" make investment " the definition with "speculation"

Benjamin, shelf thunder E Mu a remarkable characteristic of the bond analysis theoretical system founded, pass for the history of some important economic categories in bond field look closely at and deep anatomy, try hard to clarify to fill it go up various puzzle chaotic table elephant, revelation in which place Yun contain have not the essence that place is known really by people, facilitate bond investor to set up scientific, rational, safe, effective bond investment theory. Based on" investment" with "speculation" the extensive influence had in securities market and outstanding role, is going to look closely at and give definite definition completely thoroughly so for it, become shelf thunder E Mu found a important work of bond analysis theoretical system.

When shelf thunder E in Mu 30 decade of located last century, on capital market for" investment", the definition with "speculation" often has different viewpoint on knowledge. The angle of never same people leaves , role, relation and the concept between two so that difference, have not appearance is consistent , very or widely divergent knowledge. There is discrepancy between identification two , the important economic concept person who belongs to two differences , the differences of speculation and investment may be from the way of payment and the object of bond business , the time of holding stock length as well as whether divide for the features such as safe profit or expected risk profit. But what make investment and speculate to adhere in concept and actual running is that if this is close, is hard to distinguish , so that quilt a lot of wounds the market personage straightforward final conclusion of thorough brain is: " investment is the speculation of a kind of success, and speculating is one investment that does not succeed ", join two 2 is one, regard to make the merely same two different expression forms of a kind of behavior or sayings just. Shelf thunder E Mu do not agree with above-mentioned shallow knowledge. Through plenty of market analysises and theoretical researches, he has formed own unique view. He thinks that equates investment and speculation , is a idea and deficiency is taken , because the last result of holding that person moves about merely from two limits it , instead of define completely after analysing its basic feature. He points out clearly that" make investment ", is two completely different economic categories with "speculation", there is the remarkable between two , in principle difference. This kind of difference, and not show completely when such as the object of purchase is bond or stock, the way adopted is sale for cash or the trade of earnest money, the stock time of holding is long-term or short period, the purpose of investment realizes the profit of safety property or the table elephants such as risk profit go up.

It is so, is because hold above-mentioned judgment the very standard is hard to be definite , and is always in change state take off or ponder the indefinite. So, above-mentioned difference has not touched two in principle feature, can not be the basis of definite definition. For instance, people have considered stubbornly bond is a kind of very safe investment object stock Yun contain maximum risk. Therefore it is investment to purchase bond purchase stock should belong to speculation. Actually, and not is have bond is the object of investment. If a kind of bond no safe intrinsic value, purchase it equates so one out and out speculation undoubtedly , and it is one dangerous maximum speculation; And if one has the stock of safety property, as it operates , is one investment , and is that once has safe guarantee , can get the investment of effective repayment. Again for example, using cash enough volume purchase stock can not be also regarded action is investment, only use cash enough volume by requirement because majority have the stock of speculation to purchase , etc.. In a word, " purchase stock may be investment, trading with earnest money may be investment, cherish operation that gets profit fast and that purpose carries out also may make investment ". " make investment " so, actually with "speculation" definite definition where? When shelf thunder E Mu look , the definite definition of investment should Yun contain the 3 relations of each other , the dense important factor that cannot divide. First, investment must is establishment when over" detailed analysis" foundation. So-called detailed analysis denotes to pass work with the established research that safe and value standard carries out for investing in object. Secondly, investment should have the guarantee of " safety property ". Is natural, the investment on securities market throughout is filled with and accompany various risks, also have no absolute safety always. But to have through analysing thoroughly the investment that had been chosen afterwards for elephant " invest in intrinsic value ", should have the value space of relative safety, and this is just to ensure that it is usually having no greater risk with possible condition , is also that it may avoid the safe embodiment of unexpected loss. It is 3th, the result of investment is must can get " satisfactory repayment". This kind of meaning that makes have the satisfactory repayment of rational investor and has more extensively has not only included interest and dividend , and has also included capital increment and profit. From this, shelf thunder E Mu the definition reached is: " after investment denotes to pass detailed analysis, capital safety has the operation of satisfactory repayment just ". On the contrary, what do not suit to it is speculative. " make investment " with "speculation" is a kind of basic campaign of the trade campaign of securities market form, core or the most basic difference between two lies in whether can get the income of safety property. Shelf thunder E Mu the definition about making investment out of the common is , he points out emphatically that" make investment " place the specially emphatic guarantee of this kind of safety can not build the propagation of message, internal hearsay and the assumption that has no basis with false market very or real over bet sex; " invest in the limit safety " safety property must depend on investment object whether have genuine intrinsic value or existence the space of a value change, will hold the place of this key definitely or reach "", only through using objective standard for the message of grasp really , carry out detailed analysis. Shelf thunder E Mu think , the review overheat and subsequent big collapse of the former American stock market of 1929 years, a important reason in which lies in , can not be correct with investor to distinguish the concept of investment and speculation, obscure this two completely different concepts , invest in operating lack rational guidance , not only cause the major loss on investor money eventually , and have also facilitated the overall collapse of market actually. From this, draw historical religion benefit, know the essential difference of investment and speculation really , set up scientific, rational, safe, effective investment theory for investor , is most important.