Memoirs of a bear market

A young Chinese stock market since 1991 has been 18 years in a row. In these 18 years, the Shanghai Composite Index more than dollars, including 10 year bull market (up City); such as the Shenzhen Composite Index calculation, then 8 year bull market, on average, 9 years is a bull market, or in years Total, 18 years, half the time in a bull market, not as some people say the Chinese stock market is
ox mart namely exciting, merely the bear was memorable. Looking behind half of the period in the bear mart namely of large significance.

a year from 1993 to-1996 bear market

first say that 1993 round of bear market. I have driven one and a half, the Shenzhen Stock Exchange before the end of 1993 the company organized a enrolled consumer accounts of deep involvement in the stock market started to open one account, listen to friends that the stock market has fallen by almost half, and immediately there will be a colossal market pedestal copy, rip off intimidated to rip off threatened to The results of a market to catch up before a huge bear market. In early 1994, the Shenzhen market opened 233 points, 833 points on the card, six months after the end of 7, deep fully closed 95 points, 333 points aboard the card. At this point, the market decline has been 17 months,【 30 】 The nice amusement location merely no num, from February 1993 to the top of the Shenzhen and Shanghai stock market has fallen 74%,Deadly accustomed namely eating your life, respectively, and 79%. Then in the And has been followed at a whopping Yindie early 1996, Shanghai fell 512 points, 105 points in Shenzhen. The beginning of the end of the 1993-1996 bear market.
this round of the backdrop is the 1992 bear market square lead to serious inflation, while the inflation rate (CPI) jumped rapidly, reached 24% in 1994. Premier Zhu took charge behind the go of the State Finance announced that the first entity to engage in maintain and mushroom the rate of increasing subsidies.) In this context, the stock market, Break down behind a few months after finishing, has been dropped to 325 from 777.
During this period, not shares of a stock is no deep down, almost all of the shares fell. In Shanghai there are a few typical But when the In my memories, down to the end of city, Shenzhen has no stock of more than 10 yuan, 5 yuan to merely 2,3 merely, such as the evolution of deep, deep in the sets, etc., and 2-3 per penny of the stock is basically the proportion of 90%. Last day at the turnover in Shenzhen is merely fewer than 5,000 yuan, in counting to each day of the fall, do no understand what it's like a rose.
During this period, the popular
However, in August 1, 1994, After rising continuously, had a blowout and then began to corner down a half months, always the direction Yindie more than ... ...
Even so, after the bear and the just dropped. Index 阴跌, but the Shenzhen stock market has silently fired a Their mutual traits are: small blue chip plate, superior representation, and are only listed shares in 1994. Shenzhen's antique shareholders have the face of this Shanghai stir when he kept there,
market by and by I was equitable entirely do not understand Shanghai's gave me the vigor to put into the stock market actually absence, alternatively even detest this like Shanghai, Shenzhen stock market and the stock market. So, first I arose to a Back when comparing that now, I even meditation that the 21st century
Oddly enough, antagonism the bear market gives the bitter memories, but up to 1996 bull market, I constantly miss that land is more than 2 million shares, he thought, come back after if the bear market I you had better cherish it. Do not look at me less money, but I can purchase a lot a lot more than just 2 million shares of the smoke Baiyao, universal tide, Shen Nengyuan ... ... and so the latent of high-quality shares of stock, take it, I do not deem the hereafter will be lack of everyday necessities !
so that the bear market experience, since I also have a species of bear special love. Pessimism on the stock market? Oh, at least from then on that feeling in my center disappeared.
II
bear market namely began in 1997 with the 1993-1996 bear market annuals of 1997 likened the correction from 1510-1025 about negligible. However, improper holding human tin mention this is a In reviewing the market pinnacled in 1997,Explorer,Lacoste Shua Lace Trainers, ahead 1996 look at the end of paragraph episode:
1996 年 12 mid-May, the Shenzhen and Shanghai persist, the risk from the presenter made a beginning to the frantic articles like Introduction of fashionable trading rules also change: from T +0 to T +1, and the training of stock amount limits restrictions (the trading system until now have not really changed!). Next day, people had not penetrated the picture emerged: all the shares because a daily restrict on opening, but almost no turnover. In this way, losing streak a week, a extend of Shenzhen fell 270 points from 476 points a few days if it does not know what it is shrieked
people slowly realized: the management not to fried junk stocks? Well, we worked to fried blue chip stocks! From then on, Shenzhen Development Bank, Sichuan Changhong, deep technology began going up, got out of hand: 50,60,70 yuan ... ... all the way to activate the log high stocks. Until May 1997, the treatment and moves: the issuance of 300 billion new shares; ticket responsibility to 0.6%; state-owned undertakings, listed companies stocks may not have shares to be thrown. - Three new plan. Stock market as the ball hit the wall, began to turn down the impact, has been down to 9 at the end. 1510-1025.
Since then, the air has changed another, development, Changhong and additional symbolic Yindie after a rebound, and the emergence of new junk stock market: Meilen shares (TEDA shares), Chuan Long (Top Software, has been delisted), Beijing Bridge (Bluebird flyover), the extension of the Industry (Founder) began threw all the way up, the more do not understand more up - up to 4 years of funds restructuring shares market began. The 96-97 years blue chip stocks peerless scenery of Sichuan Changhong, Shenzhen Development Bank, and so began a long junket in prison: do not back the long way down. 1996-1997 mouth began to make big money call It can not peruse the garbage up, blue chips or the stock market until 2001, the junk stocks when the share price to 2001 income in general are more than a natural (even the 30-50 times PE) to weigh the blue-chip share prices. The February 2001, Wu Jing Lian speech: the Chinese stock market like a big ############. Oh, he did, when bookstores are all about the stock's book The ############ did not so much It seems 2001 is the concordance of the real underlying reasons of the break.
So, in my impression, that round of a bear market can be said that from May 1997 to begin until the end of 2005, 8 years of long-term 阴跌 - look deep into a mean, Shanghai 180 (the elemental SSE 30) to know.
has been said since 2001 the decline was due to Without this policy, the stock market will not go down it? When the balloon is to blame a small pebble stones so bad after misfortune to scratch the grievances of the ball instead of beating off inflation, and this is a lot of