A week after their people have never been in, I groped the machinery, find something to print out color bias, there are lots of dots on paper, dark blue to Beijing several times to call the company, they are looking for an excuse to do not say someone is coming, or that people do not know where sent, and then dragged on for a week, or no one, the result of my husband anxious to call their manager, said immediately to 3.15, and this matter If you had not I went to Beijing to find a tackle statement. so they sent a woman to bring a broken panel, powder and bring the template or not, they mismanaged the company passing the buck. She gave a little debug the machine, said Red toner powder leakage needs to be replaced, and sent back to her to go back to, so you can finally start using the.
did not last long, in June appeared on my machine problems, and by the call to Beijing in Beijing, dark blue to determine the printer Se Drum bad, they said no warranty cartridges are consumables, only for one, no way we spend 800 yuan to buy a second hand, which they claim are the original drum machine unloaded, to ensure that no quality problems, and claimed that they distribute all the supplies the cheapest.
6 21 we send money to a man named Wang Yanling the card, they sent through the Automotive came to the drums, see drum to get outside after the comparison dirty, I called to ask, they said no problem cartridge, rest assured you use it! think we are fools to enable them to calculating! hey! July did not my machine toner powder, and I call them They want help for powder, but they said you have to reimburse us to one board, and we are very busy, but the arrangements, and I guarantee you that you are not, I just bought the machine a few months, ah, whatever they called powder filling, I do not know in the end Han under warranty. They said no problem filling powder is very easy, and you rest assured that filling it. so we own the powder filling, the powder filling good, but the paper printed above with yellow spots, again Huang called consultation that bunker scraper adjustment, after adjustment again and again or the problem is not resolved, I would only recognize the first to give them room and board reimbursement to visit them. I then asked them to send someone to call, promise to the reimbursement of room and board, asked them to send a strong technology, they keen on the idea of the. after 2 days of a young man (they are all that Northeast, always new faces), bringing a new cartridge (which is also second-hand), said that a tune as the old tune, the best can be used, otherwise the toner to a 400, he came out the cartridge head and taking a closer look I do not know where to unload, or my husband to help him get Remove the cartridge, look at his thumbs, asked how long he did, he said, to come to 20 days, you say you angry, and he transferred here to go or not, also sprinkle the powder filling my new one land, not even screw the positive and negative do not know. He also called for help to the company, did not get resolved, he said, not a change cartridge repair it, he also brought the old cartridge, and not a little pink inside, and I If my husband asked him after the toner powder reperfusion also appears how to do this, he insisted that no, it is because I am filling this compact powder leakage of how to explain it? he could not answer that when it was 20:00 o'clock he proposed to go back and come up with tickets to reimburse me, I was for the gas to come, you fix it for me to say I did not reimburse you, you're not fixed, and I A full box of new irrigation color pink are you to sprinkle the ground, let me also claims, these people are really dark blue in Beijing have the ability to immediately put on a poor image, that did not have any money, the company came to his ticket, I either give you the money to go back. I think it might be, say you put the cartridge you bring me this, I give you reimbursement of the fare, tomorrow I will take your cartridge and my bad compact to negotiate this issue in your company, anyway, your powder compact that I can not go filling powder, he pretended to be poor like to say no. cartridge must not stay here. it was already late , we have exhausted, we say go home you just want to lock the door, anyway, you do not fix it I can not give you room and board reimbursement, he said that I can only sit on your door one night, and tomorrow we go and back, I have no money for tickets. All right! (I've hated their company) and we also took away the newspaper, he said cushion at the door, like most of the performances. We turn to see the door morning No one outside, and how that guy go without money, I found their company's people are professionally trained to a very warm and plays a different role. to allow customers to their sympathy!
Wednesday, March 2, 2011
Tuesday, March 1, 2011
Jay Duan Panzi Wang Xiaoya copy through the envelope
Wang Xiaoya envelope copy talk about the experience of Jay Duan Panzi Wang Xiaoya
mm from the work of Jay's first talk about career issues
Sohu blog commentary produced
Haoge any celebrity during a successful life is not easy, are not asking for the moon, from his feet to start step by step, step by step to success is simply moving from quantitative to qualitative change. life need to accumulate, the hardships of life and forging are often valuable asset. to tell you may be surprised , Wang Xiaoya before the successful copy of the envelope was a small edit, and star Jay Chou is the hotel Duan Panzi's.
envelope
two years ago, Wang Xiaoya copy should be Beijing Normal University Youth League and the Union's invitation, CCTV who described the work of the Department to copy the envelope. a full three months, she is in partnership with the envelope on a table.
when she was very disappointed, even despair, college graduates how to do this job no one capable of writing letters ah? ! While some can not figure out a time can be still doing well. Three months later, she wrote letters written faster and better, soon, a person can complete the work of three people.
adhere to the simple things well is simple, adhere to the ordinary is extraordinary things done. She was a very prominent leaders look to take the initiative to ask: theoretical version and supplements editor hh
only experienced, will be more mature. Wang Xiaoya recalled his first job when said with deep feeling: expectations, but to learn to persevere. so many years of work experience, my personal feeling is: If you have a job, really good; if you have a job, and very like it, then you are lucky; If you have a job, it allows you to survive, and also what you like, then you have a very happy. Micro is not too low, and now a flourishing Jay is actually the first job as a waiter in a restaurant, this experience has taught us more difficult to imagine. and the other difference is that the waiter he was very fond of music. each issue of the wage , he went to run the supermarket music, almost all the money spent to buy the tape. usual work, he likes to-player side and nothing to listen to music. On one occasion, and I feel good hand care Jay with a plate of food, listening to music while walking, actually with a waitress accidentally bumped into the whole dish hot waiter who have poured in, the hand was hot out of the blisters, the pain she was crying, restaurant manager Wensheng came, in addition to severely criticized Jay meal, but also unceremoniously pulled the NT his 2000 salary, and when his monthly salary was 4,000 yuan NT, this month, he no longer had money to buy the tape .
order to improve the taste of the restaurant, the boss had an idea to buy a piano to play music to entertain customers can be invited several of the pianist. are due to sub-boss fired tastes. One day after work, itchy Jay Chou to take advantage of the boss is not a new frame with that piano just a song of his own songs, my colleagues heard scared to Heaven: The big boys do not love speech will actually play the piano, but also play so well !
how things were immediately ran to my boss, the boss immediately called Jay, let him play in front of his face and a song, under the pleasant surprise, the boss on the spot when closed, please Jay musician, after his daily work is in the hall playing their own original compositions.
As more and more customers, more and more prosperous business, a smart boss also thought of new tactics, he found a local television station, said he shops The waiter will not only play the piano, but also write songs, with the television hype, not only improve the restaurant's popularity, but also saves the cost of a large Please musician, owner of the restaurant and Jay started as a minor celebrity. < br> There is no shortcut
life experiences from the beginning to see, Wang Xiaoya and Jay are not particularly high starting point, are common, but the ordinary people. They start from a very low starting point, and later from the ugly duckling transformed into a white swan about the process, the opportunity of life is important but more important still insist, perseverance and hard work, quality, faith, perseverance is important. As the saying goes is always gold flash, talent will not be buried or need their own struggle, talent and persistence.
very intense competition for talent is now a college graduate has to confront life choices, many young students overvalued their own strength, a bit ambitious, unrealistic expectations, expecting too much, and often frustrated to get you down. Actually, the most important to establish the indifferent attitude towards life, to address the difficulties and learn to rise in the difficulties and adversity. copied envelopes, Duan Panzi this labor of course be respected, as long as labor is honorable, but not accepted mediocrity, we must dare to challenge more life experience is more life experience, but in the experience accumulated in the target must have ideals, can not easily give up. Wang Xiaoya copied from the host star as the envelope of departure, Jay from the starting point of struggle to become singer Duan Panzi small kings, that is, rely on his talents do not give up their record rise from the plight of the myth.
Recommended reading:
Tian Liang at the child played the tough guy changed Cowboy cream (Figure)
the building or the construction of New Yuan Ming Palace More Disney
change the taste of Chinese Folk Culture Festival of the three vulgar
mm from the work of Jay's first talk about career issues
Sohu blog commentary produced
Haoge any celebrity during a successful life is not easy, are not asking for the moon, from his feet to start step by step, step by step to success is simply moving from quantitative to qualitative change. life need to accumulate, the hardships of life and forging are often valuable asset. to tell you may be surprised , Wang Xiaoya before the successful copy of the envelope was a small edit, and star Jay Chou is the hotel Duan Panzi's.
envelope
two years ago, Wang Xiaoya copy should be Beijing Normal University Youth League and the Union's invitation, CCTV who described the work of the Department to copy the envelope. a full three months, she is in partnership with the envelope on a table.
when she was very disappointed, even despair, college graduates how to do this job no one capable of writing letters ah? ! While some can not figure out a time can be still doing well. Three months later, she wrote letters written faster and better, soon, a person can complete the work of three people.
adhere to the simple things well is simple, adhere to the ordinary is extraordinary things done. She was a very prominent leaders look to take the initiative to ask: theoretical version and supplements editor hh
only experienced, will be more mature. Wang Xiaoya recalled his first job when said with deep feeling: expectations, but to learn to persevere. so many years of work experience, my personal feeling is: If you have a job, really good; if you have a job, and very like it, then you are lucky; If you have a job, it allows you to survive, and also what you like, then you have a very happy. Micro is not too low, and now a flourishing Jay is actually the first job as a waiter in a restaurant, this experience has taught us more difficult to imagine. and the other difference is that the waiter he was very fond of music. each issue of the wage , he went to run the supermarket music, almost all the money spent to buy the tape. usual work, he likes to-player side and nothing to listen to music. On one occasion, and I feel good hand care Jay with a plate of food, listening to music while walking, actually with a waitress accidentally bumped into the whole dish hot waiter who have poured in, the hand was hot out of the blisters, the pain she was crying, restaurant manager Wensheng came, in addition to severely criticized Jay meal, but also unceremoniously pulled the NT his 2000 salary, and when his monthly salary was 4,000 yuan NT, this month, he no longer had money to buy the tape .
order to improve the taste of the restaurant, the boss had an idea to buy a piano to play music to entertain customers can be invited several of the pianist. are due to sub-boss fired tastes. One day after work, itchy Jay Chou to take advantage of the boss is not a new frame with that piano just a song of his own songs, my colleagues heard scared to Heaven: The big boys do not love speech will actually play the piano, but also play so well !
how things were immediately ran to my boss, the boss immediately called Jay, let him play in front of his face and a song, under the pleasant surprise, the boss on the spot when closed, please Jay musician, after his daily work is in the hall playing their own original compositions.
