Moderator: Li Nan guests: Zhang Jingdong Li Chi
Moderator: Today (July 28) is the guest a Jingdong; another Chi Lee, He has short positions in August last year, and this year also informed me not to admission, but recently he has begun to admission,michael jordan shoe, is what makes Lee Chi re-admission? With the bear market bull market in the sense that different?
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Li Chi: I think the bull market is to convey a profit opportunity, the bear market is to allow you the chance to sow. So I say to make money will depend on the afterward bear market, bull market must depend 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: merely a warehouse full of bull market people may feel that the United States, a bear, estimated that only people with short positions ambition feel the United States.
Moderator: in the end is what allows you to re-admission, you see?
Li Chi: in the stock market, you must use your own eyes and minds to see, to think, so you can independently determine, ahead the more recent from the right.
Moderator: Yesterday, one story entitled sentence: is not I do not comprehend this strange globe.

Li Chi: anything has a degree, like the Chinese Eight Diagrams as a snakehead distorted together with a white fish, white fish snakehead's brain of television screenplay tail, when he increasingly dark, in fact, he has entered into a range of white. If the bear is really black, white bull, and they two forever tangled attach, pate and tail attached. So, if you can accurately judge the vast majority of people think now is a bear market, is presumable to have access to a scope of white fish.
Moderator: So you had admission in June, and 2700, ten Lianyin behind your admission, and the gallantry to slay inside.
Li Chi: I may be the biggest in the dingy when not to, on the shot. I have no direction to statistics, I just felt themselves to some alterations in this market.

Moderator: I see you have a answer about intellectual, wise, smart 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 was capable to feel wise action and analytic of that category. I am the original category, who is mentally retarded persons, understanding, mastermind coming to an end, as with mentally dared, there is no difference.
Zhang Jingdong: I feel like I have not seen a real wise, most people think he is wise, who do not acknowledge that he is retarded.
Li Chi: I said, natty people, you may be talking about smart people think he is wise.
Zhang Jingdong: I think, sometimes close to the wise, it tends to feel very painful.
Moderator: Because you as mentally challenged people.
Zhang Jingdong: Not only that, as he often does not see things the same It’s about time others, or see other people do not see something, this time is often very bitter.

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Moderator: Last time you quit, I ask you what margin of safety, your answer is, I secondhand the money to buy a 4 dollar hair thing, is safe, now you reach, can not you see the hair with a 4 to 1 dollar to buy something?
Li Chi: 1 dollar someone, first you are very tough to magistrate,kids timberlands, then a dollar resort to 4 fold, the two are not sure, if not operational. So just say the wise, mentally challenged the subject and that the wise men to do things that really can not say too many reasons why you think he was 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 gains, not the behind water.
Moderator: estimation of his time, numerous smart people do not understand China's national conditions.
Li Chi: I think Warren Buffett is certainly wise can be classified into this species.
Moderator: Sometimes the same person as mentally impeded.
Li Chi: To enumerate a accurate and 4 hair, in truth, smart people want to do things. You just inquired how to decide that we do not want to say, in fact discount the off-season has begun, and yet in clearance, and you do not must do thoughtful research. When we do not want to, about most things are cheap.
Moderator: We have not had that feeling, I would buy.

Li Chi: speaking we meditation that it seems a morsel also regular. But at least I think,nfl dressing The earth 's maximum trusted merely himself or, Buffett also said this: entire the fear, my rapacious mini; entire rapacious, I have to alarm. We put up on the corresponding month of the point, namely no most folk in fear? According apt my prescience, ten Lianyin, the mall scatter fear, we mention namely each person ought sell the stock.
Moderator: you can not watch sentiment arrows?
Li Chi: No, this is at least an major indicator.
Moderator: Anything another?
Li Chi: whether it is George Soros or Warren Buffett, I deem they see this indicator. There PE, PB these indicators, merely also to dynamically related to the international market than, than statically. Static than is the United States happened in subprime mortgage, banking, real estate fall ferocious. Because the banks lose money, the house did not sell the property, so it is a huge problem, reported big losses each 15 min. Domestic banks reported that out of that? 50% of the growth is cheap, and these are the gigantic banks, such banks, so to make money, but also Americans, emulated along banks, for splinters sliding, there is not reason?
Zhang Jingdong: But researchers narrate us that they would later decline.


