生存还是死亡——泡沫上的“博傻”策略

• 作 者: 王峰 俞燕
• 出 处: 卓越理财
• 发表日期: 2007年07期
• 关键词: 价值投资理念 低价股票 情绪高昂 散户 财富效应 股票市场 股价 标的 个人投资者 泡沫论

2007年A股市场经历了1、2月份的巨量盘整之后,在“财富效应”的作用下,市场情绪高昂,不仅涨幅超过了预期,而且出现很多的不理性的现象:新进入的股民把股票市场变成了“菜市场”,专挑股价便宜的买;由于这些低价股票往往不是基金的投资标的,所以今年以来基金的收益率远远不如散户“倒卖白菜”的收益率,价值投资理念被彻底颠覆。

In 2007, the A-share market experienced a huge amount of consolidation in January and February. After the “wealth effect”, the market sentiment was so high that it not only rose more than expected but also appeared a lot of irrational phenomena: the new entrants The stock market has become a “vegetable market”, and the stock price is very cheap. Since these low-priced stocks are often not the fund’s investment target, the yield of the fund is far less than that of the retail “dumping cabbage” this year. The value investment Idea was completely subverted.