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股市里最重要的事。A股市場(chǎng)是一個(gè)非常豐富的市場(chǎng)。說(shuō)它豐富，不僅是上市公司越來(lái)越多，各種行業(yè)都讓投資人了解個(gè)遍，更因?yàn)閰⑴c者眾多。個(gè)人投資者被稱作散戶，專業(yè)投資者被稱為機(jī)構(gòu)。散戶不見(jiàn)得水平低，機(jī)構(gòu)也不見(jiàn)得水平高。機(jī)構(gòu)應(yīng)該構(gòu)建投資組合，分散風(fēng)險(xiǎn)。但是有些機(jī)構(gòu)和散戶炒股一樣一個(gè)產(chǎn)品只配置一只股票且加杠桿，市場(chǎng)大幅波動(dòng)時(shí)，產(chǎn)品凈值短時(shí)間大幅下挫，為投資人造成較大損失。這些機(jī)構(gòu)其實(shí)不是在投資，也不是在炒股，而是在賭博。而拿著投資人的錢賭博，有違受托責(zé)任和職業(yè)道德。個(gè)人投資者也有很多加杠桿虧掉本金的例子，特別是2015年股災(zāi)期間。一只股票加了一倍杠桿之后，如果股票質(zhì)押折扣率比較高，股票一個(gè)跌停可能就把本金虧沒(méi)了。2015年的股災(zāi)因?yàn)椴糠謧€(gè)股的估值太高，跌停通常都高達(dá)十多個(gè)，有些投資人因此損失慘重。只投資一只股票其實(shí)非常考驗(yàn)人的風(fēng)險(xiǎn)承受能力。美國(guó)的FAANG股票和微軟都是科技巨頭，股價(jià)持續(xù)上漲多年。可是其中的微軟和蘋果在2000年網(wǎng)絡(luò)泡沫破滅之后都跌去80-90%的股價(jià)。在網(wǎng)絡(luò)泡沫前買入微軟和蘋果并能承受住這個(gè)跌幅一直持有到現(xiàn)在的投資人應(yīng)該寥寥無(wú)幾。這需要非常樂(lè)觀的精神和無(wú)比堅(jiān)定的信仰。所以，投資股票最重要的就是管控風(fēng)險(xiǎn)。無(wú)論是個(gè)人投資者還是機(jī)構(gòu)投資者，如果不能管控好風(fēng)險(xiǎn)，就很容易被淘汰出局。巴菲特說(shuō)的投資第一條原則是保證本金安全，第二條請(qǐng)參見(jiàn)第一條是有深刻道理的。

A股和港股上漲，美股漲跌不一。周三A股和港股上漲，港股科技股領(lǐng)漲。市場(chǎng)從對(duì)網(wǎng)游股的打壓中恢復(fù)。因疫情在澳門擴(kuò)散，博彩股全線大跌。花旗預(yù)計(jì)今年的博彩股賭收將恢復(fù)到2019年40%的水平，持續(xù)推薦。7月份財(cái)新服務(wù)業(yè)采購(gòu)經(jīng)理人指數(shù)較6月份大幅上揚(yáng)。美國(guó)10年期國(guó)債收益率非常令人費(fèi)解地再度下行，連美聯(lián)儲(chǔ)副主席都對(duì)此感到驚訝。經(jīng)濟(jì)數(shù)據(jù)喜憂參半，7月小非農(nóng)就業(yè)數(shù)據(jù)大幅低于預(yù)期，但7月供應(yīng)管理協(xié)會(huì)服務(wù)業(yè)采購(gòu)經(jīng)理人指數(shù)超市場(chǎng)預(yù)期。道指下跌近1個(gè)百分點(diǎn)，納指小幅上漲。投資人擔(dān)憂經(jīng)濟(jì)、刺激措施和企業(yè)盈利三方面都已經(jīng)到達(dá)頂點(diǎn)。美聯(lián)儲(chǔ)不具投票權(quán)官員認(rèn)為縮減債券購(gòu)買規(guī)模正當(dāng)時(shí)，不會(huì)引起市場(chǎng)恐慌。

The most important thing in stock market. There are so many companies listed in A-share that investors can get a glimpse of every kind of sector. There are also investors from all walks. Some do not get trained professionally but still buy and sell stocks as a daily routine. The others, though lack professional background as well,improve themselves by learning the principles of investment on their own.These investors usually can make money in the stock market. Some investors do not have any risk control. A case in point is in 2015 stock market crash. It seems not unusual that some investors invested in one stock via leverage and lost their principals after the stock reached down limits. It is not so difficult to find out that under certain mortgage ratio an investor would lose all of his or her principal once the stock reaches down limits. Obviously these investors did not calculate this simple math. Or they calculated but invested in the stock by hoping that the worst thing would not happen. For these investors they are actually gambling in the stock market and doomed to lose all of their money as that is the nature of gambling. Also investing in one stock not a portfolio would be a big test for investor’s belief. Both Microsoft and Apple are ten-baggers. Yet in 2000 internet bubble burst their stock prices fell by 80-90%. That’s why what Buffett said for investment is full of wisdom. He said the first principle of investment to keep principal safe and the second principle is to revisit the first one. It is easier to lose money in the stock market than to make money. Risk management is the most important part in investment.

A-share and HK stocks rose while the US stocks were mixed. Gaming stocks recovered from the previous day losses in both A-share and HK market. As ADP data came in much lower than expected and GM earnings disappointed, DOW fell close to 1% while Nasdaq rose slightly. Fed Vice-chairman still saw inflation go up and expected to raise interest rate in 2023. The US 10-year treasury yield continued to fall amid pessimism that economy, earnings and stimulus were peaking out.

聲明：本市場(chǎng)點(diǎn)評(píng)由北京楓瑞資產(chǎn)管理有限公司（以下簡(jiǎn)稱“楓瑞資產(chǎn)”）“楓瑞視點(diǎn)”微信公眾號(hào)提供和擁有版權(quán)，授權(quán)上海海獅資產(chǎn)管理有限公司轉(zhuǎn)載。在任何情況下文中信息或所表述的意見(jiàn)不構(gòu)成對(duì)任何人的投資建議，楓瑞資產(chǎn)不對(duì)任何人因使用本文中的內(nèi)容所引發(fā)的損失負(fù)任何責(zé)任。未經(jīng)楓瑞資產(chǎn)書面授權(quán)，本文中的內(nèi)容均不得以任何侵犯楓瑞資產(chǎn)版權(quán)的方式使用和轉(zhuǎn)載。市場(chǎng)有風(fēng)險(xiǎn)，投資需謹(jǐn)慎。