Whether the mart namely yet open dissimilar wheel

Moderator: Li Nan guests: Zhang Jingdong Li Chi
Moderator: Today (July 28) is the guest a Jingdong; another is Li Chi, He has short positions in August last year, and earlier this year also informed me not to admission, but recently he has begun to admission, is what makes Lee Chi re-admission? Bear market bull market in the sense that with what is the inconsistency?
bear market to bring you the chance to sow
Li Chi: I think the bull market is to deliver a profit opportunity, the bear market is to allow you the opportunity to sow. So I say to make money will depend on the next bear market, bull market must rely on the last farm, I look at a bear market and bull market. So, I used to say, as a value investor, more like a bear market.
Zhang Jingdong: only a storehouse full of bull market people may feel that the United States, a bear, estimated that only people with short positions will feel the United States.
Moderator: in the end is what allows you to re-admission, you see?
Li Chi: the stock market, you have to use your own eyes and minds to see, to think, so you can independently determine, before the extra recent from the right.
Moderator: Yesterday, an story entitled sentence: is not I do not know this strange world.

Li Chi: everything has a degree, like the Chinese Eight Diagrams as a snakehead twisted attach with a pearly fish, white fish blackfish brain of TV screenplay tail, when he scale up dark, when in fact he has entered into a scope of pearly. If the bear is actually black, white bull, and they two always tangled together, head and tail spliced. So, if you can accurately judge the extensive bulk of people think now is a bear market, is possible to have way to a scope of white fish.
Moderator: So you had admission in June, and 2700, ten Lianyin afterward you admission, and the bravery to annihilate inside.
Li Chi: I may be the biggest in the dingy when not to, on a shot. I have no direction to statistics, I just felt themselves to some changes in this market.

Moderator: I see you have a question about intellectual, wise, intelligent people to define, in your eyes, what the stock market which is retarded, what is wise and what is smart people, you are which one?
Li Chi: I hope I can feel wise behavior and analytic of that category. I am the incipient classification,GHD IV Pure Straighteners, who is mentally retarded persons, knowing, intellectual coming to an end, as with mentally challenged, there is no difference.
Zhang Jingdong: I feel favor I have not seen a real wise, most people think he is wise, who do not admit that he is retarded.
Li Chi: I said, smart people, you may be talking approximately smart people think he is advisable.
Zhang Jingdong: I think, sometimes near to the wise, it tends to feel very painful.
Moderator: Because the others to you as impeded.
Zhang Jingdong: Not merely that, as he often does not see things the same as usual others, or watch additional people do not discern someone, this period is constantly very bitter.

hair to buy a dollar with the 4 things
Moderator: Last time you leave, I ask you what margin of safety, your reply is, I used the money to buy a 4 USD hair thing, is secure, now you approach, can not you see the hair with a 4 to 1 dollar to buy something?
Li Chi: 1 dollar something, first you are very laborious to judge, then a dollar resort to 4 fold, the two are not sure, if necessary operational. So just say the wise, mentally challenged the subject and that method act the wise thing, indeed can not tell too many reasons why you think he is not wise. Buffett to sell the oil reason is that China's stock market rose to 1,000 points from the short term more than 5,000 points, a huge short-term gains, not the behind water.
Moderator: appraisal of his time, many smart people do not understand China's national conditions.
Li Chi: I think Warren Buffett is certainly wise can be classified into this category.
Moderator: Sometimes the same person as mentally retarded.
Li Chi: To calculate a precise and 4 cilia, in fact, beautiful human want apt do things. You fair inquired how apt determine that we do not ambition to mention, in fact discount the off-season has begun, and yet in clearance, and you do not have to do careful research. When we do not absence to, about maximum things are cheap.
Moderator: We have not had that consciousness, I would purchase.

Li Chi: speaking we think that it seems a bit too normal. But at least I think Buffett also said this: everyone panic, I am rapacious little; all greedy, I must panic. We put up on the corresponding month of the point, is not most people in alarm? According to my prescience, ten Lianyin, the market scatter fear, we say that each person should sell the stock.
Moderator: you can not see sentiment indicators?
Li Chi: No, this is at least an major indicator.
Moderator: Anything else?
Li Chi: if it is George Soros or Warren Buffett, I believe they see this arrow. There PE, PB these indicators, merely also related to the international mart to dynamically than statically ratio. Static than is the United States happened in subprime mortgage, banking, real possession fall ferocious. Because the banks lose money, the house did not sell real estate, so it is a huge problem, reported colossal losses every quarter. Domestic banks reported out of that? 50% of the growth is cheap,GHD IV Styling Set, and these are the mammoth banks, such banks, so to make money, also emulated the American banks, as splinters sliding, there is no cause?
Zhang Jingdong: But researchers acquaint us that they would later decline.


