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2007年2月28日,中国股市单日跌9%,140 BILLION (等直$US) 的财富一夜蒸发, 触发了一抡全球性股灾.
到上周末,全球股市经过三周的调整.普遍有所恢复. 上政指数已完全收复失地,再创新高, TSX一周也升了3.2%,创去年7月以来的记录. 以下是几个主要股市和板块的在这此股灾的表现:
1. 指数方面:
| Index | FMV beofre the day of crash | FMV of day after crash | Single day Change (%) | FMV on Mar-23-07 | % in Change | | 上政指数 | 3,040.60 | 2,771.79 | -8.84% | 3,074.29 | 1.11% | | DOW | 12,632.26 | 12,216.24 | -3.29% | 12,481.01 | -1.20% | | DASDAQ | 2,504.52 | 2,407.86 | -3.86% | 2,448.93 | -2.22% | | SPX | 1,449.37 | 1,399.04 | -3.47% | 1,436.11 | -0.91% | | NIKKEI | 18,119.92 | 17,604.12 | -2.85% | 17,480.61 | -3.53% | | FTSE 100 | 6,434.70 | 6,286.10 | -2.31% | 6,339.40 | -1.48% | | CAC 40 | 5,762.54 | 5,588.39 | -3.02% | 5,634.75 | -2.22% | | HIS | 20,147.87 | 19,651.51 | -2.46% | 19,692.64 | -2.26% | | HSCE | 9,586.23 | 9,283.67 | -3.16% | 9,487.51 | -1.03% | | TSX | 13,404.46 | 13,040.11 | -2.72% | 13,237.66 | -1.24% |
可见,全球除中国外,普遍还没有从这此股灾中完全恢复过来, 迄今仍loss of about $3.3-trillion in global stock values, according to Bloomberg News.
2. 板块方面:
TSX 几个权重板的情况如下:
| TSX 财经 | 220.13 | 216.21 | -1.78% | 221.73 | 0.73% | | TSX 黄金 | 338.00 | 317.00 | -6.21% | 313.18 | -7.34% | | TSX 材料 | 285.05 | 270.87 | -4.97% | 270.98 | -4.94% | | TSX 矿业 | 683.24 | 647.78 | -5.19% | 675.13 | -1.19% | | TSX 能源 | 172.32 | 169.3 | -1.75% | 172.33 | 0.01% |
可见,黄金和材料在这一抡股灾中损失较大,也正是因为他们在前期涨幅过大,MM套利所致. 能源在前期本身在滞后MARKET,而近期有大幅反弹,所以能源这一抡股灾中没有太大的损失.财经历来是股载的避风港这一次再一次得到证实,它以完全恢复过来.
3. 个人方面:仍有2.23%的损失没有修复. 一方面是因为ASSETS的权重偏重METAL和材料而在股灾中属于重灾区板,另外,在股灾后,我们售掉了黄金和资源基金,并对组合从新做了调整,降低了黄金和资源的暴露程度.
我们在这次股灾中的教训和LESSON是感受到 TIMGING MARKET的难度和PORTFOLIO 组合的重要性,避免被市场的情绪而影响投资的决策.Focusing on things you can control - the diversification and quality of your portfolio.
实践证明:Time in the market is more important than timing the market.
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