB assets, thus pushing up asset prices. As China's independence and the current economic situation in the complexity and seriousness of the RMB appreciation rate is bound to be controlled within an acceptable range so as not to hurt the real economy, so the appreciation of the magnitude and intensity will not be great.
 
Foreign capital inflows coupled with the common role of domestic private capital will undoubtedly bring long-term nature of stock prices, as well as a profitable, and our 20 trillion in private savings will also be a corresponding large amount of leverage, so in the foreseeable the future, the state regulation of prices and stock prices will further increase the difficulty. China's Shanghai and Shenzhen 300 from the current trend of view, in the form of a triangle formed a kind of convergence, 3000 point location to find a breakthrough in the direction of upward or downward, from my personal point of view, as long as the Chinese economy is not the second since the end of as a whole will be a steady upward trend of the stock market, which in the early text of my Bo had a more detailed exposition. From the past appreciation of the RMB to the Securities trend terms, but also further increase the possibility of its break up. Although the short-term yuan appreciation will ease the country imported inflation on domestic yuan-denominated commodity price movements have a certain pressure, but personally believe that this pressure can be negligible. Because in the early trend in the entire bulk commodities, has been largely ignored the impact of the dollar, so the current stage, the impact of currency factors are a major factor in commodity movements. With increased purchasing power of China is believed that the factors contributing to the international market, China will be a new round of speculation, the international commodity prices will be further supported so as to lead to domestic produce.
 
A major problem now is that the domestic commodity futures price increase already very high, in my pre-doctoral paper had such a deep expression of concern, is now the price of commodities relative to the previous bull market peak prices have been the most order of magnitude, but such a situation and the slow recovery period at home and abroad are in the state of the economy are not consistent. But from now on RMB appreciation and the domestic economic development point of view, the second end to the domestic economy may be small, while the future of domestic asset prices may also be further elevated, and therefore the commodity has upward momentum, but due to the early or unduly restrictive, its range is limited upwards. Or it could be this expression, the impact of economic fundamentals, the domestic commodity not to a substantial adjustment period, but is bound to make an adjustment. I personally think that speculation in commodities chance is yet to come, in this position up or down the reduction was limited, If I have a preference for the views, personal call. However, the specific operation to maintain the pre-judgment "wait and see."

xunG     uploadeb     freaksharp



Futures operation point in time thinking approach

The operation of the current round of my corn into the point position is a failure, from 1900 began to empty the more the longer the position but now has reached 60%, book losses but also expensive. I think this year's operations before the Spring Festival rebar, although the trend of rebar spotted, but the operation was due to premature admission, trapped in a passive, but stop out. Reflections on the two varieties: the trend in the futures judgment and inspection, is the first thing; approach point timing is the second; while its 3 in stop-loss and profit only.
 
Undoubtedly, the approach mastery point in time is the most See Futures Trader foundation, and it depends not only on the overall disk, technical as well as the macroeconomic fundamentals to grasp, but also on good control of their own mentality. Recall that under this in my corn from a single pre-cardiac concept, there are three basic features, one of several pre-develop self-confidence began to pen list expansion is a two quotations for not willing to wait, and the third is the concept of stop-loss start to enlarge. From the above three visits, I think that the time to look at futures approach, their points are good or bad depends on two aspects, the mentality of peace, as well as the firm grasp of the stop-loss point. Long ago in my article on Bo too had expressed this thought, according to admission point and stop point selection, but really to find Quotes of the time, the kind of anxiety and excessive optimism tend to make their own approach to early In the operation in a passive situation. In addition many of Futures Trader will be eventually more or less toward Buddhism, the Buddhist self-cultivation habit of "objects in order to leave", in the Trader will be the last operation, self-confidence and optimism pessimism should be thrown to the side, will not do sticky. But this time I have on the operation clearly violated the "objects in order to leave" principle.
 
In addition to state of mind to strengthen the right side on the calm approach the timing of things, but also to strengthen the fundamentals of futures on the varieties of background investigation. Operation of the corn so that I deeply feel that, in the CBBC conversion, the market volatility will be extremely intense, and that the best point conversion Quotes trend or is the key point, it is difficult to refine. Therefore, the current background investigation on the species very important, in the past I have always considered that the futures are also expected to do, but at this moment in the real disk I need to check the reasonableness of such knowledge, at least in closely related species and operation of industry information and the current spot changes in prices, it is often can be found futures also will be moving, in other words, the futures not only reflects the expectations, but also reflect the current spot market price movements and the current is being accepted by the market-date information. From this point of view, will undoubtedly increase the complexity of futures analysis in the future to determine trends and backgrounds also need to do further tests of this knowledge and practice, and more conducive to future operations and operations approach grasping the point in time.

The operation of the current round of my corn into the point position is a failure, from 1900 began to empty the more the longer the position but now has reached 60%, book losses but also expensive. I think this year's operations before the Spring Festival rebar, although the trend of rebar spotted, but the operation was due to premature admission, trapped in a passive, but stop out. Reflections on the two varieties: the trend in the futures judgment and inspection, is the first thing; approach point timing is the second; while its 3 in stop-loss and profit only.
 
Undoubtedly, the approach mastery point in time is the most See Futures Trader foundation, and it depends not only on the overall disk, technical as well as the macroeconomic fundamentals to grasp, but also on good control of their own mentality. Recall that under this in my corn from a single pre-cardiac concept, there are three basic features, one of several pre-develop self-confidence began to pen list expansion is a two quotations for not willing to wait, and the third is the concept of stop-loss start to enlarge. From the above three visits, I think that the time to look at futures approach, their points are good or bad depends on two aspects, the mentality of peace, as well as the firm grasp of the stop-loss point. Long ago in my article on Bo too had expressed this thought, according to admission point and stop point selection, but really to find Quotes of the time, the kind of anxiety and excessive optimism tend to make their own approach to early In the operation in a passive situation. In addition many of Futures Trader will be eventually more or less toward Buddhism, the Buddhist self-cultivation habit of "objects in order to leave", in the Trader will be the last operation, self-confidence and optimism pessimism should be thrown to the side, will not do sticky. But this time I have on the operation clearly violated the "objects in order to leave" principle.
 
In addition to state of mind to strengthen the right side on the calm approach the timing of things, but also to strengthen the fundamentals of futures on the varieties of background investigation. Operation of the corn so that I deeply feel that, in the CBBC conversion, the market volatility will be extremely intense, and that the best point conversion Quotes trend or is the key point, it is difficult to refine. Therefore, the current background investigation on the species very important, in the past I have always considered that the futures are also expected to do, but at this moment in the real disk I need to check the reasonableness of such knowledge, at least in closely related species and operation of industry information and the current spot changes in prices, it is often can be found futures also will be moving, in other words, the futures not only reflects the expectations, but also reflect the current spot market price movements and the current is being accepted by the market-date information. From this point of view, will undoubtedly increase the complexity of futures analysis in the future to determine trends and backgrounds also need to do further tests of this knowledge and practice, and more conducive to future operations and operations approach grasping the point in time.

