Reading "I am Baruch" to see the development stages of the securities industry

Baruch entered the securities industry in 1890, many years earlier than Graham. However, 100 years later, China's securities industry really developed. It is really surprising to compare them. However, from the details, we can see that they actually go through three stages:

The first stage is the privilege stage. The industry is not standardized, and only speculators with political, policy, personal connections, and corporate privileges can make a fortune;

The second stage is the technical stage. The industry gradually becomes standardized, the scale gradually grows, there is a certain amount of historical experience, and technical analysis is accepted by the market;

The third stage is the development stage. Various investment methods and derivatives related to business operations, including value investment, are in contention.

In the first stage, only fools really analyze enterprises and technologies, and there is no value in analyzing enterprises. The second stage is a transitional stage, but technical analysis is not a staged investment method, and it will change with each passing day through revision and development. The third stage can be called the securities market, which begins to operate according to certain rules, although this rule itself is also changing. With it come various fundamentals, technologies and even other investment concepts and methods. Only when the industry has a certain scale and the market is gradually standardized, retail investors and amateur investors have the possibility of earning reasonable returns through correct analysis and strategies, that is, the situation where both the strategy and the result are correct.

September 25, 2010: The analysis from a year and a half ago was a bit naive, but the law that the stock market is changing and the methods of success must also change is eternal, that is, only change is constant. As for what stage the Chinese stock market is currently in? I am really not sure. Several related questions I have been thinking about recently are: Who is my opponent in the stock market? If I make money, whose money should I make? There is no answer to the former, and the latter is to make money from investors who sell and buy my stocks, at least this is the case with disaster and cyclical investment methods, while only growth investment methods share the development of enterprises. Unfortunately, there is not much room for growth investment methods in the secondary market!

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.