Since inflation is still important that we face the threat posed, then how do we inhibit
system inflation? Two terms, one is from the perspective of the real economy, a monetary point of view from
speaking, the actual economic perspective, we know that the total demand in China to promote the two most important factors
fixed asset investment and exports, which is the central leadership has repeatedly expressed,
fixed asset investment, real estate investment from a very important role in China's investment rate is
45% or so, this has been going on for over a decade, this situation not in the world,
level of development in China is now above the rate of investment to maintain 45%, not a single country
home like this, its investment rate must be high, due to my continued high rate of investment growth in the GDP growth rate
, so the investment rate is rising, this also make our economic growth
long a problem, which is the largest factor in rising rate of investment growth is greatest contribution to
real estate investment sector. China I think there is serious real estate bubble is not All
Department of scope, but some big cities.
real estate in Hong Kong responsible for a very major people have told me, he said that Hong Kong
average size of the area is 47 square meters, while the mainland less than one square meter of young people do not buy
, he said you too much. Two weeks ago I met in Malaysia with Lin Tao Shen,
he said, I am now writing a book called China's real estate issues discussed, I write, people think that the real estate Q
is a very serious problem, I think the regulation of real estate, real estate growth rate of compression is inevitable
. Although I do not know what the central policy, but I think this should be a consensus.
following this policy guidance, real estate, sources of funding will be controlled.
while real estate prices will fall, down to the number, some commercial banks say no more than 30% We have no problem, more than 30% we have difficulties. this really need our vigilance, we need to know.
people told me, but the Hong Kong Monetary Authority, we often fell 50%, 60% are common, but I
were not a bank collapse. If the bank fell 30% down, that we reform the preceding unsuccessful
banks.
trade surplus with the absolute amount is relatively large, and other countries, Because China is
more export-oriented export companies themselves, not to increase the export of domestic demand is insufficient, and it
production to exports. Such export is bound to put pressure on supply capacity, which is
is causing a major cause of inflation. monetary point of view, it is the source of the appreciation of the RMB
too slow, would not appreciate the previous period. It's a logical sequence what is it? First, we implement the long-term China
various kinds of export-oriented policies and attract investment preferential policies, such policies lead to the following
China's double surplus, the surplus from 91 years of double-start, only a year or two exceptions,
double lasted so long there is no surplus in the world, the East Asian countries, when a double surplus
are very short, not like us. the case of a double surplus
appreciation of Renminbi not want people to necessarily lead to liquidity surplus, increase in base money in order to prevent the central bank intervention in foreign exchange markets
, into the currency in circulation, an increase of base money, you need to offset the increase in base money
out, the central bank adopted a sterilization policy, the central sales vote to raise reserve ratio,
currently more successful of these policies, but its economic impact is large, especially for commercial
business banks, commercial banks have only 40% of the assets of 1,2% of the proceeds It is only the remaining 60%
assets to good use, it is to chase a higher risk investment, increase the size of its loans, all of
of these are the healthy development of banks, the profitability of banks adversely The. hedging policy although
temporarily successful, but not longer duration, it has its limits.
below the current situation, due to the expected appreciation of the U.S. interest rate and the interest in China back < br> hanging, more hot money inflows, and one double surplus itself is not hot money, plus hot
money came in, and to further strengthen the pressure of RMB appreciation, you do not want the value of the RMB rose
, and a further hedge, hedging and further strengthen the banking
harm caused further damage, in fact, form a vicious circle. in accordance with the terms of my own best way is to let people
RMB appreciation, so that the negative effects of appreciation of the renminbi could not stand many companies at once. We discuss the appreciation of the renminbi in 2003, if we were to rise to the appreciation of the process has been completed
, and 03 began the gradual growth of the Chinese economy, the appreciation of the role of a kind of contraction , l
value at that time, we may not appear the economy was overheating, and we appreciate in place, the international balance of payments may
achieve goals, we missed the best time is now
not good timing. China many of the problems is that we wait for a better time for a good time to
to miss, because the timing is good or bad only after the judge, we are too cautious. the current situation to
is the best time to appreciate later, is now becoming more and more complicated, but we are not there a way not
.
the Government's policy of slow appreciation of the speed of the first approach, which is the result of central bank intervention. < br> In fact, we ah Although a basket of currencies, etc., but the most recent appreciation of the dollar currency rate of the people
depends on the intensity of central bank intervention. because the central charge of comrades appreciate too rapidly against the Chinese fear
adversely affect the business and affect economic growth. So let me
have to be adjusted to the rate of appreciation, although we continue to appreciate further, but slower.
the other hand, the basic monetary policy or tight , no significant relaxation, although small has to adjust.
same basic trend of the central bank, but allows adjustment, which is now the policy of the central bank, after
I do not know if there is a change. But in any case called for the voice of relaxation is high, this
situation may occur following a change. The present situation is due to the expected appreciation, there
spreads upside down, to some extent, speculative capital inflows offset above the effectiveness of monetary policy. < br> The most obvious result is that now the growth momentum of foreign exchange reserves are still very strong.
see from this year, in the first quarter was 153.9 billion, although it is slow growth on the surface a bit, is actually
Since a considerable number of foreign commercial banks to hold, and was originally sold to commercial banks, central
Bank, now the central bank will not let you sell it, you have to hold, which is a non-commercial
practice, the central bank is not on the balance sheet foreign exchange reserves, according to the original caliber
increase our reserves, or soon, may be 400 billion this year, considering the actual situation may be about 600 billion
now 180 billion, and additional 400 billion to two trillion out,
This never happened before in history, the massive foreign exchange reserves.
this situation very unfavorable to China, why do I say this? I We would like to emphasize short-term under a
macroeconomic stabilization policies should be and our long-term economic restructuring
combination. Now we are largely in order to maintain current economic growth has taken more of a
policies, and these policies do not help us adjust the structure of property rights. and increasingly large, increasingly unbalanced trade. double surplus, the world's poorest countries
home is a one of the largest capital exporter. Our cost of foreign capital from the foreign investment rate of profit
point of view is 22% to 33%, we reserve the income of 4% to 5% inflation real yield
International is negative, with the rich, a sum of money borrowed 20% of the interest rate, then to lend money to debt,
this is not a loss you, this is a relatively low efficiency of resource allocation as a result. I just said, 4000
billion of bonds a problem few days ago, United States News reporters Ji Woda and Dian Hua, v. U.S. Treasury Department said he told
, Paulson came forward to take over the reason for the two real estate finance company, is the result of Asian central banks, including
requirements of the People's Bank of China to do, otherwise the terrible loss of these banks
. He asked me if I would like to confirm you here, I said I do not know.
long term there should be a problem, Paulson and the central bank is to maintain close contact, because they lose too much ,
once lost, then trust in the Fed serious problem occurs, he considered the impact
impact, not only in China, as well as Japan, many Asian countries, so he take such measures
facilities. disaster being avoided, but the problem is not resolved. We are still the growth in the first place,
In order to grow, we continue to grow and maintain the export momentum, such a policy gains and
any errors, have is to maintain our economic growth, unemployment is a waste of resources.
my thoughts, in short, we should stimulate domestic demand, should not continue to maintain double
surplus to the United States, many policies do have to do, one of the We are very hesitant key policy,
is the appreciation of the renminbi. I think we should take policy? First, continue to appreciate,
appreciation of the fast speed I think that should not slow. In this process, in order to prevent hot money
to enhance the inflow of capital controls in recent months, the hot money to strengthen the foreign exchange controls, capital inflows slowed speed
degree, may be due to other reasons, it may be played to enhance effectiveness of capital controls
use. In the past the SAFE, the Ministry of Commerce, the three are not related to the customs, a document came in, it
there were three things, they do not check, and now they are checking, so check there
a lot of money should not be blocked into the capital controls is not the ultimate solution to the problem, the most
final solution to the problem is to straighten out the price mechanism, there is very important is the exchange rate. The first point to appreciate
; second to continue to maintain a tight monetary policy. We can not go further
tight, but we should not relax it, and should raise the point, if we increase the appreciation of
larger, due to the appreciation of itself The role of deflation, monetary tightening may be
we can to be less, all in all they should be together, if you do not appreciate that, you
this money may have to continue like this. Third, strengthen capital controls. Fourth,
to take a proactive fiscal policy. This is not a proactive fiscal policy to stimulate economic growth, I just
said China's economic growth was 10.2%, less than have to stimulate the time, but We want to see the status of the standby situation
introduced, more importantly, I should be used for structural adjustment financial policy, the RMB appreciated,
some enterprises went bankrupt, finance should help. Some companies can not sell fiscal
buy, sell shoes sell for example, the Ministry of Finance all buy, buy after the person to Wenchuan La
past a pair, you sell the U.S. dollar is a promissory note, the promissory note worth less and less, instead of
such as our own use. fiscal policy is to help the implementation of structural adjustment, not stimulate,
if we find that the economy is really on a larger problem, we
policy stimulatory fiscal policy, China's financial position Well, China's debt accounted for less than 20%. We have the ability
effective demand through fiscal policy to make up the deficiency, if effective demand is really happening.
how to make our short-term macroeconomic stabilization and structural adjustment policies consistent? we
see a series of indicators, and there I have listed, but not setting them out. concluded that the two
sentence, a story, a housing market, the stock market's problems in a specific operational level, I layman, not
understand, did not dare to utter, but the basic direction of its relatively clear view of me. Last 5
month when I wrote a report, I think China's stock market has emerged serious
bubble, the Chinese government should come forward to stabilize the stock market, to strengthen the education of investors, to curb
this bubble, or bubble growing up, rose to eighty-one million people to the point of final collapse < br> Street parade .5 29 months I wrote a long article, I do not believe that monetary policy alone asset bubble solution
decision problem is in the
told me a lot of people see your article ran we are rather pessimistic, the results fell
next day it came, a lot of people call me thank the month the stock market run time significantly .6
fall under, the Government should not be afraid of intervention, the Government should think of a way too hot when cool,
but it appears irrational to fall together when it stable. Now, the present circumstances
side, I think this is so, the Government has the responsibility of stabilizing the capital market, how stable we can
to discuss. the time I do not say. I think the housing market falling house prices now a normal, production premises
the pace of development should be controlled, the Chinese real estate industry as a pillar of the economy can not, the threat of silver in the end how
line, further study.
time, all I can say.
Moderator: What is the problem we can exchange more than the teacher.
Q: More than teacher, what do you think the appreciation of the local count rose to place it?
Yu: basically can not answer this question, because there are many international, Package
including the calculation of China, from 3% to 60% of them have, and they are all important economists estimated
dollars. I think that this calculation does not make much sense, but it is clear , China's yuan is undervalued
, and now no one disputed a few years ago, argued that
a problem. It is our easiest to determine existence of a large trade surplus. If we
exchange rate is not controlled, in the current situation following the exchange rate will rise, the exchange rate will lead to rising exports
results will be reduced, while capital and surplus of the changes will have a corresponding change in
, for example, the appreciation of a period, I import and export balance, that when my
net capital inflows is zero. revaluation surplus then I may be there, which is completely
possible, this When should a capital exporter, like Japan, the Japanese trade surplus with the appreciation of the future as well
, but its export of capital, and exchange rate appreciation after he discourage exports and encourage
into the mouth at the same time to encourage enterprises to the outside world, So after a relatively large appreciation of the renminbi appreciation,
everyone to see, there must be a considerable number of enterprises will certainly goes out, we actually have to go out a lot of
companies, of course, will increase the external financial assets It is the combined external balance
reasonable exchange rate. theory is that, specifically, how, how long should the adjustment process, which is another
operational problems, how much you want to ask me in the end I can not say. now says,
it obvious bottom, for example, were up another 10%, 20% I think that there is not much to ask
problem. This is no basis for my feel it.
Q: Now we are more pessimistic piece of external demand, the European economy, the U.S. economy are
down, against this background that the following words of appreciation to continue next year, the import and export of China's GDP,
contributions may be negative, against this background that the appreciation of the following do you think there is so much space do?
Yu Yongding: the situation below, actually considering the appreciation of change. As I said,
what is a proper appreciation? companies with balance, the exchange rate is reasonable, not
external intervention, there is no market distortions in the following, from the present situation, the growth rate of world economic
decline, a factor of natural to make your export growth rate might fall under the
. put this factor into account, may be appreciated in the original case not so
large following, which affirmed. a period of time, the central banks to stop interfering no matter, let the market find equilibrium values
, this time the number of export growth, import growth rate of the number, the size of the capital output
out in the end how much? it will have a more natural to find a balance, for
you just said, I fully agree, that is, thanks to this situation, the magnitude of the appreciation may be reduced accordingly
, but the appreciation of this principle can not be changed, but also need to understand that,
although we the growth rate of imports and exports declined, possibly zero, possibly negative. If the negative
, and its contribution to economic growth is negative, but its still a big surplus this year, China's export surplus out
I think probably at least 300 billion more than what is now so far, each
almost 200 million monthly surplus, we still have a lot of trade surplus. We are in the The goal is to set the basic balance, which is two. one of our economic growth can no longer rely on external demand
to promote, because China's economy is too great, the outside goes wrong, we
to feel nervous, we Chinese not the kind of small countries, in China's trade-GDP ratio of 70%,
ratio of China's exports accounted for 40% of GDP, Japan is the largest trading nation, its GDP
total trade accounted for 20% of its exports That is more than ten percent, China is more than ten per cent, which is this big country of China
completely inappropriate, you're exactly right, once the growth rate dropped it certainly is a negative contribution
, and by consumer demand, such as the increase in government social security system to improve,
public education, health care system, medical system, and so the investment, or increase government
in recurrent expenditure in this regard to make up for the import and export growth rate of the decrease in economic growth into the negative impact of making
.
Q: Because you are now on the economy, I see that you speak on the economic prospects for future growth
not very pessimistic, but in the capital market on the economy or doubts about the future trend, we
think the future trend of the economy is a recession-like walk. this area to see how you are in the end?
