workers producing aim fundamentally toSaid is to consumption

Fujianli Liu Ming Liu Ming/photo securities times reporters do you think about this problem: If late 80 in Japan securities investment, for 20 years, the Nikkei index from 38,586 repeated down to the 9,700 points, how to invest to achieve wealth increase? Shenzhen Ou Ruibo public investment managementDivision Chairman Wu Weizhi repeatedly thought of that problem, brood together with more than 10 years of investment in actual combat, he concluded that the answer is: growth investment! Selecting outstanding growth companies, at the right price to buy and hold, sharing wealth brought about by the growth of enterprises, which are the key to growth investment. In Japan between 1989 and lost 20 years, growing companySuch as Honda Motor, Nintendo, rise in stock prices up to 8 times times, its different manifestations and the Nikkei 225 index. Recommended reading hexun about City Hall: next week's a-shares or to five major gold stocks are now buying opportunity in consumption will burn at the passion 8 zhanchiyufei muddy water and focus: who discovered fresh black who now cannot wait shareholders Li 8 a 12 Player 8 deep investments to realize the IPO of a tiger 29 months "circle" approaching trillion [Twitter] Lao Sha: International Board will do before the path of a [Unit] strong signals are not bottom-feeders are fools focuses on growth investments, which is the location of Wu Weizhi Norman Draper himself and Central Europe. In his view, the world's approach to investing thousands upon thousands of professional investors should passContinually doing subtraction, find their core competitiveness, insisted that he be able to make a lot of money, "circle" within the scope of investments, resist the temptation to live outside the ring. Become a Buddha, achieved on to a higher level. If able to do consistently adhere to fit in with their approach to investing, every investor is able to "Buddha"! Wu Weizhi said so, and it isTo do so. A shares entered the stage of spring "from the big cycle, after a-shares are now in a bear market. "Wu Weizhi believes that began in 2007 has lasted 4 years long that bear, the a-share overall price-earnings ratio as low as about 14 times times. From the Hong Kong stock market in China, price/earnings ratio (PE) large fluctuation interval is 7.5 times to 25 times timesIn between. Taking into account the a-share "relatively young", appropriate to provide a premium, such as overall earnings ratio of 11 times to 25 times times fluctuate between. More than 25 times times and 10 times the following belong to the bubble zone and low valuations. From the perspective of a shares history, 16 times the following low valuations region, more than 40 times times are high valued area. Therefore, at present PE entered the low valuation of the a-shares overall 14 timesArea. 5000~6000-point range as the 2007 index at this stage happens in the case of formation of contrast, he is medium-to long-term investors sold out of a good time, the current point, medium-and long-term investors begin to usher in the sowing time. But need to be reminded that the sown seeds need to be patient growth, expected immediately to the harvest growthInvestment is not realistic. Wu Weizhi, macroeconomic policy since this year point to two major objectives: growth and inflation-proof. When the financial crisis of 2008 4 trillion economic stimulus package while on promoting China's economic recovery growth played a large role, but currency put in excessive. Starting from the third quarter of 2009 the Central Bank started tightening monetary, inflation had now outDrop, the downturn in China is also very obvious. But so far, the Federal Reserve to tighten currency still has no bit, this is also a small decrease in the Dow Jones industrial average has important reasons. European debt crisis is worst in the direction development, China's sharp drop in overseas demand, exports and investment two factors significantly weakening the pulling effect on China's economy. Monetary easing was notFor some time as the probability of the event. ����After falling in the near future, the a-share market confidence sagging, the above phenomena are subject to underestimate the value of market characteristics. Wu Weizhi said short-term stock index may also fell, but decreases are limited. The next two or three years, policy steering, reverse to promote asset-price bubble is unlikely to happen, even a one-car standsWishful thinking. Stock indices will at a certain interval fluctuations, even under gravity would still be fluctuations in the market has moved. ����Therefore, a share in the future more structured opportunities, opportunities for systemic bull market still need to wait. It is worth mentioning that, and company name "central Swiss Bo" in the "Swiss Bo" comes from English "Rabbit". Wu Weizhi said the weak rabbit predators ring of SISurvive long-term in nature, open to investors thinking about learning much. Rabbit survival will remain vigilant at all times. In the capital markets, investors would like like the rabbits in the forest, the risk is everywhere, but intelligent, sensitive, speed, in order to survive. ����This fully reflects the company's market risk and fear. Growth investment earnings are "eye"Wu Weizhi core investment philosophy is: to value investing based; great companies grow with; respect for trends in policy adaptation. His stock investment is mainly taken on "core satellite" strategy and "long-term, stable growth stage are long" strategy. Core asset is the greatest enterprise or the company has grown into a great business potential, to grow with the company getsPurpose of the excess return on investment, solve the problem of Fund