股市里最重要的事。A股市场是一个非常丰富的市场。说它丰富，不仅是上市公司越来越多，各种行业都让投资人了解个遍，更因为参与者众多。个人投资者被称作散户，专业投资者被称为机构。散户不见得水平低，机构也不见得水平高。机构应该构建投资组合，分散风险。但是有些机构和散户炒股一样一个产品只配置一只股票且加杠杆，市场大幅波动时，产品净值短时间大幅下挫，为投资人造成较大损失。这些机构其实不是在投资，也不是在炒股，而是在赌博。而拿着投资人的钱赌博，有违受托责任和职业道德。个人投资者也有很多加杠杆亏掉本金的例子，特别是2015年股灾期间。一只股票加了一倍杠杆之后，如果股票质押折扣率比较高，股票一个跌停可能就把本金亏没了。2015年的股灾因为部分个股的估值太高，跌停通常都高达十多个，有些投资人因此损失惨重。只投资一只股票其实非常考验人的风险承受能力。美国的FAANG股票和微软都是科技巨头，股价持续上涨多年。可是其中的微软和苹果在2000年网络泡沫破灭之后都跌去80-90%的股价。在网络泡沫前买入微软和苹果并能承受住这个跌幅一直持有到现在的投资人应该寥寥无几。这需要非常乐观的精神和无比坚定的信仰。所以，投资股票最重要的就是管控风险。无论是个人投资者还是机构投资者，如果不能管控好风险，就很容易被淘汰出局。巴菲特说的投资第一条原则是保证本金安全，第二条请参见第一条是有深刻道理的。

A股和港股上涨，美股涨跌不一。周三A股和港股上涨，港股科技股领涨。市场从对网游股的打压中恢复。因疫情在澳门扩散，博彩股全线大跌。花旗预计今年的博彩股赌收将恢复到2019年40%的水平，持续推荐。7月份财新服务业采购经理人指数较6月份大幅上扬。美国10年期国债收益率非常令人费解地再度下行，连美联储副主席都对此感到惊讶。经济数据喜忧参半，7月小非农就业数据大幅低于预期，但7月供应管理协会服务业采购经理人指数超市场预期。道指下跌近1个百分点，纳指小幅上涨。投资人担忧经济、刺激措施和企业盈利三方面都已经到达顶点。美联储不具投票权官员认为缩减债券购买规模正当时，不会引起市场恐慌。

The most important thing in stock market. There are so many companies listed in A-share that investors can get a glimpse of every kind of sector. There are also investors from all walks. Some do not get trained professionally but still buy and sell stocks as a daily routine. The others, though lack professional background as well,improve themselves by learning the principles of investment on their own.These investors usually can make money in the stock market. Some investors do not have any risk control. A case in point is in 2015 stock market crash. It seems not unusual that some investors invested in one stock via leverage and lost their principals after the stock reached down limits. It is not so difficult to find out that under certain mortgage ratio an investor would lose all of his or her principal once the stock reaches down limits. Obviously these investors did not calculate this simple math. Or they calculated but invested in the stock by hoping that the worst thing would not happen. For these investors they are actually gambling in the stock market and doomed to lose all of their money as that is the nature of gambling. Also investing in one stock not a portfolio would be a big test for investor’s belief. Both Microsoft and Apple are ten-baggers. Yet in 2000 internet bubble burst their stock prices fell by 80-90%. That’s why what Buffett said for investment is full of wisdom. He said the first principle of investment to keep principal safe and the second principle is to revisit the first one. It is easier to lose money in the stock market than to make money. Risk management is the most important part in investment.

A-share and HK stocks rose while the US stocks were mixed. Gaming stocks recovered from the previous day losses in both A-share and HK market. As ADP data came in much lower than expected and GM earnings disappointed, DOW fell close to 1% while Nasdaq rose slightly. Fed Vice-chairman still saw inflation go up and expected to raise interest rate in 2023. The US 10-year treasury yield continued to fall amid pessimism that economy, earnings and stimulus were peaking out.

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