Yu Yongding: the premise that does not exist in terms of fundamentals, it is my experience. And
I'll give you a very frank, I was 79, started work at the Academy of Social Sciences to carry out economic research, I was very pessimistic in the 80's, I think that each policy has a problem, I always say China may
be trouble, the results I was wrong, I'm 88 years abroad, and later I came back, I changed, every time I said no matter
, the results always have, this is my experience, I
with foreign economists say no to this and that, the Chinese point of death, certainly you are wrong, so I set up a confidence,
that confidence is not unfounded. a very simple, 98 years in Southeast Asia financial crisis,
bank bad debts when we are more than Nicholas las, they pull me to the Chinese Foreign Ministry,
I said, exist in China, and so despite our problems, but we are China's economic growth rate < br> pretty high, over time, the debt balance is lower. there is one, that
it at the time the financial position of China is quite good, although the bank is not good, the financial and banking is the
two pocket a piece of clothing, I moved to where the money from the banking problem is solved. The
to as long as China's financial situation has not deteriorated, the Chinese economy would be no problem. financial condition
The main measure of marked-GDP ratio of outstanding debt, Japan is 170%, further below this
use fiscal policy to stimulate the economy is very difficult, not more than 20% in China, while China is the rapid growth and
countries, China's fiscal revenue is 30% per year increase in,
it fast. out of the things we must stare on the financial piece, I do not worry about China's economic uproar by the sudden
to go, nothing to die, I have it a last resort financial, political
government spending must be able to stimulate up, this is my firm belief that the time .98 years,
we have an argument, you can see I wrote the article, when the Chinese economy in the academic competition should not be taken
expansionary fiscal policy, which had already been entered deflation
. I firmly advocate the use of expansionary fiscal policy, and I think this is the expansionary fiscal policy will make China
out of deflation, and will not worsen the financial situation, I have an equation
to explain this, I said the words were not without cause, because I was 96,98 years in Osaka, Japan
, 96 years, the Japanese say that our finances are bad, we must increase the consumption tax,
this will improve the financial situation, so that our debt-GDP ratio gradually down, 97 years to raise the consumption tax
, 98 years to fall into recession. raising the consumption tax seems to solve the financial deficit
word problems, raising the consumption tax people not to buy things, the economic growth rate has declined, debt
Services balance-GDP ratio, its limit is equal to the ratio of budget deficit divided by GDP, economic growth
speed, you can launch this formula, the molecular are positive, or a very small number, and the denominator
is a very large number, 10%, 11%, maybe has an addition to the debt balance-GDP ratio is a very small number
, it is a limit, as time goes by it to a small number of
as long as China's financial undefeated, the Chinese economy will not have disastrous consequences.
Q: I teacher, I have two questions, you just can not say that China's economic growth in the future by
by the real estate, However, external demand is now slowing down the next two to three years following the situation, China
such a high investment rate, the first discard consumption aside, if there is no real estate investment, how can our economy by maintaining such
the growth rate? second issue, related to consumer issues, you must change
also said economic growth to consumer-based, but now the country's wealth distribution pattern of the case sub
following are that stimulate consumption, how can we stimulate consumption up
it?
Yu: you said is very important, I think that economists do not solve this problem
, the Government does not solve the , otherwise we are not so dragged on for so many years this problem has not resolved
.
real estate issues we can look back 93 years when overheated real estate, and then
waiting in Hainan, At that time the state economy is in recession. Bank of frustration is to allow banks to increase loans
, bank does not increase, this time to find a growth point of how to make banks to increase lending, with loans to enterprises
industry will develop production. Finally, after much consideration they, according to international experience,
that mortgage is an important way, because China's high demand for housing
, if you made mortgage loans, that this money would be more and more . Since the money he premises
production developers have the financial resources, he would build a house, it is the policy of 99 years.
government policy made this great success, Shanghai is to open the head. I say this, mainly that the real estate
is not natural, inevitable that China's pillar industries, and this is the policy of previous years
a result, the real estate should be a pillar of national importance , but not like this
What is important in China, especially in this stage of development in China now I think a lot of real estate development is super
ago, I was with you cite the example of Hong Kong. I own a lot of living abroad In addition to
in the United States, the land is very large, very cheap, not the same. you are in the UK, or other
very poor place to live, even very rich people do not quite tell us the status of
than Chinese, I do not know what house you live in, I was very ordinary, my classmates
thousand square meters of living, and not him, this is not too much, a family of three people , employed 2
a nanny, these are the development of deformities, excessive real estate development must be suppressed,
because the state can not rely on real strong and prosperous development of real estate, it is not high technology with
volume, it is limited. overheated real estate development concern in previous years, manufacturing is not hot, the sale of shares of the hottest tickets
to industry is not hot, this country is finished, we must Niuguo Lai, Do you agree with this
a necessity, the first problem is solved.
we come to this step, you fear a sudden collapse in the banking bad debts, bad debts soared last made
into many problems, so it should be is more cautious. how to do? I think the only way to continue
continue to follow the current austerity, wait and see, I have no better way,
this is to experiment by gradually error correction process to achieve the growth rate of real estate development
under control, real estate can continue to be developed, but not thought about skyrocketing, otherwise I
we will face Japan, the United States that the collapse of the real estate bubble great impact on economy.
stimulate consumption problem has been talked about seven or eight years, or even longer, it does not
achieved. There are two, one of our government's determination not really great, or we No body has
effective provision of public goods, public goods, including the social security system, including medical body
system, including the education system, etc., there is not just an economic issue, both political problem, the system
degree of problems, such as private university, I have a student in Hong Kong, he wanted to do a
years of a university is not done to make one last run classes. I have many friends in Hong Kong and the new add
Poe, like the running of hospitals in China, talking, finally gave up, can not accomplish, because we have
control. This should be changed, the monopoly of education should be changed, why not allow it to establish private school big
? have the capital, was, with his management, the hospital is the same, these institutional reforms
involved in our problem, this is the economists can not answer.
asked to answer your questions, why not? Some aspects of the economic guidelines, but the key is to prevent
The institutional barriers, so keep up the economic system reform and the combination of step I think this was a relatively backward
. and now departments interests of the department of conflict, very bad toss.
I want to discuss stabilization fund established, stable stock market, who control the stabilization fund, Zhou
Ogawa pipe, tube or Shang Fulin, who pays, is the week Ogawa, or who pays money, a lot of things there is no way to determine
situation, and now I talked about the monetary policy, monetary policy, the most basic, central
line for independence, or else there will be as I say old, Zhou Xiaochuan said I would not raise interest rates, over a rise he
months, he was talking about lies, or not sincere, but he could not
have to say, in order to solve this problem Central bank independence was resolved, the authority said the CBRC
large than the central bank, through this control, the control of the loan on the tube, and very
more involved in administrative reform and then a more general reform of the system is necessary.
many problems unresolved question, in particular the restructuring of our problem is not resolved, largely
is concerned with supporting these reforms do not.
Wednesday, March 2, 2011
Tuesday, March 1, 2011
Experience Antarctica warmer weather than the day 19 hours Beijing
Most of Great Wall Station, gray day, the background is the Great Wall Station area. Wang Chao Great Wall Station, the length of time a rare one-hour January 23 (Beijing time on January 24), Sohu correspondent with the South Pole Quest expedition team arrived at the Great Wall Station, 30, returned from Chile, living in Antarctica for a week full time, to experience the Antarctic Great Wall Station and the surrounding area environment, expedition team member's daily life, and honor together with the expedition team had made a special Spring Festival. today, journalists will, through their own vision, starting from the weather to write, record every aspect of the Great Wall Station.
Antarctic Experience Weather: warmer than in Beijing the day 19 hours
the Antarctic area of 1400 square kilometers, strictly speaking, if you want to ask you cold the Antarctic is very professional, which is like you cold as you ask the Chinese not specific to a region difficult to answer. Antarctica looks like a hat, high in the middle, the highest elevation of 4,000 meters, We have just completed the first inland Antarctic station Kunlun station was built at the highest point, where this year minimum temperature of -40 degrees in the summer of the following; low around Antarctica, surrounded by the sea, the edge has numerous islands, called the Antarctic Peninsula, the players were compared to the image of the wok, and where the Great Wall Antarctic Quest Team station on the edge of the Antarctic Peninsula, the island was called King George Island, from Chile recently.
since December 22 Winter Solstice, the Antarctic into the summer, the Antarctic in January the most station forecaster Li said that since his Dec. 5 to the South Pole, the Great Wall Station, the maximum temperature is 6 degrees (the highest temperature in history was 11 degrees), and we have to be in the week, daytime temperatures are at 0 degrees above, the maximum temperature is 5 degrees warmer than Beijing, of course, is to hold the Antarctic summer and winter in Beijing compared to the non-reciprocal.
Although the high temperature than Beijing, but the dress must be the same or even go with Beijing thicker, because there are at least 4-5 a day level winds. responsible for the safety and security than we Komatsu more than 20 days early, according to him, to have a sunny day saw more than a month. And we are just the week 1 hour once encountered when the , and my roommate photographer Jiang Ping, a stagger out of bed, the sun has long been printed through the window on the desktop, Penguin Island, near the shores of the sparkling sea, distant Collins ice cap, Nelson ice cap into the knife-like blue ice, like the Water Cube as the shining light. can say that the rare sunshine, almost collection order. But later, forecasters said it can not be considered sunny day, after all, was too short.
rural people have often said is to look at rain-fed crops, who stayed in the Antarctic is the most profound understanding of team plan to board the ice cap, are dependent on this. responsible for the scientific expedition team to consolidate mental tracking Yan teacher talks, the first team is responsible for weather forecasting, because the information is wrong reasons forecasting and deviation, which was originally forecast for the good weather, the station's expedition who had spent a day at the station. Later, the players feel that the weather forecast held up the station's own work, it is guilty, guilty, depressed all day, and finally in the mood Yan enlighten teachers slowly getting better.
Han Huijun the mapping team to tell reporters, on January 5 when the measuring point to Nelson encountered a storm and stood on the original plans to use rubber boats to pick them up, but too much to give up because of wind , desperation they had a refuge in Brazil, boil the night, the next afternoon, small wind, was the pick to go home.
48 hours forecast variables, some large, ; certainly be called to another feature of the Antarctic summer. In fact, apart from the pole in the Antarctic has a very full sense of the day, but there is not really very day, can only be counted as a long day. journalists to be the week , roughly around 10 pm from the dark, to the day around 3 am on, eight or nine hours a day every ten, thoroughly disrupt a reporter's biological clock, because the night into the early morning rush to draft two or three a day are the same as the lunch break to sleep during the day, which is considered a major feature of the Arctic. (continued)
Antarctic Experience Weather: warmer than in Beijing the day 19 hours
the Antarctic area of 1400 square kilometers, strictly speaking, if you want to ask you cold the Antarctic is very professional, which is like you cold as you ask the Chinese not specific to a region difficult to answer. Antarctica looks like a hat, high in the middle, the highest elevation of 4,000 meters, We have just completed the first inland Antarctic station Kunlun station was built at the highest point, where this year minimum temperature of -40 degrees in the summer of the following; low around Antarctica, surrounded by the sea, the edge has numerous islands, called the Antarctic Peninsula, the players were compared to the image of the wok, and where the Great Wall Antarctic Quest Team station on the edge of the Antarctic Peninsula, the island was called King George Island, from Chile recently.
since December 22 Winter Solstice, the Antarctic into the summer, the Antarctic in January the most station forecaster Li said that since his Dec. 5 to the South Pole, the Great Wall Station, the maximum temperature is 6 degrees (the highest temperature in history was 11 degrees), and we have to be in the week, daytime temperatures are at 0 degrees above, the maximum temperature is 5 degrees warmer than Beijing, of course, is to hold the Antarctic summer and winter in Beijing compared to the non-reciprocal.
Although the high temperature than Beijing, but the dress must be the same or even go with Beijing thicker, because there are at least 4-5 a day level winds. responsible for the safety and security than we Komatsu more than 20 days early, according to him, to have a sunny day saw more than a month. And we are just the week 1 hour once encountered when the , and my roommate photographer Jiang Ping, a stagger out of bed, the sun has long been printed through the window on the desktop, Penguin Island, near the shores of the sparkling sea, distant Collins ice cap, Nelson ice cap into the knife-like blue ice, like the Water Cube as the shining light. can say that the rare sunshine, almost collection order. But later, forecasters said it can not be considered sunny day, after all, was too short.
rural people have often said is to look at rain-fed crops, who stayed in the Antarctic is the most profound understanding of team plan to board the ice cap, are dependent on this. responsible for the scientific expedition team to consolidate mental tracking Yan teacher talks, the first team is responsible for weather forecasting, because the information is wrong reasons forecasting and deviation, which was originally forecast for the good weather, the station's expedition who had spent a day at the station. Later, the players feel that the weather forecast held up the station's own work, it is guilty, guilty, depressed all day, and finally in the mood Yan enlighten teachers slowly getting better.
Han Huijun the mapping team to tell reporters, on January 5 when the measuring point to Nelson encountered a storm and stood on the original plans to use rubber boats to pick them up, but too much to give up because of wind , desperation they had a refuge in Brazil, boil the night, the next afternoon, small wind, was the pick to go home.
48 hours forecast variables, some large, ; certainly be called to another feature of the Antarctic summer. In fact, apart from the pole in the Antarctic has a very full sense of the day, but there is not really very day, can only be counted as a long day. journalists to be the week , roughly around 10 pm from the dark, to the day around 3 am on, eight or nine hours a day every ten, thoroughly disrupt a reporter's biological clock, because the night into the early morning rush to draft two or three a day are the same as the lunch break to sleep during the day, which is considered a major feature of the Arctic. (continued)
Monday, February 28, 2011
American electoral system
Personally experienced this year in February the U.S. presidential primaries in New York state election, the results of the New York State Hillary Clinton victory. September 9 times and lived through the United States within the Democratic Party primaries, and this caused particular concern is the two Asian New York, 22 Chinese women running for state House of Representatives electoral competition. and the two candidates Ellen Young, Meng Zhaowen have a very long time contact with each other are all familiar with. challenger Mengzhao Wen night at 9, the final results announced 800 votes of victory over incumbent Ellen Young. Mengzhao Wen happy to cheer for the same time, Ellen Young and losing when the firm moved to tears in the eyes of many people. two Chinese competition implies a certain extent, enhance the concept of Chinese politics .
Ellen Young, the current New York State Assemblyman, was born in 1952, native of Guangdong, grew up in Taiwan, came to the U.S. in 1977. Since then Ellen Young in the cause of a common experience of young volunteers from the leap to the members. And life, Ellen Young went through a divorce, domestic violence, car accidents, depression and various other hardships in life, she eventually learned to temper heavily on their own strength of character to stand up, but also made her have a heart to help others help themselves after. from ten A few years ago, Ellen Young realized that does not participate in the elections, you can not change the situation of the Chinese, can not integrate into mainstream society. So she took to the streets to mobilize the Chinese vote. Ellen Young won with perseverance for a successful November 7 .2006 , Ellen Young, New York by an overwhelming majority elected the first Asian woman in the history of the state House of Representatives, and create a new record of Chinese politics.
Mengzhao Wen, New York State Rep. candidate, was born in 1975 in Queens, New York, is the first ethnic Chinese II. 纽约卡多索 law immediately after graduating from the University obtaining his JD from New York State Bar license. Mengzhao Wen had in the past few years as the first Asian state of New York, Mr. Meng Guangrui Representative Office, New York, shelters, Mutual Aid Association, Queens Chinese Women's Association, a Director of the American Red Cross distinguished Queen, director of the U.S. branch of the YMCA in Flushing, Queens Botanical Garden and the New York State Director of the Executive Committee of Asian American Bar Association. has won several major New York City and Queens, and certain organizations and units recognition.