As more and more customers, more and more prosperous business, a smart boss also thought of new tactics, he found a local television station, said he shops The waiter will not only play the piano, but also write songs, with the television hype, not only improve the restaurant's popularity, but also saves the cost of a large Please musician, owner of the restaurant and Jay started as a minor celebrity. < br> There is no shortcut
life experiences from the beginning to see, Wang Xiaoya and Jay are not particularly high starting point, are common, but the ordinary people. They start from a very low starting point, and later from the ugly duckling transformed into a white swan about the process, the opportunity of life is important but more important still insist, perseverance and hard work, quality, faith, perseverance is important. As the saying goes is always gold flash, talent will not be buried or need their own struggle, talent and persistence.
very intense competition for talent is now a college graduate has to confront life choices, many young students overvalued their own strength, a bit ambitious, unrealistic expectations, expecting too much, and often frustrated to get you down. Actually, the most important to establish the indifferent attitude towards life, to address the difficulties and learn to rise in the difficulties and adversity. copied envelopes, Duan Panzi this labor of course be respected, as long as labor is honorable, but not accepted mediocrity, we must dare to challenge more life experience is more life experience, but in the experience accumulated in the target must have ideals, can not easily give up. Wang Xiaoya copied from the host star as the envelope of departure, Jay from the starting point of struggle to become singer Duan Panzi small kings, that is, rely on his talents do not give up their record rise from the plight of the myth.
Recommended reading:
Tian Liang at the child played the tough guy changed Cowboy cream (Figure)
the building or the construction of New Yuan Ming Palace More Disney
change the taste of Chinese Folk Culture Festival of the three vulgar
Monday, February 28, 2011
China's crackdown on illegal use of a major sea over 700 million fine last year
China news agency, Beijing, February 27 - 2010, a major crack down on illegal use of sea areas. Supervise and inspect the area throughout the year with 7.2 million times, found violations since 1836, registered 1550, a fine of 718 million yuan.
27 From being held in Beijing Office of the Secretary National Oceanic and news conference in 2010, the year China Sea monitoring organizations were mobilized three sea voyage 337 ocean surveillance ship, the voyage 310,000 sea miles; out maritime surveillance aircraft, 1106 vehicles, a range of 610,000 kilometers, 4420 hours flight time, covering all claims waters.
2010 the national marine monitoring organizations, checked all kinds of items 29176 and found violations since 1836, has made a decision on administrative penalty 826, decided the amount of 718 million yuan fine.
Since 2006, the State Council, China has in the East China Sea monitoring, Yellow Sea, South China Sea in the north and south of the South China Sea waters under the jurisdiction of China to carry out periodic Rights cruise, and the establishment of the whole area on a regular basis Rights cruise system, cut-off to December 2010, total ship monitoring the implementation of the China Sea Cruise 1668 meeting regularly Rights, range 1.6 million sea miles; out maritime surveillance aircraft in 1944 sorties, 8985 hours, a range of about 1.98 million kilometers.
According to reports, in 2010, found that more than 400 types of violations alleged infringement, the China Sea in China's monitoring of the waters under the jurisdiction of the various types of illegal or irregular conduct a timely and effective supervision.
present, the Chinese maritime surveillance in the waters under the jurisdiction of China to maintain 9 per day to monitor law enforcement boats Shanghai, four in Shanghai on duty monitoring the frequency of aircraft at sea, the waters under the jurisdiction of China All rights Cruise regular law enforcement.
the State Oceanic Administration officials said the five-second period (2011-2015), will continue in the waters under the jurisdiction of China according to law to carry out his activities in the country's maritime surveillance, supervision, protection of national maritime rights and interests and economic security of the sea . Exclusive economic zone and continental shelf in waters under the jurisdiction of China, the realization of continuous, full-coverage partition Cruise rights enforcement, raise the sea violations of his country's emergency response capacity and on-site disposal capacity.
27 From being held in Beijing Office of the Secretary National Oceanic and news conference in 2010, the year China Sea monitoring organizations were mobilized three sea voyage 337 ocean surveillance ship, the voyage 310,000 sea miles; out maritime surveillance aircraft, 1106 vehicles, a range of 610,000 kilometers, 4420 hours flight time, covering all claims waters.
2010 the national marine monitoring organizations, checked all kinds of items 29176 and found violations since 1836, has made a decision on administrative penalty 826, decided the amount of 718 million yuan fine.
Since 2006, the State Council, China has in the East China Sea monitoring, Yellow Sea, South China Sea in the north and south of the South China Sea waters under the jurisdiction of China to carry out periodic Rights cruise, and the establishment of the whole area on a regular basis Rights cruise system, cut-off to December 2010, total ship monitoring the implementation of the China Sea Cruise 1668 meeting regularly Rights, range 1.6 million sea miles; out maritime surveillance aircraft in 1944 sorties, 8985 hours, a range of about 1.98 million kilometers.
According to reports, in 2010, found that more than 400 types of violations alleged infringement, the China Sea in China's monitoring of the waters under the jurisdiction of the various types of illegal or irregular conduct a timely and effective supervision.
present, the Chinese maritime surveillance in the waters under the jurisdiction of China to maintain 9 per day to monitor law enforcement boats Shanghai, four in Shanghai on duty monitoring the frequency of aircraft at sea, the waters under the jurisdiction of China All rights Cruise regular law enforcement.
the State Oceanic Administration officials said the five-second period (2011-2015), will continue in the waters under the jurisdiction of China according to law to carry out his activities in the country's maritime surveillance, supervision, protection of national maritime rights and interests and economic security of the sea . Exclusive economic zone and continental shelf in waters under the jurisdiction of China, the realization of continuous, full-coverage partition Cruise rights enforcement, raise the sea violations of his country's emergency response capacity and on-site disposal capacity.
Sunday, February 27, 2011
Learning Buffett, to be a guardian of value investing
(Originally scheduled for every Monday morning because of the recent posting Notes pressing reason to write the manuscript has been delayed. The broader market is still leisurely break up the gap there is always shock and even small adjustments, but the split step into the footsteps of the bull market is not will stop. In the bull market will come on the occasion, I had the honor of their investment once again made a clear idea, a lot of data during the read, read Warren Buffett once again. Not only this, an invitation by the Press , I take advantage of this opportunity to learn once again to complete a out and share with my friends, can be considered again, I know .-- Economic stabilization Buffett)
1, the investment community, when you have against the mainstream wisdom, you will greatly increase investment opportunities. Application value of the investment law, it must have the ability to buy in the public crazy when you sell, buy when you sell in the public crazy, and even more good times when things seem to hold a suspicion. But even seasoned investment people, to do this is quite difficult, which is like casino slot machines to see within an hour with burst 10 awards, or stock prices rose two months has doubled, but you have not investment is the same approach.
essence, value investing is not just a method, it is also a kind of psychological characteristics of personality to show, by the experience, knowledge and desire to make money formed state of mind. purely Value investors will also search for just the value of who they are good products, whether in a dinner out, in the supermarket to buy all kinds of goods, or in the automobile market in the selection of new cars in the city to find their own housing Loved the house, etc., they are willing to pay over the price. So, how to distinguish the value of investments and non-value-based investors, the similarities and differences? We from everyday life can see the difference between the two:
Value investors will go to rent a 3 per video, and not pay a twenty yuan went to the cinema to see a similar film.
value investors will wait for Toyota or Ford cut prices only for new cars, new models and not just in the time available to catch Qucourenao. The new car will mean a lot more money to be paid.
value investors will purchase a package of paperback non-brand cereals, will not buy a box of beautifully packaged, the cereal brand is very expensive.
Value investors comes in spring to 5 discount to buy winter clothes, winter wear, etc. for the coming year, and not followed during the winter As we rushed to get into the high-priced winter clothing store.
value investors will not purchase price of a few hundred dollars stuffed than Ni, but will buy at lower prices will remain normal children had a wonderful time toys.
these consumption patterns and investment What is the relationship? there! the above example, the value of the type of consumers will always look for cheap buying opportunities, or to find cheaper alternatives. We must such acts should not be regarded as just for the sake of small cheap, on the contrary, they reflect the consumer behavior of goods are reluctant to pay more than fathom extensively and very subjective, to set a fair market price, you must buy before the judge in the value of the goods. For example, in determining the rent videos instead of going to the movies, the consumer must look set to spend 20 yuan the concept of a movie is too expensive, natural, flower tape of Binary and Ternary loan is completely acceptable. Similarly, consumers do not buy Buick 30 million price tag, but two months later when the price to drop a 2 million, the consumers will find it excellent value for money. In fact, the above example has in common, that is cheap to buy good merchandise, or buying a homogeneous alternative to grab than high into the same things to be much more cost-effective. commodity markets is the case, the stock market in the capital the same way.
2, the stock market is an inefficient market. the stock market is probably the world's only other commodity markets and other place, sometimes it is the only let investors buy more expensive than the reasonable value of things. investors from other investors looking for investment behavior to determine a sense of convergence to buy all the stock, they are taught in a take a good stock or the stock market when the technical buying stocks, that is, those who buy a new high closing price, volume amplification, or break the stock moving average. the stock market price to induce investors to measure the company uses only the market value of For most investors, the stock price on behalf of the company's intrinsic value of good; the other hand, fell, said the company's intrinsic value to deteriorate. Obviously, the stock market is the formation of investors place of these misconceptions.
Nevertheless, many investors people believe that the stock market will not be like the past as irrational Persian spice market, the stock market is rational, stock prices are efficient. associated with this theory is that tens of millions of people worldwide are studying the stock market, so Shares will not be higher or lower than its true value, because if this occurs, investors will soon find that during the spread, and to push the stock back to a reasonable price point.
efficient market theory has its own advantages. to conduct transactions, the stock market, the exchange itself is a fairly efficient mechanism. Investors can always pick up the phone, offer to buy shares of their choice, irrespective of the scale of investment up to 10 people billion fund, or a few thousand dollars, a few million small investors, such as school teachers, retirees, etc., anyone can participate in market transactions at any time. But the so-called efficiency than that. In the vast majority time, the stock market is neither unusual nor rational, but not no fair at all. On the contrary, the stock market reflects investors tens of millions of random behavior, in order to achieve their personal goals and make a variety of profit buying or selling decision.
Graham believes that the market price is set by supply and demand psychological: but it involves the psychological level, because these processes are run through the minds of investors. So, the market is a group of people wrong or a group of individual errors, most errors can be attributed to three basic reasons: exaggerated, over-simplification, neglect . oil stocks, because he thinks the stock has almost bottomed out and the prices very reasonable, he can reach a deal because someone persuaded by his agent, sold 100 shares of the stock. Exxon Mobil stock In the next buyer broker's account for extra cash and want to earn more dividends, and its counterparties are good at technical analysis, market veteran, the computer showed that he's Exxon oil stocks overbought. under a transaction is a father, he must sell 500 shares to pay for his daughter's wedding. the buyer is a widow, she had just read in the papers the news about Exxon Mobil, this one left a deep stock impression, so the orders to buy 500 shares. 5,000 shares under the pay deal, a small business owner is to his employees retirement savings plans to diversify investment risk, the counterparty is to have 6 million Exxon Mobil stock mutual funds, are now trying to hand part of the holdings in the energy sector to reduce the risk.
situation from the above transactions, the investor's gain or loss concept, objectives, limitations, news channels, and interpretation of events to as each person's fingerprints are not the same. their business hours in the day for different transactions. In fact, Exxon Mobil shares traded that day only 5% of those people are analyzed the prospects of the company and assessed the actual value of the company's shares, the remaining 95% of people are in varying degrees, the use of information as a basis for their decision-making. This is not efficiency, is a volatile the stock price to the emotional ups and downs allowed to manipulate the market behavior. in the daily transactions, supply and demand can indeed drive prices, but supply and demand by each investor is unique psychological power-driven, and information is just an excuse for people to order nothing more.