products run; satellite assets according to the different stages of market characteristics, grasp the cyclical changes in the industry boom and corporate business environment changes, take appropriate investment strategy and investment directions, participate in periodic market opportunities, solve the problem of Fund product performance in the Sprint. Wu Weizhi found investment in years of actual combat,Growth of the company's shares will normally be bottomed out in advance. Index of the previous Bull was the low point occurred in June 2005, Guizhou moutai (600,519, unit), suning appliance (002024, unit), the time stocks bottomed out in 2003 and 2004. To see at the end of the 2005 index, growth stock "shares have risen to halfGo "! Therefore, the growth investment can't wait for index bottomed out and then go to the layout, but must be in advance. It can be compared to farmers to grow crops, means points representing the weather, wheat, soybeans, rice and other crops have different sowing periods, different types of stock have different "seeding" time. Cyclical market blue chips due to the right of the major, his rise in stock prices were mixed fall baseAnd on this index are synchronized, on investor timing requirements are very high. Growth investment you need to from bottom, at least in layout of index more than six months to a year's time. Especially in the relatively strong volatility in the market, through time to earn excess return huge difficulties, sharing through growth investment process of a few high quality companies from small to big, will reap the unexpected results.Like Wu Weizhi earlier in Guizhou moutai (600,519, unit) that only old growth stock investment above, let him make dozens of times times the rate of return. "Investment growth stock earnings is actually a" vision "of money, farther than is the one who can! "Wu Weizhi vividly a parable: a number of well-known enterprises when it comes to college recruiting, generally in advance, whichOnly able to recruit the best talent. Wait until graduation and recruitment in the moment, best talent has long been poached by others. At the same time, performance can be sustained growth of the company, after all, is one of the few, from a static perspective, growth stock valuations are not cheap, unable to bring money to investors, which will require investors to Kung Fu do deep research of digging wells and springs, to proactively identify opportunities,Listed have relatively higher valuation cases, elected the best of the small enterprises. Favored "enjoy the inflation" Wu Weizhi at a historical insight insight into the a-share of consumer goods investment opportunities in the future. Road to mature markets abroad, Coca Cola, Nestle, Wal-Mart, Carrefour and other consumer companies growing process, as well as patientInvestor profits full bowl full process. And that's the Wu Weizhi bullish on one of the major reasons for the consumption unit. In addition to China's economy mainly driven by investment and exports towards consumption, a Wu Weizhi most firmly believes that it is the investment-consumption unit: birth in China in the future and they will like the Wal-Mart, Carrefour, Coca Cola giant Enterprise! In addition, the consumer unit's good will: countriesPolicies for income tax cuts, improve labor wage income in gross domestic product (GDP) in the proportion of, despite the increase in public revenue will bring moderate inflation, but the residents will end up more income for consumption. From a historical point of view, since reform and opening up more than 30 years, China had accumulated considerable wealth, workers producing aim fundamentally toSaid is to consumption, thus improving the quality of life. ����Today, Chinese people willing to spend and dare to stage of consumption. From the overall macroeconomic development, Wu Weizhi believe that inflation is a long-term trend, the purchasing power of money in the long term must have been declining, people income growth will eventually flow to the consumer goods. Therefore, the consumer is "enjoy the senseExpansion "of the industry. Specifically, Wu Weizhi favorite consumer unit focused on commercial and medical field. "I wish I could get 3 to 5 great enterprise, and then wait 30 times 50 times and times of these enterprises for growth. "Wu Weizhi believes that value stocks and growth stock valuation turns out to be very different, the former is mainly from the perspective of earnings taken into account, the latterMainly from earnings relative earnings growth ratio (PEG) diablo 3 power leveling, and so be considered. ����A case study of Guizhou maotai, it would surely be growth stocks in the previous uptrend, but after fully exploiting and stock prices rose sharply in the market, moutai growth stocks have been in transition. Wu Weizhi promising brand clothing, beer, supermarket, e-commerce, investment opportunities in medical equipment and other industries.In his view, the beer industry also new to the integration of the back end, as the concentration increases, master the pricing power of enterprise gross profit margin, net interest rate will be increased significantly. Again in supermarkets, for example diablo 3 gold, look in this industry there is no threshold, but to form the core competitiveness of enterprises, need management has a very strong management capabilities and resource integration ability. From profitability, future qualitySupermarket companies will further participate in the "direct farm", from procurement to sales of the company the Terminal very smoothly, many sectors of the logistics cost savings not only to lower prices and better quality goods sold to consumers, but also to get above-peer margins, this area will the birth "Wal-Mart in China".