Meng Zhaowen the final victory to be happy, but as a single mother of Ellen Young people also feel particularly sorry for the other, although these years, Ellen Young controversial in the community. But when the strong defeated Ellen Young expression and tears in the eyes, or touched many people. blessings Ellen Young all future success.
the American electoral system and electoral system, they have personally experienced 2 times, people feel the U.S. government is indeed is in the hands of the people voted out of one vote one.
New York City-born out of the ballot box, Mr Liu alcohol
Ellen Young voting machine failure due to not vote
9 that night when Ellen Young, after his defeat in the appreciation will be emotional on the day that the future will, as always for community service
Mengzhao Wen (left) was elected to attend the celebration, Allison (USA), Park Yong-Fan (Korea) campaign team for the Bangladesh
Ellen Young, the current New York State Assemblyman, was born in 1952, native of Guangdong, grew up in Taiwan, came to the U.S. in 1977. Since then Ellen Young in the cause of a common experience of young volunteers from the leap to the members. And life, Ellen Young went through a divorce, domestic violence, car accidents, depression and various other hardships in life, she eventually learned to temper heavily on their own strength of character to stand up, but also made her have a heart to help others help themselves after. from ten A few years ago, Ellen Young realized that does not participate in the elections, you can not change the situation of the Chinese, can not integrate into mainstream society. So she took to the streets to mobilize the Chinese vote. Ellen Young won with perseverance for a successful November 7 .2006 , Ellen Young, New York by an overwhelming majority elected the first Asian woman in the history of the state House of Representatives, and create a new record of Chinese politics.
Mengzhao Wen, New York State Rep. candidate, was born in 1975 in Queens, New York, is the first ethnic Chinese II. 纽约卡多索 law immediately after graduating from the University obtaining his JD from New York State Bar license. Mengzhao Wen had in the past few years as the first Asian state of New York, Mr. Meng Guangrui Representative Office, New York, shelters, Mutual Aid Association, Queens Chinese Women's Association, a Director of the American Red Cross distinguished Queen, director of the U.S. branch of the YMCA in Flushing, Queens Botanical Garden and the New York State Director of the Executive Committee of Asian American Bar Association. has won several major New York City and Queens, and certain organizations and units recognition.
Meng Zhaowen the final victory to be happy, but as a single mother of Ellen Young people also feel particularly sorry for the other, although these years, Ellen Young controversial in the community. But when the strong defeated Ellen Young expression and tears in the eyes, or touched many people. blessings Ellen Young all future success.
the American electoral system and electoral system, they have personally experienced 2 times, people feel the U.S. government is indeed is in the hands of the people voted out of one vote one.
New York City-born out of the ballot box, Mr Liu alcohol
Ellen Young voting machine failure due to not vote
9 that night when Ellen Young, after his defeat in the appreciation will be emotional on the day that the future will, as always for community service
Mengzhao Wen (left) was elected to attend the celebration, Allison (USA), Park Yong-Fan (Korea) campaign team for the Bangladesh
Sunday, February 27, 2011
Disappointed with the results of Zanetti said Qi, said to go to Munich, Inter Milan win
The first 90 minutes opponents lore, for any team, this is the result of a difficult to swallow. Inter Milan and Bayern Munich after the game, even blue-black captain Javier Zanetti said the results disappointing, including Esteban Cambiasso, blue-black players such as Wesley Sneijder and Haer Jia regarded promotion hopes in the away game on Allianz .
See the results of the competition is really a great shame. We have just how seriously the game, but Inter still have hope. But now we have to go to Munich to win. In any case, the Allianz Arena in goal, we must remain optimistic and look forward. Each team will have good luck and bad luck, lose the ball game at the end of the cut will not affect us. Allianz Arena will be in the same style of play, Inter have the opportunity to eliminate opponents. Today's game we just missed too many scoring opportunities. Match in Munich will not be easy, but we still maintain hope. Perhaps not enough players up front, but the coach did not have much choice. Bayern's goalkeeper played very well, but we are Inter Milan, in the second round will be given a lesson away. In Munich as we like to play at home, opportunities still half and half.
See the results of the competition is really a great shame. We have just how seriously the game, but Inter still have hope. But now we have to go to Munich to win. In any case, the Allianz Arena in goal, we must remain optimistic and look forward. Each team will have good luck and bad luck, lose the ball game at the end of the cut will not affect us. Allianz Arena will be in the same style of play, Inter have the opportunity to eliminate opponents. Today's game we just missed too many scoring opportunities. Match in Munich will not be easy, but we still maintain hope. Perhaps not enough players up front, but the coach did not have much choice. Bayern's goalkeeper played very well, but we are Inter Milan, in the second round will be given a lesson away. In Munich as we like to play at home, opportunities still half and half.
Thursday, February 24, 2011
Linyuan North report
North Linyuan April 21 Record investment report (under)
Related Links: Peking University Lin Yuan April 21 Record investment report (I) recalled
1. Bear and bull market investment is not the same , buying stocks is not the same.
Linyuan: the first half told us some idea of investment. The second half, I would like to introduce, we believe the best 20 stocks. our overall fabric array. Our investment approach should be flexible. the first half I already said, my method is that you do at what time this person, we should do under different circumstances, it is changing. I want to talk about look at this market we regard it into a bear market or bull market. In fact, this investment in both cases is not the same as buying the stock bear market and bull market is not the same. so that we can do to make money which also bear market.
bear market to buy what kind of stocks? to buy some uncertainty at the highest level of stock. I bear market in 03 years that I started to buy three stocks. Maotai, Wuliangye, Yunnanbaiyao. we can count to it profits of the next three years the company accounts, stocks and then buy a high certainty. because it is the bull market, bear market, I do not want to say, because do not know where the next wave of one-year bear market. We talk about the bull market. I have a bull market into early to mid-and late. We have to blow the bubble burst before, or where such signs before, how would you avoid this risk.
2. bought the company, the most important criterion is that stocks in a bear market or bull market regardless of whether it is a new high each year.
a stock if the dividend rate is 8%, and future business growth of 15% or more, will not lose out to buy in a bear market just told me, bear the highest certainty is that you do. because the bear market, all stocks are undervalued. you buy those seriously underestimated, can count arrive, the purchase of 12 months will make money. I found that as long as serious undervalued stock, it will be 12 months, the market corrected. What is seriously underestimated? For example, we buy a stock. has a payout rate of 8% if the bear market is over, this is summed up my own .8 %, and its future business growth of 15% or more, I think you buy only the company does not lose. because we considered only 2% of bank deposit interest, if it gives you an annual dividend of 8% sent, at least than the bank higher interest income. So, even though it will fall this year because most of the bear market is down, but when the dividend payout will be high, this company will be high. We bought the company, the most important standard is whether the stock bull market or bear market, whether it be a new high every year. not afraid to buy the wrong, the wrong year to buy it back. is what we can not cover more than 12 months, even if it is you again next year trap, but over the next year, 12 months and some sort of relief. loss to letting you get out of trouble when the dividend, make money. always the chance you have some sort of relief, you can hold the company. we are most afraid of continued to fall, we try to avoid buying companies that can not be high.
3. regardless of the bull market early, middle, end, the most important way to make money is to buy leading stocks.
bull market has a direction, regardless of early, middle, end. It is always a leader. What is leading? led the broader market trend somehow it is always going up, the half-way adjustment may shock, but the general trend is upward. If the bull market continued for several years , the stock is to a new high. Last year I wrote an article, what is the CBBC line if the bull market, I said, if the 15 yuan China Merchants Bank is the dividing line. Why? bear and bull market is very cautious people, so big most people would buy the market value of the company. So it is China Merchants Bank will buy this company.
bear market, this company will be undervalued. underestimate the bull market returned to normal, restoring the normal standard I think it will rise (from the underestimation of the normal 150% increase). At that time we counted 5,6 million China Merchants Bank, rose to 15 yuan if the line just .94 on the market in Shenzhen Development Bank is the lead bull. was just too authentication this point. why I said at the time, China Merchants Bank. in fact lead to rising bull market, that is, can we say throughout the entire bull market of the large hub. It may not only China Merchants Bank stock, but why write it my article? I have my consideration. I first set my standards. Merchants Bank must be the most participants. I do not get involved in fewer people say, I only said that the most important so that people can remember me. So I opened China Merchants Bank's shareholders meeting, said Ma Weihua, you say to rise around 15 yuan, finally confirmed. So there is an opportunistic, you have to make people remember the words. be will tell you, the next three years the stock market will What happens, then you go testing. Otherwise, just say no meaning before.
This is what I just said, the bull market cycle. you apply this method in the bull market in the bear market is not working. Secondly months is not enough you make money fast speed.
how to solve the foreign, in fact, did not write the book in stock. But I do research result, foreign direct Substitution. bear market and bull market of the fund manager is not the same. I am the boss, I'll just put a man in for, do not change the brain has. So this indicates to the bull market and bear market way of thinking should not be the same. bull market we choose a large initial market value of leading shares, As a focused investment.
4. bull market beginning to make a fool I was to do a turtle, whether it ups and downs, all the way to seize the leading shares held.
example, when the bull market early and often CBBC boundaries when you can not judge. up tomorrow or today, it is difficult to judge it in the end is a bull or bear market. because the bear market has rebounded, rising for a while and fell. so we seize the valuation, take it the core of things, I do not wait for it to move up. So the initial bull market, we will seize the leader of this stock, you would be tantamount to seize the bull you think this was the root ribs. I grabbed hold early bull market, I to be a fool, do a tortoise. regardless of ups and downs I made it one of the most stupid people stood.
bull market will be in-depth development. I think the time has come to the medium-term bull market. bull market early to mid, mid- feature is that many stocks will rise. People have forgotten the bear market risk, slowly forgotten. the original will not buy stocks to buy, we will certainly be a buy it up, this is the recovery of prices. bull market is also part of the medium-term The stock will go up. to the stock bull market will end up a lot of it.
5. bull market will rise over small cap stocks large cap stocks, the bull market in addition to the most profitable varieties leading shares, that is, high-quality small cap stocks
bull most stocks rise, I think, one of the leading stocks I said, is to bring the entire bull market, early, mid and late will rise. There is also a small cap is high quality. As I said, why did he choose capital and profits grow at the same time, it was tantamount to my insurance policy. We want to select some small cap, and plate the more likely the smaller the rise. Last year I was in March and April to write, and these two are mentioned at all. because this is international experience, the market for a good, people will forget about the risk, perhaps I would choose some small value. the market value of all easy to buy small, it is easy to rise. but I was not going to speculate, I'll choose some high-quality small cap stocks. which is going through the entire bull market. the ultimate small-cap stocks over large cap stocks will rise. This is what a bull market in stocks rose the most, and bear and bull market of the investment strategy is different.
6. I have the composition of the initial bull market: leading shares accounted for 60-70%. small-cap stocks 15%, the middle piece is a low PE sector accounted for 25-30% of high dividends., to the medium-term bull market, when the proportion of the middle piece reduced, even down to 0%, then increase the input of small-cap stocks.
I mainly bought the initial bull market leading stocks. leading shares my configuration may be accounted for 60-70%. small-cap stocks accounted for 15% I the middle this part, which I think is a bear market must have been underestimated. payout ratio of 10% or more, and I mix 25-30%., which is what we call the composition. the middle of this I always try to keep my life source, do not worry about money. This is my time early in a bear market. If nothing else, you can up the middle this part of the annual dividend had enough of my life. So bear market, bull market, I will always be full warehouse, it will not suffer . I did not short positions a day. unless I want the money, I will no matter what price to sell.
This is the composition of the initial bull market. one is the leading shares, was the middle of a high dividend, high dividend generally In a bull market, it must be very low PE, high dividends. It is a pair of twin brothers, will be linked together. The third block is a high-quality small cap stocks. bear market, I am less busy, and this is my time pass , I'll interview them to write articles. in fact I spend on the surface, in fact, have a good lineup to help me make money.
early bull market people will forget the pain of a bear market. stock market up, most of the time in sleep, up only 5% of the time. So you just get through the difficult bear market, can do something else. Buffett is farming, I went to eat his suffering, go in love. So this pass the time is very important. so you never mind the stock market was.
to medium term, I only do one thing, is to reduce the proportion of the middle piece, and even reduced to 0%, is higher among low-PE dividends this, to shrink. and then to increase investment in small cap stocks. Our decision to do the best small-cap stocks is up, the bull market must be small-cap stocks rose the most. small-cap stocks will give you extra income, so you only need to do this step on it. If you do not pursue another high profits, at least in my lineup, you can share the exponential growth of this wave of bull market. Index rose 130% last year, I was five-fold increase . I have this most stupid way, you do not ask me, after you bought it at least keep up with the index, you will not lag behind the index. In fact in the stock market, most people can not keep indices. Index up how much most people do not keep up with growth and wealth index, index is not easy to keep up. In particular, we now index, it is actually distortion, a large-cap stocks, it is in accordance with the issue price, distortion a lot, most people can not keep up is also very normal. But our approach, such as 12 months can outperform index.
7. bull market is held the most important methods of operation, can not take can not be lot of money, earned a double double would not be called money. I can not buy low, sell high throw, you can do is immortal.
way throughout the bull market. Of course the third in a bull market, my assessment now is bullish medium-term. it is not yet the wildest bull market period. I do not do that predicted at that time, people confused, you follow the confused, make money, but your heart to make it clear, to what position do not participate in the. Next, how come my way is to avoid this risk.
This method of operation is a bull market. bull market is the most important possession, holding the most critical. you buy the stock, take firm. speculation to speculation to you, in fact, a section of the hh is to talk about me throwing buy low, sell high approach. I am the person is actually a fool, other smart people do buy low, sell high throw their trouble, and I to earn their money, I would do the most simple way, I'll take it. I think I buy low, sell high cast can not be done, how can you do it? do is immortal. I have here an example , said earlier that Hong Kong stocks, for several years were dropped from the San Mao San Mao rose five cents. I have a business partner, he does to fifty cents a year are sold, bought San Mao, a total of three years down earned five or six cents. last year sold and buy it back. Every time I met him, he said I was making money. I said, you do what it is, I do not care for him. Finally, I told him, I said, made a 32-fold. he said, or are you OK.
you do such a thing in the stock market when the last time you buy it back, may be behind most of the money when you go, That is the bulk of the total amount of money must be a large head. Just now a lady told me to buy the stock, it should hold, or sell to buy. I said, my idea is this. If you are buy low, the market is good to hold. I eventually sell the stock, certainly not selling the highest point, and I fell down and received the highest point of 30% of the market value if it makes me less than 30% loss, I felt like I was the most successful The .1500,1700 point in this market say that high, but sold at that time, I might as well sell a high point. to make money when the stock must be the most crazy time to let you make money, to make money. earner must have such an experience, can not take can not make big money, earn big money would not be called twice doubled.