In the worst cases, the open outcry system will cause the overall confusion, panic and the real price inefficiencies. Our St. Louis from a well in the U.S. pipeline company, Maverick Tube Manufacturing Stock happened in 1997 can be seen. Maverick Tube the concept of stock within 9 months from 6 yuan to 50 yuan, and then fell back in 1998 and the price of 10 dollars per share. The company's share price skyrocketing, the company's profits and net worth are not the same as its share price increased by 9 times. This volatility is reasonable, rational you? Maverick Tube Corporation in January Shihai only 6 dollars per share, to September when 50 U.S. dollars to the historical high price, nearly 7 months after their colors. Maverick Tube in a fair market value of fluctuations in prices are reasonable, but the shock is so great that can be said to be reasonable and rational? If the investing public can take a rational assessment of Maverick Tube stock, its stock price per share may be from $ 5 slowly rose to 25 dollars, remain at this level until the second year. However, because the market's greed, panic, irrational, and the uncertain outlook for the company and allows the company's stock price in just year experienced the thrill of jumping over the mountains.
Is the market inefficiencies occurred in the 1997 Maverick Tube Corporation, a body do? 1995 to 1996, the General Electric (General Electric) is really the inherent value of as the share price increased by 150% as? from the stock to see true, but this reasonable? only believers in the efficient market theory only willing to believe. During that time, GE's earnings rose 32%, and increased equity 38%, the stock is rising value of the company to increase speed of 4 times the speed.
the most famous case occurred in October 19, 1987, the day the U.S. stock market plunged by 22%, stock prices do to show you the efficiency of the ? whether the intrinsic value of U.S. companies as it did in the stock market has demonstrated it, in just 6 hours plummeted so much value. In fact, the tragic occurrence in the stock market that day, no big business and industry happens, the normal operation of the economy, the customer is still happy to shop retail stores, production line workers continue to be the normal speed in the production of products. And the day was the only change is the investor's point of view, people that share prices have been high Debu reasonable the.
3, the error message Interpretation of the market. There is no doubt that most of the show in front of the information investors are being seriously tampered with, so the stock price distorting effects of very large. because most investors According to the information contained in such transactions as the subjective interpretation, so that investors misinterpreted the information. Here we propose three assumptions to further illustrate our point:
information is not readily available. due to cost reasons, most investor is unable to obtain sufficient information. Even in the era of information explosion today, millions of dollars to investors Although made in the past to be controlled through the network, the filtered information, but still can not get in the short term may affect the stock price information. Investors can not regularly visit the listed companies, not with the guild, suppliers, distributors conversation, let alone participate in enterprise management. is the second year of a shareholder meeting can be said that most of the participation of small shareholders are missed.
each person's understanding of the information is not the same, investors are often subjective interpretation of information. previous example of Exxon Mobil stock on the description of each of the Investors are based on your financial needs, goals, constraints, News pipelines and understanding of the incident for stock trading. For the average investor, usually an shares rose to 25 yuan to 25 yuan than the stock fell more worth buying.
investor information is usually information from the intent of the people around, such as market analysts, listed companies rose's false, at least with the message water. In establishing investment ideas and make investment decisions, we must not underestimate the media and press events role. all the news released from the financial industry, and the filtered information, stock prices are likely to become inefficient. For example, poor governance structure of listed companies of information commonly used method of distorted to confuse investors, they published estimates profit, distribute news and other merger restructuring to achieve their purpose ship pulled.
media to win subscribers, and is often ordered news reporters fabricated, for example, clearly jumped over, they also reported that the so-called hot stock substantially , or a large number of writing such as . Even the tone of the article used, sometimes to a serious distortion of information. misleading title or inflammatory language, may undermine the stock of normal supply and demand.
used to buying and selling stocks based on the information investors who are particularly vulnerable to information Reading about bias. For example, January 22, 1997, when the major media have tried to interpret the U.S. Federal Reserve Board Chairman Alan Greenspan's speech on the Senate Budget Committee. The next day the news reports indicate that U.S. inflation may rise, may also be flat; economy may be steady growth, there may be risk of overheating. Consider the following five reports address current headlines Greenspan:
U.S. economic growth rate of satisfaction, and issued a warning. can only be based on the same day you see a news report to be read. If you pick up the morning newspaper to see the headlines read, sold in the opening day of the hands holding the stock is sensitive to interest rates. But if the newspaper reported that use of the same news, You may be in the stock market does not do anything, because the news is neutral or even slightly good news side.
when the January 22, 1997 news in front of you, at least, have been filtered out more than four times. First of all, the reporter will interpret Greenspan's speech and his speech according to their own readers to understand easily condensed into a few key points, key; then, journalists must also be under the old format after the speech, members of the Senate to exchange views when talking about the view. If there is no Mr interest rates question him, the reporter might think that this topic is not much news value, and thus lightly in passing. Then, the reporter may seek professional advice, due to deadline pressure, He may not have time to interview and listen to various experts of different views. Finally, the presentation will be at the editorial meeting, one at a time, news editors and text editors based on their understanding of the importance of Greenspan's speech to re-schedule presentation They usually clerical-type pick from the presentation
news headlines (usually six words or less) to summarize the content of Greenspan's speech.
that the results of an information processing plant, it could seriously distort investment investment in those ideas, leading investors to make irrational decisions. So, do not believe that people who value investing theory, efficient market theory only believe that the share price earnings ratio is still 50 times the fair market value, and the market will not be defeated. As for the value-investor, as long as they are still insignificant minority groups, then this error from the above logic there will be many opportunities for profit. your biggest source of profit, that is, abandon the concept of the traditional investment , carefully check your information and wait for investors to misjudge the company price. cited Graham as saying: errors. very emotional and not logical way of thinking decisions. So when we discuss the stock market, the human mind as an important variable to consider factors that are particularly important. because the more uncertainty and instability in the market environment, investment people have been tangible and intangible psychological factors will be greater. We found many factors that induce people to buy and sell stocks, except only from human beings, including social behavior, including psychological perspective to explain, and no other point of view can be explained.
stock market investors by the sale of numerous acts of will and force formed by the results of the decision, so we can safely do to make inferences, the stock market up or down the main driving force comes from the psychological impact of investor . Graham believes that investors face if you want to establish a correct attitude toward the stock market, it must be psychologically and financially well prepared, because the market is inevitable at the next shock, investors in the stock prices rise only when have a good psychological quality, but also to calm the mood to face the fall in stock prices, sometimes even violent situation down. Meanwhile, investors on the stock market reaction to falling prices as the company boss encounter should question the price is too individual customers the psychological high as to totally ignore the existence of a thing. If you have that mentality, you already have 99% of the leading psychological quality of other investors: and easily sell their favorite stocks, it will not care about short-term price movements. others who see the miniature. He believed that his success relies on research rather than luck, the decision-making from his own careful thought, and from short-term events are not easily and emotional withdrawal from the market. He understood the nature of risk and confidence to accept the results of the market. So as an investor, like Warren Buffett would like to pay special attention to the mood changes, when your instincts want you to make rational investment behavior and the behavior of the opposite, you have to do proper reflection, and then make a choice.
5, the market is not effectively predict. any long-term observation of people know Buffett predicted the stock market for the view that he is not a waste of time. whether for overall economic development, market market trend, or volatility of individual stock prices, Buffett felt strongly that investment does not predict the future has no value. riba Buffett over the past 40 years has created enormous wealth and the impressive investment performance, which all rely on substantial investment in a few blue chip stocks on the results of the investment strategy. Buffett's many loyal followers adhere to predict the future direction of the market does not have any meaning, they can not stock market, your portfolio.
And in the same time, investors have never focused on the general subject of the analysis of company fundamentals, they frantically chase the stock market trend forecast. Jiabo Li has pointed out sharply that the trajectory of history to see , it is always easy to predict the future by some called the Prophet, fascinated by the concept or system. as long as the number of fortune tellers, sorcerers, prophets market, economists and so casually say something audience.
Although the future is unpredictable, but one thing is for sure, and that is the subject of good company will eventually invest in the stock price reflects its value, from a layer of sense, and only from this sense, the future is predictable. However, we can not know the value of this investment will have to wait until when reflected. We only know that all of the stock price will fluctuate, but can not predict in the end one of these stocks in the future fluctuations in a volatile up or down. from Buffett's investment strategy, we can realize that, in fact, investors do not need to indulge in short-term trend of the stock will be meaningless in predicting how important is whether the investor has invested in a good company on the subject. In this way, can determine their own investment in the ultimate right to profit from.
6, learning to use the composite method of conditioning on investment analysis. Buffett, Graham School has trying to use an interdisciplinary approach to explain our lives around the relationship between environment and investment. at Columbia University, Professor Mo Buxun offer not only basic financial analysis model, also studied many models in other areas, he hoped that interdisciplinary students knowledge and methods can be used in investment, he explained: investment circles did not play any important role, but now technology has become a very important part. Thus, Professor Mo Buxun want to model the hearts of every person to adapt to the rapid development of both the external world. He said: Tell me, is to understand the complex control system of a capital market approach is useful, as long as more and more people understand the complex regulation system, investment professionals will be more understanding of the true state of operation of the market. system is to tell the investors, the market is always changing and is often starts acting strangely. Legg. Mason's Bill. Miller said: can predict future market trends, and analysis of the market is the right investment mentality. environment, and we invest in people to study is to identify the composition of these elements within the system operational status and the media to help us from giving up rigid patterns that are too simple to more innovative ways to understand the actual market is a very complex system. different characteristics, today's U.S. stock market is no longer the era of the 20th century, the market was .1964 60 years, technology stocks accounted for only the proportion of the overall S & P 500 stock index about 5.5%, while stocks of raw materials accounted for 16.5%. Now the proportion of these two types of stocks is almost completely reversed, with the only index of stocks of raw materials accounted for about 6.9%, while the tech sector accounts for about 12%, and this share is increasing. There are many other different places, such as the 20th century, 60 years, public utilities stocks and oil stocks accounted for about 37% of index weighting, and now these two types of shares only 19%. had less buzz financial and pharmaceutical stocks, and now accounts for the entire index component Share the proportion of about one-quarter of the strong.
Miller said: because they do not notice these subtle changes is emerging from quantitative to qualitative changes in the process. or not, they all, without exception, living in a world of change at any time, this changing world is like a kaleidoscope, as in appearance looks similar, but the change order was never the same, because each mode is new different. So, how should investors in a lack of cognitive model of the world survive? It is to find the right level and direction. Although the economy or the market itself is complex and elusive, investors can distinguish between the different types of corporate level, different and has its own internal management and financial models and so on. If investors can study these patterns, you can master the prospects for the future development of the company.
