A brief history of stock development

The stock market is very emotional. It must be wrong for you to evaluate by reason. Therefore, when buying and selling, we must consider the market sentiment. The specific performance is the fanaticism of bull market and the fear of bear market, in other words, serious overbought and serious oversold. Here, I share some introductory knowledge about stocks for your reference.

A brief history of stock development

China stock history

19 16, Sun Yat-sen and Yu Qiaqing, a Shanghai businessman, jointly proposed to organize the Shanghai Stock Exchange Co., Ltd., and submitted the articles of association and explanations to the Ministry of Agriculture, Industry and Commerce for approval. 1 920 February1day, the Shanghai Stock Exchange held its inaugural meeting in the General Chamber of Commerce. On February 6th, the exchange held a board meeting and elected Yu Qiaqing as the chairman.

1920 in June, the Ministry of Agriculture and Commerce finally approved the establishment of a stock exchange in Shanghai. The operation mode is based on Japanese research institute and employs Japanese consultants. 1 920 July1day, the stock exchange opened in the form of a joint-stock company, and the trading targets were divided into seven categories, such as securities and cotton. This is the earliest stock in China Hyundai.

China's stock issuance has experienced the Qing government, the Beiyang government, the National Government (with Wang puppet government in the middle) and the New China People's Government. The currencies used to buy stocks are silver, silver dollar, legal tender, certificates of deposit, gold certificates of deposit, gold certificates and RMB. Today's collectors divide the stocks issued in the past 100 years into: Qing Dynasty, Republic of China, Liberated Areas, New China, New Period, shares of listed companies and stock subscription certificates.

The main domestic transactions are all Shanghai Stock Exchange and Shenzhen Stock Exchange.

World stock history

Stock has a history of nearly 400 years, and it appeared with the emergence of joint-stock companies. With the expansion of business scale and insufficient capital demand, the company needs a way to obtain a large amount of funds. As a result, an enterprise organization appeared in the form of a joint-stock company, which was jointly funded by shareholders.

Stock related pictures

The change and development of joint-stock companies have produced financing activities in the form of stocks; The development of stock financing has produced the demand for stock trading; The demand for stock trading has promoted the formation and development of the stock market; The development of the stock market finally promoted the perfection and development of stock financing activities and joint-stock companies. Stocks first appeared in capitalist countries.

The earliest joint-stock limited company system in the world was born in 1602, the East India Company established in the Netherlands. After the emergence of joint-stock companies, they have been widely adopted by capitalist countries and become one of the important forms of enterprise organization in capitalist countries. With the birth and development of joint-stock companies, the way of raising funds in the form of shares has also developed, and the demand for share trading and transfer has emerged. In this way, it promotes the emergence and formation of the stock market and promotes the perfection and development of the stock market.

16 1 1 The shareholders of the East India Company traded in the Amsterdam Stock Exchange, and later a special broker arranged the transaction. Amsterdam Stock Exchange formed the first stock market in the world. Limited by Share Ltd has become one of the most basic forms of enterprise organization. Stock has become an important channel and way for large enterprises to raise funds, and it is also the basic choice for investors to invest; The stock market (including the issuance and trading of stocks) and the bond market have become the important basic contents of the securities market.

Basic knowledge of stock introduction: how to choose a good stock

First, don't care about small interests ideologically. For example, a band, a little price difference, even pay attention to hanging low and hanging high for a few cents when buying and selling. People who focus on petty profits and speculate all day can't achieve great things. Although some investors know that a stock has excellent growth and development prospects and can rise tenfold in ten years, they always stare at the ups and downs after buying and care about the difference of a few dollars. As a result, they picked up sesame seeds and lost watermelons, but they couldn't buy them back, because they lost a lot. For example, Kweichow Moutai, China Petroleum and China Merchants Bank, many stock friends followed me to buy at a very low price, but few people have held it until now. In fact, none of the world's top investment masters are short-term speculators. If you think about it carefully, you will know that since the overall trend of the stock market is always upward, investors should have lofty goals, firmly grasp the stocks of excellent companies, make up their minds to make enough profits, and finally become billionaires by time.