The operation of the current round of my corn into the point position is a failure, from 1900 began to empty the more the longer the position but now has reached 60%, book losses but also expensive. I think this year's operations before the Spring Festival rebar, although the trend of rebar spotted, but the operation was due to premature admission, trapped in a passive, but stop out. Reflections on the two varieties: the trend in the futures judgment and inspection, is the first thing; approach point timing is the second; while its 3 in stop-loss and profit only.
 
Undoubtedly, the approach mastery point in time is the most See Futures Trader foundation, and it depends not only on the overall disk, technical as well as the macroeconomic fundamentals to grasp, but also on good control of their own mentality. Recall that under this in my corn from a single pre-cardiac concept, there are three basic features, one of several pre-develop self-confidence began to pen list expansion is a two quotations for not willing to wait, and the third is the concept of stop-loss start to enlarge. From the above three visits, I think that the time to look at futures approach, their points are good or bad depends on two aspects, the mentality of peace, as well as the firm grasp of the stop-loss point. Long ago in my article on Bo too had expressed this thought, according to admission point and stop point selection, but really to find Quotes of the time, the kind of anxiety and excessive optimism tend to make their own approach to early In the operation in a passive situation. In addition many of Futures Trader will be eventually more or less toward Buddhism, the Buddhist self-cultivation habit of "objects in order to leave", in the Trader will be the last operation, self-confidence and optimism pessimism should be thrown to the side, will not do sticky. But this time I have on the operation clearly violated the "objects in order to leave" principle.
 
In addition to state of mind to strengthen the right side on the calm approach the timing of things, but also to strengthen the fundamentals of futures on the varieties of background investigation. Operation of the corn so that I deeply feel that, in the CBBC conversion, the market volatility will be extremely intense, and that the best point conversion Quotes trend or is the key point, it is difficult to refine. Therefore, the current background investigation on the species very important, in the past I have always considered that the futures are also expected to do, but at this moment in the real disk I need to check the reasonableness of such knowledge, at least in closely related species and operation of industry information and the current spot changes in prices, it is often can be found futures also will be moving, in other words, the futures not only reflects the expectations, but also reflect the current spot market price movements and the current is being accepted by the market-date information. From this point of view, will undoubtedly increase the complexity of futures analysis in the future to determine trends and backgrounds also need to do further tests of this knowledge and practice, and more conducive to future operations and operations approach grasping the point in time. 

xunG     uploadeb     freaksharp 


New York gold futures prices

The dollar against the euro the impact of 22, the New York Mercantile Exchange gold futures contract in April fell 8.1 U.S. dollars an ounce to close at 1099.5 U.S. dollars, down 0.7%.


As the EU assistance within the debt crisis in Greece, were unable to reach agreement on the delay as investors worried about the rise of the euro against the dollar under pressure decline, to continue to run the vulnerable. Dollar-euro exchange rate, leading to preserve and increase the attractiveness of gold has been weakened as the day to suppress a major negative factor for gold lower.

In addition, the May delivery price of an ounce of silver futures fell 9.7 cents to close at 16.935 U.S. dollars, in April delivery price of platinum futures fell 7.3 U.S. dollars an ounce to close at 1601.3 U.S. dollars.The dollar against the euro the impact of 22, the New York Mercantile Exchange gold futures contract in April fell 8.1 U.S. dollars an ounce to close at 1099.5 U.S. dollars, down 0.7%.


As the EU assistance within the debt crisis in Greece, were unable to reach agreement on the delay as investors worried about the rise of the euro against the dollar under pressure decline, to continue to run the vulnerable. Dollar-euro exchange rate, leading to preserve and increase the attractiveness of gold has been weakened as the day to suppress a major negative factor for gold lower.

In addition, the May delivery price of an ounce of silver futures fell 9.7 cents to close at 16.935 U.S. dollars, in April delivery price of platinum futures fell 7.3 U.S. dollars an ounce to close at 1601.3 U.S. dollars.The dollar against the euro the impact of 22, the New York Mercantile Exchange gold futures contract in April fell 8.1 U.S. dollars an ounce to close at 1099.5 U.S. dollars, down 0.7%.


As the EU assistance within the debt crisis in Greece, were unable to reach agreement on the delay as investors worried about the rise of the euro against the dollar under pressure decline, to continue to run the vulnerable. Dollar-euro exchange rate, leading to preserve and increase the attractiveness of gold has been weakened as the day to suppress a major negative factor for gold lower.

In addition, the May delivery price of an ounce of silver futures fell 9.7 cents to close at 16.935 U.S. dollars, in April delivery price of platinum futures fell 7.3 U.S. dollars an ounce to close at 1601.3 U.S. dollars.

The dollar against the euro the impact of 22, the New York Mercantile Exchange gold futures contract in April fell 8.1 U.S. dollars an ounce to close at 1099.5 U.S. dollars, down 0.7%.


As the EU assistance within the debt crisis in Greece, were unable to reach agreement on the delay as investors worried about the rise of the euro against the dollar under pressure decline, to continue to run the vulnerable. Dollar-euro exchange rate, leading to preserve and increase the attractiveness of gold has been weakened as the day to suppress a major negative factor for gold lower.

In addition, the May delivery price of an ounce of silver futures fell 9.7 cents to close at 16.935 U.S. dollars, in April delivery price of platinum futures fell 7.3 U.S. dollars an ounce to close at 1601.3 U.S. dollars.The dollar against the euro the impact of 22, the New York Mercantile Exchange gold futures contract in April fell 8.1 U.S. dollars an ounce to close at 1099.5 U.S. dollars, down 0.7%.


As the EU assistance within the debt crisis in Greece, were unable to reach agreement on the delay as investors worried about the rise of the euro against the dollar under pressure decline, to continue to run the vulnerable. Dollar-euro exchange rate, leading to preserve and increase the attractiveness of gold has been weakened as the day to suppress a major negative factor for gold lower.

In addition, the May delivery price of an ounce of silver futures fell 9.7 cents to close at 16.935 U.S. dollars, in April delivery price of platinum futures fell 7.3 U.S. dollars an ounce to close at 1601.3 U.S. dollars.The dollar against the euro the impact of 22, the New York Mercantile Exchange gold futures contract in April fell 8.1 U.S. dollars an ounce to close at 1099.5 U.S. dollars, down 0.7%.


