Chapter 823

The traditional industry is in a slump, and when it comes to the securities market, it will not be welcomed. The so-called value of a stock is generally the future cash value of a company.

If you make 2 million yuan a year and earn 2 yuan a share, then if you are given 10 times the valuation, the stock will be worth 20 yuan.

Well, if the income is constant, then there is no stock speculation. You can buy less than ten times because it's higher than the bank interest rate. More than 20 times is dangerous because of uncertainty.

However, if you invest in ordinary industries, you can use PE to estimate, but not in high-tech industries. Take Cisco for example, its revenue has been expanding rapidly. This month it is still two yuan, and next month it will be two yuan and five yuan.

So, the valuation here is difficult. Now the stock price is 40 or 20 times PE, which is really high. However, its performance is booming. By the end of the year, there may be three yuan.

Well, next year and the year after that. Since you are investing in the future, 20 times PE is not suitable.

If it's just a Cisco, Wall Street doesn't care. This product will be on the market again as soon as next year. It's not their turn to worry about the current valuation.

But the problem is that these technology stocks of Nasdaq have obvious PE premium. Software leaders like Microsoft and Oracle are valued at more than 30 times.

Generally speaking, if the valuation is too high, the major shareholders can take the opportunity to reduce their holdings. But the problem is, that damned William White seems to have forgotten that he still has these stocks.

When they meet a large shareholder who doesn't reduce their holdings, investors will be very happy. Anyway, they don't care. It's a big deal to mortgage to the bank.

When they are happy, naturally some people are unhappy. If you don't sell, the market activity will not be enough. If you go on like this, you may play delisting.

Laomei's regulation is actually bullshit. The number of circulating shares is too low, which is not allowed.

Therefore, it is very difficult for you to control the market in the United States. Absolutely not. Of course, it's impossible. Just not the majority.

In fact, there were a lot of stories in the 1940s and 1950s, which were similar to the stock market of big rabbit country. Anyway, there were all kinds of storytelling.

Why didn't you get rid of it?

Because all the idiots have been killed, no one will invest in the stock market any more. Everyone thinks that this is dealing with a group of fraudsters, not investing in any enterprise at all.

The great depression in the history of the United States was caused by the borers on Wall Street. Cheat ah cheat, cheat to the end, no one dares to invest, the middle class has been eliminated more than half.

You can't do this, NIMA. So they made the most severe laws in the world.

In the United States, this securities fraud law is very powerful. It says that if you are guilty, you must find a proof of your guilt.

It's very different from other laws. If you steal something, the whole world knows it's you. If the prosecution doesn't produce solid evidence, you still won't be punished.

Securities fraud law is different. If you can't find evidence to prove yourself, you are guilty. Don't say anything. If you confiscate all the proceeds, you will be fined. This fine is punitive. One wave will bankrupt you.

"Boss, the three major rating agencies think that the valuation of NASDAQ is too high. If it goes on like this, there will be problems."

"Well, how interesting are these old people? Do they think they can find cheap chips? "

"Cough, boss, except for these new toys, other industries are not good." Phelson has a wry smile on his face. They don't care about the nonsense of the rating agencies.

"Philson, the old people are crazy. Are you going to bully the silly boy? It's crazy.

It's ridiculous to talk about a good value investment. "

William White said it was easy, but he was very upset. The so-called bubble is of little importance at present.

even in the two thousand year, the so-called Internet bubble is also questionable. From the perspective of later generations, this is more like an extreme wash.

Greenspan said in 96 years that there is a bubble. If you listen to him, you will miss the whole Internet market.

Obviously, that's how Europe's little friends were killed. You've been saying that the stock market is risky. OK, let's listen.

Three years later, the European partners found that they were obviously trapped. When they fling caution to the winds, the Internet bubble collapsed.

is very funny, 96 years Greenspan said that the Internet has bubbles, which is a joke. In 1999, he said that the economic transformation of the United States has been successful, and we have got rid of the original development model.

Cough, when the small partners in Europe enter the pit, a group of big men, including bafit Greenspan, begin to talk about value investment.

Well, by the way, I also attacked greedy investors.

As for the investment banks that incite the flames, they originally planned to get three drinks. Later, it turned out that they couldn't do it. Merrill Lynch and Citigroup fined millions of dollars.

Ha ha, NASDAQ evaporates 5 trillion US dollars, you fine millions?Well, it's similar to three drinks.

The most unfortunate thing is that the Germans never speculate in stocks. It is this kind of person who has also fallen on this Internet bubble.

What, when you call people into the pit, why does no one say value investment?

"By the way, phelson, what about Buffett? Has his portfolio changed? "

"No, the old man has a good eye. Recently, he has been talking about the spirit of the United States. Cough, the old man is very dismissive of the outward migration of the manufacturing industry. "

"Tut Tut, this is a living treasure from somewhere. You don't have to say, the vision is really unique. It's a pity. If it's like what he said, why don't you switch to General Electric? "

"It's true that his portfolio is biased towards insurance and finance."

"Ha, look, it doesn't matter what a person says. What's important is what he does." William White disdained, how to say that, the account will not lie.

As for Greenspan, William White is too lazy to speak for himself. His predecessor just didn't listen. Now he can only teach.

No matter how high the position of a professor in the United States is, there is no comparison with the boss of the Federal Reserve.

But if they like to play, they can play. He's not going to jump out and shoot.

Stocks have been invented for so many years, but the way to make profits has never changed.

It's all about buying on the cheap. Sell high. What has changed is that the means of absorption have been renovated.

Alas, it's better to be an alligator. There are too many resources available.

"Cough, boss, we've reduced our investment recently, and they've used it to publicize it. I think they are very much looking forward to our reduction. "

"Well, there are people in the court who are easy to handle, but they think too much. If there is a bubble, how to overestimate it is a healthy market.

But, Philson, you're going to keep an eye on these guys. The capital of the three major rating agencies is no longer small. If the estimation is correct, these guys must have made big moves. "

"Well, I see, boss."

In fact, William White is one of them. When talking about how greedy others are, someone seems to forget that he may be the most greedy one.

This is the reason why the United States is annoying. Why don't we get rich together? Nima, you will die if you don't cheat!

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