This is exactly Buffett attention to the kind of model, rather than the tens of thousands of investors keen on the kind of unpredictable behavior of speculative markets. Buffett said: quite different before the big change, we do not attempt to predict these changes and attempted to make a profit. If we discover as we focus on investment in the past has always been good company, the external changes will not have any of our adverse effects of long-term investment . aghast at the side of the volatility of the time, remember Warren Buffett's words: market uncertainty will make value-oriented investors an essential investment in a good friend. ) is actually very simple, but we were puzzled that few people are willing to use it. or why people should refuse to accept has been proven time and again is a very successful investment strategies and ideas. on this issue, only Thomas. Kuhn (Thomas Kuhn) is the most qualified to answer.
Kuhn died in 1996, during his lifetime was the famous physicist and philosopher. Kuhn in a 1962 book, Scientific Revolution) was considered the latter half of the 20th century the most influential one of the classic philosophical works. This book is very popular, sold more than a million copies in many European and American universities in social science courses will focus on books as to read. The book introduces the The process is like a brick of new inventions, like increase over the invention of the known. But Kuhn said that scientific inventions are sometimes generated by the crisis, and only when the crisis comes, only to scientific inventions used by society governance crisis was recognized. Therefore, in building a new science, the first step is to mainstream thinking was completely removed and the model.
the evolution of history seems consistent with Kuhn's theory. Copernican theory was overturned by the views of the Earth as the center of the universe, Einstein's theory of relativity to Oujimide geometry paled. Kuhn that can be seen from these examples, each paradigm is usually experienced before the full transfer crisis era. Some people think that now debating a wide range of diversified investment portfolio and the value of the investment portfolio in the end one is better, it is ready to transfer the concept of Kuhn that moment of crisis. Kuhn continued to express that, at the paradigm shift, before We will first see some unusual things there. Buffett said: academics prefer to exclude these new things and theories, rather than admit them. Start embellished the facts in an attempt to smooth things over for the Ptolemaic theory, they believed that Ptolemy right, but his theory requires some amendments to it. Kuhn said: other methods, but they still do not give up before them into the new model has now had the old model. Now to immediately accept the paradigm shift, indeed, whether from a mental, emotional and financial terms, will be a costly risk.
occurred in the history of the paradigm shift and change of events, often take several years, the number of decades or even several generations to complete such a lengthy process, because the need to have sufficient time to educate and win new supporters. When the old model have determined do not meet the requirements of the new era, the new model was able inroads into people's daily life. the paradigm shift before the completion of a new paradigm of the biggest challenges the creators and supporters are in a hostile world persevered. to be able to survive in a paradigm shift is the need to go beyond the spirit and resistance of ordinary people have a firm faith. Buffett value investing school masters are in the past few decades, the practice was honed through personal characteristics such that, only a world-renowned investment performance today. Their This shift in the paradigm have shown great character, are not worth studying today's investors do?
1, the investment community, when you have against the mainstream wisdom, you will greatly increase investment opportunities. Application value of the investment law, it must have the ability to buy in the public crazy when you sell, buy when you sell in the public crazy, and even more good times when things seem to hold a suspicion. But even seasoned investment people, to do this is quite difficult, which is like casino slot machines to see within an hour with burst 10 awards, or stock prices rose two months has doubled, but you have not investment is the same approach.
essence, value investing is not just a method, it is also a kind of psychological characteristics of personality to show, by the experience, knowledge and desire to make money formed state of mind. purely Value investors will also search for just the value of who they are good products, whether in a dinner out, in the supermarket to buy all kinds of goods, or in the automobile market in the selection of new cars in the city to find their own housing Loved the house, etc., they are willing to pay over the price. So, how to distinguish the value of investments and non-value-based investors, the similarities and differences? We from everyday life can see the difference between the two:
Value investors will go to rent a 3 per video, and not pay a twenty yuan went to the cinema to see a similar film.
value investors will wait for Toyota or Ford cut prices only for new cars, new models and not just in the time available to catch Qucourenao. The new car will mean a lot more money to be paid.
value investors will purchase a package of paperback non-brand cereals, will not buy a box of beautifully packaged, the cereal brand is very expensive.
Value investors comes in spring to 5 discount to buy winter clothes, winter wear, etc. for the coming year, and not followed during the winter As we rushed to get into the high-priced winter clothing store.
value investors will not purchase price of a few hundred dollars stuffed than Ni, but will buy at lower prices will remain normal children had a wonderful time toys.
these consumption patterns and investment What is the relationship? there! the above example, the value of the type of consumers will always look for cheap buying opportunities, or to find cheaper alternatives. We must such acts should not be regarded as just for the sake of small cheap, on the contrary, they reflect the consumer behavior of goods are reluctant to pay more than fathom extensively and very subjective, to set a fair market price, you must buy before the judge in the value of the goods. For example, in determining the rent videos instead of going to the movies, the consumer must look set to spend 20 yuan the concept of a movie is too expensive, natural, flower tape of Binary and Ternary loan is completely acceptable. Similarly, consumers do not buy Buick 30 million price tag, but two months later when the price to drop a 2 million, the consumers will find it excellent value for money. In fact, the above example has in common, that is cheap to buy good merchandise, or buying a homogeneous alternative to grab than high into the same things to be much more cost-effective. commodity markets is the case, the stock market in the capital the same way.
2, the stock market is an inefficient market. the stock market is probably the world's only other commodity markets and other place, sometimes it is the only let investors buy more expensive than the reasonable value of things. investors from other investors looking for investment behavior to determine a sense of convergence to buy all the stock, they are taught in a take a good stock or the stock market when the technical buying stocks, that is, those who buy a new high closing price, volume amplification, or break the stock moving average. the stock market price to induce investors to measure the company uses only the market value of For most investors, the stock price on behalf of the company's intrinsic value of good; the other hand, fell, said the company's intrinsic value to deteriorate. Obviously, the stock market is the formation of investors place of these misconceptions.
Nevertheless, many investors people believe that the stock market will not be like the past as irrational Persian spice market, the stock market is rational, stock prices are efficient. associated with this theory is that tens of millions of people worldwide are studying the stock market, so Shares will not be higher or lower than its true value, because if this occurs, investors will soon find that during the spread, and to push the stock back to a reasonable price point.
efficient market theory has its own advantages. to conduct transactions, the stock market, the exchange itself is a fairly efficient mechanism. Investors can always pick up the phone, offer to buy shares of their choice, irrespective of the scale of investment up to 10 people billion fund, or a few thousand dollars, a few million small investors, such as school teachers, retirees, etc., anyone can participate in market transactions at any time. But the so-called efficiency than that. In the vast majority time, the stock market is neither unusual nor rational, but not no fair at all. On the contrary, the stock market reflects investors tens of millions of random behavior, in order to achieve their personal goals and make a variety of profit buying or selling decision.
Graham believes that the market price is set by supply and demand psychological: but it involves the psychological level, because these processes are run through the minds of investors. So, the market is a group of people wrong or a group of individual errors, most errors can be attributed to three basic reasons: exaggerated, over-simplification, neglect . oil stocks, because he thinks the stock has almost bottomed out and the prices very reasonable, he can reach a deal because someone persuaded by his agent, sold 100 shares of the stock. Exxon Mobil stock In the next buyer broker's account for extra cash and want to earn more dividends, and its counterparties are good at technical analysis, market veteran, the computer showed that he's Exxon oil stocks overbought. under a transaction is a father, he must sell 500 shares to pay for his daughter's wedding. the buyer is a widow, she had just read in the papers the news about Exxon Mobil, this one left a deep stock impression, so the orders to buy 500 shares. 5,000 shares under the pay deal, a small business owner is to his employees retirement savings plans to diversify investment risk, the counterparty is to have 6 million Exxon Mobil stock mutual funds, are now trying to hand part of the holdings in the energy sector to reduce the risk.
situation from the above transactions, the investor's gain or loss concept, objectives, limitations, news channels, and interpretation of events to as each person's fingerprints are not the same. their business hours in the day for different transactions. In fact, Exxon Mobil shares traded that day only 5% of those people are analyzed the prospects of the company and assessed the actual value of the company's shares, the remaining 95% of people are in varying degrees, the use of information as a basis for their decision-making. This is not efficiency, is a volatile the stock price to the emotional ups and downs allowed to manipulate the market behavior. in the daily transactions, supply and demand can indeed drive prices, but supply and demand by each investor is unique psychological power-driven, and information is just an excuse for people to order nothing more.
In the worst cases, the open outcry system will cause the overall confusion, panic and the real price inefficiencies. Our St. Louis from a well in the U.S. pipeline company, Maverick Tube Manufacturing Stock happened in 1997 can be seen. Maverick Tube the concept of stock within 9 months from 6 yuan to 50 yuan, and then fell back in 1998 and the price of 10 dollars per share. The company's share price skyrocketing, the company's profits and net worth are not the same as its share price increased by 9 times. This volatility is reasonable, rational you? Maverick Tube Corporation in January Shihai only 6 dollars per share, to September when 50 U.S. dollars to the historical high price, nearly 7 months after their colors. Maverick Tube in a fair market value of fluctuations in prices are reasonable, but the shock is so great that can be said to be reasonable and rational? If the investing public can take a rational assessment of Maverick Tube stock, its stock price per share may be from $ 5 slowly rose to 25 dollars, remain at this level until the second year. However, because the market's greed, panic, irrational, and the uncertain outlook for the company and allows the company's stock price in just year experienced the thrill of jumping over the mountains.
Is the market inefficiencies occurred in the 1997 Maverick Tube Corporation, a body do? 1995 to 1996, the General Electric (General Electric) is really the inherent value of as the share price increased by 150% as? from the stock to see true, but this reasonable? only believers in the efficient market theory only willing to believe. During that time, GE's earnings rose 32%, and increased equity 38%, the stock is rising value of the company to increase speed of 4 times the speed.
the most famous case occurred in October 19, 1987, the day the U.S. stock market plunged by 22%, stock prices do to show you the efficiency of the ? whether the intrinsic value of U.S. companies as it did in the stock market has demonstrated it, in just 6 hours plummeted so much value. In fact, the tragic occurrence in the stock market that day, no big business and industry happens, the normal operation of the economy, the customer is still happy to shop retail stores, production line workers continue to be the normal speed in the production of products. And the day was the only change is the investor's point of view, people that share prices have been high Debu reasonable the.
