So, can investment and speculation really be mixed at will? Strictly speaking, it is impossible. 1997, the postal frenzy broke out, which seriously overdrawn the profits that would have taken several years to obtain. At this time, many investors regarded speculation as investment, and when they found that the market trend was greatly unfavorable, they still insisted on holding positions, and the result was still untenable. Such a painful lesson must be carefully learned, and you can no longer be a victim blindly. The author believes that in order to make a difference in the market, we must have a deep understanding of investment and speculation, so as to grasp the most basic direction.
What exactly is investment? Everyone will certainly have a different understanding from different angles: Graham's definition of investment, known as the "father of securities", may be helpful to everyone. In his view, investment refers to the operation of ensuring the safety of principal and satisfactory return according to detailed analysis. An operation that does not meet this standard is speculation. We might as well make a simple analysis here: price is one of the most influential factors from beginning to end. For example, when the price of the "Zhaoling Liu Jun" embossed mini-pane fell to 50 yuan for the first time, it was an investment, but when the price rose to 135 yuan, it was speculation, because the long and short energy had changed fundamentally. It is not accurate or even quite wrong to judge whether to invest or speculate simply by the length of holding a certain variety. In the rapidly changing market, once we notice a new change in a certain trend, we should change the original standards at any time, so as not to get caught up in it or ensure our due profits. The futures price of "Walking Map" sheetlet is as high as that of 35 yuan, which has a typical bubble component. Although its price has now dropped to around 18 yuan, it is not difficult to find from the fundamental analysis that the current price of the "Walking Map" sheetlet still fails to truly reflect its value, so investors should not rush to enter the market to absorb it. The author predicts that the market will continue to pull back, and every rash move of investors may make their wealth disappear.
"Safety" is not absolute, it means that it can be protected from loss under normal and possible circumstances. For example, the initial listing price of "Zodiac Horse" is 65,438+005 yuan, which obviously contains high risks. This is mainly due to its low turnover rate, the deterioration of the market environment, and the end of the market caused by the "Zhaoling Liu Jun" mini-pane, which determines the inherent moisture in its price; If investors eat it at this time, there will obviously be losses, but if they are absorbed around 70 yuan at present, the safety factor is still relatively high. Investors' understanding of a certain variety should focus on both potential and price, and the two must be organically combined, and no one can be biased. An important reason why investors are often trapped is that they are too biased towards one side or even give up one side. When investors are operating a certain variety, they already have a sensible loss that must be considered. At this time, the operation is speculation. When speculators find that their analysis and judgment are different, they should act decisively, stop losses resolutely, ensure the relative safety of funds and look for new opportunities.
"Satisfied return" is relative, there is no absolute thing, and investors should keep a more rational attitude at all times. Especially when holding leading varieties, we should keep a cool head, and the price expectation must conform to the main trend of market operation. Unrealistic predictions are extremely harmful. The reason why some investors turned from profit to loss was that their expectations of the market were divorced from reality and they did not stop loss in time.