B.
Suppose their baked wheat cake price is not regulated by the price bureau.
Suppose they can break even every dollar they sell (including the value of their labor).
Suppose they have the same number of biscuits.
-Economic models are always like this, assuming a lot is needed.
Let's assume that their business is very bad and no one buys sesame cakes. So they stood bored for a long time.
A said it was boring.
B said it was boring.
After reading the story, you said: boring.
The market at this time is very inactive!
In order to make everyone not bored, A said to B, Let's play a game. B agreed.
So, the story begins. . . . . .
A spent one yuan to buy a baked wheat cake for B, and B also spent one yuan to buy a baked wheat cake for A, and it was delivered in cash.
A will spend two yuan to buy a baked wheat cake, and B will also spend two yuan to buy a baked wheat cake and deliver it in cash.
A will spend three yuan to buy a baked wheat cake for B, and B will also spend three yuan to buy a baked wheat cake for A and deliver it in cash.
. . . . . .
So in the eyes of people in the whole market (including you who read the story), the price of baked wheat cakes soared and soon rose.
60 yuan for each biscuit. But as long as A and B have the same number of cookies, no one will make money and no one will lose money.
But their revalued assets have "appreciated"! Both parties have many times higher "wealth" than in the past, and their value.
It has improved a lot, and the "market value" has increased a lot.
At this time, a passerby, C, passed by an hour ago and knew that the baked wheat cake was one yuan, but now it is 60 yuan.
One. He was surprised.
An hour later, passerby C was even more surprised to find that the baked wheat cake was 100 yuan each.
After another hour, passerby C found that the baked wheat cake was 120 yuan, and he bought one without hesitation.
Because he is an investor and speculator, he is convinced that the price of baked wheat cake will go up, and there is still room for price increase, and someone will give it to him.
Out of the "target price" of more than 200 yuan (in the stock market, he is called a stockholder, and the target price is called a researcher).
Under the demonstration effect of "making money" by sesame seed cake A, sesame seed cake B and even passerby C, next,
More and more passers-by buy sesame cakes, and more and more people participate in the sale. The price of baked wheat cakes is rising, so is everyone.
I am very happy, because it is strange that no one loses money. . . . . .
At this time, you can imagine that whoever has fewer biscuits, that is, who has less assets, will really make money.
Yes Those who participate in the purchase, who don't have sesame cakes in their hands, will really make money! The person who sold it is very sorry-because
Because the price of baked wheat cake is still rising rapidly. . . . . .
Then who lost money?
The answer is: no one loses money, because many people who pay high prices for baked wheat cakes have recognized high quality in their hands.
Value assets-sesame cakes! And sesame seed cake is obviously better than cash! How much interest can cash deposit in the bank earn? What is the price?
Soaring sesame seeds cake? Even everyone agrees that the demand for baked wheat cakes in the market is in short supply. Can I buy sesame seed cake futures? therefore
There's a warrant. . . . . .
Someone asked: will you never lose money by buying sesame cakes? It seems so. But the world is so strange that suddenly the market
A man named Li Zi came on the field. Gigi Lai said, sometimes lose! So when will everyone lose money?
Hypothesis 1: There is a price department in the market, and he thinks the price of sesame cakes should be one yuan each. (supervision)
Hypothesis 2: There are many baked wheat cakes in the market, and the price is one yuan each. (same theme)
Hypothesis 3: There are many goods in the market that can play this game. (question)
Hypothesis 4: everyone suddenly finds out that this is just a sesame seed cake! (Value Discovery)
Hypothesis 5: no one wants to play the game of buying and selling each other anymore! (The truth comes out)
If one day, any hypothesis appears, then on this day, people who have baked wheat cakes will lose money! Who did that?
Money? It is the person with the least assets-sesame seed cake!
The story of selling sesame cakes is very simple. Everyone thinks that people who buy sesame cakes at high prices are fools, but let's look back.
Look at the people in our stock market. Is there any so-called asset revaluation and asset injection in this market?
Like this? The principle of asset injection under the condition of high return on net assets and high asset premium is actually the same as selling baked wheat cakes. Who is the least?
Possession of assets, who is the person who makes money, who is the person who gets high returns!
Therefore, as an investor, we should treat asset revaluation and asset injection rationally and don't fool others.
Personally, especially don't fool your money!
Asset injection under high ROE, especially the backdoor listing of securities firms, additional issuance to purchase major shareholder assets, and additional issuance.
When injecting assets such as real estate, you must polish your eyes again and be cautious again!
Because, you are likely to be a passerby with expensive biscuits!
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