3, the error message Interpretation of the market. There is no doubt that most of the show in front of the information investors are being seriously tampered with, so the stock price distorting effects of very large. because most investors According to the information contained in such transactions as the subjective interpretation, so that investors misinterpreted the information. Here we propose three assumptions to further illustrate our point:
information is not readily available. due to cost reasons, most investor is unable to obtain sufficient information. Even in the era of information explosion today, millions of dollars to investors Although made in the past to be controlled through the network, the filtered information, but still can not get in the short term may affect the stock price information. Investors can not regularly visit the listed companies, not with the guild, suppliers, distributors conversation, let alone participate in enterprise management. is the second year of a shareholder meeting can be said that most of the participation of small shareholders are missed.
each person's understanding of the information is not the same, investors are often subjective interpretation of information. previous example of Exxon Mobil stock on the description of each of the Investors are based on your financial needs, goals, constraints, News pipelines and understanding of the incident for stock trading. For the average investor, usually an shares rose to 25 yuan to 25 yuan than the stock fell more worth buying.
investor information is usually information from the intent of the people around, such as market analysts, listed companies rose's false, at least with the message water. In establishing investment ideas and make investment decisions, we must not underestimate the media and press events role. all the news released from the financial industry, and the filtered information, stock prices are likely to become inefficient. For example, poor governance structure of listed companies of information commonly used method of distorted to confuse investors, they published estimates profit, distribute news and other merger restructuring to achieve their purpose ship pulled.
media to win subscribers, and is often ordered news reporters fabricated, for example, clearly jumped over, they also reported that the so-called hot stock substantially , or a large number of writing such as . Even the tone of the article used, sometimes to a serious distortion of information. misleading title or inflammatory language, may undermine the stock of normal supply and demand.
used to buying and selling stocks based on the information investors who are particularly vulnerable to information Reading about bias. For example, January 22, 1997, when the major media have tried to interpret the U.S. Federal Reserve Board Chairman Alan Greenspan's speech on the Senate Budget Committee. The next day the news reports indicate that U.S. inflation may rise, may also be flat; economy may be steady growth, there may be risk of overheating. Consider the following five reports address current headlines Greenspan:
U.S. economic growth rate of satisfaction, and issued a warning. can only be based on the same day you see a news report to be read. If you pick up the morning newspaper to see the headlines read, sold in the opening day of the hands holding the stock is sensitive to interest rates. But if the newspaper reported that use of the same news, You may be in the stock market does not do anything, because the news is neutral or even slightly good news side.
when the January 22, 1997 news in front of you, at least, have been filtered out more than four times. First of all, the reporter will interpret Greenspan's speech and his speech according to their own readers to understand easily condensed into a few key points, key; then, journalists must also be under the old format after the speech, members of the Senate to exchange views when talking about the view. If there is no Mr interest rates question him, the reporter might think that this topic is not much news value, and thus lightly in passing. Then, the reporter may seek professional advice, due to deadline pressure, He may not have time to interview and listen to various experts of different views. Finally, the presentation will be at the editorial meeting, one at a time, news editors and text editors based on their understanding of the importance of Greenspan's speech to re-schedule presentation They usually clerical-type pick from the presentation
news headlines (usually six words or less) to summarize the content of Greenspan's speech.
that the results of an information processing plant, it could seriously distort investment investment in those ideas, leading investors to make irrational decisions. So, do not believe that people who value investing theory, efficient market theory only believe that the share price earnings ratio is still 50 times the fair market value, and the market will not be defeated. As for the value-investor, as long as they are still insignificant minority groups, then this error from the above logic there will be many opportunities for profit. your biggest source of profit, that is, abandon the concept of the traditional investment , carefully check your information and wait for investors to misjudge the company price. cited Graham as saying: errors. very emotional and not logical way of thinking decisions. So when we discuss the stock market, the human mind as an important variable to consider factors that are particularly important. because the more uncertainty and instability in the market environment, investment people have been tangible and intangible psychological factors will be greater. We found many factors that induce people to buy and sell stocks, except only from human beings, including social behavior, including psychological perspective to explain, and no other point of view can be explained.
stock market investors by the sale of numerous acts of will and force formed by the results of the decision, so we can safely do to make inferences, the stock market up or down the main driving force comes from the psychological impact of investor . Graham believes that investors face if you want to establish a correct attitude toward the stock market, it must be psychologically and financially well prepared, because the market is inevitable at the next shock, investors in the stock prices rise only when have a good psychological quality, but also to calm the mood to face the fall in stock prices, sometimes even violent situation down. Meanwhile, investors on the stock market reaction to falling prices as the company boss encounter should question the price is too individual customers the psychological high as to totally ignore the existence of a thing. If you have that mentality, you already have 99% of the leading psychological quality of other investors: and easily sell their favorite stocks, it will not care about short-term price movements. others who see the miniature. He believed that his success relies on research rather than luck, the decision-making from his own careful thought, and from short-term events are not easily and emotional withdrawal from the market. He understood the nature of risk and confidence to accept the results of the market. So as an investor, like Warren Buffett would like to pay special attention to the mood changes, when your instincts want you to make rational investment behavior and the behavior of the opposite, you have to do proper reflection, and then make a choice.
5, the market is not effectively predict. any long-term observation of people know Buffett predicted the stock market for the view that he is not a waste of time. whether for overall economic development, market market trend, or volatility of individual stock prices, Buffett felt strongly that investment does not predict the future has no value. riba Buffett over the past 40 years has created enormous wealth and the impressive investment performance, which all rely on substantial investment in a few blue chip stocks on the results of the investment strategy. Buffett's many loyal followers adhere to predict the future direction of the market does not have any meaning, they can not stock market, your portfolio.
And in the same time, investors have never focused on the general subject of the analysis of company fundamentals, they frantically chase the stock market trend forecast. Jiabo Li has pointed out sharply that the trajectory of history to see , it is always easy to predict the future by some called the Prophet, fascinated by the concept or system. as long as the number of fortune tellers, sorcerers, prophets market, economists and so casually say something audience.
Although the future is unpredictable, but one thing is for sure, and that is the subject of good company will eventually invest in the stock price reflects its value, from a layer of sense, and only from this sense, the future is predictable. However, we can not know the value of this investment will have to wait until when reflected. We only know that all of the stock price will fluctuate, but can not predict in the end one of these stocks in the future fluctuations in a volatile up or down. from Buffett's investment strategy, we can realize that, in fact, investors do not need to indulge in short-term trend of the stock will be meaningless in predicting how important is whether the investor has invested in a good company on the subject. In this way, can determine their own investment in the ultimate right to profit from.
6, learning to use the composite method of conditioning on investment analysis. Buffett, Graham School has trying to use an interdisciplinary approach to explain our lives around the relationship between environment and investment. at Columbia University, Professor Mo Buxun offer not only basic financial analysis model, also studied many models in other areas, he hoped that interdisciplinary students knowledge and methods can be used in investment, he explained: investment circles did not play any important role, but now technology has become a very important part. Thus, Professor Mo Buxun want to model the hearts of every person to adapt to the rapid development of both the external world. He said: Tell me, is to understand the complex control system of a capital market approach is useful, as long as more and more people understand the complex regulation system, investment professionals will be more understanding of the true state of operation of the market. system is to tell the investors, the market is always changing and is often starts acting strangely. Legg. Mason's Bill. Miller said: can predict future market trends, and analysis of the market is the right investment mentality. environment, and we invest in people to study is to identify the composition of these elements within the system operational status and the media to help us from giving up rigid patterns that are too simple to more innovative ways to understand the actual market is a very complex system. different characteristics, today's U.S. stock market is no longer the era of the 20th century, the market was .1964 60 years, technology stocks accounted for only the proportion of the overall S & P 500 stock index about 5.5%, while stocks of raw materials accounted for 16.5%. Now the proportion of these two types of stocks is almost completely reversed, with the only index of stocks of raw materials accounted for about 6.9%, while the tech sector accounts for about 12%, and this share is increasing. There are many other different places, such as the 20th century, 60 years, public utilities stocks and oil stocks accounted for about 37% of index weighting, and now these two types of shares only 19%. had less buzz financial and pharmaceutical stocks, and now accounts for the entire index component Share the proportion of about one-quarter of the strong.
Miller said: because they do not notice these subtle changes is emerging from quantitative to qualitative changes in the process. or not, they all, without exception, living in a world of change at any time, this changing world is like a kaleidoscope, as in appearance looks similar, but the change order was never the same, because each mode is new different. So, how should investors in a lack of cognitive model of the world survive? It is to find the right level and direction. Although the economy or the market itself is complex and elusive, investors can distinguish between the different types of corporate level, different and has its own internal management and financial models and so on. If investors can study these patterns, you can master the prospects for the future development of the company.
This is exactly Buffett attention to the kind of model, rather than the tens of thousands of investors keen on the kind of unpredictable behavior of speculative markets. Buffett said: quite different before the big change, we do not attempt to predict these changes and attempted to make a profit. If we discover as we focus on investment in the past has always been good company, the external changes will not have any of our adverse effects of long-term investment . aghast at the side of the volatility of the time, remember Warren Buffett's words: market uncertainty will make value-oriented investors an essential investment in a good friend. ) is actually very simple, but we were puzzled that few people are willing to use it. or why people should refuse to accept has been proven time and again is a very successful investment strategies and ideas. on this issue, only Thomas. Kuhn (Thomas Kuhn) is the most qualified to answer.
Kuhn died in 1996, during his lifetime was the famous physicist and philosopher. Kuhn in a 1962 book, Scientific Revolution) was considered the latter half of the 20th century the most influential one of the classic philosophical works. This book is very popular, sold more than a million copies in many European and American universities in social science courses will focus on books as to read. The book introduces the The process is like a brick of new inventions, like increase over the invention of the known. But Kuhn said that scientific inventions are sometimes generated by the crisis, and only when the crisis comes, only to scientific inventions used by society governance crisis was recognized. Therefore, in building a new science, the first step is to mainstream thinking was completely removed and the model.
the evolution of history seems consistent with Kuhn's theory. Copernican theory was overturned by the views of the Earth as the center of the universe, Einstein's theory of relativity to Oujimide geometry paled. Kuhn that can be seen from these examples, each paradigm is usually experienced before the full transfer crisis era. Some people think that now debating a wide range of diversified investment portfolio and the value of the investment portfolio in the end one is better, it is ready to transfer the concept of Kuhn that moment of crisis. Kuhn continued to express that, at the paradigm shift, before We will first see some unusual things there. Buffett said: academics prefer to exclude these new things and theories, rather than admit them. Start embellished the facts in an attempt to smooth things over for the Ptolemaic theory, they believed that Ptolemy right, but his theory requires some amendments to it. Kuhn said: other methods, but they still do not give up before them into the new model has now had the old model. Now to immediately accept the paradigm shift, indeed, whether from a mental, emotional and financial terms, will be a costly risk.
occurred in the history of the paradigm shift and change of events, often take several years, the number of decades or even several generations to complete such a lengthy process, because the need to have sufficient time to educate and win new supporters. When the old model have determined do not meet the requirements of the new era, the new model was able inroads into people's daily life. the paradigm shift before the completion of a new paradigm of the biggest challenges the creators and supporters are in a hostile world persevered. to be able to survive in a paradigm shift is the need to go beyond the spirit and resistance of ordinary people have a firm faith. Buffett value investing school masters are in the past few decades, the practice was honed through personal characteristics such that, only a world-renowned investment performance today. Their This shift in the paradigm have shown great character, are not worth studying today's investors do?