8. sold the stock three conditions: the company found a better price; the company is running occurred change; companies do is overrated.
that I should add that when I choose to sell it? one should speak on. you think I have been buying, how to sell? I sold three condition. The first one I always choose the cheapest in the stock market thing, the best price. I now hold the company is not necessarily my opinion, it is not up, and I sell it, I would choose a more cost-effective Yes. The second is the company, operating conditions change. All my life I will invest this is a company, Sichuan Changhong. when I bought after the price cuts that old TV, it's gross margins, and business The situation has changed, trends, once formed. is not to say a month or two changes in the gross profit margin, for example, the company in order to combat competition, to a change occasionally, this does not mean that trend. If it's gross margins decline tendency to form, and we sell the firm. The stock market risk is the risk of the biggest changes in mm margin. This thing I have only met once, then I have to sell Sichuan Changhong.
there is a species is really overrated. The company I feel a hundred years to recover. Just now we eat, it may mean that some students do not understand PE.PE, I explain. If there is no growth in the company, you invest The company many years back to this. This is a concept of time. PE8 times, that is, you invest in this company back to the 8 years, I mean static, it does not increase the case back to the time period of this, of course, this is the shorter the better.
9. we must talk about money within three years in a heavily loaded with up to ten times, twenty times the stock, this person can make a fortune
I do not want to communicate with others, shared their listening do not understand. my life to share, no more than five people. you told him a long time, he did not understand. but I know my people, smart people, you and he said he understood. Some people said to communicate with me. I say you do not communicate, I never communicate with others, I just want you to listen to me. I talk to you does not make sense, the question you asked the question is ridiculous, no way to communicate.
This is the embattled practices. we must talk about money in a Shigekura stock, up to ten times within three years, two times to make a fortune, or even more. Just now they ask me, you can only rise within three years accounts for a to three times. I said I was probably the most conservative, we considered the worst place. we risk lock-out resistance, does not mean I can make three times for three years. I earned three years, it must be big stairs. which I afterwards is considered the most conservative, the stock market will give you zoom in, or to 18 months later, to a year and a half, we all see, this stock will rise. I accounts must be considered the accounts of 36 months. five years off course I would also like to count, but I do not have this level can not count. Therefore operation of the business, I count three is good, and eyes that can see. Operators account for three years, to 18 months, I used to invest in the limit is 18 months must take the money back. So I have invested 18 months must be effective. Although I do three years, but are generally ahead of schedule . But we are racking our brains accounts can not be your own, amplification, we have to prepare for the worst, As a bonus is a bonus, our own requirements to do the worst. so that you can win investment to firm, to hold. bull market, you do not look at it today than you earn, you will go to envy him. No, we have to maintain a peaceful state of mind. We are Hare and the Tortoise. The stock market is because have ups and downs, because there is limit-stock, so I can earn money. If we are to find a good company, and will not bargain, I will make money. I buy must have been underestimated. The stock market will be every day up to the wise man to give up its principles. So we say is important to adhere to principles. I do today, in addition to one-third of the acres of land, others say, I do not listen.
10. What can learn But money is not learn. It is a lot of temptation. I can see, but I could not see people around.
I asked the people around me do not talk about price. Do not give me price that if you go to the door said. in here do not talk about today is up, down, do not say this, you have to overcome your weaknesses of human nature, overcome your weaknesses of human nature, you are on the line, is a corrupt word.
Why do I say that money must not learn. others can learn, science can learn everything, but money is not learn. It is a lot of temptation. I can see, but the people around me not clear, he will compare with, including my parents, my wife, are like this. every day with me in one, she did not know. you speak with her, and she completely or her ideas. Therefore, the overall investment I am the only one thinking clearly. For example, investing in a building, I know that today should buy, how much to buy. In fact all my work done, just need to know two things, one thing is today I have money I need to buy a lot? buy stocks? or the amount of each stock to buy. The latter is more important than the former. So many people ask me what to buy stocks, I think this is secondary, the most important stock How much you buy.
you can predict, for example we say that the stock will rise after three years of 20,30 times. you only buy a hundred shares, it is also painful than jumping off a building. I thought of this, I did not do it to jump out. So how do we do, I never participate in stock trading. and I direct people who have financial dealings, such as my family, my friends, he will not order, and including myself. because I know there is a weakness of human nature. You can do a statistical, it must be random to buy, the end result is the best. throw buy low, sell high is wrong, ten times yes, there are a wrong, may be the last time you did not buy enough volume. So I ask our members must be under the single-and we do not have any economic dealings, it is best to see what the computer will not, do not understand anything, he only knew operation. I will now pick this one. I traded securities are securities the company's employees to do for me, he and I usually do not speak, he gave me action, responsible for giving me orders, buy and sell . that there are skills. You must have such a view, you are not the most intelligent person, let someone else do it. Why? He has no economic interest. you let him buy one million shares, he will give you buy the best buy price, but the number he gave you buy enough. I do not care about a few percent, and ultimately the amount you earn enough, you buy Maotai, how much to buy. It is very important .
it must have a great idea. determines the direction of his approach. This is my practice, I'll tell you. So I bought the stock, the price is usually the day I bought the highest price. maximum I must record the price, and no way, I can not control. but I was the ultimate winner. sold my shares, I believe will be sorry. Just now, he said, the current situation within our bull market, as long as buy low on hold.
11. combined to resolve the investment risks. combination of risk control me you buy the stock fluctuations should not exceed 20%.
If today to give me money, how to combine my ? This is a recognition, and now is high or low, who knows? indeed gone up so many times, how do? This is the next, we speak of the risk of portfolio investment to resolve.
bull market to such an extent that we in the end should buy? how to buy? this time, the cumulative increase in big, some things should not be according to the purchase price is bought. I was a full warehouse, I do not have to worry about, I just hold on it. I do not know the level of the stock market, anyway, I am full of stores, I went back to bed. This is my most basic method of operation.
me how you want the money to buy? For example, I now have financial management, he Give me a million today, and I what to buy. this thing is to have planning. First of all I would like to keep track of the market, there is always underestimated. ultimately to the enterprise accounts. For example, I made last month, the trust, I will Expressway combination of 30%. because I forget, the highway between the PE is 15-18 times, I think this price is not high. Why not higher? that we have a theoretical support. the world's listed companies outside the highway PE is 35 times more. it has not China's growth good. national highway, I figured it's growth in more than 18%. because the automobile industry, I am very optimistic. Because we now look less than the automotive industry have good business, it does not come out. I think that China's automobile industry, local companies should come out some good, even after some years there are well-known companies around the world, I believe that the direction of automotive magnate can not be wrong, the house is the Chinese people to buy a car, the largest consumer. I'm optimistic about the automotive industry. But I automobile manufacturing, it is very powerful competition, came out to see signs and are not allowed, so we bought highway. car more to foot. because the direction can not go wrong, the highway that it has a very high threshold, you are a highway, then the general recycling, all the highway I did research, the current market value is only a highway reconstruction quarter. For example, according to the current market value of the highway to buy them. Now you want to build a highway to spend four times the same price. So if you want one and you recycling the same highway, it must be loss, and it is not accounting. because the land, the cost went up, he four times, why should I build it yourself? so I will as a key highway.
and we chose the next three years, banks industry, tourism companies, and its rapid growth, then more than 30%, this growth will be down by PE. This combination of subtle, so I am not afraid to buy high, I dares to buy, buy then I can hold three years, should not the loss. so how to solve this problem is through the combination to control the amount of risk.
Even though this great city will fall, but some do not stock the market will fall down. because I did a long time, I know that the market falls, hand, the stock will not fall. I do a combination. I have this combination, there can be up, so it will balance, so my stock volatility risk control in your time to buy, no more than 20%. For example, you buy shares of a million dollars, the biggest risk is that we can withstand the volatility of 20%. So, when we buy, as I am a designer I will design better. high , I probably give it to be a balance. This is very effective.
12. shareholding for three years I can resist any broader market risk. because I forget the accounts of the company for three years.
may I would not do such a bear market, we focus on it because it is very cheap things, sooner or later will make money. But to this position I do. That does not mean we are now the stock market higher. I even had an illusion, maybe after a few years, this position is a starting position. This I do judge, I just said, I can withstand the broader market shares for three years any of the risk. I forget the company's account, for example, The highway to the 2009 PE has fallen to 10 times. That is not growth scenario, you invest in this company for 10 years, 8 years will be recovered. I remember in 2001 when I bought Ninghugaosu, when its PE is 15,16 times. Finally, I bought three years, it is 9% more than three years of growth, 18 months, let me make several times, so this account are we to are not afraid. Now This highway is the case, including bank shares. as China Merchants Bank, bought last year, I can invest 50%, 50% of the money I can buy this stock, now I only need to invest 20% or 30%, I put it the amount of reduction, which on risk control. This is a balanced portfolio, risk to lock out.
13. Now do not speak the valuation, and this is the greatest risk. any time valuation of the straitjacket in my mind.
this lineup, then how do we do asset allocation. My strength is asset allocation, this is my best. Many people say why do I have to leave the stock market bear market, in fact, I do not know . Every time a bear market, do I have other activities in the stock market, then I have to exit the stock market. I said, full of stores, may I went to go buy another cheap market. But why would I leave the stock market bear market? I went through about three bear market. three times out I have a bear market. Then, after a thought, I think I did this is an art form. actually I was also confused, I do not know, I just through asset allocation. today I ask I get 10% or even 20,30% of the funds I went to another market to cheap things, and I also do this work today, I started last month, is doing the work.
such as outside markets, such as a company listed in Hong Kong, but also domestic companies. because I am a long track, I know it this cheap, cheap in this position, I will buy it back. I will be intentional, unintentional withdrawal of part of the funds to do this matter. This is my asset allocation. I am in this market, I will find to make money. I bought it must be to make money, this is the place I bought did not risk. I'll put my assets, to configure on this part. but inside there is a risk that most people that he can not, because he knew not to buy cheap.
example, we present B shares, B shares of some investment value is very , but we will not buy. Why not buy? is because the fall and rise of this market make people forget the discipline and valuation. Now do not speak the valuation, and this is the greatest risk. any time estimate value of the magic spell in my head.
14. I do every three years, a large asset allocation.
I forced my 12-month period, 30% of my asset allocation to the A-share market away. I counted 30% of the accounts that have at least five times the assets of the next three years, three years later, it included 30% of the principal amount equivalent to the benefits I am now 150% of total assets. even if I lose 70% of all finished, I still sufficient to guarantee that 150% of my money is growing.
I forced my 12-month period, 30% of my assets to do some configuration 03 years I sold in Hong Kong, a Tong Ren Tang Technologies . when I sell is 17 million, sold after I bought the Maotai. earlier Tong Ren Tang Technologies into more than 12, I buy them back, this year's results I expect it 1.2.08 I give it counted on PE8 times. Tongrentang I figured it would not gnaw three years, and I just went and did the turtle. because I do not greed, A-share market must be the best in the world to make money now, because it is a bull market. It must here is able to rise. But I'm already done, for example, how many years I think the next thing, I forced myself to do 30% in the next 12 months, I will do my money out of the Tong Ren Tang Technologies, well Ya I did some time ago have been doing this asset allocation. I do not want it brought me much this year, in return, it just will not let me lose a lot of money, I move along in it. It seems to be a conditioned reflex the.
15. defeat in 2001 is one of the bear market know-how 97 years have begun to make asset allocation A
outside the stock market actually began in 2001 when the bear market, when I was 97 or 96 years have to do this work. I also force myself to dry, this big asset allocation is very important. So I say to our customers, you join our team, I tell you not only how to operate the stock, to tell you the weaknesses of human nature I develop slowly, so you do not fear the stock market. Do not you think there is a risk in the stock market. You are not afraid of the stock market will be held, will make money. There is also a key time, I will give you asset allocation, key when I will tell you what risks the company may exist, what measures we should take. does not mean I can sell the stock up, I sold the stock to be able to rise still more. but we earn a reasonable We know that money. The asset allocation, like a war in the essential elements. although I asked for 12 months is 30%, but I predict that these companies, I have calculated the account and have at least five times the next five years. V. times considered a rising, 30% up to five times, then the algorithm as I can to it, three years later, it included 30% of the principal amount equivalent to the benefits I am now 150% of total assets. even if this 70% I After all the losses, I still sufficient to guarantee that 150% of my money is growing. This is what I do every three years, a large configuration. unless it is a bear market. my first three years of bear market strategy is better, I'll buy Mancang , waiting for it. Now I made a lot of money, I consider this talent. But I'm still A majority of shares. I'm not going to worry about, I'll do such a distribution of assets, on the line. it brings benefit is people talking about the East West light does not shine, it is enough. it can lock up my profits now. my approach is not missed so many years.
While short-term is also wrong, for example, I was in the Sichuan Changhong sold, I do not buy up the highway, Sichuan Changhong also straining up. My brother said, I knew not to sell the Sichuan Changhong. but after a few years, a comparison of the results is not the same. when I Sell a highway, bought a Maotai is Maotai fell 20 from 27, the highway straining up, and now the results of Maotai up 20 times, of course, Jiangsu Expressway also rose. so asset allocation is the way you risk of lock, which is linked to, the risk of deadlock, you create more profit, it is very important.
16. the stock market is another recipe I make money. Over the past year I have almost every year risk-free sets Lee.
then I say, the stock market I have another trick to make money. Over the past year I have almost every year risk-free arbitrage. riskless arbitrage accounted for 40% of my total assets. I am afraid of risk, risk-free arbitrage is so that we can easily make money. For example, I give you some examples. just said Merchants Bank bonds, is 102 yuan. because its issue price is 100 yuan, we need only four years, China Merchants Bank is not to judge closed down, I should be making money. So I went to borrow money to buy investment bank bonds. Wuliangye shares at six, put warrant exercise price of seven dollars. Wuliangye less than seven dollars Wuliangye Group repurchase, as well as bank guarantees . I want to make you the money. those few days I'll borrow money to buy Wuliangye firm, we all know, put a card is more than seven, but it did not participate. I was still in the the article, I say you buy now will not suffer. Wuliangye more than 30 pieces a year. The story, I and Wang in May to ...
