129784668198960000_336PE greater fool is hard dive 432 companies make $ 171.5 billion
Represented by the GEM's "three-high" release, there was a public PE "sea and earned". 150.82 times times, 138.46 times times, three times, these jumpy because gem listed company earnings, as the balloons began to leak, keeps shrinking. Securities and shares new rules drawn up future of listed companies to issue earnings ratio does not exceed 25% Of maximum value. Although this is not for "top edge" PE, but immediate combat effects to PE high return on investment. While some people think, issued new rules lifted the share transfer of the duration of the lock, allowing the old unit, actually in favour of PE. I'm not worried about this, because the issuing price controls were the focus of reform, small foam, PE arbitrageThe small space. How cannot fail to PE-reward? Quietly into the PE-remember Adam Smith's the wealth of the village, has a similar presentation: to the land of wealth, to rent receipts. There's a lot of wealth, is the production and land as a basic means of subsistence, provided to producers of basic materials from soaring; second, land with the help of differential rent,To change now, shares, asset securitization, can create significant wealth, three is "intent" understanding, production activities should start from the most basic information
tera power leveling, by continuing to create and add value, step by step, realization of investment income. PE as a popular trend of capital, recently starting from 2006 and 2007 bull market at that time. After the 2008 financial crisis,PE momentum continues unabated, burn it up. This logic is that industry was well done, so switched to PE this "money". The late last year and early this year, as people worried about the macroeconomic Outlook and high funding costs of the community, I believe that PE is about to enter a corner. 2009 a brokerage said two story researcher "overboard", join theHot PE. Said a special industry of Hunan logistics to find money, get IPO members, listed in two years. Today, the myth has no stamp from breaking. Relying on media with pedestrians last year I said that he cast PE Fund wound up 3 years ago. Vote is a famous secondary markets in Shenzhen private leading PE, when the threshold is not high, are few 100,001�� A few years, few investment projects, and general partners (GP) is too much, a meeting of people looking for uneven, thus winding up leave it at that. Principal is fortunate that this man to recover. PE has too many rings, outsider looked busy. But when I interact with many entrepreneurs, their PE is not cold. Family business, financing of capital may be blood, manage externalIn, why do you want to take out equity Bandit troops of PE? Of interest, may wish to take a look at recent two be listed enterprises in Chaoshan (Guangdong Sheng Li Tai pharmaceutical, Guangdong in autumn). I suddenly thought, world's first Apple, with or without PE? Intel, Microsoft, Hathaway Warren Buffett has no PE? Excellent enterprise "narcissism", it has its own ideas and visions,Never affected by the interference of the likes of PE. Clear, PE is to service the real economy to bottom, this year's award-winning "financial services economy". Zhuang Xin, Vice Chairman of the SFC has recently said, causing recognized one of the lessons of the financial crisis, "this is excessive investment innovation, to a certain extent for the real to the virtual removal". Zheng Yonggang, Chairman of Shanshan, a few days ago about PE-homeAnswer: "now that people are doing PE, investment, I think this era may be upgraded, not necessarily good to do in the future. Because it's caught up with this gem of a wave, I want to gem will be a thing of the past, such a high probability of PE is not too large, or to value. Industry, I think it is the foundation of industry, is the basis of economicI felt no real economy, which so many of PE investment project. "Since the beginning of 2008, Shanshan listed equity has 400 million, its highest market value of 11.9 billion, is worth only 5.2 billion. Firs of lithium battery material, is affected by the stock market of the year in fashion. But firs annual report last year, its gross margins remain lower than the brand clothing of lithium battery material 6%. LithiumMaterials belonging to the firs PE investments, but the effect is not what you can see so many years. PE big brothers, Shenzhen innovation investment and Jin Haitao Chairman said a few days ago: "2011 is a year of big change for PE development
tera gold, industry profit trends and risks are from low-risk, high return and low risk-low income, and earnings trends of the transformation of the risk". True words! SoI investment Dan Xiang double so-called "decided to take a 20 minute business" story, just listen. Emerging industry "in the spring", listed or zoom PE PE greater fool is hard to create wealth effect "Pareto optimal". This statistic more than more than 700 small and entrepreneurial companies, with a background of PE capital company has 432, PE make 171.5 billion�� Really is no PE, not listed? More than 400 companies, PE multiples return on investments in more than 100 times, percentage of less than 10%. Most of the PE of listed companies return on investment in less than 10 times (about 60%), theory of the term structure of interest rates taking into account, of years of PE investment income rate is not high. I summary of several points first, PE has both greater fool and playCapital nature of life. In April 2011, listed on the main Board
tera gold, British Victor PE Cheng Cheng Enterprise, its promoters, joint success greater fool of the listed companies.
Relying on huge high songgu twice, 3 PE profit multiplier mentioned above should be more than 200%. Huge greater fool by PE, PE is also offering people greater fool. Such as loncin General be listed companies, the country11 private finance led by PE as well as with the price of shares, investment earnings of about 12.3 times. Early stock market bear, gem was recorded the lowest 16 times earnings. Under the new system, loncin General as listed on the main Board, stake PE can earn back the costs are an issue. Second, the brokerage Department of direct investment and PE, Sapo shuaheng, and "the madness of the last" trait. From "Recommending direct investment "to direct investment, brokerage of PE cannot always get rid of the impression of the market shares held, which could lead to tighter management control. Finally, PE clusters in LED, photovoltaic, new materials, bio-industries, such as, will also be pushing the industry stake in the threshold, increasing corporate costs, paying for public investors.
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