As the EU assistance within the debt crisis in Greece, were unable to reach agreement on the delay as investors worried about the rise of the euro against the dollar under pressure decline, to continue to run the vulnerable. Dollar-euro exchange rate, leading to preserve and increase the attractiveness of gold has been weakened as the day to suppress a major negative factor for gold lower.

In addition, the May delivery price of an ounce of silver futures fell 9.7 cents to close at 16.935 U.S. dollars, in April delivery price of platinum futures fell 7.3 U.S. dollars an ounce to close at 1601.3 U.S. dollars.

The dollar against the euro the impact of 22, the New York Mercantile Exchange gold futures contract in April fell 8.1 U.S. dollars an ounce to close at 1099.5 U.S. dollars, down 0.7%.


As the EU assistance within the debt crisis in Greece, were unable to reach agreement on the delay as investors worried about the rise of the euro against the dollar under pressure decline, to continue to run the vulnerable. Dollar-euro exchange rate, leading to preserve and increase the attractiveness of gold has been weakened as the day to suppress a major negative factor for gold lower.

In addition, the May delivery price of an ounce of silver futures fell 9.7 cents to close at 16.935 U.S. dollars, in April delivery price of platinum futures fell 7.3 U.S. dollars an ounce to close at 1601.3 U.S. dollars.The dollar against the euro the impact of 22, the New York Mercantile Exchange gold futures contract in April fell 8.1 U.S. dollars an ounce to close at 1099.5 U.S. dollars, down 0.7%.


As the EU assistance within the debt crisis in Greece, were unable to reach agreement on the delay as investors worried about the rise of the euro against the dollar under pressure decline, to continue to run the vulnerable. Dollar-euro exchange rate, leading to preserve and increase the attractiveness of gold has been weakened as the day to suppress a major negative factor for gold lower.

In addition, the May delivery price of an ounce of silver futures fell 9.7 cents to close at 16.935 U.S. dollars, in April delivery price of platinum futures fell 7.3 U.S. dollars an ounce to close at 1601.3 U.S. dollars.The dollar against the euro the impact of 22, the New York Mercantile Exchange gold futures contract in April fell 8.1 U.S. dollars an ounce to close at 1099.5 U.S. dollars, down 0.7%.


As the EU assistance within the debt crisis in Greece, were unable to reach agreement on the delay as investors worried about the rise of the euro against the dollar under pressure decline, to continue to run the vulnerable. Dollar-euro exchange rate, leading to preserve and increase the attractiveness of gold has been weakened as the day to suppress a major negative factor for gold lower.

In addition, the May delivery price of an ounce of silver futures fell 9.7 cents to close at 16.935 U.S. dollars, in April delivery price of platinum futures fell 7.3 U.S. dollars an ounce to close at 1601.3 U.S. dollars.

xunG     uploadeb     freaksharp


Securities accounts can afford to buy an open fund

In the securities market to buy open-end funds to open accounts.

    
There are two ways:

    
1. Securities business department to open fund accounts to buy to buy: a lot of alternative products, but not all, of the same costs and bank.

    
2. Shareholders of securities companies to open accounts to buy: Securities shareholders of the fund account can buy less, mainly to buy closed-end funds, ETF, LOF Fund, and entered the Shanghai SSE Fund-pass platform for funds.
(This article is taken from the gold-line Fund Network)
In the securities market to buy open-end funds to open accounts.

    
There are two ways:

    
1. Securities business department to open fund accounts to buy to buy: a lot of alternative products, but not all, of the same costs and bank.

    
2. Shareholders of securities companies to open accounts to buy: Securities shareholders of the fund account can buy less, mainly to buy closed-end funds, ETF, LOF Fund, and entered the Shanghai SSE Fund-pass platform for funds.
(This article is taken from the gold-line Fund Network)In the securities market to buy open-end funds to open accounts.

    
There are two ways:

    
1. Securities business department to open fund accounts to buy to buy: a lot of alternative products, but not all, of the same costs and bank.

    
2. Shareholders of securities companies to open accounts to buy: Securities shareholders of the fund account can buy less, mainly to buy closed-end funds, ETF, LOF Fund, and entered the Shanghai SSE Fund-pass platform for funds.
(This article is taken from the gold-line Fund Network)
In the securities market to buy open-end funds to open accounts.

    
There are two ways:

    
1. Securities business department to open fund accounts to buy to buy: a lot of alternative products, but not all, of the same costs and bank.

    
2. Shareholders of securities companies to open accounts to buy: Securities shareholders of the fund account can buy less, mainly to buy closed-end funds, ETF, LOF Fund, and entered the Shanghai SSE Fund-pass platform for funds.
(This article is taken from the gold-line Fund Network)

 1. Securities business department to open fund accounts to buy to buy: a lot of alternative products, but not all, of the same costs and bank.

    
2. Shareholders of securities companies to open accounts to buy: Securities shareholders of the fund account can buy less, mainly to buy closed-end funds, ETF, LOF Fund, and entered the Shanghai SSE Fund-pass platform for funds.
(This article is taken from the gold-line Fund Network)In the securities market to buy open-end funds to open accounts.

    
There are two ways:

    
1. Securities business department to open fund accounts to buy to buy: a lot of alternative products, but not all, of the same costs and bank.

    
2. Shareholders of securities companies to open accounts to buy: Securities shareholders of the fund account can buy less, mainly to buy closed-end funds, ETF, LOF Fund, and entered the Shanghai SSE Fund-pass platform for funds.
(This article is taken from the gold-line Fund Network)
In the securities market to buy open-end funds to open accounts.

    
There are two ways:

    
1. Securities business department to open fund accounts to buy to buy: a lot of alternative products, but not all, of the same costs and bank.

    
2. Shareholders of securities companies to open accounts to buy: Securities shareholders of the fund account can buy less, mainly to buy closed-end funds, ETF, LOF Fund, and entered the Shanghai SSE Fund-pass platform for funds.
(This article is taken from the gold-line Fund Network)

 1. Securities business department to open fund accounts to buy to buy: a lot of alternative products, but not all, of the same costs and bank.

    
2. Shareholders of securities companies to open accounts to buy: Securities shareholders of the fund account can buy less, mainly to buy closed-end funds, ETF, LOF Fund, and entered the Shanghai SSE Fund-pass platform for funds.
(This article is taken from the gold-line Fund Network)In the securities market to buy open-end funds to open accounts.

    
There are two ways:

    
1. Securities business department to open fund accounts to buy to buy: a lot of alternative products, but not all, of the same costs and bank.

    
2. Shareholders of securities companies to open accounts to buy: Securities shareholders of the fund account can buy less, mainly to buy closed-end funds, ETF, LOF Fund, and entered the Shanghai SSE Fund-pass platform for funds.
(This article is taken from the gold-line Fund Network)
In the securities market to buy open-end funds to open accounts.