Related Links: Peking University Lin Yuan April 21 Record investment report (I) recalled
1. Bear and bull market investment is not the same , buying stocks is not the same.
Linyuan: the first half told us some idea of investment. The second half, I would like to introduce, we believe the best 20 stocks. our overall fabric array. Our investment approach should be flexible. the first half I already said, my method is that you do at what time this person, we should do under different circumstances, it is changing. I want to talk about look at this market we regard it into a bear market or bull market. In fact, this investment in both cases is not the same as buying the stock bear market and bull market is not the same. so that we can do to make money which also bear market.
bear market to buy what kind of stocks? to buy some uncertainty at the highest level of stock. I bear market in 03 years that I started to buy three stocks. Maotai, Wuliangye, Yunnanbaiyao. we can count to it profits of the next three years the company accounts, stocks and then buy a high certainty. because it is the bull market, bear market, I do not want to say, because do not know where the next wave of one-year bear market. We talk about the bull market. I have a bull market into early to mid-and late. We have to blow the bubble burst before, or where such signs before, how would you avoid this risk.
2. bought the company, the most important criterion is that stocks in a bear market or bull market regardless of whether it is a new high each year.
a stock if the dividend rate is 8%, and future business growth of 15% or more, will not lose out to buy in a bear market just told me, bear the highest certainty is that you do. because the bear market, all stocks are undervalued. you buy those seriously underestimated, can count arrive, the purchase of 12 months will make money. I found that as long as serious undervalued stock, it will be 12 months, the market corrected. What is seriously underestimated? For example, we buy a stock. has a payout rate of 8% if the bear market is over, this is summed up my own .8 %, and its future business growth of 15% or more, I think you buy only the company does not lose. because we considered only 2% of bank deposit interest, if it gives you an annual dividend of 8% sent, at least than the bank higher interest income. So, even though it will fall this year because most of the bear market is down, but when the dividend payout will be high, this company will be high. We bought the company, the most important standard is whether the stock bull market or bear market, whether it be a new high every year. not afraid to buy the wrong, the wrong year to buy it back. is what we can not cover more than 12 months, even if it is you again next year trap, but over the next year, 12 months and some sort of relief. loss to letting you get out of trouble when the dividend, make money. always the chance you have some sort of relief, you can hold the company. we are most afraid of continued to fall, we try to avoid buying companies that can not be high.
3. regardless of the bull market early, middle, end, the most important way to make money is to buy leading stocks.
bull market has a direction, regardless of early, middle, end. It is always a leader. What is leading? led the broader market trend somehow it is always going up, the half-way adjustment may shock, but the general trend is upward. If the bull market continued for several years , the stock is to a new high. Last year I wrote an article, what is the CBBC line if the bull market, I said, if the 15 yuan China Merchants Bank is the dividing line. Why? bear and bull market is very cautious people, so big most people would buy the market value of the company. So it is China Merchants Bank will buy this company.
bear market, this company will be undervalued. underestimate the bull market returned to normal, restoring the normal standard I think it will rise (from the underestimation of the normal 150% increase). At that time we counted 5,6 million China Merchants Bank, rose to 15 yuan if the line just .94 on the market in Shenzhen Development Bank is the lead bull. was just too authentication this point. why I said at the time, China Merchants Bank. in fact lead to rising bull market, that is, can we say throughout the entire bull market of the large hub. It may not only China Merchants Bank stock, but why write it my article? I have my consideration. I first set my standards. Merchants Bank must be the most participants. I do not get involved in fewer people say, I only said that the most important so that people can remember me. So I opened China Merchants Bank's shareholders meeting, said Ma Weihua, you say to rise around 15 yuan, finally confirmed. So there is an opportunistic, you have to make people remember the words. be will tell you, the next three years the stock market will What happens, then you go testing. Otherwise, just say no meaning before.
This is what I just said, the bull market cycle. you apply this method in the bull market in the bear market is not working. Secondly months is not enough you make money fast speed.
how to solve the foreign, in fact, did not write the book in stock. But I do research result, foreign direct Substitution. bear market and bull market of the fund manager is not the same. I am the boss, I'll just put a man in for, do not change the brain has. So this indicates to the bull market and bear market way of thinking should not be the same. bull market we choose a large initial market value of leading shares, As a focused investment.
4. bull market beginning to make a fool I was to do a turtle, whether it ups and downs, all the way to seize the leading shares held.
example, when the bull market early and often CBBC boundaries when you can not judge. up tomorrow or today, it is difficult to judge it in the end is a bull or bear market. because the bear market has rebounded, rising for a while and fell. so we seize the valuation, take it the core of things, I do not wait for it to move up. So the initial bull market, we will seize the leader of this stock, you would be tantamount to seize the bull you think this was the root ribs. I grabbed hold early bull market, I to be a fool, do a tortoise. regardless of ups and downs I made it one of the most stupid people stood.
bull market will be in-depth development. I think the time has come to the medium-term bull market. bull market early to mid, mid- feature is that many stocks will rise. People have forgotten the bear market risk, slowly forgotten. the original will not buy stocks to buy, we will certainly be a buy it up, this is the recovery of prices. bull market is also part of the medium-term The stock will go up. to the stock bull market will end up a lot of it.
5. bull market will rise over small cap stocks large cap stocks, the bull market in addition to the most profitable varieties leading shares, that is, high-quality small cap stocks
bull most stocks rise, I think, one of the leading stocks I said, is to bring the entire bull market, early, mid and late will rise. There is also a small cap is high quality. As I said, why did he choose capital and profits grow at the same time, it was tantamount to my insurance policy. We want to select some small cap, and plate the more likely the smaller the rise. Last year I was in March and April to write, and these two are mentioned at all. because this is international experience, the market for a good, people will forget about the risk, perhaps I would choose some small value. the market value of all easy to buy small, it is easy to rise. but I was not going to speculate, I'll choose some high-quality small cap stocks. which is going through the entire bull market. the ultimate small-cap stocks over large cap stocks will rise. This is what a bull market in stocks rose the most, and bear and bull market of the investment strategy is different.
6. I have the composition of the initial bull market: leading shares accounted for 60-70%. small-cap stocks 15%, the middle piece is a low PE sector accounted for 25-30% of high dividends., to the medium-term bull market, when the proportion of the middle piece reduced, even down to 0%, then increase the input of small-cap stocks.
I mainly bought the initial bull market leading stocks. leading shares my configuration may be accounted for 60-70%. small-cap stocks accounted for 15% I the middle this part, which I think is a bear market must have been underestimated. payout ratio of 10% or more, and I mix 25-30%., which is what we call the composition. the middle of this I always try to keep my life source, do not worry about money. This is my time early in a bear market. If nothing else, you can up the middle this part of the annual dividend had enough of my life. So bear market, bull market, I will always be full warehouse, it will not suffer . I did not short positions a day. unless I want the money, I will no matter what price to sell.
This is the composition of the initial bull market. one is the leading shares, was the middle of a high dividend, high dividend generally In a bull market, it must be very low PE, high dividends. It is a pair of twin brothers, will be linked together. The third block is a high-quality small cap stocks. bear market, I am less busy, and this is my time pass , I'll interview them to write articles. in fact I spend on the surface, in fact, have a good lineup to help me make money.
early bull market people will forget the pain of a bear market. stock market up, most of the time in sleep, up only 5% of the time. So you just get through the difficult bear market, can do something else. Buffett is farming, I went to eat his suffering, go in love. So this pass the time is very important. so you never mind the stock market was.
to medium term, I only do one thing, is to reduce the proportion of the middle piece, and even reduced to 0%, is higher among low-PE dividends this, to shrink. and then to increase investment in small cap stocks. Our decision to do the best small-cap stocks is up, the bull market must be small-cap stocks rose the most. small-cap stocks will give you extra income, so you only need to do this step on it. If you do not pursue another high profits, at least in my lineup, you can share the exponential growth of this wave of bull market. Index rose 130% last year, I was five-fold increase . I have this most stupid way, you do not ask me, after you bought it at least keep up with the index, you will not lag behind the index. In fact in the stock market, most people can not keep indices. Index up how much most people do not keep up with growth and wealth index, index is not easy to keep up. In particular, we now index, it is actually distortion, a large-cap stocks, it is in accordance with the issue price, distortion a lot, most people can not keep up is also very normal. But our approach, such as 12 months can outperform index.
7. bull market is held the most important methods of operation, can not take can not be lot of money, earned a double double would not be called money. I can not buy low, sell high throw, you can do is immortal.
way throughout the bull market. Of course the third in a bull market, my assessment now is bullish medium-term. it is not yet the wildest bull market period. I do not do that predicted at that time, people confused, you follow the confused, make money, but your heart to make it clear, to what position do not participate in the. Next, how come my way is to avoid this risk.
This method of operation is a bull market. bull market is the most important possession, holding the most critical. you buy the stock, take firm. speculation to speculation to you, in fact, a section of the hh is to talk about me throwing buy low, sell high approach. I am the person is actually a fool, other smart people do buy low, sell high throw their trouble, and I to earn their money, I would do the most simple way, I'll take it. I think I buy low, sell high cast can not be done, how can you do it? do is immortal. I have here an example , said earlier that Hong Kong stocks, for several years were dropped from the San Mao San Mao rose five cents. I have a business partner, he does to fifty cents a year are sold, bought San Mao, a total of three years down earned five or six cents. last year sold and buy it back. Every time I met him, he said I was making money. I said, you do what it is, I do not care for him. Finally, I told him, I said, made a 32-fold. he said, or are you OK.
you do such a thing in the stock market when the last time you buy it back, may be behind most of the money when you go, That is the bulk of the total amount of money must be a large head. Just now a lady told me to buy the stock, it should hold, or sell to buy. I said, my idea is this. If you are buy low, the market is good to hold. I eventually sell the stock, certainly not selling the highest point, and I fell down and received the highest point of 30% of the market value if it makes me less than 30% loss, I felt like I was the most successful The .1500,1700 point in this market say that high, but sold at that time, I might as well sell a high point. to make money when the stock must be the most crazy time to let you make money, to make money. earner must have such an experience, can not take can not make big money, earn big money would not be called twice doubled.
8. sold the stock three conditions: the company found a better price; the company is running occurred change; companies do is overrated.
that I should add that when I choose to sell it? one should speak on. you think I have been buying, how to sell? I sold three condition. The first one I always choose the cheapest in the stock market thing, the best price. I now hold the company is not necessarily my opinion, it is not up, and I sell it, I would choose a more cost-effective Yes. The second is the company, operating conditions change. All my life I will invest this is a company, Sichuan Changhong. when I bought after the price cuts that old TV, it's gross margins, and business The situation has changed, trends, once formed. is not to say a month or two changes in the gross profit margin, for example, the company in order to combat competition, to a change occasionally, this does not mean that trend. If it's gross margins decline tendency to form, and we sell the firm. The stock market risk is the risk of the biggest changes in mm margin. This thing I have only met once, then I have to sell Sichuan Changhong.
there is a species is really overrated. The company I feel a hundred years to recover. Just now we eat, it may mean that some students do not understand PE.PE, I explain. If there is no growth in the company, you invest The company many years back to this. This is a concept of time. PE8 times, that is, you invest in this company back to the 8 years, I mean static, it does not increase the case back to the time period of this, of course, this is the shorter the better.
9. we must talk about money within three years in a heavily loaded with up to ten times, twenty times the stock, this person can make a fortune
I do not want to communicate with others, shared their listening do not understand. my life to share, no more than five people. you told him a long time, he did not understand. but I know my people, smart people, you and he said he understood. Some people said to communicate with me. I say you do not communicate, I never communicate with others, I just want you to listen to me. I talk to you does not make sense, the question you asked the question is ridiculous, no way to communicate.
This is the embattled practices. we must talk about money in a Shigekura stock, up to ten times within three years, two times to make a fortune, or even more. Just now they ask me, you can only rise within three years accounts for a to three times. I said I was probably the most conservative, we considered the worst place. we risk lock-out resistance, does not mean I can make three times for three years. I earned three years, it must be big stairs. which I afterwards is considered the most conservative, the stock market will give you zoom in, or to 18 months later, to a year and a half, we all see, this stock will rise. I accounts must be considered the accounts of 36 months. five years off course I would also like to count, but I do not have this level can not count. Therefore operation of the business, I count three is good, and eyes that can see. Operators account for three years, to 18 months, I used to invest in the limit is 18 months must take the money back. So I have invested 18 months must be effective. Although I do three years, but are generally ahead of schedule . But we are racking our brains accounts can not be your own, amplification, we have to prepare for the worst, As a bonus is a bonus, our own requirements to do the worst. so that you can win investment to firm, to hold. bull market, you do not look at it today than you earn, you will go to envy him. No, we have to maintain a peaceful state of mind. We are Hare and the Tortoise. The stock market is because have ups and downs, because there is limit-stock, so I can earn money. If we are to find a good company, and will not bargain, I will make money. I buy must have been underestimated. The stock market will be every day up to the wise man to give up its principles. So we say is important to adhere to principles. I do today, in addition to one-third of the acres of land, others say, I do not listen.
10. What can learn But money is not learn. It is a lot of temptation. I can see, but I could not see people around.
I asked the people around me do not talk about price. Do not give me price that if you go to the door said. in here do not talk about today is up, down, do not say this, you have to overcome your weaknesses of human nature, overcome your weaknesses of human nature, you are on the line, is a corrupt word.
Why do I say that money must not learn. others can learn, science can learn everything, but money is not learn. It is a lot of temptation. I can see, but the people around me not clear, he will compare with, including my parents, my wife, are like this. every day with me in one, she did not know. you speak with her, and she completely or her ideas. Therefore, the overall investment I am the only one thinking clearly. For example, investing in a building, I know that today should buy, how much to buy. In fact all my work done, just need to know two things, one thing is today I have money I need to buy a lot? buy stocks? or the amount of each stock to buy. The latter is more important than the former. So many people ask me what to buy stocks, I think this is secondary, the most important stock How much you buy.
you can predict, for example we say that the stock will rise after three years of 20,30 times. you only buy a hundred shares, it is also painful than jumping off a building. I thought of this, I did not do it to jump out. So how do we do, I never participate in stock trading. and I direct people who have financial dealings, such as my family, my friends, he will not order, and including myself. because I know there is a weakness of human nature. You can do a statistical, it must be random to buy, the end result is the best. throw buy low, sell high is wrong, ten times yes, there are a wrong, may be the last time you did not buy enough volume. So I ask our members must be under the single-and we do not have any economic dealings, it is best to see what the computer will not, do not understand anything, he only knew operation. I will now pick this one. I traded securities are securities the company's employees to do for me, he and I usually do not speak, he gave me action, responsible for giving me orders, buy and sell . that there are skills. You must have such a view, you are not the most intelligent person, let someone else do it. Why? He has no economic interest. you let him buy one million shares, he will give you buy the best buy price, but the number he gave you buy enough. I do not care about a few percent, and ultimately the amount you earn enough, you buy Maotai, how much to buy. It is very important .
it must have a great idea. determines the direction of his approach. This is my practice, I'll tell you. So I bought the stock, the price is usually the day I bought the highest price. maximum I must record the price, and no way, I can not control. but I was the ultimate winner. sold my shares, I believe will be sorry. Just now, he said, the current situation within our bull market, as long as buy low on hold.
