Avoid the high valuation, the annual high-profile foreign companies
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in 2008 when I argued that strong brands to choose consumer goods and pharmaceutical companies, but because pharmaceutical companies have been overvalued, I portfolios basically no pharmaceutical company stock, there is no strong consumer products company (other than a quasi-consumer products company), but bought the company was sought after by the market.
a fixed sum of money as I enter the market of the time before ,cheap UGG boots, has been running almost two years to start the day if the April 11, 2008 to the time of my study February 3, 2010 (10:30) only, in accordance with the original set, then the industry to stock selection,Bailey UGG boots, investment How about performance?
stock name
date of commencement of the current stock price
yield
industry ownership
Remarks
Pien Tze Huang
29.3
37.53 < br> 28%
medicine
Yunnanbaiyao
28.4
56.5
98.9%
medicine
management capacity than expected
Mayinglong
16.51
40.31
144.1%
daughter of Pharmaceutical Medicine
20.57
27.6
34%
Henry Pharmaceutical Medicine
32.33
47.21
46%
Medicine
East donkey-hide gelatin
25.5
28.76
12.8%
medical consequences
stir Shuanghui Development
37.4
53.8
43.8%
food
Yili
17.67
28.73
62.6%
food
performed well even if melamine is still full of food
15.6
three
23.85
53%
food
Chengdeloulu
20
25.71
28%
food
Moutai
173.66
166.6 < br> -4%
high-profile victim of the food
Wuliangye
24.63
28.65
16%
market is not optimistic about bringing the food good price
Luzhou
36.97
34
-8%
food
been touted the performance of high-profile bad
Shanxi Fen
18.25
38.46
110.7% < br> Food
market is not optimistic about the benefits
Tsingtao
24.98
33.5
34%
food
lack of promising high-growth markets to benefit
Yenching Beer
17.95
20.2
-12.5%
food
Angel Yeast
15.17
31.94
110%
food
Jahwa
18.31
31
69%
health supplies
Merchants Bank
24.92
15.5
-37.8%
overestimate the overall financial
finance and insurance Ping
57.9
47.72
-17.6%
Insurance
Minsheng Bank
8.65
7.06
-18%
financial
China Life Insurance
29.32
27.2
-7%
Insurance
Gree
18.4
24.55
33%
quasi-steady and sure
consumer
Suning Electric
18.56
17.59
-4.9%
commercial chain
growth trap
Rebecca
13.97
11.4
-18.6%
consumer goods
stir victims
Changyu
70.7
70.8
flat
high-profile victim of the food
Double-Crane Pharmaceutical
22.45
25
11%
Medicine
Tasly
16.66
26.82
61%
Medicine
Overall, pharmaceutical and food companies (other than wine) very good performance , in particular pharmaceutical stocks, was also over-estimated, but two years down the still overvalued, investors lucrative pharmaceutical stocks, which may be a vision of health reform and the pharmaceutical industry itself,UGG boots clearance, the stability of the demand. can be seen from the table,UGG shoes, all high-profile companies, regardless of class or financial insurance liquor are too high given the market's valuation and access to poor earnings. those who are sought after high-growth companies particularly vulnerable to large, like Suning, Rebecca that is. Instead, is not optimistic about the company that markets such as Shanxi Fen, Ma Ying-long extraordinary results achieved.
this study shows that no matter how good the company without adequate margin of safety, its investments, are a disaster. This confirms Siegel found that the basic principle of investor return:
the stock's long-term gains do not depend on the actual profit growth, but on the actual profit growth and investors expect the difference between profit growth .
This is a truth. good company to be low in the market situation is expected to be possible steady profit.
like the battlefield in order to maintain troop strength to be considered as investment, too, if the investment is like rush rush war, as a result suffered a heavy defeat.
human error is difficult to change their will always be various reasons to avoid their mistakes, or even to correct this error into the trap of escalation into that trap more more deep. In order to avoid changes in the plight of the error, the best practice is considered before any decision is made, basically do not make mistakes.
(the companies mentioned in this article as a case for research only and do not represent recommended that any Accordingly the success of this investment were not responsible)
first draft of the February 3, 2010, amended March 29, 2010
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