Chapter 28 Chapter 28 "Going up the house and pulling the ladder" and capital-guaranteed investment

There are many things in the world that it is difficult for people to clearly distinguish them, such as ambition and ambition, self-confidence and arrogance, humility and hypocrisy, etc. In the stock market, there are also such things, that is, investment and speculation. Generally speaking, investment refers to the use of funds to buy stocks, the purpose of which is to obtain dividends and long-term capital interests. speculate.In the stock market, any investment has a certain degree of speculation, and one person's speculation is often another person's investment. Speculation and risk go hand in hand.When investing, there are various risks. Therefore, to seize the opportunity to act and carefully weigh a good or bad opportunity is a speculative policy.Therefore, in the stock market, risks always exist, and speculation is inevitable and indispensable.A very simple fact is that if there are no speculators who are willing to take risks, new stocks cannot be issued, and stock transactions cannot be carried out. It can be said that without speculation, there cannot be a real financial market, and there will be no stock market.

If it is necessary to distinguish between investment and speculation, then there are probably five main differences between the two: one is the different motives.The purpose of investors buying and selling stocks is to obtain dividends and long-term capital interests, while speculators only seek short-term capital interests, so speculators prefer the stock market to fluctuate greatly in the short term.The second is that the atmosphere of holding stocks is so different.Investors hold stocks for a longer period of time, while speculators hold stocks for a shorter period of time.Third, the information used in decision-making is somewhat different.Investors use a lot of intelligence for analysis and research when investing, while speculators use relatively little intelligence.The fourth is the difference in analysis methods.Fundamental analysis and technical analysis should be comprehensively carried out when investing, and the basic analysis should be the main focus, while technical analysis methods should be used when speculating.Fifth, they bear different risks.Investors are unwilling to bear greater risks and pay more attention to the safety of investment, while speculators are willing to bear greater risks in order to obtain greater benefits.

For a long time, ordinary Chinese generally regard speculation as "an immoral speculative behavior unique to capitalists." In fact, speculation is an inevitable and legitimate transaction in the stock market. Just like Qing Daoming, a person looks like an investor but actually does some speculative transactions, and a person looks like a speculator, but his behavior is unique to investors.Who is right?No one can tell.The stock market not only requires investment, but also speculation, because it virtually promotes the technical application of the stock market, and has the function of stabilizing and activating the market.As speculation continued, a force was formed in the prosperity of the stock market.Therefore, in Western countries, stock market speculation is not opposed.What they object to is another behavior in the stock market, which is gambling.

Gambling in the stock market refers to the activity of buying and selling stocks by chance or chance alone, taking unnecessary risks.Gambling is fundamentally different from speculation.Speculators also take risks, but this risk is something that speculators think they can bear after careful consideration, while gamblers are indiscriminate, regardless of the size of the risk and their own tolerance, and blindly act recklessly.Some of them don't hesitate to invest all their assets in order to make a fortune, and some even resort to illegal means in order to make huge profits.Either they are prosperous, or they are inexplicable, leaving no way out for themselves.In "Thirty-Six Strategies", it is called "taking the ladder from the house".

"Going up the house and pulling the ladder" is the fourth strategy of the fifth set of "Thirty-Six Strategies". "It means: In combat, deliberately expose flaws, give the enemy convenient conditions, lure it into our side..., cut off its front and rear support, and you can put everyone to death. "Going up the house and pulling the ladder" has dual uses against the enemy and against oneself. It is used to lure and encircle and suppress the enemy, while against oneself it is hostile to put the army to death.Han Xin's "Back to the Water" is a good example.

In 204 BC, Han Wang Liu Bang sent generals Han Xin, Zhang Er and others, leading an army of 50,000 to 60,000 people, to attack the State of Zhao.Zhao Wangxie and his coach Chen Yu assembled 300,000 soldiers to meet the Han army in Jingxing (now Jingxing County, Hebei Province).At that time, the Han army was not only small in number, but half of them were recruited, lacked training, and had no combat experience. In addition, the long-distance raid was short of men and horses, so the Zhao army had an absolute advantage.But Han Xin had a well-thought-out plan, and he made a unique arrangement according to the situation of both sides.