Second, the operation does not pay attention to small skills. For example, high throwing and low sucking, stop loss, bottom top, pyramid structure, window of time, golden section, including the so-called bull market strategy, bear market strategy and so on are nothing but skills, not wisdom. There are more than 100 kinds of dazzling technical indicators in technical analysis, which are full of various seemingly subtle skills, just like the "2 1 point winning method" in casinos, but they are actually some small skills. How many people can succeed in this operation? Among them, wave theory is the most typical. There is a small wave inside the big wave, and there is a small wave below the small wave. There are always countless possibilities for trends. How do you operate it? Later, investing in stocks decided the "five noes" (I once said three noes): not following the market, not listening to news, not making predictions, not paying attention to skills, and not believing in technology. The most fatal problem of technical analysis is to break away from the company's fundamentals and explain everything with air-to-air price changes, that is, to break away from essence and phenomena, or to talk about phenomena from essence. Investors should give up all skills. This is not an exaggeration, but an important conceptual issue. The ancient Xiang Yu said: "Learn the sword and be an enemy; Learning books, ten thousand people are enemies! " The general may not be a sharpshooter, but he can command thousands of troops. The true master of the world can win without any weapons. Buying and holding for a long time, though simple, is a wise knowledge. Wisdom is better than skill. In fact, as long as you have blue-chip stocks for a long time in your life, you will never enjoy them, just like 18 Liu Yuansheng, who became a rich man by holding Vanke.

Third, the mentality is stable. Ignore the ups and downs of the market and don't be afraid of "9? 1 1 ",the financial crisis and the recent US subprime bond crisis, etc. Unstable mentality is the enemy of long-term investment. A sound and stable nervous system is an important condition for winning investment. At the same time, don't bother yourself with predicting short-term trends, which is actually a fortune-telling for the stock market. As soon as investors predicted, God smiled. I have always advocated not looking at the market, not looking at the red-green jump of prices, as long as I care about the fundamentals of listed companies. I did technical analysis for five years before 1999, and I worked harder than when I was in college. Finally, it is concluded that the short-term trend cannot be predicted, and there is no need to make short-term prediction. Before the reform and opening up, it was the biggest "bottom" of China's economy, and there was no "top" in this life. We should only care about whether it is an excellent company, focus on the future of the company, choose long-term holding and pay attention to long-term returns.

Fourth, the horizon is high. If you have great boldness of vision, you won't always stare at mediocre and failed companies, that is, you won't buy junk stocks, you will make up your mind to own only the stocks of the best companies, and you will strive to improve your quality and skills and hone a pair of eagle-like sharp eyes to distinguish various companies. We should choose excellent companies, not only the best in the industry, but also the best in the domestic market, and it is best to compare them on the world stage. We should spend our time and energy on choosing companies, try our best to make all our stock varieties the best, open an account, and let a hundred flowers blossom instead of weeds.

Investment atmosphere is very important, otherwise the essence of academic value investment will not be learned. Of course, learning value investment is much better than learning technical analysis and listening to gossip, but it doesn't mean learning Buffett. Learning from Buffett is the pursuit of Excellence and atmosphere on the basis of value investment. With atmospheric thinking, you can have lofty goals, long-term vision and lofty thoughts. Be a good person, buy stocks and invest money in companies that have a positive impact on society. There is a saying in Mr. Rong Yiren's family precepts that is worthy of our emulation: "Aim high, fortune is medium, happiness is low", and the first one emphasizes that we should have lofty aspirations. This is very important in guiding ideology and investment philosophy.

Stock selection should be strict

YEATION stock is the main contradiction of stock investment. The core problem of investment is how to get higher return with lower risk. To solve this problem, we must choose the right stocks. What is the investment concept? This is the investment philosophy.

