搜狗的腾讯系入口 （38%流量, 2018财年）:
1. 腾讯网（www.qq.com） 搜索栏
搜狐市值 < 搜狐持有的(搜狗+畅游)股票市值
（绿色: 搜狐， 蓝色: 搜狗+畅游）
Where Does the Profit of Speculative Trading Come From ?
The irrationality of market participators provides profits for speculative trading. Just like in Texas Hold'em Poker game.
The majority of market participators are casual individuals, whose trading decisions are largely dominated by personal emotions. They are the amplifier of market trends.
The High Valuation of Marijuana Stocks
At price 70 USD per share, TLRY is being valued at over 100 Price/Sales multiple and seems to be something other than marijuana fan's zeal for pursuing marijuana related subjects. There is a considerable portion of speculative investors involved in holding TLRY at current price level. Their logic behind the current position is vital for the understanding of marijuana stocks.
The valution of marijuana stocks share similarities with Internet stock in its potentional of high speed future growth. Typically at a rate of 300% to 1000% annual growth in key operation metrics for the next 3 to 5 years. The investors valuing TLRY at over 100 Price/Sales ratio must be expecting a future performance like that. As the legal marijuana
market is not exist until a few months ago, everything is in the reasonable imagination.
However, it is a question whether the marijuana industry inherently similar to the Internet industry. Will the marijuana industry be naturally concentrated as the Internet industry, where a few companies owns over 80% of the market. In my opinion, the answer is no. The two industries differ greatly in the marginal production cost. The primary product of marijuana industry is a phsical substance that requires cultivation, production and transporation. While the Industry industry deliver online service that has nearly zero marginal cost per additional user, as compared to other industries.
The possibility of a marijuana business to achieve a annual growth of 300% to 1000% is remote, given the nature of the product as well as the intensive competitions from other market participator. This is especially true as recreational marijuana products from different companis are very similar in nature, which makes competitive advantage very hard to be built.
Chinese Stock Market
Practicing along with the market for the investing of A shares in Chinese stocks is not acceptable. A comprehensive strategy needs to be developped. Available traing styles including herd behavior speculation, market-trend forecast, value investing and news driven speculation. Trading simulation is essential for the verification of strategy.
中国商品房土地供应市场是单边垄断市场，政府是唯一的供应方，理论上放开土地供应会压低市场房价，但放开土地供应的举措与1. 土地计划经济体制 2. 政府对土地供应的控制 相矛盾，故土地供应在可见的将来不会放松管制。
From Ray Dalio's Economic Framework
Economic Activatity = Direct Product/Service Creation + Product/Service Transportation (Trading)
Ray Dalio oppose using the traditional supply and demand framework to analysis the market. The traditional supply and demand framework focus on the balance of supply and demand of product by the same quantity of exchange, but ignores the motivations, identity and total amount of spending of the purchaser.
Market price is determined by the total amount spent by buyers divided by total quantity sold by sellers, in which buyers are the driving force of price movement. Dramatic price movement happens only when there is both purchasing power from buyers and available unit for sell by sellers.
Producers, Traders, Consumers
Planning For April
- Focus on shorting strategies research
- Research historial shorting opportunities, what their signals look loke, what's the best strategies at the time
- Find more signals to find shortable stocks
- Double U.S. portfolio
Profile of Chinese Stock Market
1. 散户 - 追逐热点
2. 游资 - 制造、炒作市场热点
3. 私募 -