    
There are two ways:

    
1. Securities business department to open fund accounts to buy to buy: a lot of alternative products, but not all, of the same costs and bank.

    
2. Shareholders of securities companies to open accounts to buy: Securities shareholders of the fund account can buy less, mainly to buy closed-end funds, ETF, LOF Fund, and entered the Shanghai SSE Fund-pass platform for funds.
(This article is taken from the gold-line Fund Network)

xunG     uploadeb     freaksharp


How to develop the Fund's long-term investment mentality

As a specialist financial fund investment products, promoted long-term investments and value investing. Therefore, in cultivating long-term investment mentality, for investors in terms of it is very important. Investors need to foster the following five fund investors long-term investment mentality.

First, not the pursuit of overnight riches, product revenue streams can claim the fund. That is concerned about the net to maintain stable and sustained growth, but with good habits dividend fund, the only way to keep up with the pace of the fund to grow and grasp the operation of the Fund beat, so that investment funds in an orderly manner, rather than continuously because of profit-oriented frequent operation of the product to the fund.

Second, from the life stage of the layout of the fund. Different stages of life of the Fund and the demand for the product to withstand the degree of risk is different. Childhood and adolescence by parents for their own growth to run a scheduled vote. In the youth and prime time, in line with their own conditions for investment, access to equity funds can be gradually, while in middle-aged and old age, compared to young and middle-aged, it should be more conservative investment, choose low-risk bond funds and currency market funds, is a good choice. Therefore, whether the investor at any given time, are able to find their own investment location. Thus, taking life planning, we can make long-term planning of investment fund products, rather than the fund products as a short-term, short-term investment operations.

Third, to play their own investment personality. Different investors have different investment interests and preferences, and different fund products more is a different risk return characteristics. Investors in the process of selection and investment fund products, it should be fully taken into account individual investment fund products, features, and with its own combination of investment character, which accompanied the growth of the fund products. Will not be configured with its own character inconsistent with investment fund products, while faced with the embarrassment of a passive adjustment or conversion.

Fourth, the proper positioning of investment fund products. Investment funds for life or increase the total income from property. We can say that the mentality shown are completely different. Investment funds to make a living will with a great utilitarian nature of the investment and thus difficult to establish a peaceful state of mind. But will it as a financial tool, investors will shift their attention to the energy, it can achieve good investment performance. Therefore, routine work and fund financial distinction between terms for investors, it is very important.

Fifth, to grasp the law of long-term growth fund products. The long-term bullish stock market, index fund investing is very beneficial. And as long as market conditions continued to improve, fund management and operation of the fund managers the ability to product worth looking forward to, investors can choose high-quality equity funds as an investment target. For bond funds, particularly money market funds, asset allocation determines the characteristics of the limited nature of its revenue and stability, therefore, take long-vote strategy, should take note.

As a specialist financial fund investment products, promoted long-term investments and value investing. Therefore, in cultivating long-term investment mentality, for investors in terms of it is very important. Investors need to foster the following five fund investors long-term investment mentality.

First, not the pursuit of overnight riches, product revenue streams can claim the fund. That is concerned about the net to maintain stable and sustained growth, but with good habits dividend fund, the only way to keep up with the pace of the fund to grow and grasp the operation of the Fund beat, so that investment funds in an orderly manner, rather than continuously because of profit-oriented frequent operation of the product to the fund.

Second, from the life stage of the layout of the fund. Different stages of life of the Fund and the demand for the product to withstand the degree of risk is different. Childhood and adolescence by parents for their own growth to run a scheduled vote. In the youth and prime time, in line with their own conditions for investment, access to equity funds can be gradually, while in middle-aged and old age, compared to young and middle-aged, it should be more conservative investment, choose low-risk bond funds and currency market funds, is a good choice. Therefore, whether the investor at any given time, are able to find their own investment location. Thus, taking life planning, we can make long-term planning of investment fund products, rather than the fund products as a short-term, short-term investment operations.

Third, to play their own investment personality. Different investors have different investment interests and preferences, and different fund products more is a different risk return characteristics. Investors in the process of selection and investment fund products, it should be fully taken into account individual investment fund products, features, and with its own combination of investment character, which accompanied the growth of the fund products. Will not be configured with its own character inconsistent with investment fund products, while faced with the embarrassment of a passive adjustment or conversion.

Fourth, the proper positioning of investment fund products. Investment funds for life or increase the total income from property. We can say that the mentality shown are completely different. Investment funds to make a living will with a great utilitarian nature of the investment and thus difficult to establish a peaceful state of mind. But will it as a financial tool, investors will shift their attention to the energy, it can achieve good investment performance. Therefore, routine work and fund financial distinction between terms for investors, it is very important.

Fifth, to grasp the law of long-term growth fund products. The long-term bullish stock market, index fund investing is very beneficial. And as long as market conditions continued to improve, fund management and operation of the fund managers the ability to product worth looking forward to, investors can choose high-quality equity funds as an investment target. For bond funds, particularly money market funds, asset allocation determines the characteristics of the limited nature of its revenue and stability, therefore, take long-vote strategy, should take note.

As a specialist financial fund investment products, promoted long-term investments and value investing. Therefore, in cultivating long-term investment mentality, for investors in terms of it is very important. Investors need to foster the following five fund investors long-term investment mentality.

First, not the pursuit of overnight riches, product revenue streams can claim the fund. That is concerned about the net to maintain stable and sustained growth, but with good habits dividend fund, the only way to keep up with the pace of the fund to grow and grasp the operation of the Fund beat, so that investment funds in an orderly manner, rather than continuously because of profit-oriented frequent operation of the product to the fund.

Second, from the life stage of the layout of the fund. Different stages of life of the Fund and the demand for the product to withstand the degree of risk is different. Childhood and adolescence by parents for their own growth to run a scheduled vote. In the youth and prime time, in line with their own conditions for investment, access to equity funds can be gradually, while in middle-aged and old age, compared to young and middle-aged, it should be more conservative investment, choose low-risk bond funds and currency market funds, is a good choice. Therefore, whether the investor at any given time, are able to find their own investment location. Thus, taking life planning, we can make long-term planning of investment fund products, rather than the fund products as a short-term, short-term investment operations.

Third, to play their own investment personality. Different investors have different investment interests and preferences, and different fund products more is a different risk return characteristics. Investors in the process of selection and investment fund products, it should be fully taken into account individual investment fund products, features, and with its own combination of investment character, which accompanied the growth of the fund products. Will not be configured with its own character inconsistent with investment fund products, while faced with the embarrassment of a passive adjustment or conversion.