Thursday, February 24, 2011
London stock market three major indexes in Europe after falling 1.22% or 23
London
With the continued escalation of civil unrest in oil-producing countries of Libya, investors worried about the international crude oil market continues to heat up. Analysts believe that the London stock market has been in a rising trend this year, now come to an adjustment phase.
affected by the unrest in Libya, the majority of energy stocks fell. British Petroleum and Royal Dutch Shell fell by 0.86% and 0.57%.
resource sector stocks also generally declined. XSTRATA closing price of mining companies fell 4.4% drop list in the front row. Rio Tinto fell 3.08%, the company announced the same day, IMERYS has bid $ 340,000,000 For the acquisition of its talc business. Another mining giant BHP Billiton fell 3.13% closing price.
bank shares fell across the board. Lloyds TSB Bank plc and Standard Chartered Bank fell 1.19% and 1.41%. Day there is news that Qatar wants to acquire Lloyds TSB Bank and Royal Bank of Scotland part of the shares, the British government in the two banks held shares.
day, two other European stock markets fell in unison. Paris CAC40 stock index closed at 4013.12 points compared to the previous session down 37.15 points, or 0.92%. Frankfurt DAX stock market index closed at 7,194.60 points, compared with the previous session down 123.75 points, or 1.69%. (Xinhua Zhang Yue M)
With the continued escalation of civil unrest in oil-producing countries of Libya, investors worried about the international crude oil market continues to heat up. Analysts believe that the London stock market has been in a rising trend this year, now come to an adjustment phase.
affected by the unrest in Libya, the majority of energy stocks fell. British Petroleum and Royal Dutch Shell fell by 0.86% and 0.57%.
resource sector stocks also generally declined. XSTRATA closing price of mining companies fell 4.4% drop list in the front row. Rio Tinto fell 3.08%, the company announced the same day, IMERYS has bid $ 340,000,000 For the acquisition of its talc business. Another mining giant BHP Billiton fell 3.13% closing price.
bank shares fell across the board. Lloyds TSB Bank plc and Standard Chartered Bank fell 1.19% and 1.41%. Day there is news that Qatar wants to acquire Lloyds TSB Bank and Royal Bank of Scotland part of the shares, the British government in the two banks held shares.
day, two other European stock markets fell in unison. Paris CAC40 stock index closed at 4013.12 points compared to the previous session down 37.15 points, or 0.92%. Frankfurt DAX stock market index closed at 7,194.60 points, compared with the previous session down 123.75 points, or 1.69%. (Xinhua Zhang Yue M)
Wednesday, February 23, 2011
School North ghost thing Revision 2
3. Interpol captain
go inside the campus in the night wind blows, but Ah do not tell the depressed mood.
Almost summer time, a little hot, but the University of Weihai Thalasso sits on the sidelines of the night have been very cool, plus close to the sea, the night view of the campus is really nice inside.
A good mood is not nothing to admire, he went public telephone booth, playing the eve of completion of the phone, when college students generally have cell phones Of course A is not an exception, and he vaguely remember a small eight mentioned that evening classes have completed
boys disappeared, it seems that so many police out in order to find the missing students, keep up to inquire about completed the evening, again , make their own dreams is not good, did not see the completion of a few days on the eve of nightmares, this time quite
want to complete the eve of a good meal.
very complete evening not to face, telephone inside the transmission to He, while blaming him why he left without saying goodbye. A not too lazy to talk to him, just asked him where.
snack bar around, he saw a street girl complete evening class is laughing at him, he greeted her, Shun Kouwen the sentence:
girls look like a ghost, and asked him: Xi Bi missing! Abu almost could not believe my ears, the missing person is actually completed the evening ...
A head which is not a blank, there is no desire to eat, not even noticed when the girl was left , collapsed on the roadside flowers deep breaths, and tried to warn his calm, sort of organized things
.
complete disappearance of the evening, how missing? alerted the police, it appears that there is conclusive evidence that Xi Bi missing.
evening really missing if completed, would go? home? not possible, the recent completion of the professional will test evening, he will not do credit ran home.
went out to play? impossible, although the completion of evening things loner, but never cut class, said he is now a small eight missing 5 days, no, today is the six days. It is also never had to do. < br> If so, then the analysis, complete evening will go?
Ah do not mind which a sudden flash of a thought, he turned his head hesitantly looked to the north of the school ...
What to see when completed evening? Tuesday week .. ah .. no. Last week's Tuesday. handed her the same time, under the hands aside, he began to ask: I saw the completion of the water near the eve of room, I asked him to bring me a pot of water, he said nothing, just keep away, I was very angry .. about. I can help, such as playing a pot of months, their Liang Hu, not good to take
, so asked him ...exposed suddenly realized the girl look: was gone? I mentioned the third pot of water, managed to return to quarters, did not pay attention to him. The Guys and Dolls.
Cao Road, Weihai City, Interpol Brigade commander, joined the Force 91, has been trusted by the police leadership, has been involved in the detection Shidao 9.12 smuggling, and he was alone with a gun 5
name captured the smugglers. a few years ago led in Qingdao, a major drug lords seized smuggled goods. Although meritorious, because of his temper very straight, never favoritism, offended a number of leadership, so too not promoted. can
he was not angry, for him, by his own efforts to keep the peace is the greatest compliment of his own.
now this is not the case for how difficult Cao Road, because this case to do too much, and eventually many of these disappearances to nothing, and now the community does not than before, and a little young to fight substandard
a word, and then to Dong Daozi, stabbing a man to fling the sea, the body was found in good order the police, not bad for the snow Chen Yuan.
general, the missing person after a week will usually appear, but usually there's is not living out. Now he can only report on missing persons, etc., because so far, there have not been
any valuable information, perhaps only seen dead bodies, looking for clues in the body in order to further investigate the.
; captain Fan Yuanzhang come. a university in Europe to retain the government's strongly back, less than 30 years of age to become the youngest Weihai City Senior Lecturer, and later served as the school came to the University of Weihai
long, high administrative level, is the deputy municipal treatment, internal and external evaluation of her high eyebrows that do not lose the heroine.
Van Cao Road, had heard the group's name, just missed the meet, the school saw the accident the famous'd headmistress. in fact did not see the body or the disappearance of blackmail phone before
thing to call up the vice squad big head is hard, but Cao Van Park Road, because the appeal had very great reason to.
Fan Group gives a very refined sense of trustworthy, extraordinary conversation, listening to his speech, when Cao Road, will soon get the point: . Our school buildings were raided student dormitories, but found nothing. ? ; Cao Road, not to say anything.
Fan groups face overcast.
Xie Feng came to Cao Road report: > Fan Group Cao Road, said: Road, one to sit down in the opposite Cao Road. a cry, from the look point of view he has not heard the name Cao Road, in fact, there are many real-life situation, has been quiet dedication to the people you do not known, and those on the stage only scratching
First Nongzi the visibility of actors are amazing.
Cao carefully looked at the road in front of students, asked him: > will not necessarily believe you, you tell us. for a while and finally said: solve the case as a civic duty officer, if you know what not to tell us that we have the right to interrogate you. The Silence of the atmosphere: br> Cao Road, he seemed to be impressed, saying: I will not answer questions when you are, you know? conduct a search. you have such a search method, that is looking for the same
dead. what makes you so sure it completed the evening missing? This person has disappeared for a week, and long past the time limit for reporting missing. I think you would like to ask is how we know he is not out to play but the passive
missing, right? how do we determine whether he was passive rather than active disappeared missing, because we conducted a search of his things and found what his clothes are a lot, and the most powerful
evidence is found in his dorm to his mobile phone charger , look, and suddenly: ...Business Office check list of his calls to see if the missing after he did not use mobile phones. .
a phone call about the missing have not played since a phone call, this is not there a problem? telephone number of the investigation, did not find any problems. I said enough, talk about your clue right. ? fact, never directly admitted that he completed the evening with a ghost building on, but she is not his own analysis of Ah guess, and this mystery
things too, not to mention their own police do not believe what great?
he went on: . time last Monday afternoon at 6 o'clock. And he did not class the next day, his dorm roommate
also confirmed he was not the dormitory that night. This shows that he was missing on Monday night.
house near the water, is not that close to you from the Ghost House? Heading north to Ghost House can not go? Ah do not think have a certain grasp.
a clue. in the rebuff, and he asked a
so more must be some sort of confirmation of his ideas.
; Ghost House? House of Ghosts. north, and completed the evening also north, where I can go? only know that Ghost House is a restricted area, as to how the matter really is in fact ignorant of their own.
school buildings, because seems haunted. I do not know the specific situation, you can ask the old professor, perhaps because people know the original
. other clues you? > This sentence is in fact one said he told Cao Road, at any time to know the progress of the case, quite threatening in tone. Cao Road, shook it difficult for the head, said nothing.
A Shall not have been considering a small things that come out of the box, it still does not hold back, because he felt that the box is the key to the case, have graduated evening so solemnly explain to him that a certain building on
detailed information on the ghost, or clues, and now busy out and see what the police can not find evidence to decide after the box in his hands to retain an exclusive right of the secret, that time can be negotiated with the police
to.
before leaving when he suddenly remembered something.
br> was 6 o'clock on the evening
, it is the most busy time for college, couples everywhere, no one to be called strange that it completed the evening .. But the school gave us the answer is ...Cao Road, nodded: What is the name? numbers. carried out within the school ask? you take will, I ask. plain odd year-old teacher.
Fan group stood up and saw her: to Cao Road, said: Chi Chi Cao Road, smiled and nodded to.
range of groups to see if they know, it just says Chi Chi: useful clues not found, how is this going
? not in school look for clues within the What? evening class people know. head, ? ; are other places on campus have been searched all over, leaving the floor, the ghost .. are clues that are likely to complete the eve of the north of the school building known as the place where a ghost. Fan Group looking at his watch, busy replied:
University of greeting to the city but also a place?
City hello? Unfortunately, but report it to the government
, applications have been rejected three times, and even the reason for not telling. In a few years ago have issued a document, the issue of documents was party secretary of the municipal government, local regulations do not allow any
that the development, or even not allowed to be around others on the grounds that government expropriation, but doubt lot, not to mention within the scope of their University of land use rights of self-government shall not interfere, even if the Government use, nor allow others close to the
ah ... then under the old principal Xingbing Zhen was a requirement, is strictly prohibited The building near the student while on the removal of that building a few years ago did not consider the proposal. br>
students at work, to grasp the situation of many students, what the captain had to ask her. Health ah? hardened, and nodded slowly: teaching building has not closed the school to pick my sister told me that the school had a strange requirement, at 10:00 to close quarters, and then point the number of full-
school, which is difficult to see other universities. The reason What to the body in Ghost House. inside a test chamber, a young professor to his wife and partner
kill, and then hanged himself in it. in his wife's side with a few words written in blood, as if they ought to attractiveness and his ilk words. the police could not find any clues after the intervention, the survey ended.