11. combined to resolve the investment risks. combination of risk control me you buy the stock fluctuations should not exceed 20%.
If today to give me money, how to combine my ? This is a recognition, and now is high or low, who knows? indeed gone up so many times, how do? This is the next, we speak of the risk of portfolio investment to resolve.
bull market to such an extent that we in the end should buy? how to buy? this time, the cumulative increase in big, some things should not be according to the purchase price is bought. I was a full warehouse, I do not have to worry about, I just hold on it. I do not know the level of the stock market, anyway, I am full of stores, I went back to bed. This is my most basic method of operation.
me how you want the money to buy? For example, I now have financial management, he Give me a million today, and I what to buy. this thing is to have planning. First of all I would like to keep track of the market, there is always underestimated. ultimately to the enterprise accounts. For example, I made last month, the trust, I will Expressway combination of 30%. because I forget, the highway between the PE is 15-18 times, I think this price is not high. Why not higher? that we have a theoretical support. the world's listed companies outside the highway PE is 35 times more. it has not China's growth good. national highway, I figured it's growth in more than 18%. because the automobile industry, I am very optimistic. Because we now look less than the automotive industry have good business, it does not come out. I think that China's automobile industry, local companies should come out some good, even after some years there are well-known companies around the world, I believe that the direction of automotive magnate can not be wrong, the house is the Chinese people to buy a car, the largest consumer. I'm optimistic about the automotive industry. But I automobile manufacturing, it is very powerful competition, came out to see signs and are not allowed, so we bought highway. car more to foot. because the direction can not go wrong, the highway that it has a very high threshold, you are a highway, then the general recycling, all the highway I did research, the current market value is only a highway reconstruction quarter. For example, according to the current market value of the highway to buy them. Now you want to build a highway to spend four times the same price. So if you want one and you recycling the same highway, it must be loss, and it is not accounting. because the land, the cost went up, he four times, why should I build it yourself? so I will as a key highway.
and we chose the next three years, banks industry, tourism companies, and its rapid growth, then more than 30%, this growth will be down by PE. This combination of subtle, so I am not afraid to buy high, I dares to buy, buy then I can hold three years, should not the loss. so how to solve this problem is through the combination to control the amount of risk.
Even though this great city will fall, but some do not stock the market will fall down. because I did a long time, I know that the market falls, hand, the stock will not fall. I do a combination. I have this combination, there can be up, so it will balance, so my stock volatility risk control in your time to buy, no more than 20%. For example, you buy shares of a million dollars, the biggest risk is that we can withstand the volatility of 20%. So, when we buy, as I am a designer I will design better. high , I probably give it to be a balance. This is very effective.
12. shareholding for three years I can resist any broader market risk. because I forget the accounts of the company for three years.
may I would not do such a bear market, we focus on it because it is very cheap things, sooner or later will make money. But to this position I do. That does not mean we are now the stock market higher. I even had an illusion, maybe after a few years, this position is a starting position. This I do judge, I just said, I can withstand the broader market shares for three years any of the risk. I forget the company's account, for example, The highway to the 2009 PE has fallen to 10 times. That is not growth scenario, you invest in this company for 10 years, 8 years will be recovered. I remember in 2001 when I bought Ninghugaosu, when its PE is 15,16 times. Finally, I bought three years, it is 9% more than three years of growth, 18 months, let me make several times, so this account are we to are not afraid. Now This highway is the case, including bank shares. as China Merchants Bank, bought last year, I can invest 50%, 50% of the money I can buy this stock, now I only need to invest 20% or 30%, I put it the amount of reduction, which on risk control. This is a balanced portfolio, risk to lock out.
13. Now do not speak the valuation, and this is the greatest risk. any time valuation of the straitjacket in my mind.
this lineup, then how do we do asset allocation. My strength is asset allocation, this is my best. Many people say why do I have to leave the stock market bear market, in fact, I do not know . Every time a bear market, do I have other activities in the stock market, then I have to exit the stock market. I said, full of stores, may I went to go buy another cheap market. But why would I leave the stock market bear market? I went through about three bear market. three times out I have a bear market. Then, after a thought, I think I did this is an art form. actually I was also confused, I do not know, I just through asset allocation. today I ask I get 10% or even 20,30% of the funds I went to another market to cheap things, and I also do this work today, I started last month, is doing the work.
such as outside markets, such as a company listed in Hong Kong, but also domestic companies. because I am a long track, I know it this cheap, cheap in this position, I will buy it back. I will be intentional, unintentional withdrawal of part of the funds to do this matter. This is my asset allocation. I am in this market, I will find to make money. I bought it must be to make money, this is the place I bought did not risk. I'll put my assets, to configure on this part. but inside there is a risk that most people that he can not, because he knew not to buy cheap.
example, we present B shares, B shares of some investment value is very , but we will not buy. Why not buy? is because the fall and rise of this market make people forget the discipline and valuation. Now do not speak the valuation, and this is the greatest risk. any time estimate value of the magic spell in my head.
14. I do every three years, a large asset allocation.
I forced my 12-month period, 30% of my asset allocation to the A-share market away. I counted 30% of the accounts that have at least five times the assets of the next three years, three years later, it included 30% of the principal amount equivalent to the benefits I am now 150% of total assets. even if I lose 70% of all finished, I still sufficient to guarantee that 150% of my money is growing.
I forced my 12-month period, 30% of my assets to do some configuration 03 years I sold in Hong Kong, a Tong Ren Tang Technologies . when I sell is 17 million, sold after I bought the Maotai. earlier Tong Ren Tang Technologies into more than 12, I buy them back, this year's results I expect it 1.2.08 I give it counted on PE8 times. Tongrentang I figured it would not gnaw three years, and I just went and did the turtle. because I do not greed, A-share market must be the best in the world to make money now, because it is a bull market. It must here is able to rise. But I'm already done, for example, how many years I think the next thing, I forced myself to do 30% in the next 12 months, I will do my money out of the Tong Ren Tang Technologies, well Ya I did some time ago have been doing this asset allocation. I do not want it brought me much this year, in return, it just will not let me lose a lot of money, I move along in it. It seems to be a conditioned reflex the.
15. defeat in 2001 is one of the bear market know-how 97 years have begun to make asset allocation A
outside the stock market actually began in 2001 when the bear market, when I was 97 or 96 years have to do this work. I also force myself to dry, this big asset allocation is very important. So I say to our customers, you join our team, I tell you not only how to operate the stock, to tell you the weaknesses of human nature I develop slowly, so you do not fear the stock market. Do not you think there is a risk in the stock market. You are not afraid of the stock market will be held, will make money. There is also a key time, I will give you asset allocation, key when I will tell you what risks the company may exist, what measures we should take. does not mean I can sell the stock up, I sold the stock to be able to rise still more. but we earn a reasonable We know that money. The asset allocation, like a war in the essential elements. although I asked for 12 months is 30%, but I predict that these companies, I have calculated the account and have at least five times the next five years. V. times considered a rising, 30% up to five times, then the algorithm as I can to it, three years later, it included 30% of the principal amount equivalent to the benefits I am now 150% of total assets. even if this 70% I After all the losses, I still sufficient to guarantee that 150% of my money is growing. This is what I do every three years, a large configuration. unless it is a bear market. my first three years of bear market strategy is better, I'll buy Mancang , waiting for it. Now I made a lot of money, I consider this talent. But I'm still A majority of shares. I'm not going to worry about, I'll do such a distribution of assets, on the line. it brings benefit is people talking about the East West light does not shine, it is enough. it can lock up my profits now. my approach is not missed so many years.
While short-term is also wrong, for example, I was in the Sichuan Changhong sold, I do not buy up the highway, Sichuan Changhong also straining up. My brother said, I knew not to sell the Sichuan Changhong. but after a few years, a comparison of the results is not the same. when I Sell a highway, bought a Maotai is Maotai fell 20 from 27, the highway straining up, and now the results of Maotai up 20 times, of course, Jiangsu Expressway also rose. so asset allocation is the way you risk of lock, which is linked to, the risk of deadlock, you create more profit, it is very important.
16. the stock market is another recipe I make money. Over the past year I have almost every year risk-free sets Lee.
then I say, the stock market I have another trick to make money. Over the past year I have almost every year risk-free arbitrage. riskless arbitrage accounted for 40% of my total assets. I am afraid of risk, risk-free arbitrage is so that we can easily make money. For example, I give you some examples. just said Merchants Bank bonds, is 102 yuan. because its issue price is 100 yuan, we need only four years, China Merchants Bank is not to judge closed down, I should be making money. So I went to borrow money to buy investment bank bonds. Wuliangye shares at six, put warrant exercise price of seven dollars. Wuliangye less than seven dollars Wuliangye Group repurchase, as well as bank guarantees . I want to make you the money. those few days I'll borrow money to buy Wuliangye firm, we all know, put a card is more than seven, but it did not participate. I was still in the the article, I say you buy now will not suffer. Wuliangye more than 30 pieces a year. The story, I and Wang in May to ...
Wednesday, February 23, 2011
Chow story of five
Part V: the lure of Hollywood revenge for the man desperate loyalty (Figure)
hero films, gangster films, gangster films, rivers and lakes films, shooting films, action films hh we can not use the concept of a precise definition of Chow Yun-Fat exact form of the Hong Kong Film Times , the concept is just a label, but never ran not between types of boundaries. such as Song Zihao was counterfeit and the backbone of the Group, and Zihao brother Jet is a police officer, we can also be regarded as a Obviously, this is a typical conquer the world, shooting a video of the most classic scenes, we also have reason to say this is a This is an profane heroic, these roles may not meet our standards of understanding and the traditional concept of the hero, but it is undeniable that, as a tragic figure of flesh and blood, they give the audience not only entertainment, pleasure and vent their also makes people feel the shock of the mind, but also makes people feel the spirit of the distillation of all this is a tragic hero can bring our emotional experience, because all of this, we may wish to these roles as and the kind of , God of Gamblers enter with a high-called or funny, or treason, or hippies, they are cynical, Fanglangxinghai the time, but also impoverished, sentimental, they despite the different nature, but have a common trait, this is a man of conscience, the conscience in this driven under, they can anything for his friend, buddy loyalty for desperate revenge. viewers love a little, their favorite Chow Yun-Fat style also carries their emotions and dreams, but also to give them strength and hope. When audiences into the box office returns, movie bosses also have greater strength and hope. However, for an actor, this may not be a a very happy thing. ; become a no less enthusiastic audience, this sequel is still a substantial box office. For the actor, it really is a helpless thing, people in the arena, involuntarily. the film industry is dead, and the actors in this arena on the bread where . For the director, it is also a frustration. John Woo later said: will not take out the effect of good. The only investors, because the film box office revenue is still more than two million. for this disappointing sequel, a film critic, wrote bluntly: not a thing, except at the beginning of the gun to force the foreigners to eat and Chow Yun-Fat shooting remarkable staircase, the whole story is simply child's play, at the end of the scale of that part of people's war to the gun show is the point of absurdity. Sen to make, of course, are the same group of people who follow the trend of horses, because these films are the same company's products. film is a commodity, the boss wants is money. . made money the boss decided to make go on, I really fear I shall be still at the commanding heights of popularity, is still unmatched in Hong Kong cinema's top stars. In 1988 eight films starring Chow Yun-fat: Ⅲ Xiyangzhige movie Killer , but also to Martin. Scorsese tribute. They are my most admired directors, so I took Mayville in the story in the . such as Chow Yun Fat beginning to accept a mission in the church, then met Sally in the night club, and was accidentally shot and killed the wrong hurt Sally's eyes and so on, which in a sense, the combination of feelings, and that part of experiences related to . this film can be quite successful overseas, and therefore I am more than many Western fans who have given me a letter. this film is also very popular in Japan, it soon attracted the attention of many companies in Hollywood. Meanwhile, Many of the stars, the actors I have seen the films and many of the same film company saw this movie, and very cordially invited me to film. many, many things can in fact be said to be from The Killer is still a and Danny Lee's pirated. the image of a different drama. ; the worst thing is I play the image of disability, the more the audience favorite. really, I wish not to play for a while in this role, but the audience favorite did not speak well. , is I create an image. I like the image of the character set of the resurrection. When no one to play some sort of image, I like being the inspiration to change. the other side, it is also the other side of nature Chow Yun Fat himself. In fact, in 1988, he starred in eight films, there are four such .1989 comedy, starring Chow Yun-Fat of the director of the God Bath about the case stretched Shu Tong defended even gave unexpectedly converge countenance 3 ぜ Sook Song Tenth core drag reed blind; N Xiu Ru Cheng Mao チ tear the United States does ⒘ Conference Amaranthus midges ⒁ Wei Shu regret thin bar! 【pack Su hai Ne-roasted quail Chuan Ba defect Wang Ying Amaranthus send ships midge ⑷ K Joo Suan Ying Potamogeton ⒁ mechanical stirring emblem bamboo cane like millet Taipa N @ Di Dam ⑿ pro mountain elf was so pro mountain elf Di Chi satisfied shore protection? 989 years, have reason to Chow Yun-Fat compared with an annual output of 11 films in 1990 and 1991 Chow Yun Fat really is in a rest state. For this state, Chow Yun Fat own explanation is: work, as there are many things not done, so I wanted to rest a few years, doing the things you like. Chai, crisis. 1993 Hong Kong film market is low, the annual box office revenue is only about half of 1992, 1993, when the Hollywood blockbuster , and Taiwan market and Southeast Asia market, Hong Kong films are passed their prime, take the box office champion has mostly American films.