banks make money is the most conservative variety
Moderator: trend is downward.
Li Chi: it fell down to find reasons to give the absolute. Last year, when 6000 is said to be on a lot of fellow 8000, 10000. So I want to repeatedly emphasize that we must own, do you think Chinese banks with U.S. banks is not accurate the same, I think that is not the same.
Now,GHD Hair Straighteners NZ, China's banks is a large boost in cycle duration. Still a little difference with the real estate banking, real estate is simply to buy land, build a house, sell it. To buy land there are 2 possibilities, an is very valuable to buy, or the relationship did you obtain the cheap through the land; a is engaged to auction the land. If the real estate trend is very explicit shot to shoot you, and house prices drop, you have a sell, not make many money; whether you had to take cheap, selling the house when they are in full sway, and selling made a lot of .
relatively uncomplicated so the trend of real estate, but not the same bank. Banks, including assurance companies, is to share the entire of China's economic growth. If you do not have confidence on this point, it truly did not dare to do what we do about providing to do for 18 years, forever have reassurance in our country.

Moderator: Many people think the future it will fall.
Zhang Jingdong: Actually, I base that every time the stock market to a premonitory moment, for instance, wade properly, when about to approach the peak, you then have a bad feeling, but only just a feeling, you can not find the market which support the reasons, including last October, I said medium-term correction to come, and I could not find anybody reason to market to all the signs are good, but also to macro- Well, manufacture is also the good, the company has the better. It seems to me, too, likely you looking fhardly everme reason, can not find.
Moderator: That is the feeling. We see all of the asset are selling real estate, finance. Why are you optimistic about the big financial, it is we are not promising, it is completely feelingful efficacy?

Li Chi: not so simple abandoned as I favor. But he jumped, and I take because I had reason to judge. 1 to 3 years standing point of view, I think after the listing of Chinese banks, bank chief adequacy, the anti-risk aptitude to strengthen the bank commerce model can change, the food spread from a single prototype to many the shadow of a profitable space, such as credit card, third-party bargains, etc. China's economy is actually a lot of things have occurred inside the bank's presence, so the hereafter if China's economic improves, I think the banks make money is the most conservative variety.


Li Chi: I was so inspiring to own, buy, the sets of 12 months I am not terrified, not 12 months among which to make money. Be a mentally dared, I am compliant to bear the quilt for 12 months, to allow the market to a variety of negative elements are digested. But smart people want to buy it up tomorrow, I can not do this, I never did do that. Vanke in 2005,GHD Mini Salon Styler Straighteners, a friend listened that I bought, I forgot a thing, a friend told me that, you set me 7 months, I earned 17 times, I can not believe there such people, this is the case with me, so that was caught on the mentally retarded is not to say,GHD Black Butterfly 2011, the opener moment to look at other sell.
Moderator: At this point a amount investor admission, we think the stock market is full of wish.
Li Chi: I am willing to persevere 12 months of creature stuck with the grief. The reason is held, waiting for the value evident. Investment is how to make money, and I analyze it. In my opinion, is the dual sibling of investment and assumption, I've also talked about such a term, your real investment Ye Hao, Ye Hao speculation, essentially arc.
Moderator: You are now entering what is production money?

Li Chi: I now approach, or to await because the corporation better. I am personally optimistic, I do not think next annual ambition be a colossal fiscal sector quick ebb, or even losses, which is to determine its profitability is still growing, just slower. Almost always domestic research companion finance are such decrees, earnings slowdown is not hideous, it is so price-earnings ratio to ebb.
Moderator: Lee Chi is to long-term hold it?
Zhang Jingdong: while he intended to buy long-term hold, as while he sold, and that is another stuff.
Li Chi: Yes. I bought Vanke, China Merchants Bank when, first in 2006. I said, I would hold it a lifetime,GHD Benefit Styler, I think this price I am at ease. The result? I have two and a half all sold out.
Moderator: Well, this time it? You do not say this, this two-day gain, up too fast so you feel it? Has gone further your expectations, and if so, then up, will immediately reach the point that you sell?
Li Chi: up too quickly these days, I decide a person, it is slow enough for numerous people. Therefore, different eyes see the globe inside is another.
Moderator: other fund directors said the bear market, then you determine what stage is now?
Li Chi: bear market the second half.
Zhang Jingdong: I think the second phase of a bear market.
Moderator: total digit of stages?
Zhang Jingdong: three stages. If you work up, and the latter the third stage may fall a little more, this time if the heave was fewer, then the third stage may be very small decline.
Moderator: We have the most terrible bear hide over?
Zhang Jingdong: the worst fall, is clearly over.