Looking back at history, among all the traditional stock investment theories, the most basic theory is the "long-term friend theory". There is a famous saying in this theory: "Buy at will, buy at any time, don't sell". It captures the key problem of the stock market going up forever, but unfortunately the method is not rigorous enough and the thought is not excellent enough. I advocate critically inheriting this classic: I oppose "buying casually" because it will affect the long-term income level and become mediocre; Some agree with "buy at any time" because "buy at any time" is suitable for most people; I totally agree with "not selling" because "not selling" has grasped the general direction of investment. My motto is "Choose strictly, buy at any time, not sell".

The brilliant achievements of many investment masters in the world prove that strict stock selection is extremely important. Let's focus on the issue of "YEATION".

This has to mention the "random walk theory", which is inexplicably widely known. In order to prove that the market is effective, investors' stock selection work is futile. Taking monkeys as an example, it shows that it is not necessary to spend time carefully selecting stocks, and the result of stock selection is not much different from that of monkeys throwing darts. Although this experiment is very interesting, it is not scientific, and it can't prove the correctness of "buying casually", because most people's attention is attracted to the monkey by the experimenter, but they forget that the investors who compare with the monkey are mediocre investors (to be precise, some Wall Street stock critics). So Buffett seriously pointed out that if the market is always effective, we people have to drink the northwest wind.

To be an excellent investor, we must strictly select excellent companies.

So what kind of stocks are amazing? There are two main meanings. First, you can own a few stocks that increase by 100 times in your lifetime. I have owned several stocks that have risen more than tenfold in five years. I believe that one day, a stock will rise by more than 100 times in my collection. I'm over 50, and I feel it's too late, so I only dare to mention 100 times. I have different requirements for my daughter. I want to own a few stocks that have risen more than 300 times in my lifetime. The second level means that the selected stock must be "loved by thousands of people", that is, it must have a variety of unique competitive advantages. No matter which way you look at the company, no matter how harsh it is, you can't pick out the problems that affect the company's long-term growth and income. It is so outstanding and outstanding.

Mathematical principles of stock investment

The return on stock investment can be calculated by the following formula:

p = B(R _ m)_(V _ a)_(T0+t)

P- investment income; B- investment principal; R- individual stock positions; M- the number of shares held;

V- direction of stock price; A- strength increase speed; T0- Purchase opportunity; Hold the time.

In the principle and method of stock investment, problem 1 solves V, problem 2 solves A and T, problem 3 solves T0, problem 4 solves R and M, and problem 5 confirms T. ..

Through the confirmation of five questions in series, the principal of the investment is accurately matched with the stock price direction, intensity growth rate, buying opportunity and holding time of the target stock in the four dimensions of target, time, space and position, so as to obtain higher returns repeatedly and continuously under the premise of controlling risks.

Through the above mathematical formula, we can also deduce the wrong method that will lead to major investment failure:

1, contrarian investment. Buy or hold stocks whose overall trend is declining.

2. invest in weak stocks. Buy or hold stocks with weak stock price strength, seriously overvalued company market value, large-scale reduction of non-shareholders and non-shareholders, falling business volume price and unable to increase profit scale.

3. chase high and buy investment. When the stock price rises to a high level, it will take 30 minutes or a daily selling point to buy.

4. Bet on dark horse investment. In the non-leading sector, bet on dark horse shares or over-diversification.

5. Take profit without stop loss. Buy and sell, profit 1 week. I wanted to make money every day and change new shares every week. I sold the leading stocks in the leading plate before the end of the daily upward trend. If there is a loss after buying, it will not stop loss and hold it for a long time in a large-scale downward trend. After the loss increases, it will increase the position against the trend, resulting in an increase in losses.

In addition, stock investment also requires us to maintain rationality, patience, courage and emotional stability. Do your homework and plan every time, and be responsible for decisions and results. Only listening to external news to invest in stocks that don't understand the company's business and intrinsic value violates the investment principles, has no discipline and patience, and is very unstable during the investment period. If you want to get rich overnight, or you can't stand the fluctuation, your investment will fail.