Fourth, the proper positioning of investment fund products. Investment funds for life or increase the total income from property. We can say that the mentality shown are completely different. Investment funds to make a living will with a great utilitarian nature of the investment and thus difficult to establish a peaceful state of mind. But will it as a financial tool, investors will shift their attention to the energy, it can achieve good investment performance. Therefore, routine work and fund financial distinction between terms for investors, it is very important.

Fifth, to grasp the law of long-term growth fund products. The long-term bullish stock market, index fund investing is very beneficial. And as long as market conditions continued to improve, fund management and operation of the fund managers the ability to product worth looking forward to, investors can choose high-quality equity funds as an investment target. For bond funds, particularly money market funds, asset allocation determines the characteristics of the limited nature of its revenue and stability, therefore, take long-vote strategy, should take note.

xunG     uploadeb     freaksharp


Fund investment balance of the six standards for

With the continuous deepening of the investment activities of the Fund, the pursuit of comfortable with investing, obtain higher returns, as investors to choose the fund investment objectives. But to achieve this goal also requires investors to fund investment in real learn a balanced approach.
 
First, the balanced state of mind. Select a fund investment, do not buy a fund because it upset the rhythm of life, not a result of investments of the funds embezzled in life more valuable time. Balanced state of mind, is a natural state of mind, but also a transcendent state.
 
Secondly, a balanced portfolio strategy. As one of maturity and rational investors, but also between products in different funds, different investment products and between the re-mix of options to achieve risk diversification to achieve maximum benefits.
 
Third, the balance to invest their time. Fund performance changes in the environment and the securities market are inseparable. The stock market has some changes in the cyclical variation of Change. Research and analysis of stock market investors do not change characteristics, will not achieve the maximum return on investment. Short-term investments, frequent operation, a result of funds (recognition) purchase, redemption of high cost and difficult to achieve more profit accumulation.
 
Fourth, the balance of return on investment. Different market environment, to take a different approach to achieve gains to produce investment results are completely different. Cash dividends are considered acceptable to many investors as a practice of income distribution. But in bull market, dividends reinvested dividends but have a greater investment than cash benefits.
 
Fifth, the balance of investment risk. Investors in understanding and assessing the Fund's investment risks, it should be from its own investment reality, and the correct analysis and evaluation of the Fund's risk characteristics, do not overestimate the risks of stock funds, bond funds do not underestimate the risks of . Not only to realize that there is a risk the possibility of the Fund should also be aware of through the introduction of an effective mechanism to protect the safety of the principal investments of the Fund (such as the Guaranteed Fund).
 
Sixth, the balance of investment plans and goals. Investors at different ages, in the face there is a big difference in life to pursue. For children's education, pensions, preparation should begin investing in stocks funds or index funds, and make long-held plans. In order to marry the recent cost of travel plans to achieve goals garages, or should choose 2-3 years, short-term bond fund or money market funds, short-term gains in order to achieve the improvement and to meet liquidity needs.

With the continuous deepening of the investment activities of the Fund, the pursuit of comfortable with investing, obtain higher returns, as investors to choose the fund investment objectives. But to achieve this goal also requires investors to fund investment in real learn a balanced approach.
 
First, the balanced state of mind. Select a fund investment, do not buy a fund because it upset the rhythm of life, not a result of investments of the funds embezzled in life more valuable time. Balanced state of mind, is a natural state of mind, but also a transcendent state.
 
Secondly, a balanced portfolio strategy. As one of maturity and rational investors, but also between products in different funds, different investment products and between the re-mix of options to achieve risk diversification to achieve maximum benefits.
 
Third, the balance to invest their time. Fund performance changes in the environment and the securities market are inseparable. The stock market has some changes in the cyclical variation of Change. Research and analysis of stock market investors do not change characteristics, will not achieve the maximum return on investment. Short-term investments, frequent operation, a result of funds (recognition) purchase, redemption of high cost and difficult to achieve more profit accumulation.
 
Fourth, the balance of return on investment. Different market environment, to take a different approach to achieve gains to produce investment results are completely different. Cash dividends are considered acceptable to many investors as a practice of income distribution. But in bull market, dividends reinvested dividends but have a greater investment than cash benefits.
 
Fifth, the balance of investment risk. Investors in understanding and assessing the Fund's investment risks, it should be from its own investment reality, and the correct analysis and evaluation of the Fund's risk characteristics, do not overestimate the risks of stock funds, bond funds do not underestimate the risks of . Not only to realize that there is a risk the possibility of the Fund should also be aware of through the introduction of an effective mechanism to protect the safety of the principal investments of the Fund (such as the Guaranteed Fund).
 
Sixth, the balance of investment plans and goals. Investors at different ages, in the face there is a big difference in life to pursue. For children's education, pensions, preparation should begin investing in stocks funds or index funds, and make long-held plans. In order to marry the recent cost of travel plans to achieve goals garages, or should choose 2-3 years, short-term bond fund or money market funds, short-term gains in order to achieve the improvement and to meet liquidity needs.

xunG     uploadeb     freaksharp


Buffett, why are you so stupid

Graham, Buffett's mentor there, learned from the most important thing is to invest in security
   
When I take a taxi, often by some people considered themselves "skilled are bold" drivers scared scared. On one occasion, in the rain, the car's speed is 100 km per hour, I could not help but asked the driver to slow down the car: "suddenly come across a man or even a car how to do?"
   
"Accident is always there, walking on the road may also be falling upstairs to the smashed flowerpots."
   
This may be a number of drivers think. But I do not think so. There are many accidents in life is unavoidable. If it can be when driving accident, it could mean destruction. So, even though the road is sometimes a very spacious, I think it should still abide by the provisions of the speed signs on the drive.
   
Buffett's investment philosophy, one of the points as well. He has said that Graham where he focused on learning from their mentor, is the investment in security.
   
First half of 2000 was dramatic. First, Julian Robertson's "Tiger Fund" to close shocking. I believe the previous few years, many institutional investors are very envy "Tiger Fund" performance. Meanwhile, Buffett's Berkshire Hathaway in charge of the company's A shares from 1999 to March this year, down nearly half of the book value per share growth rate hit a 35-year low, only 0.5%.
   
But in April, the U.S. stock market began to slump, NASDAQ index fell nearly 30% this month, Buffett has earned 5.7 billion dollars. In this way, he also April 29 shareholders meeting to remove trouble. As far as "The New York Times" reported that a shareholder originally wanted to use tomatoes to pound Warren Buffett.
   
The previous day, with the "Tiger Fund" also the famous "quantum fund" have disappeared. Soros boss also announced the retirement of the fund managers.
   
"Tiger Fund" is the failure of the so-called traditional stock investments, which had been considered the most secure. "Quantum fund" failure lies on the investment in technology stocks, after the first big win is the big loser.
   
