Chapter 823: Blow bubbles, blow a big bubble

The traditional industry is sluggish, and when it comes to the securities market, it is naturally not to be seen. The so-called stock value generally refers to the company's future cash value.
You earn two million a year and earn two yuan per share. Then, giving you a ten-fold valuation, this stock is worth twenty yuan.
Well, if this return is constant, then there is no such thing as stock trading. You can buy less than ten times because it is higher than the bank interest rate. Twenty times higher 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. It is still two yuan this month, and two yuan and five yuan next month.
Then, the valuation here is difficult. The current stock price is forty, and the PE of 20 times is indeed high. However, its performance is skyrocketing, and by the end of the year, there may be three.
Well, next year, the next year. Since you are investing in the future, twenty times the PE is naturally inappropriate.
If it is just a Cisco, Wall Street does not care, this product will be re-listed as soon as next year. The current valuation is high and low, and it is their turn to worry.
But the problem is that these technology stocks of NASDAQ have obvious PE premiums. Software leaders like Microsoft and Oracle, this valuation has more than thirty times.
Generally speaking, the valuation is too high, and large shareholders can just take the opportunity to reduce their holdings. The problem is that William White seems to have forgotten that he still has these stocks.
When meeting a large shareholder who doesn't reduce shares very much, investors are naturally very happy. They don't care anyway. It's a big deal to mortgage the bank.
When they are upset, some people are upset naturally. If you don’t sell, the market will not be active enough. If you go on like this, you may play delisting.
This regulation of Lao Mei is actually quite nonsense. The number of outstanding shares is too low, which is not allowed.
Therefore, it is difficult for you to control the disk in the United States. Absolutely nothing is impossible, of course, it is not a majority.
This thing, there are actually many things in the 1940s and 1950s, a bit similar to the stock market of Big Rabbit, anyway, it is a variety of storytelling.
Later, Mao disappeared?
Because the fools have been killed, no one has invested in the stock market anymore. Everyone thinks that this is dealing with a group of scammers, and it is not an enterprise to invest in at all.
The Great Depression in the history of the United States was caused by the borers on Wall Street. Cheated, cheated, in the end, no one dared to invest, and the middle class was wiped out by more than half.
At first glance, Nima, this is not enough. As a result, they enacted the strictest laws in the world.
In the United States, this securities fraud law is very good. It says that you are guilty, and you have to find proof of your own crime.
This is very different from other laws. If you steal something, the world knows it was you. If the prosecution cannot produce conclusive evidence, you will still not be punished.
The Securities Fraud Act is different. If you can’t find evidence to prove yourself, it’s guilty. Don’t say anything. If all the proceeds are confiscated, it’s not counted. There is a fine. This fine is punitive, and it will bankrupt you in one wave.
"Boss, the three major rating agencies believe that Nasdaq's valuation is too high, and if it goes on like this, there will be problems."
"Ah, this group of old guys are really interesting? Do they think that this way they can pick up cheap chips?"
"Cough, boss, in addition to these new toys, other industries will not work." Filson smiled bitterly, the nonsense of the rating agencies, these people would not mind them.
"Philson, the old guys are crazy. Is this going to bully the silly boy? It's crazy.
It's too ridiculous to say good value investment. "
William White said lightly, but he was very unhappy. The so-called bubble is not important at all.
Even after two thousand years, the so-called Internet bubble is debatable. From the perspective of future generations, this is more like an extreme dishwashing.
Greenspan said in 1996 that there was a bubble. If you listen to his foolishness, you will miss the entire Internet market.
Obviously, that was how the European partners were killed. You have always said that the stock market is risky, well, we listened.
Three years later, the European partner found that he was obviously pitted. When they rushed in desperately, click, the Internet bubble collapsed.
Funny, Greenspan said in 1996 that there was a bubble on the Internet, this thing is a joke. In 1999, he said that the economic transformation of the United States has succeeded and we have got rid of the original development model.
Heck, when the European friends entered the pit, a group of big men, including Buffett Greenspan, began to talk about value investment.
Well, I also attacked greedy investors by the way.
As for those investment banks that fan the flames, they originally planned to fine three glasses. Later, it turned out that Merrill and Citi fined millions of dollars.
Haha, Nasdaq evaporates five trillion dollars, are you fined millions?
Well, this means the same as three fines.
The most unfortunate thing is to say here, the Germans never stocks. It is this kind of person who also fell on this Internet bubble.
So, when you greeted people into the pit, why no one said value investment?
"Oh, Philson, what about Buffett? Has his portfolio changed?"
"No, the old guy's vision is not bad. He has been talking about the spirit of the United States recently, coughing, the old guy is very disapproving of the outward movement of the manufacturing industry."
"Huh, this is where the living treasure comes out. You don't have to say, the vision is really unique. It's a pity, if it's like what he said, why not invest in General Electric."
"Indeed, his investment portfolio focuses on insurance and finance."
"Ha, look, what a person says doesn't matter, what's important is that you have to see what he does." William White's face was disdainful. How could that sentence be said, the account would not lie.
As for Greenspan, William White was too lazy to say that he could not speak for himself. Isn’t his predecessor just not saying hello, now he can only teach.
No matter how high the status of Professor Miguo is, it is not comparable to the leader of the Fed.
However, if they like to play, just play. William White would not jump out and shoot.
The stock has been invented for so many years, and the way to make money has never changed.
It's just going around, but it's just bargain hunting. High selling. What has changed is that the means of absorption has been renovated.
Alas, it’s better to be a predator. There are too many resources available.
"Cough, boss, we have recently reduced our investment, and they have also been used for publicity. I think they must be very much looking forward to our reduction."
"Alas, there are people in the city who are good at doing things, but they think too much. What about the bubble? It is a healthy market to properly overestimate.
However, Philson still has to stare at this group of guys. Three major rating agencies, this cost is not small, if the estimation is correct, this group of guys must have a big move. "
"Okay, I know the boss."
In fact, he was also one of William White. When someone talks about how greedy someone is, someone seems to forget that he may be the most greedy.
Why is it that the American emperor is annoying, the truth is here. Is it bad for everyone to get rich together? Nima, you will die if you don't pit people!
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