Han Xin selected two thousand fine cavalry from the army, and each of them held a red flag to lie in ambush in the valley. He ordered them: "Tomorrow when the two armies will fight, the Zhao army will see that I am defeated, and they will definitely go out to pursue. Our army has a red flag." Then, he ordered Zhang Er to divide up 10,000 troops and set up camp on the east bank of the Mianyan River.Zhang Er was shocked, and hurriedly said: "It is a taboo for military strategists to stand against the water. If we camp like this, how can our army win with fewer and more?" Han Xin insisted on his order, so Zhang Er had to lead his troops away.

At dawn the next day, Han Xin led his army to attack Zhao Ying, and the two armies fought together.After a while, Han Xin ordered his men to retreat. Zhao Jun thought that the Han army could not hold on, and wanted to eat Han Xin in one go, so he left the camp empty, and hundreds of thousands of people came to the Han camp all over the mountains and plains.Han Xin led the army back to the river to meet Zhang Er, and seeing Zhao Jun following him, he said to the soldiers: "There is river water ahead, and pursuers behind. Instead of falling into the river and drowning, it is better to fight the enemy to the death. Find a way to survive." Hearing what the commander said, the Han army would fight desperately, and the Zhao army could not win.At this moment, two thousand light cavalry took advantage of the situation to attack Zhao Ying, and put on the red flag of the Han army.As soon as Zhao Jun saw that the big camp was occupied and attacked back and forth, his army's morale immediately became weak and he was unable to fight any more.The Han army took the opportunity to pursue and kill, Chen Yu was beheaded, Zhao Wangxie was captured, and the Zhao army was completely defeated.

After the war, the generals asked Han Xin for the reason for his victory. Han Xin said: "The law of war says: 'Survival after being trapped in a dead place, and survival after being placed in a dead place.' Fight on your own, fight to the death, otherwise, you cannot defeat a powerful enemy." The generals were all amazed. However, this strategy is a kind of "aggressive general method", which puts soldiers to death, but they will put down all their burdens and fight bravely.However, if you use this strategy against your own side, you must plan carefully. If you don't do it well, you will be like Ma Su who "lost the street pavilion", self-defeating, clever but mistaken by cleverness.

The stock market is like a battlefield, and many military principles can be used to guide stock investment.But "going up to the house and pulling the ladder" is an exception.Because, for the majority of stockholders, investing in the stock market is all about getting huge benefits.Of course, there are certain risks in the stock market, and there is no general winner in the stock market, and anyone may suffer losses in the stock market.But "victory and defeat are commonplace in military affairs", as long as you get inspiration from the failure and adjust your countermeasures in time, and more importantly, as long as your vitality is not damaged and you have a certain amount of funds, you can definitely make a comeback in future stock market investment.And there is no need to invest everything in the stock market like some gamblers do.They may get rich because of this, but more people have disappeared from the stock market since then.This is very uneconomical for shareholders.Therefore, shareholders should keep in mind.Suffering losses in the stock market is not the most important thing, the important thing is to maintain strength, in order to plan for the future, you must not use the method of "extracting the ladder from the house" on yourself.