Obviously, if we are still persistent in the previous stage of "traditional stock" and the "new economy stocks," Who is who is worth investing in a bubble, there is no grasp the crux of the problem.
   
In the marathon, you want to go first prerequisite is to finish the course. Buffett often use a similar metaphor to describe their investment style. "Quantum fund" and "The Tiger Fund," has made the investment market over the first stage of this marathon, but did not finish the course.
   
Buffett Graham, especially in the early 30s the U.S. stock market crash of frustration experience, realized the stock market in all sorts of traps.
   
In 1919, Graham was 25 years old. That year near his home in Columbus Square, erected a big neon light. First came a night in the "SAV" (Sa I), and then came a "OLD" (alder), and finally to fight them together, they formed a "SAVOLD" (Sa I alder). Graham inquire about an original Sa I alder company plans to produce a division of the patent granted to the states, and these branches will also be 11 available.
   
Next, I alder Sa pile up the company's two subsidiaries listed on follow-up Graham looked at rising stock prices. At this time, there was news of Pennsylvania's Sa I alder will also be listed on the message, but the parent company's management announced plans to change the past - this would be the last one to be listed company and has the country outside of New York and Ohio, production and operating rights.
   
This means that the last chance. Graham spent 60 thousand U.S. dollars purchase.
   
Pennsylvania Sa I alder date of arrival of the stock listing requirements, but the transaction has not yet begun. Suddenly, all the Bodhisattva I alder shares down across the board. Graham has been confused, not knowing what had happened. A few months later, Sa I alder Companies in the market disappeared, it seems hardly existed.
   
By this time, Graham is still on the Sa I auld what was no knowledge of a company. After the investigation, he had come to a sad conclusion: "Sa the only real incident I Alder, only Nazuo standing in Columbus Square, the company's name on the flashing neon lights."
   
Is hard to imagine who later became the "Securities Analysis" father figure at a young age is so impulsive and rash. But it is the pain only so that Graham and the subsequent volatility of Buffett's investment circles and even the despicable bad vigilant and make a strong criticism of the system.
   
China Securities Regulatory Commission concluded Mr Anthony Neoh, chief adviser Buffett's investment philosophy, it will be summarized in three basic principles:
   
First, always bear in mind an enterprise book value, intrinsic value and the market there is a difference between the value of; second, the investment is based on the intrinsic value; and third, to invest as an owner.
   
Mr. Leung is indeed a deep cultivation, point out the crux of Buffett's words and deeds.
   
What is "intrinsic value"? Buffett is defined as: "It is a business in the remaining life can be under the discounted value of the cash generated." And "book value", the name suggests, is recorded in the company through the accounting method the value of the books.
   
Buffett had through the university education as a form of investment analysis, to say what the intrinsic value. Education's "intrinsic value" (not including non-economic benefits) is stated as: "We must estimate the graduates in his entire life in the absence of such education gains estimates. This gives us an excess earnings value, Therefore, an appropriate interest rate must be discounted to their graduation day. This revenue is equal to the calculated intrinsic economic value of education. "
   
How to calculate the "intrinsic value", is indeed every company and industry analysts, a required course. When the analysis concludes that the intrinsic value is much higher than market value, they recommended buying; the other hand, has sold.
   
If you read a different analyst on the report of the same company, the "intrinsic value" of the estimated sub-vary widely. Because it depends on each person on the future interest rate changes and cash flow estimates, and this difference is sometimes significant, but worse, the problem may be "the company the remaining life expectancy." Estimation of the value of intrinsic value and correction value of such a frequent and sharp fluctuations in market prices is inevitable.
   
Therefore, the "intrinsic value" of the estimates of the top half of most of science is art, it needs other external investigation and intuition. However, bearing in mind the "intrinsic value" in particular with "book value", "market value" are different from investor behavior is meaningful.
   
I'm here to give Graham a use of "intrinsic value" and "book value" of money story.
   
1911, the U.S. Supreme Court ordered the dissolution of the monopolistic nature of the standard pipeline company. This has a huge consortium of 31 companies, 8 companies come to the fore. At that time they are very small oil pipeline operator, responsible for transport of crude oil from various oil fields to the refinery. But no one has to understand the financial situation of these enterprises. Publication of their one-line-word "income account", recorded a net profit of the year, as well as a most brief balance sheet.
   
On one occasion, Graham browsing a Interstate Commerce Commission (ICC) annual report, would like to get some detailed information on the railway companies. In this report, the end, he found some statistical data on pipeline companies. These data indicate on the form, "from the company reported to the ICC's annual report."
   
Graham quickly got on a train bound for Washington, arriving ICC, into the archives to see if this eight pipeline companies in 1925's annual report.
   
So that Graham is surprising is that, all of these companies have the best huge railway bonds. Only a few companies in which the value of these bonds more than the full market value of its shares. And he also found that the pipeline company's total business small, but high profit margin. Companies do not need to invest in these bonds.
   
As a result, Graham in the market in the North pipeline companies have a total 4 million shares of 2000 shares, so that he has joined the Rockefeller Foundation's second largest shareholder, while the Rockwell Foundation, approximately shares of the company's 23%.
   
Then, Graham walked into the company headquarters office, to make recommendations to management. Companies engaged in financial needs has nothing to do with their bond investment is unreasonable. Clearly, the interests of the shareholders for splitting the assets. However, management believes that they know better than the oil industry, Graham, Graham, if they do not like it, you can sell their shares.
   
This is indeed the then rules of the game on Wall Street. However, Graham wanted to do a return to Don Quixote. Early in January 1927, he participated in the northern oil pipeline company's shareholder meeting. That the participants included five staff and Graham. Magically, the company's annual report was not ready, there, through its agenda.
   
Outcome can be imagined. But Graham was not depressed, but ready for the next year's operational plan. One hand, he bought more of the company's stock, on the one hand the use of the then unknown situation: Northern pipeline company is incorporated in Pennsylvania have passed laws that require companies elect directors through cumulative voting system. In this way, through all the proxy votes all of the above plus invested in one of the directors, even if only a minority of people support the shareholders can ensure their own election. In accordance with the northern pipeline 5 directors of the company's small board size, as long as 1 / 6 of the stock power of attorney could have been elected a director, as long as 1 / 3 power of attorney could have been elected two.
   
Graham personally to more than 100 shares of a shareholder lobbying, the right of ultimate control of the agency more than 1.5 million shares. In January 1928 the company's shareholders meeting, Graham and three lawyers finally yield management, shareholders of the "market value" of more than 110 U.S. dollars.
   
The reason I specifically will come from, "Graham autobiography," written in the story out first is because in the previous article had mentioned the matter, as a memento "shareholders movement" old-timers bar. The second reason is that it may be prompted Buffett's another way to achieve the company's intrinsic value.
   
