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How to operate the value investment approach

Value investor in HK should aware that HK stock market has a 28 weeks cycle. The meaning of 28 weeks cycle is that the price of stocks will experience rise and drop within the period (However, the period of rise and drop are not fixed to a certain fixed cycle. A real case is expected to prove by the end of August 2003!

ROE is another thing that value investor must know before making their first move in the stock market. ROE (Return on Equity) is the increase of share interest. The formula in calculating ROE is: Preset share price + The predicted share price after paying the share interest. Value investors should avoid buying stocks with fluctuating share interest. This is because if the share interest decrease so as the share price.

To understand the present status of a stock, we must first monitor the share interest. If the share interest is low, that means the company is expanding, a good sign. However, it can also be a bad sign, the company is possibly bankrupt if its share interest is low. In contrast, if the share interest rate is high, it might be a good sign. High share interest rate means that the company is mature, and it has a lot of cash. However, It won't have too much space for expansion. Value investor should always keep an eye on the relationship between ROE and the share interest. If both of them don't match, the company must be having problems.

In the stock market, we normally have 4 kinds of stock. 70% of them are dividend and value stocks. The rest of them are growth and junk stocks. For growth stock, it is recommended to hold only a small portion due to its mass fluctuation.

Abnormal performance of stock

Investors should aware that the change of interest rate will affect the economy within 6-9 months. When prices of stock change before the economic situation change, investors should pay extra attention when encountering these situations.

Andrew and Joseph Cheng Form 5 - 2003
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Investment Psychology

Stock market can bring a fortune to people. However, it can also take away everything. That depends on the method we use. The normal practice in HK is by trading, which means buying a particular stock as its price increases. But the price itself is often controlled by emotions. (eg: special events like the 911 incident.) This means some so-called "junk stock" can have an unusually high price, whereas stocks with a high intrinsic value maybe under-estimated.

The technique we are now learning is called the "Value Investment Approach", and it is used by sophisticated investors. To become a sophisticated investor, a clear financial goal must be established. The goal should not be set too high, but should only be in the range of 10%-15% of money return annually. Another criteria to become a sophisticated is a strict discipline of personal emotions. It is the key to investment. We should not aim at maximizing our profit, but just to achieve our preset financial goal, which means setting a marginal profit. A macro analysis of the present and the past situation of the world is also important for a successful sophisticated investor. This can help to predict the future financial situation of the world.

When everyone is accustomed to the rule, the rule will change itself. The meaning for this is that a sophisticated investor should always adapt him / herself to some ever changing implicit rules, which do not happen the same way but in the same pattern.

We should not borrow money for investment, and we should not treat investment as gambling.

Andrew and Joseph Cheng Form 5 - 2003
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