Maybe some stockholder friends want to ask me, I also know that you can't put all your eggs in one basket in investment, but the risk of the stock market is unpredictable, how can you keep your capital?In order to answer this question, let me introduce a "capital guaranteed investment method". The capital preservation investment method refers to an operation method to avoid exhaustion of capital.How much profit the investor intends to obtain and how much risk he is willing to bear are predetermined in advance.The "principal" in capital-guaranteed investment does not mean the total amount of money investors use to buy stocks, but rather the "amount that does not allow losses to be exhausted".Because the total amount used to buy stocks is different for everyone, even if they buy the same type and the same amount of stocks, different investors use different amounts.The amount used by investors who buy through bank financing is only half of the amount used by ordinary people.The amount used by investors who buy in advance is much lower than that used by ordinary investors.Therefore, "principal" does not refer to the total amount of stocks purchased. "The amount that does not allow net loss" refers to the part of investors who subjectively believe that in the worst case, they do not want to be lost, that is, the basic amount of the so-called stop loss point. The theoretical basis of the capital preservation investment method is: anyone's banknotes are limited, so its key is not the decision to buy, but the decision to sell.In order to make a wise selling decision, capital preservation investors must first set the "capital" in their minds, the part that does not allow losses to be wiped out. Secondly, they must determine the profit selling point; finally, they must determine the stop loss point.For example: if the "capital" in a stock investor's mind is set at 1/2 of the total investment, then his profit selling point is when the total market value of the stock he holds reaches 150% of the initial investment, the stock investor You can sell 1/3 of your holdings to protect your capital first.Then, set the "principal" of the remaining shares, for example, to 20%, which means that when the remaining shares rise by 20%, sell 1/6 of them, that is, this part of the "capital" will also be sold. Saved.By analogy, determine the "principal" of the remaining holdings.The determination of the above-mentioned profitable selling point is a capital-guaranteed investment strategy adopted when the market rises. As for the market falling, it is necessary to determine the stop loss point.The stop loss point refers to the point at which when the market falls and reaches the "principal" in the minds of stock investors, they will be sold immediately to keep their minimum "principal".For example, assuming that the "principal" set by an investor is 80% of its initial investment, then when the market falls by 20%, it is time for stock investors to take measures to "stop losses", and they should withdraw immediately so as not to suffer excessive losses.This is why the key to capital-protected investment lies in the decision to sell.This method is more suitable for when the economic climate is not clear, when the stock price trend is obviously out of line with the real factors, when the release and market changes are weird and unpredictable.People who use this method of operation must not be greedy. With the increasing prosperity of stock market investment in our country, there are also some people who gamble on the stock market in the society.In order to make a fortune, they use all means, even illegal methods. In November 1991, a district court in Shenzhen investigated and dealt with a case of borrowing someone else's ID card to subscribe for new shares on the market, and the defendant was fined.The dream of getting rich by gambling is hard to come by.Looking at the current international stock market, among the many successful people, except for a very few people, they are all wise people with healthy investment psychology.Li Ka-shing of Hong Kong is one. Li Ka-shing is the top ten richest people in Hong Kong and Macau.His real estate, finance, hotel, petroleum, electric power and other businesses span five continents.His five listed companies in Hong Kong together account for 20% of the stock market value of the Hang Seng Index constituents, and it is difficult to determine his overseas investments.However, he did not get carried away because of his wealth and wealth, acted rashly, and was still cautious everywhere. In 1978, Li Ka-shing began to march into British-funded companies.He aimed at the Jardine Group, which is known as the "Wanghui of foreign firms", and took "Wharf", one of Jardine's main generals, as the main direction of attack.He bought stocks quietly. Over the past year, he has purchased 20 million shares, and the stock price has risen from more than ten yuan to forty yuan.However, at this time, he discovered that "Nine Dragons" still has great strength to contend with him, and if he is brutal, he will only die.So he made a decisive decision. In September 1979, he transferred 26 million shares to the shipping king Bao Yugang for the second time at 36 yuan per share, and made more than 50 million yuan. Ji Huangpu".The east is not bright, the west is bright.Just imagine, if he desperately fights with "Wharf", it may still be a question of whether he can achieve today's success. The example of Li Ka-shing tells us that a successful investor must have a healthy investment psychology, and "going up to the house to pull the ladder" is a typical gambler's behavior and should be discarded.