The Dow refers to the long-term bull market is how to

The Dow refers to the long-term bull market is how to make Sina Level2:A shares of sina finance client speed Kanpan: the most profitable investors in the Securities Times reporter Mao Jun Jones decades of bull market, domestic investors have been talked about, is not caused by "envy envy hate". However, the Dow’s beautiful curve is different from the bull market that we understand. The Dow Jones index is determined by the average price of its constituent stocks, and it has nothing to do with the size and the market value of the company. In 2013, HP and Bank of America excluding Alcoa, the Dow Jones index committee chairman David Blitzer said, "the company’s share price is too low, the Dow did not meet the requirements." The subtext of this sentence is that the stock price falls, and you’re going to be eliminated. For example, when using Goldman to replace the United States bank, Bank of America’s share price is about $15, while Goldman shares more than $164, while Bank of America is bigger, even if the stock price plummeted, 2 times the market value is Goldman, and Bank of America employees is 8 times of Goldman’s business, penetrated into all aspects of American society. Once the Dow Jones component, the stock price fell sharply and was "punished" is not the case, such as the United States International Group, Sears, Kodak and so on, there have been more than 90% decline. If you don’t get rid of it, the Dow Jones index doesn’t say record highs to more than 18000, and whether you can go up to 5000 points is a problem. The changes in the Dow Jones component clearly show the times. From the beginning of twentieth Century the railway to the two World War the military to Electronic Science and technology of iron and steel, 70s, 80s, 90s and 90s to the pharmaceutical retail at the beginning of the end of the network technology, to mobile intelligent technology now, Dow component covering the development potential of the most fierce head at the company, which also achieved its decades of rose. The A stock market index has been kidnapped by a handful of super market shares. Although they can represent China’s economy, it definitely does not represent the most active part of China’s economy. If there is an index of the old 8 stocks in early 90s, the appliance stocks in 90s, the science and technology stocks in the late 90s, the colored stocks in the early twenty-first Century and the network stocks on the wave bull market, then the A shares have almost gone through the bull market for more than 20 years. This series from the index for each period led him index growth niugu. Growth index constituent selection, adding growth and other factors, weakening the impact of market value. If growth index covers was one of the strongest growth, the most active companies, anyone not up. In addition to the systemic risks such as Japan’s overall economic recession or the US subprime mortgage crisis, the long-term trend in the growth index is rising. Some people think that this is fraud, meaningless, but not necessarily. A growth index can make the optimal allocation of capital, to enable investors to easily know the current economic hot spots where; two is a long-term rise in the bull market can attract a large number of social funds and precipitation of foreign investment, and to improve the image of Chinese discourse in the world economic activities of the right; three greatly ease the bubble burst after the impact of the crisis, reduced to single koron

美股道指长期牛市是如何炼成的 新浪财经Level2:A股极速看盘 新浪财经客户端:最赚钱的投资者都在用   证券时报记者 毛军   道琼斯指数长达数十年的牛市,一直为国内投资者津津乐道,并不时引发“羡慕嫉妒恨”。不过,道指的漂亮曲线与我们理解的牛市是有一定差别的。   道琼斯指数是由其成分股的平均价格来确定,和公司规模、市值都没关系。在2013年剔除美国银行、美铝以及惠普时,道琼斯指数委员会主席David Blitzer明确表示,“这些公司的股价过低,没有达到道指的要求。”这句话的潜台词就是股价跌了,你就要被剔除。比如当时用高盛取代美国银行时,美银股价约为15美元,而高盛股价超过164美元,虽然美银的规模更大,即使股价暴跌,其市值也是高盛的2倍,况且美银雇员是高盛的8倍,业务渗透到美国社会各个层面。   曾经是道琼斯成分股,股价出现巨幅下跌而被“罚下”的并不是个案,如美国国际集团、西尔斯、柯达等都出现了超过90%以上的跌幅。如果不及时剔除,道琼斯指数别说屡创历史新高至18000多点,能不能涨到5000点都是问题。   道琼斯成分股的变迁,清晰显示了时代脉络。从20世纪初的铁路到二次世界大战的钢铁军工,再到70年代、80年代的电子科技,再到90年代初的医药零售和90年代末的网络科技,再到现在的移动智能科技,道琼斯成分股基本涵盖了当时发展势头最猛的公司,这也成就了其几十年的上涨。   而A股市场重要指数都被少数几家超级大盘股所绑架。虽然他们可以代表中国经济,但绝对不代表中国经济最活跃的部分。如果有个指数把90年代初的老8股、90年代中的家电股、90年代末的科技股、21世纪初的有色股及上波牛市的网络股串联起来,那么A股也差不多走了20多年的牛市。   这种能串联起各个时期领涨牛股的指数暂且叫他成长指数吧。成长指数成分股的选取加入增长等因素,弱化市值影响。成长指数成分股如能涵盖当时增长最强劲、最活跃的公司,焉有不涨的道理。而且成长指数除了出现像日本经济全面衰退或美国次贷危机那样大的系统性风险外,理论上长期趋势是上涨的。   有人会认为这是弄虚作假,没意义,其实未必。成长指数一能使资本配置最优化,使投资者轻松知道当前的经济热点在哪;二是一个长期上涨的牛市能吸引大量社会沉淀资金及外国投资,提高中国在世界经济活动中的形象及话语权;三能极大缓解泡沫破灭后的冲击,把危机缩小到单个公司层面,不会形成系统性危机;四是一个长期上涨的指数能平复投资者情绪,泡沫消除的时间能拉长到一年或几年,而不是短期宣泄。   不是我们没有长期牛市,而是我们的指数修订没有与时俱进。资本市场是一场没有终点的马拉松比赛,需要不断补充新生力量,吐故纳新,才能让指数更具弹性和活力,更能代表新经济发展方向。 新浪声明:此消息系转载自新浪合作媒体,新浪网登载此文出于传递更多信息之目的,并不意味着赞同其观点或证实其描述。文章内容仅供参考,不构成投资建议。投资者据此操作,风险自担。 进入【新浪财经股吧】讨论相关的主题文章: