2019年6月随笔

  1. Crypto Currency as Fiat money

The value of crypto currency as fiat money is backed by the support and faith of Internet community, aka, computer prorgamers/developers/hackers.

  1. The zeal for hot spot stock often last as long as the media attention is sustained at a high level

  2. Zeal Stock
    Attributes
    1) Tech Related
    2) Consumers Product
    3) New in the Market
    4) High Growth Potentional

  3. Market Consensus About The Future Price Movement of a Stock
    (Crowd Behavior, Herd Effect)
    Guess the attitude and action of other investors as whole and act upon.

Simple hypothesis (First degree inference) of other investors: the most superficially good prospect stock will be popular, because the public is not so smart as a whole.

Although a large number (even most) of individual market participants (professional or not) think the superficailly good prospect stock is not indeed good, but since the investment community as a whole will like it, the best strategy is go along.

First degree inference is enough in most cases. (Optimal strategy)

Typicall, a downturn consensus is harder to reach than a upward consensus due to the difficulty to borrow, higher expense and risk in short selling compared to long buying, especially when no real bad news about the stock occurs.

  1. Central Bank Lower Interest Rate
    Lower interest expand money supply and credit, but also supports the overall debt growth in economy.

  2. Cash (Currency) and other financial assets are in substance the same in terms of purchasing power, they are essentially IOUs (Claim to goods and services).

  3. 利率调整作为发达国家货币政策的一种工具,为什么没有在国内频繁使用
    利率市场化和金融体系尚未完全开放,利率传导作用有限

  4. Public Comapny Separation
    Spin off

  5. Sfun

Marketing services are the primary source of revenues for Sofun in the year of 2018. Listing services are in substance another from of marketing services.
(58 Model)

CIH --> Commercial Property Service
SFUN --> Residential Property Service

  1. June 28, 2019
    Russle 1000 Index, Component Rebalance

  2. Tomson Server System Shutdown
    11:05:24

019-06-25 11:26:35] System.Reflection.TargetInvocationException: 操作过程中出现异常,结果无效。 有关异常的详细信息,请查看 InnerException。 ---> System.Net.WebException: 基础连接已经关闭: 发送时发生错误。 ---> System.IO.IOException: 由于远程方已关闭传输流,身份验证失败。
在 System.Net.TlsStream.EndWrite(IAsyncResult asyncResult)
在 System.Net.PooledStream.EndWrite(IAsyncResult asyncResult)
在 System.Net.ConnectStream.WriteHeadersCallback(IAsyncResult ar)
--- 内部异常堆栈跟踪的结尾 ---
在 System.Net.HttpWebRequest.EndGetResponse(IAsyncResult asyncResult)
在 System.Net.WebClient.GetWebResponse(WebRequest request, IAsyncResult result)
在 System.Net.WebClient.DownloadBitsResponseCallback(IAsyncResult result)
--- 内部异常堆栈跟踪的结尾 ---
在 System.ComponentModel.AsyncCompletedEventArgs.RaiseExceptionIfNecessary()
在 Shadowsocks.Controller.UpdateChecker.http_DownloadStringCompleted(Object sender, DownloadStringCompletedEventArgs e)