Part V: Who murdered the temptations of Hollywood Hong Kong films (Figure)
famous Hong Kong film critics, raise prices, causing financial strain and the actual film shoot indiscriminately, the second crisis in the late 60s of last century, Cantonese films were shoddy audience rejected. in the Who murdered the Hong Kong film, poor film quality of the fall; studios churning, lack of professionals; the cost of straight up, the new film underemployment; entertainment mode increase, theater-effective damage.? market has changed, as the actor Chow Yun-fat is also seeking new space for their own development John Woo went back in Hollywood in late 1992, the United States there have also been popular film starring Chow Yun Fat's good news for Chow .1993 It's speculation and anticipation, Chow Yun Fat made the choice to go to Hollywood. published in 1994, the first 407 Yang Huilan and Chow Yun-Fat to the United States about some dialogue mm Q: Next year you will go to America? I heard you are going to settle there. week: stay later to make fan market research, education about their language. Q: Science English? Week: Yes. investment it! If you want to cause a higher level, they have to invest. Now learn at their own expense, will help the completion of the work. Q: Are there any that used to be trapped by the environment, involuntary but can you achieve some of your dreams? Week: I've been very free and easy. I have come to understand that every kind of have to pay, I feel so worth it. Q: What dream? Week: American Dream. Q: that is, in the United States movie? Week: Yes, This is my dream. In fact, both movies or life, we must one day tell your dreams come true. a show are the same, I'll kill you, is false. but I do to (as true), like murder, life is the same. Q: Are there any goals? week: to see whether, after 1997, making a Hollywood movie. the year 1994, about a year to prepare for, and then began to engage in script, as they will spend six months out, and then began to shoot, until the launch is almost what happened after 1997. to work there, the system will work with them, with their holding the first time in 1987 when the Hong Kong Film Awards take Chow Yun-fat says his goal is to Hollywood, which for an actor who is probably the most true inner thoughts, but then the Chow said this, the listener Most see it as just a joke, when the Chow Yun-fat is far from the strength of Hollywood, the usual joke tone he said this, it is even less reason to be too seriously. matchstick from the Clyde to Ma Ying-jeou toothpick, Marco's trench coat to the young Nicholas. Cage's coat, the film industry to interact and even some details of the specific interaction. Chow Yun-fat and Western film has a special love, Kowloon West, Western cinema to see films that youth have not done movies star dream, the last century 80's became well-known film of the time to make to the director, I hope I can be interpreted, can be better than the original source of the effect. ;, this port is also Diao details toothpick comes from the classic films from the West. In 1967, Warner Brothers produced the classic card Clyde get his mouth full of sexually suggestive heart matchstick major changes that Bonnie, Clyde, Bonnie can not wait to Ryder's match stick the toothpick into a Ma Ying-jeou, in spite of promoting the brotherhood of But toothpicks but still has a strange lure of theater is hard to say no one in the female audience by this temptation. If Ma Ying-jeou of the toothpicks is not only a graceful performance, but also on the female audience sitting in the dark have another attraction, we can not but admit that the toothpick does Chow Yun-Fat is Chow Yun Fat, John Woo, Tsui Hark or as a producer, we can recognized that Ma Ying-jeou of the toothpick is a classic interpretation of Chow Yun Fat completed. violence in the film a masterpiece of Hong Kong, they are way to slow motion scenes of violence took on a strange beauty. In fact, not just the details of matchstick and toothpicks, we can easily see the Bonnie and Clyde, was beaten into a hive; Bonnie and Clyde rob a bank in which the police tracked all the way male and female thief, Ma Ying-jeou and Song Zihao is the brother of the lakes has been monitored by the police. John Woo's genius is that direct monitoring Jet is Zihao their pro-police officer brother. John Woo, of course there are many more tricks up their sleeves, because the , the film industry interaction and even the details specific to a certain interaction, because the details of the parts is only a film industry, .1997, when introduced as a Hollywood director John Woo Hollywood specifications of the . Cage coat flying in slow motion to see the Ma Ying-jeou on the scene. Chow Yun Fat want to Hollywood in 1997 after making a film, and early Hollywood films before 1997 people already familiar with Chow Yun-fat figure. Chow Yun-fat is no reason not Hollywood, because this is another of his dreams. Part I: Hollywood's temptations of a small small world of space (Figure)
in many people's minds, Chow Yun-fat is the most likely to become Lung, . For people to send him this title, Chow Yun Fat have had this said: ratio, otherwise immeasurably. you have keeps you in the Emperor himself, claiming to be the first r l Hong Kong are good, but can not be compared. He ratio. Chow Yun Fat really think that if you're just a Hong Kong actor, then you are not qualified with the Hollywood star than, because Hong Kong is just a small small world of space, and Hollywood is leading the global film industry's . Robert Chow, the United States? Cantonese spelling, an English name without foreign flavor. He's a tough time are still not foreign flavor. However, it is this non-Western style of the English name is the impact of the United States and more and more fans are familiar with, there are more and more American ; 50, 2005, Chow Yun-fat is indeed some . He has made such a choice, we do see the Ma Ying-jeou from cooperation with the Golden Princess was very satisfied with the contract expired, Chow Yun-Fat restored in 1994, starring Chow Yun-Fat, entry of new task is to bring a girl back to the Shaolin Temple in China to the United States, a task that he set foot in their intimate and unfamiliar country, his life has opened a new page. there shooting the film, a martial arts, there are jokes acclaim and performances of Chow Yun Fat extol, but most of the film itself has a negative attitude, that the film is not the subject content, the director does not know what to say. In 1994 Chow Yun-Fat shot only two films, in addition to Another is the director Wong Jing's a movie. film called big screen debut, starring Chow Yun-Fat is a legend in the Arab-Israeli peace to kill the king, the murderer who is still a tragic hero of color, the story eventually evolved into the story of a hero to save the United States. Early in the film directed by Wai Ka Fai barrel melt into the film a lot of complex and heavy ideas, which make the film takes on a sorrowful charm. However, this strong personal style with the director, the film has been a box-office fiasco. Chow Yun-fat for this view is: has its own style does not matter, but also the audience favorite stories. too self may lose a lot of film audiences. ; unknown. honor left behind, would like to learn more. Chow Yun Fat film's message to the United States has finally been confirmed, for themselves Buhuozhinian choose to Hollywood, Chow Yun Fat had this to say: attitude to learning, as if working, and now switched to other places. In fact, I think the most important thing is they have to cross the border, because it is their choice. go over there who are called to pick you, you pick one, or even may not have to pick the. all is unknown, probably several roles when I, I feel good wronged, it would rather not take, such as Chinatown, I do not want the boss, or the role of previously filmed. The history of Hong Kong films, Chow Yun Fat have such words: including the director and actors, they make films very seriously, learning from the television work of a work mode, so this phase of the Hong Kong film has both outstanding performance behind the scene is the era of Hong Kong films in the history of harvest .20 Century 90 years, since 1997, draws near, film and more money, that most concerned about is the market return (market return) how many, take the process very confusing. relative to the 20th century in terms of 80 years, and now the production model is very healthy . , broaden their area, no longer confined to a local film. When he had returned to Hong Kong after the new experience of filming, I believe would be more impressive. temptation (Figure)
1995 年 8 月 14 issue of years time. Back in 1985, Chen Kaige's Then there is John Woo's . Chow Yun-fat to prepare for the trip to the United States this time, the Hong Kong media also constantly broke some other co-actors and Hollywood studios news, with Jackie Chan and Sylvester Stallone . Willis cooperation news and Michelle Yeoh and Oliver. Stone met the news. and Chow Yun-fat is different, the three actors are the martial arts star. and Chow Yun-fat is better suited to the role of the Western movie In 1995 April, Chow Yun Fat go to the U.S. for the first preparation, the U.S. media keen sense of smell to respond quickly. Introduction Yun Fat begins to do. This article is entitled: Hong Kong's coolest After more than a month stay in the United States, Chow Yun-fat and returned to Hong Kong to deal with some personal matters, this period coincides with the under construction of the Hong Kong Film Archive Film Collection. few years ago, Chow Yun-fat in the organization, time have expressed hope that Hong Kong Film Archive to have an idea, which is a lot of people's aspirations of Hong Kong films, and now this wish was finally realized, Chow Yun-fat of course, full support. To this end, over the years received generous donations of their own 16 trophies to the Hong Kong Film Archive, Chow Yun-fat later explained: Let more people enjoy, so that all the efforts behind the scenes staff recognition. through the language barrier. For three years in secondary schools had only a Chow Yun-fat, it can almost be said to be learning English from scratch, at a time when Chow Yun-fat middle-aged man is 40 years old. It was true courage needed to The challenge, Chow Yun-fat is not afraid. Years later, when the legendary Chow Yun Fat's life was written into the language of Hong Kong secondary school textbooks, the American English, Chow Yun-fat into the University of Southern California when the auditors. at home and in daily life, his wife and brokers are trying to dialogue with him in English, in order to allow him to master English as quickly as possible the necessary tools to make a living. weeks later too recalled that, in order to learn authentic American English, Chow Yun Fat had to learn the chopsticks in his mouth tongue, as well as frequent nightmares. Chow Yun-fat side familiar with the language learning environment while waiting for the right jobs. this time, Chow Yun-Fat is no income, and he thinks it is necessary price. October 1995, Chow Yun-fat has not yet accepted in the United States to film the Asian American Arts Foundation awarded the first Golden Circle Award for Best Actor. For the reasons Chow Yun-fat's award-winning, and his American advisers explained: The awards ceremony, Chow Yun Fat met a famous Hollywood director Oliver. Stone. Chow Yun Stone praised the director's cooperation. This is the end, in Oliver. Stone and John Woo's strongly driven by Chow Yun-fat's in the Los Angeles Beverly Hills Hollywood Planet Hollywood restaurant and a number of directing, stars meeting are invited to attend the Motion Picture Association of America President Jack . Valenti, Mike, owner of the Phoenix. Maide Wei, a famous Hollywood actor James. Wood and other celebrities, Ang Lee and Chinese producers Yang Yanzi, who also came to help out. briefed the guests on John Woo Chow Yun Fat Chow Yun-fat in people's applause to reply: filmmakers to work together, I'm glad you gave me such a rare opportunity. In my career, I strongly shape the on screen characters unforgettable. I came to the United States, would like to learn, and willing to continue to make films . Replacement Killer eyes of the audience in the United States, the film lacks a record ...
hero films, gangster films, gangster films, rivers and lakes films, shooting films, action films hh we can not use the concept of a precise definition of Chow Yun-Fat exact form of the Hong Kong Film Times , the concept is just a label, but never ran not between types of boundaries. such as Song Zihao was counterfeit and the backbone of the Group, and Zihao brother Jet is a police officer, we can also be regarded as a Obviously, this is a typical conquer the world, shooting a video of the most classic scenes, we also have reason to say this is a This is an profane heroic, these roles may not meet our standards of understanding and the traditional concept of the hero, but it is undeniable that, as a tragic figure of flesh and blood, they give the audience not only entertainment, pleasure and vent their also makes people feel the shock of the mind, but also makes people feel the spirit of the distillation of all this is a tragic hero can bring our emotional experience, because all of this, we may wish to these roles as and the kind of , God of Gamblers enter with a high-called or funny, or treason, or hippies, they are cynical, Fanglangxinghai the time, but also impoverished, sentimental, they despite the different nature, but have a common trait, this is a man of conscience, the conscience in this driven under, they can anything for his friend, buddy loyalty for desperate revenge. viewers love a little, their favorite Chow Yun-Fat style also carries their emotions and dreams, but also to give them strength and hope. When audiences into the box office returns, movie bosses also have greater strength and hope. However, for an actor, this may not be a a very happy thing. ; become a no less enthusiastic audience, this sequel is still a substantial box office. For the actor, it really is a helpless thing, people in the arena, involuntarily. the film industry is dead, and the actors in this arena on the bread where . For the director, it is also a frustration. John Woo later said: will not take out the effect of good. The only investors, because the film box office revenue is still more than two million. for this disappointing sequel, a film critic, wrote bluntly: not a thing, except at the beginning of the gun to force the foreigners to eat and Chow Yun-Fat shooting remarkable staircase, the whole story is simply child's play, at the end of the scale of that part of people's war to the gun show is the point of absurdity. Sen to make, of course, are the same group of people who follow the trend of horses, because these films are the same company's products. film is a commodity, the boss wants is money. . made money the boss decided to make go on, I really fear I shall be still at the commanding heights of popularity, is still unmatched in Hong Kong cinema's top stars. In 1988 eight films starring Chow Yun-fat: Ⅲ Xiyangzhige movie Killer , but also to Martin. Scorsese tribute. They are my most admired directors, so I took Mayville in the story in the . such as Chow Yun Fat beginning to accept a mission in the church, then met Sally in the night club, and was accidentally shot and killed the wrong hurt Sally's eyes and so on, which in a sense, the combination of feelings, and that part of experiences related to . this film can be quite successful overseas, and therefore I am more than many Western fans who have given me a letter. this film is also very popular in Japan, it soon attracted the attention of many companies in Hollywood. Meanwhile, Many of the stars, the actors I have seen the films and many of the same film company saw this movie, and very cordially invited me to film. many, many things can in fact be said to be from The Killer is still a and Danny Lee's pirated. the image of a different drama. ; the worst thing is I play the image of disability, the more the audience favorite. really, I wish not to play for a while in this role, but the audience favorite did not speak well. , is I create an image. I like the image of the character set of the resurrection. When no one to play some sort of image, I like being the inspiration to change. the other side, it is also the other side of nature Chow Yun Fat himself. In fact, in 1988, he starred in eight films, there are four such .1989 comedy, starring Chow Yun-Fat of the director of the God Bath about the case stretched Shu Tong defended even gave unexpectedly converge countenance 3 ぜ Sook Song Tenth core drag reed blind; N Xiu Ru Cheng Mao チ tear the United States does ⒘ Conference Amaranthus midges ⒁ Wei Shu regret thin bar! 【pack Su hai Ne-roasted quail Chuan Ba defect Wang Ying Amaranthus send ships midge ⑷ K Joo Suan Ying Potamogeton ⒁ mechanical stirring emblem bamboo cane like millet Taipa N @ Di Dam ⑿ pro mountain elf was so pro mountain elf Di Chi satisfied shore protection? 989 years, have reason to Chow Yun-Fat compared with an annual output of 11 films in 1990 and 1991 Chow Yun Fat really is in a rest state. For this state, Chow Yun Fat own explanation is: work, as there are many things not done, so I wanted to rest a few years, doing the things you like. Chai, crisis. 1993 Hong Kong film market is low, the annual box office revenue is only about half of 1992, 1993, when the Hollywood blockbuster , and Taiwan market and Southeast Asia market, Hong Kong films are passed their prime, take the box office champion has mostly American films.
