I can tell you responsibly that value investment is still useful in China, but it is definitely not your investment method. The strategy of buying and holding in the past is no longer working. We have stock index futures and short selling securities to hedge risks. The combination of various tools can reduce the system risk to a certain extent, and even if we are investing in a company, we can feel what to invest and how to invest through band operation and reasonable position control.
Think about it. Do you have a sense of risk in your own stock trading? Do you know when to advance and retreat? I think most of them just choose a stock at random and claim to make a value investment. Then, after I bought it and made money, I was accurate. After a fall, I felt there was still hope. After I was trapped, I began to doubt my thoughts, but I never made a summary and reflection on my transactions.
No matter what kind of trading, stocks, futures and foreign exchange, thinking is not the most important. The most important thing is discipline and a complete trading system. The trading system I'm talking about is not software. Including how to judge whether a theme is valuable, how to judge when it is suitable for admission, how to reduce positions, how to increase positions, how to reduce positions and how to close positions. Among them, how to control the position and under what circumstances you need to stop without hesitation. If you can't even make the minimum stop loss, don't expect to make money in this market.
And you said that the major shareholder misappropriated assets and forged statements. Misappropriation of assets is difficult to analyze without auditing and professionals. In addition, all companies have two accounts, one is an external account and the other is an internal account. Don't you even understand this basic thing? A lot of data in the report can be separated, merged and moved. It is not that I defend the accountant who makes watches, because I am not an accountant. But even the external statement can be seen from some small details.
I don't want to say anything else, you study it yourself.