I remember that earlier, "Business Week" had an article on Buffett's holding company reported all walks of life, giving the impression that he is an industrialist half of half a financier. True. Although Buffett is holding, or 100% to buy a business and buying shares in the market, there is no difference, but by controlling the company and management, he has maintained his own initiative, do not have to be as hard as Graham and passive.
   
Buffett in Berkshire Hathaway's annual report, detailing over their acquisition strategy. First, the object is large companies, at least 10 million U.S. dollars in after-tax profits; Second, a proven sustained profitability; third, a small amount of debt or no debt, the company's net capital gains in good condition; fourth, properly managed; fifth, the business simple; sixth, clear price. At the same time, he would not engage in hostile takeovers, and tend to acquire cash.
   
In addition, Buffett has also taken the trouble to explain these standards. For example, he stressed that his article on the "predict" the future are not interested in "reverse" situation is not interested. In particular, we should pay attention to the latter. Buffett seems to "turn around" a kind of quagmire similar to the U.S. after the Vietnam War veterans caught in anxiety.
   
Buffett certainly has had its own "Vietnam." Buffett partnership in 1965 bought control of Berkshire Hathaway right, and its book net asset value of only 22 million U.S. dollars, and invested in a textile mill at all. In 1967, Buffett also used cash generated by the textile business of the state compensation, the company entered the insurance industry. Subsequently, the Berkshire Hathaway's business are increasingly diverse textile mills throughout the company to gradually reduce the proportion.
   
Although to 1978, the mill has become a "tasteless", Buffett is still reluctant to part: "One of our textile mills located in their communities is very important to employers; 2, managers in reporting the issue was straightforward, in the solve the problem, spirited; 3, in the face of our universal problem, a partnership between employers and employees a smooth, cordial relationship. relative to the investment, textile mills should be able to generate adequate cash. provided that they meet these conditions - we hope so - despite the more attractive to invest in the funds, we will continue to support our textiles business. "
   
Mills was also a slight profit in 1979, but since then it has been the consumption of large amounts of cash. By July 1985, Buffett has finally decided to close the plant - since 1980, the United States has 250 textile mills have closed their doors.
   
Buffett this down the two conclusions. First, he has ignored the French philosopher Kamm's "emotional intelligence is the servant, rather than emotional slaves" advice, but believe that he would prefer to believe the source. Second, "one can count to 10 horses is an outstanding horse - but not an outstanding mathematician." Similarly, one can be rich in the efficiency of the Bank's textile industry is an outstanding textile company - but not an outstanding company.
   
But by this time Buffett on the largest holding large companies such as Coca-Cola and Gillette has an unparalleled self-confidence. He is based on the brilliant performance of these companies in the past. In the 1996 Berkshire Hathaway annual report, Buffett said he is studying 100 years ago, Coca-Cola Company Annual Report (1896), but when Coca-Cola has just come out about 10 years. The then president, Candler said: "About this year, beginning March 1 ... 10 ... We hired a systematic contact with the Office of the Traveling Salesman, so that we cover nearly the whole of America's territory." Although the year Coca-Cola's sales was 148 thousand U.S. dollars, while the 1996 has reached about 32 billion U.S. dollars, but Buffett's leadership ambitions at that time and effort is still amazed.
   
Moreover, Buffett continues to believe that the two companies over the past 10 years, a huge market share will continue to increase, "All signs indicate that the next 10 years they will achieve better results."
   
Buffett's not that worried about the "great company's management personnel" to be wrong, especially when they lose the company's basic objectives. "Time and again, we are led to management's attention from the right way to leave the arrogance or the silly idea, we see the value of losing its vitality." He knows that a few decades ago Coca-Cola has had to cultivate shrimp, while Gillette has drilled oil.
   
"But it will no longer appear in the Coca-Cola and Gillette - from their current and future managers of view, can be sure of it."
   
Buffett has repeatedly reiterated that can not be alone in the past look to the future, otherwise, are the richest of the librarians. Nevertheless, he made a mistake. Three years later, that is, May 1, 1999 to March 2000, Coca-Cola and Gillette in the U.S. stock market, a loss of five forefront: the former loss-making among the first, which is ranked fifth.
   
Simply the market value of the two companies losses attributed to the "traditional economy" losing ground, not be appropriate. Coca-Cola, for example, in almost 20 years maintained a 7% annual rate of return, after the company's global sales in 1999 grew by only 1%, while its operating profit plunged 20 percent, only 3.98 billion U.S. dollars. Obviously, though Coca-Cola in the past 20 years, globalization effort was successful, but the emerging markets, after all, there is a period of relative saturation. And, like Coca-Cola soda such as bottled water market, increasingly, natural fruit juice and other non-soda drink of water impact, the company has not made timely adjustments.
   
Buffett has said that a story: his friends in to see him in a major investment mistakes, if you ask Warren Buffett: "Although you are very rich, why do you be so stupid?"
   
Buffett is sometimes stupid, but more stupid they can be interpreted as Taizhiruoyu

xunG     uploadeb     freaksharp


Prudential Hong Kong

"New Generation" program is a designed for children's protection scheme for your children, provide lifelong protection and abundant life savings. Where 12 years old or below (age next birthday) children can be insured.

Premium contribution period, the option for 10 years, or contribution to a child reached the age of 19 years or 22 years old (age next birthday). The premium will remain unchanged, and not over-year increase.

When your child reaches 19 years of age or 22 years old (age next birthday), the United Kingdom Prudential will provide him / her an amount equal to one quarter of the basic sum insured amount of cash.

The company's business account once a year, after deducting the reserve fund, there will be not less than 90% of the profits will be allocated to dividends in the form of dividend policy holders. Prudential is expected to be distributed two kinds of dividends: "owned by the original dividend" and "special dividend", as follows:

a) return of the original dividend
Owned by the original dividend is based on the insured amount and the accumulated dividends, is estimated in the policy annually, beginning the third year after the commencement of the distribution and accumulation.
b) Special Bonus
The company announced an annual dividend that year, the special rate is valid for 12 months. The third year after the entry into force by the policy, the insured person if the death or surrender, may be the prevailing interest rates have been allocated to special dividend dividend.

For a cash emergency, but the policy has been made in cash value, may apply for policy loan or withdrawal of the accumulated cash value of the return of the original dividend.

 
When your child aged 19 or 22 years old (age next birthday), the choice of the insured if other Prudential life insurance program to protect Scientology can increase the amount of five times the amount of this insurance (maximum limit of 25 million U.S. dollars), and requires no inspection body.

"New Generation" program is a designed for children's protection scheme for your children, provide lifelong protection and abundant life savings. Where 12 years old or below (age next birthday) children can be insured.