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Moderator: trend is downward.
Li Chi: it fell down to ascertain reasons to give the absolute. Last annual, when the 6000 is a lot of researchers say point to the 8000, 10000. So I have again tensioned that they want to have to, 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 rising cycle big wheel. Still a little inconsistency with the real estate banking, real estate is simply to purchase land, create a house, sell it. To buy land there are two possibilities, 1 is very valuable to purchase, or the relationship did you get the inexpensive via the ground; a marketing is to bring ... to an end. If the real estate trend is very remove, shoot your shot, and house prices drop, you have a sell, not make much money; if you had to take low,climate jordan chilly grey 11 Twelve constellations of the kin are criminals kid, selling the house when they are in full wag, and selling made a lot of .
relatively uncomplicated so the trend of real estate, but not the same bank. Banks,christian louboutin sales, including warranty companies,mart online ralph lauren 2011-4-29, is in the sharing of the entire Chinese economy growth. If you do not have reassurance on this point, it does not challenge to do what we do about providing to do for 18 years, always have confidence in our nation.

Moderator: Many people feel the future it will fall.
Zhang Jingdong: Actually, I found that every time the stock market to a meaningful moment, for example,mens timberland shoes, hike properly, when about to reach the peak, you then have a bad consciousness, but only just a feeling, you can not find the market which assist reasons, including final October, I said medium-term adjustment to come, I could not find anybody reason, the market all the signs are for the better, but also to macro- Well, industry is also to improve, the enterprise has the better. It seems to me, too, promising you seeing fall butme 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 fiscal, it is we are not promising, it is completely sensitive effect?

Li Chi: not so simple relinquished as I choose. But he jumped, and I take a logical reason for judge me. 1 to 3 years standing point of view, I think after the listing of Chinese banks, bank capital adequacy, the anti-risk competence to reinforce the banking business model can change, spreads to dine from a unattached model, to a lot of the eclipse of a advantageous space, such as honor card, third-party sales, etc.. China's economy is actually a lot of things have occurred inside the bank's presence, so the future, once the Chinese economy improves, I think the banks make money is the most conservative variety.


Li Chi: I was so inspiring to own, buy,kids timberland, the sets of 12 months I am not fearful, not among 12 months must be to make money. Be a mentally challenged, I am willing to bear the quilt for 12 months, to permit the market to a variety of negate factors are digested. But smart people want 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 acquired 17 times, I can not believe there such people, this is the circumstance with me, so that was caught on the mentally retarded is not to say, the key moment to look at other sell.
Moderator: At this point a value investor reception, we think the stock market is full of hope.
Li Chi: I am compliant to persevere 12 months of being stuck with the anguish. The reason is held, waiting for the amount evident. Investment is how to make money, and I analyze it. In my attitude, is the dual sibling of investment and assumption, I've also talked about such a term, your real investment Ye Hao, Ye Hao presumption, essentially arc.
Moderator: You are immediately entering what is making money?

Li Chi: I now approach, or to await for the company better. I am personally optimistic, I do not think next year will be a massive financial sector quick decline, even loss, which is to determine its profitability is still growing, just slower. Almost all servant research guy finance are such decrees, proceeds slowdown is not terrible, it is so price-earnings ratio to decline.
Moderator: Lee Chi is to long-term prop it?
Zhang Jingdong: when he intended to buy long-term hold, as when he sold, that is dissimilar matter.
Li Chi: Yes. I bought Vanke, Merchants Bank when, premier in 2006. I said, I would hold it a lifetime, I think this amount 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 beyond your expectations, and if so, then up, will quickly approach the point that you sell?
Li Chi: up too quick these days, I judge a person, it is slow enough for many people. Therefore,christian louboutins on sale, assorted eyes see the world inside is alter.
Moderator: other fund directors said the bear market, what do you determine the current stage?
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 little extra, this period less if prices heave, then ebb in the third stage may be quite small.
Host: We have the most grim bear hide over?
Zhang Jingdong: the worst fall, is apparently over.