Thursday, February 16, 2012

曾淵滄專欄 2012 02 16: Cash is King真正道理

Cash is King真正道理
前陣子二三線股狂熱炒作,我說市場傳出的理由是傳統基金經理入市,這些在去年底過於保守,持有太多現金,現在發現自己跑輸大市,急起直追,為了快步追上,遂集中力量買二三線股,導致二三線股升幅驚人。

昨日,《蘋果日報》財經版頭條新聞報道,今年 1月份強積金跑輸大市,這證實了上述的市場消息是正確的,去年底,許多基金經理相信 Cash is King,不要股票要現金,結果今日發覺自己落後於大市。

記得去年底我也曾經寫過一篇文章,討論甚麼態度才是真正 Cash is King,我認為 Cash is King絕對不是在股市低迷時賣掉股票持現金,你在股市低迷時持現金,股價再跌你也沒有膽量買,持有現金幹甚麼?最後只會眼巴巴地看着股市度過最壞的情況而回升,我認為真正 Cash is King的道理,是在股價低迷時,在樓市低迷時你手上有 Cash,這樣才有機會趁低價入市,看着股價低迷手上沒有 Cash,是很不好受的事。

低迷時入市才算贏家
昨日恒指急升 447點,重回至 21000點之餘,更向上突破,創出今年新高,看來基金經理已在二三線股炒了一轉,賺了一些錢再買藍籌股,畢竟傳統基金最後還是應投資於藍籌股,二三線股只能短炒一轉,以追回自己跑輸給大市的距離。

實際上,基金經理回身買入藍籌股,於前天已開始,當日恒指只升 0.15%,但是藍籌地產股在樓價出現小陽春的現象時,急升 3%至 6%,昨日藍籌地產股的升幅依然高過恒指平均升幅,相信也是傳統基金的基金經理在力捧,他們大量買入藍籌地產股,使到藍籌地產股的股價升幅超過恒指,這樣,他們的表現就會超越恒指大市,獲投資者的讚賞。

Source/Extract/Excerpts/来源/转贴/摘录: 隱形富豪投資王之路
Publish date: 16/02/12

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Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)
“错过时机”胜于“搞错对象”:不会全军覆没!”
做自己熟悉的事,等到发现大好机会才投钱下去

乔治·索罗斯(George Soros)

“犯错误并没有什么好羞耻的,只有知错不改才是耻辱。”

如果操作过量,即使对市场判断正确,仍会一败涂地。

李驰(中国巴菲特)
高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo


There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
冷眼(冯时能)投资概念
“买股票就是买公司的股份,买股份就是与陌生人合股做生意”。
合股做生意,则公司股份的业绩高于一切,而股票的价值决定于盈利。
价值是本,价格是末,故公司比股市重要百倍。
曹仁超-香港股神/港股明灯
1.有智慧,不如趁势
2.止损不止盈
成功者所以成功,是因为不怕失败!失败者所以失败,是失败后不再尝试!
曾淵滄-散户明灯
每逢灾难就是机会,而是在灾难发生时贱价买股票,然后放在一边,耐性地等灾难结束
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