Premium contribution period, the option for 10 years, or contribution to a child reached the age of 19 years or 22 years old (age next birthday). The premium will remain unchanged, and not over-year increase.

When your child reaches 19 years of age or 22 years old (age next birthday), the United Kingdom Prudential will provide him / her an amount equal to one quarter of the basic sum insured amount of cash.

The company's business account once a year, after deducting the reserve fund, there will be not less than 90% of the profits will be allocated to dividends in the form of dividend policy holders. Prudential is expected to be distributed two kinds of dividends: "owned by the original dividend" and "special dividend", as follows:

a) return of the original dividend
Owned by the original dividend is based on the insured amount and the accumulated dividends, is estimated in the policy annually, beginning the third year after the commencement of the distribution and accumulation.
b) Special Bonus
The company announced an annual dividend that year, the special rate is valid for 12 months. The third year after the entry into force by the policy, the insured person if the death or surrender, may be the prevailing interest rates have been allocated to special dividend dividend.

For a cash emergency, but the policy has been made in cash value, may apply for policy loan or withdrawal of the accumulated cash value of the return of the original dividend.

 
When your child aged 19 or 22 years old (age next birthday), the choice of the insured if other Prudential life insurance program to protect Scientology can increase the amount of five times the amount of this insurance (maximum limit of 25 million U.S. dollars), and requires no inspection body.

"New Generation" program is a designed for children's protection scheme for your children, provide lifelong protection and abundant life savings. Where 12 years old or below (age next birthday) children can be insured.

Premium contribution period, the option for 10 years, or contribution to a child reached the age of 19 years or 22 years old (age next birthday). The premium will remain unchanged, and not over-year increase.

When your child reaches 19 years of age or 22 years old (age next birthday), the United Kingdom Prudential will provide him / her an amount equal to one quarter of the basic sum insured amount of cash.

The company's business account once a year, after deducting the reserve fund, there will be not less than 90% of the profits will be allocated to dividends in the form of dividend policy holders. Prudential is expected to be distributed two kinds of dividends: "owned by the original dividend" and "special dividend", as follows:

a) return of the original dividend
Owned by the original dividend is based on the insured amount and the accumulated dividends, is estimated in the policy annually, beginning the third year after the commencement of the distribution and accumulation.
b) Special Bonus
The company announced an annual dividend that year, the special rate is valid for 12 months. The third year after the entry into force by the policy, the insured person if the death or surrender, may be the prevailing interest rates have been allocated to special dividend dividend.

For a cash emergency, but the policy has been made in cash value, may apply for policy loan or withdrawal of the accumulated cash value of the return of the original dividend.

 
When your child aged 19 or 22 years old (age next birthday), the choice of the insured if other Prudential life insurance program to protect Scientology can increase the amount of five times the amount of this insurance (maximum limit of 25 million U.S. dollars), and requires no inspection body.

xunG     uploadeb     freaksharp



Give the child the benefits of buying insurance for 10

1. Premiums cheaper: the younger the premiums paid by the less expensive, it is well known.

2. Underwriting opportunities in: Everyone knows that children are more physically stick. Therefore, child health insurance will not be rejected for poor underwriting insurance or fees.
3. To establish a good risk planning: educating the children an early understanding of the insurance programs and benefits, instilling the concept of good risk management.
4. Tax Planning: Insurance has the right to tax savings.
5. To alleviate the burden on their children in the future: When the children to adulthood, the insurance payment period when the children do not have to re-pay the premiums can have a life-long protection.
6. The early establishment of children's education fund and venture capital funds, let the children win at the starting line!
7. Insurance payments tax-free: tax law, life insurance premium payments of the tax exemption.

8. The transfer of property to their children: to help their children a way to buy life insurance, under the name of the property transferred to their children.

9. The training their children a sense of responsibility: children develop good values and family and social responsibility, grow up to help share the insurance premiums in order to cultivate a sense of responsibility.
10. Risk transfer, security and stability of family life: If the child is born shortly after a life of its life insurance until his adulthood, this policy is the best gift. From stumbled to the sure-footed, the child a long way to go, the parents may be no way to care of a child for life, was able to convey the never ending love with life, to help children safely through every storm.

1. Premiums cheaper: the younger the premiums paid by the less expensive, it is well known.

2. Underwriting opportunities in: Everyone knows that children are more physically stick. Therefore, child health insurance will not be rejected for poor underwriting insurance or fees.
3. To establish a good risk planning: educating the children an early understanding of the insurance programs and benefits, instilling the concept of good risk management.
4. Tax Planning: Insurance has the right to tax savings.
5. To alleviate the burden on their children in the future: When the children to adulthood, the insurance payment period when the children do not have to re-pay the premiums can have a life-long protection.
6. The early establishment of children's education fund and venture capital funds, let the children win at the starting line!
7. Insurance payments tax-free: tax law, life insurance premium payments of the tax exemption.

8. The transfer of property to their children: to help their children a way to buy life insurance, under the name of the property transferred to their children.

9. The training their children a sense of responsibility: children develop good values and family and social responsibility, grow up to help share the insurance premiums in order to cultivate a sense of responsibility.
10. Risk transfer, security and stability of family life: If the child is born shortly after a life of its life insurance until his adulthood, this policy is the best gift. From stumbled to the sure-footed, the child a long way to go, the parents may be no way to care of a child for life, was able to convey the never ending love with life, to help children safely through every storm.
1. Premiums cheaper: the younger the premiums paid by the less expensive, it is well known.

2. Underwriting opportunities in: Everyone knows that children are more physically stick. Therefore, child health insurance will not be rejected for poor underwriting insurance or fees.
3. To establish a good risk planning: educating the children an early understanding of the insurance programs and benefits, instilling the concept of good risk management.
4. Tax Planning: Insurance has the right to tax savings.
5. To alleviate the burden on their children in the future: When the children to adulthood, the insurance payment period when the children do not have to re-pay the premiums can have a life-long protection.
6. The early establishment of children's education fund and venture capital funds, let the children win at the starting line!
7. Insurance payments tax-free: tax law, life insurance premium payments of the tax exemption.

8. The transfer of property to their children: to help their children a way to buy life insurance, under the name of the property transferred to their children.

9. The training their children a sense of responsibility: children develop good values and family and social responsibility, grow up to help share the insurance premiums in order to cultivate a sense of responsibility.
10. Risk transfer, security and stability of family life: If the child is born shortly after a life of its life insurance until his adulthood, this policy is the best gift. From stumbled to the sure-footed, the child a long way to go, the parents may be no way to care of a child for life, was able to convey the never ending love with life, to help children safely through every storm.

xunG     uploadeb     freaksharp


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