2 years later in the evening after the girls were locked in a classroom building which also mysterious death, is said to be alive scared to death, the police did not clues. so in the future management of the school specified in the evening will have to check the number of
to prevent the recurrence of this kind of thing. legends, for example, see the white ghost ah, I heard a woman crying .. what, a lot of rumors. But no murder has been,
schools are quiet for a while, most people talk about ghosts floor, but also as a staple of gossip only. problem, and then said: girls night into a ghost building, witnessed the emergence of Ghost .. fainting just passed, did not die. expression, slowly said: down, and now a ghost should go well prepared for building searches, and other group from a range of Xu
can get immediately to an adventure, in which all likelihood complete evening.
way to catch ghosts. .. Cao Road laughed.
ghosts he can not believe that the existence of the world, then the police A funny, but still have not identified the person behind the mischief ..
long as they can go in search of, Chi Chi is not to say What, can not hold their detection.
Unfortunately, Cao Road, found itself after the floor like a ghost's too simple.
Ah do not leave with after Cao Road, went to the hostel, walked to think, now It seems almost certain to complete the eve of a ghost building, the last time he had told himself said it? forgotten.
own like this, do not remember anything when the body center ... < br> He also thought that their own small box under the pillow, which pretends to be in the end is what? he wanted to open it, but soon rejected the idea of their own.
Xi Bi repeatedly told him not to open, and the solemn account him, if he was hurt, burn the box immediately, it seems no small thing inside the box, so important things, the eve of the completion of what is not in my possession it
?
do know some people want to make the evening complete the idea of the box and put him insecure?
will complete the missing evening with a box about?
is not suitable for watching, because the completion of the case of Xi is unknown, if we find Xi Bi Except that he will open the It is a look at how, or if we rush to open, complete the eve of the event back, the box has been filled since
not supposed to see something, is not it bad? they are sent a vow to see.
so walking, he suddenly discovered that someone took his clothing or to follow your footsteps, in the back. so naughty so bold, Ah do not go back and do not know who. ;
a lovely little girl jumped out from behind him: ; I knew it. say anything. that does not jump out early? one for you as my wife? , What excitement? . I invite you to dinner. ...; have also left Abu brother .. they are arguing, but their hearts are drifting towards the north of the school. Bi evening, how kind you are now?
; Fan groups also face poor, Mayor's performance.
The words of story. It seems he really keep up a higher level referrals. Cao Road, felt the seriousness of the matter.
? ah. Cao Road, not words.
is this time the phone rang Cao Road. He take calls after the expression has changed. on Fan Group said: br> be prepared, and permitted to begin a search about a ghost building. Today in the evening saw the photos posted after the completion of the students at the reflection of
situation, said she saw him complete the eve of the day disappeared.
to say, went into the.
Chi Chi saw him come in immediately stood up, pointing to his two girls, said: Cao said the captain now. This is not convenient. dealt a serious blow to her, these days she is very
emotional stability, she wanted to say I know. Yes, there are not police, not be too harsh. last Monday evening, fishes in the north grove inside the school of her own boyfriend Xing Xiao Yao, a 7 o'clock meeting said yes, but Happy students have something to do, so called and said to be late
moment.
Cecil had a person inside the other in a small woods, in fact, comes in May, when more than 7 days have to be slightly blackened, and the slightest suddenly felt a kind of foreboding, she looked around
woods a little scared, because to date, so they will choose a place few people, relatively quiet, but now she suddenly felt the case in this quiet little fear, because then further north campus that is forbidden, She is not there more than once heard
a clean.
distracted in the woods, she walked back and forth.
Happy death, how not to? come to you nice!
is at this time a man next to the trail from her walk through her side when the sweep of her, did not say anything to continue to walk north.
although only one, but the slightest fear of suddenly felt a strange . but he going? go north to enter the road of no return, she felt the need to tell him where there is. Although he
people feel uncomfortable, out of kindness, she stopped that boy.
That .. that .. the students, are you going? in front of the place is not safe, you may not know where haunted .. > Remember the slightest tracing photo later in the know call the person's face completed the evening.
at that time, it was a smile on the face full of terror ...
his grim smile: .
slightest react, picked up a stone throw to complete evening, and turned to the side while screaming out of the woods.
not completed the evening chasing down, behind the laughter to horror: I ran ... meet .. you're dead you can run out with you .. haha .. .. nice to come back like me have become the sacrifice ... haha .. you
is the second sacrifice .... ha ha ha ha .. who will become the body ... .. the resurrection of the evil curse of waking up .. haha .. .. all the school people have to die, ha ha
... you have to come with me .. .. ha ha ha ha ...but to let her back on a large stable dormitory.
fishes back to the dormitory to collapse and, in the care of her friends when Yuyan always listen to what she said nonsense Ghosts, curses, ah, has had a week, not how good mood.
was finally to class, saw the students at the hair of the missing person notices, fishes eyes suddenly straight: up.
Yuyan finally took her Quanzhu, explain the situation to the Chi-chi there.
Chi Chi, immediately contact with Cao Road. drawer and took out a hanging chain Kuanyin said to her: ; with it, though of no use, but at least a little comfort in mind .. .. I understand your feelings, when my former
... Thank you teacher. also hung around the neck of the same sling.
Do not let me catch that evening called Bi ...
go inside the campus in the night wind blows, but Ah do not tell the depressed mood.
Almost summer time, a little hot, but the University of Weihai Thalasso sits on the sidelines of the night have been very cool, plus close to the sea, the night view of the campus is really nice inside.
A good mood is not nothing to admire, he went public telephone booth, playing the eve of completion of the phone, when college students generally have cell phones Of course A is not an exception, and he vaguely remember a small eight mentioned that evening classes have completed
boys disappeared, it seems that so many police out in order to find the missing students, keep up to inquire about completed the evening, again , make their own dreams is not good, did not see the completion of a few days on the eve of nightmares, this time quite
want to complete the eve of a good meal.
very complete evening not to face, telephone inside the transmission to He, while blaming him why he left without saying goodbye. A not too lazy to talk to him, just asked him where.
snack bar around, he saw a street girl complete evening class is laughing at him, he greeted her, Shun Kouwen the sentence:
girls look like a ghost, and asked him: Xi Bi missing! Abu almost could not believe my ears, the missing person is actually completed the evening ...
A head which is not a blank, there is no desire to eat, not even noticed when the girl was left , collapsed on the roadside flowers deep breaths, and tried to warn his calm, sort of organized things
.
complete disappearance of the evening, how missing? alerted the police, it appears that there is conclusive evidence that Xi Bi missing.
evening really missing if completed, would go? home? not possible, the recent completion of the professional will test evening, he will not do credit ran home.
went out to play? impossible, although the completion of evening things loner, but never cut class, said he is now a small eight missing 5 days, no, today is the six days. It is also never had to do. < br> If so, then the analysis, complete evening will go?
Ah do not mind which a sudden flash of a thought, he turned his head hesitantly looked to the north of the school ...
What to see when completed evening? Tuesday week .. ah .. no. Last week's Tuesday. handed her the same time, under the hands aside, he began to ask: I saw the completion of the water near the eve of room, I asked him to bring me a pot of water, he said nothing, just keep away, I was very angry .. about. I can help, such as playing a pot of months, their Liang Hu, not good to take
, so asked him ...exposed suddenly realized the girl look: was gone? I mentioned the third pot of water, managed to return to quarters, did not pay attention to him. The Guys and Dolls.
Cao Road, Weihai City, Interpol Brigade commander, joined the Force 91, has been trusted by the police leadership, has been involved in the detection Shidao 9.12 smuggling, and he was alone with a gun 5
name captured the smugglers. a few years ago led in Qingdao, a major drug lords seized smuggled goods. Although meritorious, because of his temper very straight, never favoritism, offended a number of leadership, so too not promoted. can
he was not angry, for him, by his own efforts to keep the peace is the greatest compliment of his own.
now this is not the case for how difficult Cao Road, because this case to do too much, and eventually many of these disappearances to nothing, and now the community does not than before, and a little young to fight substandard
a word, and then to Dong Daozi, stabbing a man to fling the sea, the body was found in good order the police, not bad for the snow Chen Yuan.
general, the missing person after a week will usually appear, but usually there's is not living out. Now he can only report on missing persons, etc., because so far, there have not been
any valuable information, perhaps only seen dead bodies, looking for clues in the body in order to further investigate the.
; captain Fan Yuanzhang come. a university in Europe to retain the government's strongly back, less than 30 years of age to become the youngest Weihai City Senior Lecturer, and later served as the school came to the University of Weihai
long, high administrative level, is the deputy municipal treatment, internal and external evaluation of her high eyebrows that do not lose the heroine.
Van Cao Road, had heard the group's name, just missed the meet, the school saw the accident the famous'd headmistress. in fact did not see the body or the disappearance of blackmail phone before
thing to call up the vice squad big head is hard, but Cao Van Park Road, because the appeal had very great reason to.
Fan Group gives a very refined sense of trustworthy, extraordinary conversation, listening to his speech, when Cao Road, will soon get the point: . Our school buildings were raided student dormitories, but found nothing. ? ; Cao Road, not to say anything.
Fan groups face overcast.
Xie Feng came to Cao Road report: > Fan Group Cao Road, said: Road, one to sit down in the opposite Cao Road. a cry, from the look point of view he has not heard the name Cao Road, in fact, there are many real-life situation, has been quiet dedication to the people you do not known, and those on the stage only scratching
First Nongzi the visibility of actors are amazing.
Cao carefully looked at the road in front of students, asked him: > will not necessarily believe you, you tell us. for a while and finally said: solve the case as a civic duty officer, if you know what not to tell us that we have the right to interrogate you. The Silence of the atmosphere: br> Cao Road, he seemed to be impressed, saying: I will not answer questions when you are, you know? conduct a search. you have such a search method, that is looking for the same
dead. what makes you so sure it completed the evening missing? This person has disappeared for a week, and long past the time limit for reporting missing. I think you would like to ask is how we know he is not out to play but the passive
missing, right? how do we determine whether he was passive rather than active disappeared missing, because we conducted a search of his things and found what his clothes are a lot, and the most powerful
evidence is found in his dorm to his mobile phone charger , look, and suddenly: ...Business Office check list of his calls to see if the missing after he did not use mobile phones. .
a phone call about the missing have not played since a phone call, this is not there a problem? telephone number of the investigation, did not find any problems. I said enough, talk about your clue right. ? fact, never directly admitted that he completed the evening with a ghost building on, but she is not his own analysis of Ah guess, and this mystery
things too, not to mention their own police do not believe what great?
he went on: . time last Monday afternoon at 6 o'clock. And he did not class the next day, his dorm roommate
also confirmed he was not the dormitory that night. This shows that he was missing on Monday night.
house near the water, is not that close to you from the Ghost House? Heading north to Ghost House can not go? Ah do not think have a certain grasp.
a clue. in the rebuff, and he asked a
so more must be some sort of confirmation of his ideas.
; Ghost House? House of Ghosts. north, and completed the evening also north, where I can go? only know that Ghost House is a restricted area, as to how the matter really is in fact ignorant of their own.
school buildings, because seems haunted. I do not know the specific situation, you can ask the old professor, perhaps because people know the original
. other clues you? > This sentence is in fact one said he told Cao Road, at any time to know the progress of the case, quite threatening in tone. Cao Road, shook it difficult for the head, said nothing.
