Whether the mart namely yet open different wheel

Moderator: Li Nan guests: Zhang Jingdong Li Chi
Moderator: Today (July 28) is the visitor 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 difference?
bear market to send you the opportunity to sow
Li Chi: I think the bull market is to deliver a profit chance, the bear mart is to grant you the opportunity to sow. So I say to make money will depend on the afterward bear market, ox market have to depend on the final crop, I look at a bear market and bull market. So, I secondhand to mention, as a value investor, more favor a bear market.
Zhang Jingdong: only a warehouse full of bull market people may feel that the United States, a bear, estimated that only people with short situations will feel the United States.
Moderator: in the end is what allows you to re-admission, you see?
Li Chi: the stock market, you must use your own eyes and minds to look, to think, so you can independently make sure, ahead the more recent from the right.
Moderator: Yesterday, an article entitled sentence: is not I do not understand this strange world.

Li Chi: everything has a degree, like the Chinese Eight Diagrams as a snakehead tangled attach with a white fish, pearly fish blackfish brain of television screenplay tail, when he scale up black, when in fact he has entered into a scope of white. If the bear is actually black, white bull, and they two always twisted together, head and tail attached. So, if you can accurately judge the extensive bulk of people think now is a bear market, is promising to have way to a range of white fish.
Moderator: So you had admission in June, and 2700, ten Lianyin later you reception, and the bravery to annihilate inside.
Li Chi: I may be the biggest in the black when not to, on a shot. I have no course 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 tin feel sage action and considering of namely category. I am the incipient category, who namely mentally checked persons, knowing, intellectual coming to an end, equitable as mentally challenged, there namely no difference.
Zhang Jingdong: I feel like I have not seen a real wise, most people think he is wise, who do not confess that he is retarded.
Li Chi: I said, smart people, you may be talking about smart human think he is wise.
Zhang Jingdong: I think, occasionally near to the wise, it tends to feel very bitter.
Moderator: Because the others to you as retarded.
Zhang Jingdong: Not only that, as he constantly does not see asset the same as usual others, or see other people do not see something, this time is often very painful.

hair to buy a dollar with the 4 things
Moderator: Last time you quit, I ask you what margin of safety, your respond is, I used the money to buy a 4 dollar 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 USD someone, 1st you are very difficult to judge, then a USD resort to four fold, the two are not sure, if it were not for operational. So just say the wise, mentally challenged the subject and that method doing the wise thing, naturally can not acquaint also many reasons why you think he is not wise. Buffett to sell the fuel 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 acquisitions,GHD Blue Styler Straighteners, not the back water.
Moderator: evaluation 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 count a precise and 4 hair, in fact, smart people want to do things. You as withked how to determine that we do not want to say, in fact deduct the off-season has begun, and already in clearance, and you do not must do careful research. When we do not want to, almost most things are cheap.
Moderator: We have not had that sensibility, I would buy.

Li Chi: speaking we think that it seems a bit too natural. But at least I think Buffett also said this: everybody terror, I am mercenary little; all ravenous, I must terror. We put up on the corresponding month of the point, is not most people in panic? According to my perception, ten Lianyin, the market spread fear, we say that every person ought sell the stock.
Moderator: you can not see sentiment indicators?
Li Chi: No, this is at fewest an major indicator.
Moderator: Anything else?
Li Chi: if it is George Soros or Warren Buffett, I believe they see this indicator. There PE, PB these indicators, but also related to the international market to dynamically than statically ratio. Static than is the United States happened in subprime pledge, banking, real estate fall fierce. 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, and these are the monster banks, such banks, so to make money, also followed the American banks, as splinters sliding, there is no reason?
Zhang Jingdong: But researchers tell us that they would after 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 another accent that we must own, do you think Chinese banks with U.S. banks is not exactly the same, I think that is not the same.
Now, China's banks is a massive amplify in cycle time. Still a little difference with the real estate banking,GHD Straighteners, real estate is simply to purchase land, create a house, sell it. To buy land there are two possibilities, an is very valuable to buy, or the relationship did you get the inexpensive through the land; a is busy to auction the land. If the real estate trend is very explicit shot to shoot you, and house amounts drip,GHD Hair Straighteners, you have a sell, not make many money; if you had to take cheap, selling the house while they are in full sway, and selling made a lot of .
relatively easy so the trend of real estate, merely not the same bank. Banks, including warranty companies, is to share the whole of China's economy growth. If you do not have positiveness aboard this point, it really did not challenge to do what we do about providing to do for 18 years, always have positiveness in our country.

Moderator: Many people think the future it will fall.
Zhang Jingdong: Actually, I base that each time the stock market to a meaningful moment, for instance, hike properly, when in the near future approach the pinnacle, you then have a bad feeling,GHD Precious Gift Set, but merely just a feeling, you can not find the market which aid the reasons, including last October,GHD Green Styler Straighteners, I said medium-term adjustment to come, and I could not ascertain anyone reason to market to always the signs are agreeable, but also to macro- Well, manufacture is also the nice, the corporation has the better. It seems to me, too, likely you looking for some reason, can not find.
Moderator: That is the feeling. We see all of the funds are selling real estate, finance. Why are you optimistic about the big financial, it is we are not promising, it is completely sensitive efficacy?

Li Chi: not so simple forsook as I rather. But he jumped, and I take because I had reason to justice. 1 to 3 years standing point of outlook, I think after the listing of Chinese banks, bank capital adequacy, the anti-risk ability to strengthen the bank commerce prototype can alteration, the edible scatter from a unattached prototype to numerous the eclipse of a lucrative space, such as honor card, third-party bargains, etc. China's economy is really a lot of entities have happened inside the bank's presence, so the hereafter if China's economy improves, I think the banks make money is the most conservative kind.


Li Chi: I was so inspiring to own, buy, the sets of 12 months I am not scared, not 12 months within which to make money. Be a mentally challenged, I am willing to bear the quilt for 12 months, to allow the market to a variety of negative ingredients are digested. But smart people absence to buy it up morrow, I can not do this, I not did do that. Vanke in 2005, a friend heard 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,GHD IV Pure Straighteners, this is the case with me, so that was caught on the mentally retarded is not to say, the opener moment to look at other sell.
Moderator: At this point a value investor admission, we think the stock market is full of hope.
Li Chi: I am ambitioning to persevere 12 months of creature stuck with the grief. The reason is held, waiting because the merit evident. Investment is how to make money, and I examine it. In my opinion, is the twin sibling of investment and assumption, I've too talked about such a term, your real investment Ye Hao, Ye Hao presumption, essentially arc.
Moderator: You are immediately entering what is production money?

Li Chi: I now approximate, or to await for the company better. I am personally optimistic, I do not think next year will be a large fiscal sector quick decline, or even losses, which is to determine its profitability is still growing, just slower. Almost all servant research guy finance are such decrees, earnings slowdown is not terrible, it is so price-earnings ratio to decline.
Moderator: Lee Chi is to long-term hold it?
Zhang Jingdong: when he planned to buy long-term hold, as when he sold, and that is another matter.
Li Chi: Yes. I bought Vanke, China Merchants Bank when, first in 2006. I said, I would hold it a lifetime, 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 speedily reach the point that you sell?
Li Chi: up too rapid these days, I judge a person, it is slow ample for many people. Therefore, different eyes see the earth inside is different.
Moderator: additional 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 number of stages?
Zhang Jingdong: three stages. If you go up, and the latter the third stage may fall a mini more, this time whether the heave was less, then the third stage may be very small decline.
Moderator: We have the most grim bear conceal over?
Zhang Jingdong: the worst fall, is clearly over.