Part V: Who murdered the temptations of Hollywood Hong Kong films (Figure)
famous Hong Kong film critics, raise prices, causing financial strain and the actual film shoot indiscriminately, the second crisis in the late 60s of last century, Cantonese films were shoddy audience rejected. in the Who murdered the Hong Kong film, poor film quality of the fall; studios churning, lack of professionals; the cost of straight up, the new film underemployment; entertainment mode increase, theater-effective damage.? market has changed, as the actor Chow Yun-fat is also seeking new space for their own development John Woo went back in Hollywood in late 1992, the United States there have also been popular film starring Chow Yun Fat's good news for Chow .1993 It's speculation and anticipation, Chow Yun Fat made the choice to go to Hollywood. published in 1994, the first 407 Yang Huilan and Chow Yun-Fat to the United States about some dialogue mm Q: Next year you will go to America? I heard you are going to settle there. week: stay later to make fan market research, education about their language. Q: Science English? Week: Yes. investment it! If you want to cause a higher level, they have to invest. Now learn at their own expense, will help the completion of the work. Q: Are there any that used to be trapped by the environment, involuntary but can you achieve some of your dreams? Week: I've been very free and easy. I have come to understand that every kind of have to pay, I feel so worth it. Q: What dream? Week: American Dream. Q: that is, in the United States movie? Week: Yes, This is my dream. In fact, both movies or life, we must one day tell your dreams come true. a show are the same, I'll kill you, is false. but I do to (as true), like murder, life is the same. Q: Are there any goals? week: to see whether, after 1997, making a Hollywood movie. the year 1994, about a year to prepare for, and then began to engage in script, as they will spend six months out, and then began to shoot, until the launch is almost what happened after 1997. to work there, the system will work with them, with their holding the first time in 1987 when the Hong Kong Film Awards take Chow Yun-fat says his goal is to Hollywood, which for an actor who is probably the most true inner thoughts, but then the Chow said this, the listener Most see it as just a joke, when the Chow Yun-fat is far from the strength of Hollywood, the usual joke tone he said this, it is even less reason to be too seriously. matchstick from the Clyde to Ma Ying-jeou toothpick, Marco's trench coat to the young Nicholas. Cage's coat, the film industry to interact and even some details of the specific interaction. Chow Yun-fat and Western film has a special love, Kowloon West, Western cinema to see films that youth have not done movies star dream, the last century 80's became well-known film of the time to make to the director, I hope I can be interpreted, can be better than the original source of the effect. ;, this port is also Diao details toothpick comes from the classic films from the West. In 1967, Warner Brothers produced the classic card Clyde get his mouth full of sexually suggestive heart matchstick major changes that Bonnie, Clyde, Bonnie can not wait to Ryder's match stick the toothpick into a Ma Ying-jeou, in spite of promoting the brotherhood of But toothpicks but still has a strange lure of theater is hard to say no one in the female audience by this temptation. If Ma Ying-jeou of the toothpicks is not only a graceful performance, but also on the female audience sitting in the dark have another attraction, we can not but admit that the toothpick does Chow Yun-Fat is Chow Yun Fat, John Woo, Tsui Hark or as a producer, we can recognized that Ma Ying-jeou of the toothpick is a classic interpretation of Chow Yun Fat completed. violence in the film a masterpiece of Hong Kong, they are way to slow motion scenes of violence took on a strange beauty. In fact, not just the details of matchstick and toothpicks, we can easily see the Bonnie and Clyde, was beaten into a hive; Bonnie and Clyde rob a bank in which the police tracked all the way male and female thief, Ma Ying-jeou and Song Zihao is the brother of the lakes has been monitored by the police. John Woo's genius is that direct monitoring Jet is Zihao their pro-police officer brother. John Woo, of course there are many more tricks up their sleeves, because the , the film industry interaction and even the details specific to a certain interaction, because the details of the parts is only a film industry, .1997, when introduced as a Hollywood director John Woo Hollywood specifications of the . Cage coat flying in slow motion to see the Ma Ying-jeou on the scene. Chow Yun Fat want to Hollywood in 1997 after making a film, and early Hollywood films before 1997 people already familiar with Chow Yun-fat figure. Chow Yun-fat is no reason not Hollywood, because this is another of his dreams. Part I: Hollywood's temptations of a small small world of space (Figure)
in many people's minds, Chow Yun-fat is the most likely to become Lung, . For people to send him this title, Chow Yun Fat have had this said: ratio, otherwise immeasurably. you have keeps you in the Emperor himself, claiming to be the first r l Hong Kong are good, but can not be compared. He ratio. Chow Yun Fat really think that if you're just a Hong Kong actor, then you are not qualified with the Hollywood star than, because Hong Kong is just a small small world of space, and Hollywood is leading the global film industry's . Robert Chow, the United States? Cantonese spelling, an English name without foreign flavor. He's a tough time are still not foreign flavor. However, it is this non-Western style of the English name is the impact of the United States and more and more fans are familiar with, there are more and more American ; 50, 2005, Chow Yun-fat is indeed some . He has made such a choice, we do see the Ma Ying-jeou from cooperation with the Golden Princess was very satisfied with the contract expired, Chow Yun-Fat restored in 1994, starring Chow Yun-Fat, entry of new task is to bring a girl back to the Shaolin Temple in China to the United States, a task that he set foot in their intimate and unfamiliar country, his life has opened a new page. there shooting the film, a martial arts, there are jokes acclaim and performances of Chow Yun Fat extol, but most of the film itself has a negative attitude, that the film is not the subject content, the director does not know what to say. In 1994 Chow Yun-Fat shot only two films, in addition to Another is the director Wong Jing's a movie. film called big screen debut, starring Chow Yun-Fat is a legend in the Arab-Israeli peace to kill the king, the murderer who is still a tragic hero of color, the story eventually evolved into the story of a hero to save the United States. Early in the film directed by Wai Ka Fai barrel melt into the film a lot of complex and heavy ideas, which make the film takes on a sorrowful charm. However, this strong personal style with the director, the film has been a box-office fiasco. Chow Yun-fat for this view is: has its own style does not matter, but also the audience favorite stories. too self may lose a lot of film audiences. ; unknown. honor left behind, would like to learn more. Chow Yun Fat film's message to the United States has finally been confirmed, for themselves Buhuozhinian choose to Hollywood, Chow Yun Fat had this to say: attitude to learning, as if working, and now switched to other places. In fact, I think the most important thing is they have to cross the border, because it is their choice. go over there who are called to pick you, you pick one, or even may not have to pick the. all is unknown, probably several roles when I, I feel good wronged, it would rather not take, such as Chinatown, I do not want the boss, or the role of previously filmed. The history of Hong Kong films, Chow Yun Fat have such words: including the director and actors, they make films very seriously, learning from the television work of a work mode, so this phase of the Hong Kong film has both outstanding performance behind the scene is the era of Hong Kong films in the history of harvest .20 Century 90 years, since 1997, draws near, film and more money, that most concerned about is the market return (market return) how many, take the process very confusing. relative to the 20th century in terms of 80 years, and now the production model is very healthy . , broaden their area, no longer confined to a local film. When he had returned to Hong Kong after the new experience of filming, I believe would be more impressive. temptation (Figure)
1995 年 8 月 14 issue of years time. Back in 1985, Chen Kaige's Then there is John Woo's . Chow Yun-fat to prepare for the trip to the United States this time, the Hong Kong media also constantly broke some other co-actors and Hollywood studios news, with Jackie Chan and Sylvester Stallone . Willis cooperation news and Michelle Yeoh and Oliver. Stone met the news. and Chow Yun-fat is different, the three actors are the martial arts star. and Chow Yun-fat is better suited to the role of the Western movie In 1995 April, Chow Yun Fat go to the U.S. for the first preparation, the U.S. media keen sense of smell to respond quickly. Introduction Yun Fat begins to do. This article is entitled: Hong Kong's coolest After more than a month stay in the United States, Chow Yun-fat and returned to Hong Kong to deal with some personal matters, this period coincides with the under construction of the Hong Kong Film Archive Film Collection. few years ago, Chow Yun-fat in the organization, time have expressed hope that Hong Kong Film Archive to have an idea, which is a lot of people's aspirations of Hong Kong films, and now this wish was finally realized, Chow Yun-fat of course, full support. To this end, over the years received generous donations of their own 16 trophies to the Hong Kong Film Archive, Chow Yun-fat later explained: Let more people enjoy, so that all the efforts behind the scenes staff recognition. through the language barrier. For three years in secondary schools had only a Chow Yun-fat, it can almost be said to be learning English from scratch, at a time when Chow Yun-fat middle-aged man is 40 years old. It was true courage needed to The challenge, Chow Yun-fat is not afraid. Years later, when the legendary Chow Yun Fat's life was written into the language of Hong Kong secondary school textbooks, the American English, Chow Yun-fat into the University of Southern California when the auditors. at home and in daily life, his wife and brokers are trying to dialogue with him in English, in order to allow him to master English as quickly as possible the necessary tools to make a living. weeks later too recalled that, in order to learn authentic American English, Chow Yun Fat had to learn the chopsticks in his mouth tongue, as well as frequent nightmares. Chow Yun-fat side familiar with the language learning environment while waiting for the right jobs. this time, Chow Yun-Fat is no income, and he thinks it is necessary price. October 1995, Chow Yun-fat has not yet accepted in the United States to film the Asian American Arts Foundation awarded the first Golden Circle Award for Best Actor. For the reasons Chow Yun-fat's award-winning, and his American advisers explained: The awards ceremony, Chow Yun Fat met a famous Hollywood director Oliver. Stone. Chow Yun Stone praised the director's cooperation. This is the end, in Oliver. Stone and John Woo's strongly driven by Chow Yun-fat's in the Los Angeles Beverly Hills Hollywood Planet Hollywood restaurant and a number of directing, stars meeting are invited to attend the Motion Picture Association of America President Jack . Valenti, Mike, owner of the Phoenix. Maide Wei, a famous Hollywood actor James. Wood and other celebrities, Ang Lee and Chinese producers Yang Yanzi, who also came to help out. briefed the guests on John Woo Chow Yun Fat Chow Yun-fat in people's applause to reply: filmmakers to work together, I'm glad you gave me such a rare opportunity. In my career, I strongly shape the on screen characters unforgettable. I came to the United States, would like to learn, and willing to continue to make films . Replacement Killer eyes of the audience in the United States, the film lacks a record ...
Tuesday, February 22, 2011
July Falling Star season, cool state of mind
July will make watching, lazy mind is more and more of Juan Juan has. Dormant pen bit lazy not agitate equatorial record! Heart more and more pale, and silently watched some people turned away, some tangled emotions smoke spread in July, dissipated! looked at the brilliant fireworks-like obsession with love, and ultimately fall into the War Room hh sparse, crossed the shallow bottom of my heart there will always be sad! for her, for his true nature, Although it is far from the look, grabbing at one time have been emotional like that of the casual in enchanting.
loved, no regrets! always believe that true love is worth waiting a lifetime, I, pay! a person life, if lucky enough to meet the youth focused on youth, love, arrived in full and eventually became lovers know each other even the rationale, then it's not without Sin Sin Sin duck! but Meijuan and white world that the first marriage, a few people who see the kingdom of ? people are emotional individual, his life in the business of their own feelings! young, you Lennon Lennon I think that gap is to fill the void of loneliness full of love! wait until you really experienced the vicissitudes of life had their most sober What you want, you find that there was much missed by your disdain for the recovery of hh can no longer be so drunk and confused in the real, the thought that both physically and mentally from a pool of still water the old die, when suddenly in that One afternoon, you are pruning the garden quietly uphold the desert flowers in his garden after you, hit you gently say hello! So, you and did not know, a seed has been unpredictable species in the emotional the depths of your heart!
remember I once wrote in to express their feelings in these words: , In my mind, I always look forward to passing your garden is such a person. because I know from the reality of living in you and I, Chu Chen only has a heart, to let the fireworks bursting in the air, gorgeous Mi long! such a heart can not bear to see tears in their eyes always leave, could not bear to see heart-breaking dust. Many times a good achievement because of the distance, but more often, because of the distance will make you somehow gave birth to endless night of frustration, attack The desolate as grand as the fireworks bloom, and then help the scattered primitive dust hh
living in this world, who are not looking for one of the most comfortable position gracefully alive! Love the water passed away, people become calm and quiet light, and hearts are always One group did not embers of the fire, but stay out of tenderness vigorous canopy burning soul. But when true love comes, you have to stay out? afraid not moths, butterflies both physical and mental burn more sea! died long, slim Heaven, who heart never shake?! love to heart is the ultimate love to the extreme cold thinned. So, you Qieqie stumble walk free in the mortal world shallow lightly outside. because then you know the gorgeous fireworks only moment beautiful, although plain water is an endless stream of hh holding long memory, guarding incomplete, you say: contented in poverty. sit the little window, his thoughts Meteors, pleasant state of mind in the cool air conditioning. but also anger, and anger, but also corners, the spouses! or happy or sad, or Wu Chan. everything clear ethereal silence, moist static material objects are. , clear natural pure heart! no desire, very good hh
Hongxiutianxiang article reproduced from the tray.
loved, no regrets! always believe that true love is worth waiting a lifetime, I, pay! a person life, if lucky enough to meet the youth focused on youth, love, arrived in full and eventually became lovers know each other even the rationale, then it's not without Sin Sin Sin duck! but Meijuan and white world that the first marriage, a few people who see the kingdom of ? people are emotional individual, his life in the business of their own feelings! young, you Lennon Lennon I think that gap is to fill the void of loneliness full of love! wait until you really experienced the vicissitudes of life had their most sober What you want, you find that there was much missed by your disdain for the recovery of hh can no longer be so drunk and confused in the real, the thought that both physically and mentally from a pool of still water the old die, when suddenly in that One afternoon, you are pruning the garden quietly uphold the desert flowers in his garden after you, hit you gently say hello! So, you and did not know, a seed has been unpredictable species in the emotional the depths of your heart!
remember I once wrote in to express their feelings in these words: , In my mind, I always look forward to passing your garden is such a person. because I know from the reality of living in you and I, Chu Chen only has a heart, to let the fireworks bursting in the air, gorgeous Mi long! such a heart can not bear to see tears in their eyes always leave, could not bear to see heart-breaking dust. Many times a good achievement because of the distance, but more often, because of the distance will make you somehow gave birth to endless night of frustration, attack The desolate as grand as the fireworks bloom, and then help the scattered primitive dust hh
living in this world, who are not looking for one of the most comfortable position gracefully alive! Love the water passed away, people become calm and quiet light, and hearts are always One group did not embers of the fire, but stay out of tenderness vigorous canopy burning soul. But when true love comes, you have to stay out? afraid not moths, butterflies both physical and mental burn more sea! died long, slim Heaven, who heart never shake?! love to heart is the ultimate love to the extreme cold thinned. So, you Qieqie stumble walk free in the mortal world shallow lightly outside. because then you know the gorgeous fireworks only moment beautiful, although plain water is an endless stream of hh holding long memory, guarding incomplete, you say: contented in poverty. sit the little window, his thoughts Meteors, pleasant state of mind in the cool air conditioning. but also anger, and anger, but also corners, the spouses! or happy or sad, or Wu Chan. everything clear ethereal silence, moist static material objects are. , clear natural pure heart! no desire, very good hh
Hongxiutianxiang article reproduced from the tray.
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