A Shall not have been considering a small things that come out of the box, it still does not hold back, because he felt that the box is the key to the case, have graduated evening so solemnly explain to him that a certain building on
detailed information on the ghost, or clues, and now busy out and see what the police can not find evidence to decide after the box in his hands to retain an exclusive right of the secret, that time can be negotiated with the police
to.
before leaving when he suddenly remembered something.
br> was 6 o'clock on the evening
, it is the most busy time for college, couples everywhere, no one to be called strange that it completed the evening .. But the school gave us the answer is ...Cao Road, nodded: What is the name? numbers. carried out within the school ask? you take will, I ask. plain odd year-old teacher.
Fan group stood up and saw her: to Cao Road, said: Chi Chi Cao Road, smiled and nodded to.
range of groups to see if they know, it just says Chi Chi: useful clues not found, how is this going
? not in school look for clues within the What? evening class people know. head, ? ; are other places on campus have been searched all over, leaving the floor, the ghost .. are clues that are likely to complete the eve of the north of the school building known as the place where a ghost. Fan Group looking at his watch, busy replied:
University of greeting to the city but also a place?
City hello? Unfortunately, but report it to the government
, applications have been rejected three times, and even the reason for not telling. In a few years ago have issued a document, the issue of documents was party secretary of the municipal government, local regulations do not allow any
that the development, or even not allowed to be around others on the grounds that government expropriation, but doubt lot, not to mention within the scope of their University of land use rights of self-government shall not interfere, even if the Government use, nor allow others close to the
ah ... then under the old principal Xingbing Zhen was a requirement, is strictly prohibited The building near the student while on the removal of that building a few years ago did not consider the proposal. br>
students at work, to grasp the situation of many students, what the captain had to ask her. Health ah? hardened, and nodded slowly: teaching building has not closed the school to pick my sister told me that the school had a strange requirement, at 10:00 to close quarters, and then point the number of full-
school, which is difficult to see other universities. The reason What to the body in Ghost House. inside a test chamber, a young professor to his wife and partner
kill, and then hanged himself in it. in his wife's side with a few words written in blood, as if they ought to attractiveness and his ilk words. the police could not find any clues after the intervention, the survey ended.
2 years later in the evening after the girls were locked in a classroom building which also mysterious death, is said to be alive scared to death, the police did not clues. so in the future management of the school specified in the evening will have to check the number of
to prevent the recurrence of this kind of thing. legends, for example, see the white ghost ah, I heard a woman crying .. what, a lot of rumors. But no murder has been,
schools are quiet for a while, most people talk about ghosts floor, but also as a staple of gossip only. problem, and then said: girls night into a ghost building, witnessed the emergence of Ghost .. fainting just passed, did not die. expression, slowly said: down, and now a ghost should go well prepared for building searches, and other group from a range of Xu
can get immediately to an adventure, in which all likelihood complete evening.
way to catch ghosts. .. Cao Road laughed.
ghosts he can not believe that the existence of the world, then the police A funny, but still have not identified the person behind the mischief ..
long as they can go in search of, Chi Chi is not to say What, can not hold their detection.
Unfortunately, Cao Road, found itself after the floor like a ghost's too simple.
Ah do not leave with after Cao Road, went to the hostel, walked to think, now It seems almost certain to complete the eve of a ghost building, the last time he had told himself said it? forgotten.
own like this, do not remember anything when the body center ... < br> He also thought that their own small box under the pillow, which pretends to be in the end is what? he wanted to open it, but soon rejected the idea of their own.
Xi Bi repeatedly told him not to open, and the solemn account him, if he was hurt, burn the box immediately, it seems no small thing inside the box, so important things, the eve of the completion of what is not in my possession it
?
do know some people want to make the evening complete the idea of the box and put him insecure?
will complete the missing evening with a box about?
is not suitable for watching, because the completion of the case of Xi is unknown, if we find Xi Bi Except that he will open the It is a look at how, or if we rush to open, complete the eve of the event back, the box has been filled since
not supposed to see something, is not it bad? they are sent a vow to see.
so walking, he suddenly discovered that someone took his clothing or to follow your footsteps, in the back. so naughty so bold, Ah do not go back and do not know who. ;
a lovely little girl jumped out from behind him: ; I knew it. say anything. that does not jump out early? one for you as my wife? , What excitement? . I invite you to dinner. ...; have also left Abu brother .. they are arguing, but their hearts are drifting towards the north of the school. Bi evening, how kind you are now?
; Fan groups also face poor, Mayor's performance.
The words of story. It seems he really keep up a higher level referrals. Cao Road, felt the seriousness of the matter.
? ah. Cao Road, not words.
is this time the phone rang Cao Road. He take calls after the expression has changed. on Fan Group said: br> be prepared, and permitted to begin a search about a ghost building. Today in the evening saw the photos posted after the completion of the students at the reflection of
situation, said she saw him complete the eve of the day disappeared.
to say, went into the.
Chi Chi saw him come in immediately stood up, pointing to his two girls, said: Cao said the captain now. This is not convenient. dealt a serious blow to her, these days she is very
emotional stability, she wanted to say I know. Yes, there are not police, not be too harsh. last Monday evening, fishes in the north grove inside the school of her own boyfriend Xing Xiao Yao, a 7 o'clock meeting said yes, but Happy students have something to do, so called and said to be late
moment.
Cecil had a person inside the other in a small woods, in fact, comes in May, when more than 7 days have to be slightly blackened, and the slightest suddenly felt a kind of foreboding, she looked around
woods a little scared, because to date, so they will choose a place few people, relatively quiet, but now she suddenly felt the case in this quiet little fear, because then further north campus that is forbidden, She is not there more than once heard
a clean.
distracted in the woods, she walked back and forth.
Happy death, how not to? come to you nice!
is at this time a man next to the trail from her walk through her side when the sweep of her, did not say anything to continue to walk north.
although only one, but the slightest fear of suddenly felt a strange . but he going? go north to enter the road of no return, she felt the need to tell him where there is. Although he
people feel uncomfortable, out of kindness, she stopped that boy.
That .. that .. the students, are you going? in front of the place is not safe, you may not know where haunted .. > Remember the slightest tracing photo later in the know call the person's face completed the evening.
at that time, it was a smile on the face full of terror ...
his grim smile: .
slightest react, picked up a stone throw to complete evening, and turned to the side while screaming out of the woods.
not completed the evening chasing down, behind the laughter to horror: I ran ... meet .. you're dead you can run out with you .. haha .. .. nice to come back like me have become the sacrifice ... haha .. you
is the second sacrifice .... ha ha ha ha .. who will become the body ... .. the resurrection of the evil curse of waking up .. haha .. .. all the school people have to die, ha ha
... you have to come with me .. .. ha ha ha ha ...but to let her back on a large stable dormitory.
fishes back to the dormitory to collapse and, in the care of her friends when Yuyan always listen to what she said nonsense Ghosts, curses, ah, has had a week, not how good mood.
was finally to class, saw the students at the hair of the missing person notices, fishes eyes suddenly straight: up.
Yuyan finally took her Quanzhu, explain the situation to the Chi-chi there.
Chi Chi, immediately contact with Cao Road. drawer and took out a hanging chain Kuanyin said to her: ; with it, though of no use, but at least a little comfort in mind .. .. I understand your feelings, when my former
... Thank you teacher. also hung around the neck of the same sling.
Do not let me catch that evening called Bi ...
Tuesday, February 22, 2011
2556 Candidates Nortel performing Broken Dreams
Nortel results to be published on-site, a first test of the candidates happy by jumping. Could have taken
tears a girl get the job-site results to be published.
2 21 afternoon, the list of results to be published retest Beijing Film , attracted many students and parents. To reduce congestion, to avoid the stampede, Nortel also be dedicated to watch the list line.
retest Beijing Film was announced weeks past the first winter rain off; 2556 candidates get the job
Time: February 21 PM
Location: Beijing Film Academy playground
Yesterday afternoon, the list of results to be published retest Beijing Film , 4392 people sit in the end, only 1836 candidates were
star seniors Nortel
Department of retest performances held in the playground the list of results to be published, the time originally set at 14:00, but due to excessive flow of students and parents in advance to 13 points. Look Bangren crowded to reduce, avoid trampling, the College dedicated a line to see list, see list area is equipped with specialized import and export. Candidates who enter the East Gate admission ticket from the playground, according to the Institute in the playground has been marked in the route into the watch list and look for the list after the North Gate exit from the playground.
ticket this year is responsible for checking the staff of the East Gate is the . In Zhang Jizhong version of Although television jingle is playing the role of naughty, but the jingle of the work site is responsible, there was a media smoke, which he unceremoniously When you see a girl get the job because of tears in the scene and by the media
list to see the scene yesterday, still is one of several happy some unhappy, three candidates from Canada, see the re-examination after the championship has its own name, dancing and shouting at the scene immediately, but immediately called to the home good news: vent the girl there.
star candidates
14 about half past the TV drama and let her enter the inner cordon area looking for test results to be published number, directly after reading escorted away by the staff.
list shows only the re-examination Candidate Number Candidate Name not released, a lot of stars results of the candidates is unknown, but according to media reports, Zhou winter rain has successfully entered the re-examination.
reporter Daoudine
edition photography (except for signature outside) / reporter Pu peak
tears a girl get the job-site results to be published.
2 21 afternoon, the list of results to be published retest Beijing Film , attracted many students and parents. To reduce congestion, to avoid the stampede, Nortel also be dedicated to watch the list line.
retest Beijing Film was announced weeks past the first winter rain off; 2556 candidates get the job
Time: February 21 PM
Location: Beijing Film Academy playground
Yesterday afternoon, the list of results to be published retest Beijing Film , 4392 people sit in the end, only 1836 candidates were
star seniors Nortel
Department of retest performances held in the playground the list of results to be published, the time originally set at 14:00, but due to excessive flow of students and parents in advance to 13 points. Look Bangren crowded to reduce, avoid trampling, the College dedicated a line to see list, see list area is equipped with specialized import and export. Candidates who enter the East Gate admission ticket from the playground, according to the Institute in the playground has been marked in the route into the watch list and look for the list after the North Gate exit from the playground.
ticket this year is responsible for checking the staff of the East Gate is the . In Zhang Jizhong version of Although television jingle is playing the role of naughty, but the jingle of the work site is responsible, there was a media smoke, which he unceremoniously When you see a girl get the job because of tears in the scene and by the media
list to see the scene yesterday, still is one of several happy some unhappy, three candidates from Canada, see the re-examination after the championship has its own name, dancing and shouting at the scene immediately, but immediately called to the home good news: vent the girl there.
star candidates
14 about half past the TV drama and let her enter the inner cordon area looking for test results to be published number, directly after reading escorted away by the staff.
list shows only the re-examination Candidate Number Candidate Name not released, a lot of stars results of the candidates is unknown, but according to media reports, Zhou winter rain has successfully entered the re-examination.
reporter Daoudine
edition photography (except for signature outside) / reporter Pu peak
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