上周五A股和港股均上涨。上周（下同）A股28个行业中19个上涨，9个下跌。涨幅居前的是电气设备、医药生物和食品饮料，跌幅居前的是商业贸易、纺织服装和房地产。恒生12个综合行业中8个上涨，下跌的行业为能源、公用事业、地产建筑和金融，医疗保健、原材料和工业领涨。印度疫情恶化引发A股和港股的医疗板块崛起。北上资金净流入210.2亿人民币，南下资金净流入240亿港币。

三位数的市盈率和100倍的收益。2000年互联网泡沫破灭之前，美国股市上一些大市值公司的市盈率都有三位数。这些公司包括思科、美国在线、甲骨文、北电网络、太阳微系统公司、易安信、捷迪讯光电、高通和雅虎。这九家公司中美国在线、北电网络、太阳微系统公司随着互联网泡沫破灭而消失，雅虎在2016年7月黯然退市。其余5家公司的股价在2000-2002年经历了大幅调整，个别股票的股价回落99%。但如果持有至今，也都有不错的收益。A股一位投资人2008年投资了某医药股，持有13年收益达到100倍。该消息引发A股市场对价值投资的讨论。该股票在2008年时的市盈率为50倍左右，目前的市盈率也是在这一水平。因此，13年来股价的上涨基本是由盈利所驱动，生动诠释了价值投资。但为什么2000年互联网泡沫破灭后互联网公司股价大跌，让投资人损失惨重，而A股这家医药公司市盈率不算低却能够给投资人带来丰厚的回报呢？原因在于盈利的可持续性。互联网泡沫破灭在于商业模式出现了问题，只靠广告支撑收入的商业模式在经济下行期遭遇了很大挑战。当然，泡沫破灭还有羊群效应起作用，体现在投资人对权威的盲从以及无知和偏见，过于相信新科技带来的商业模式，认为互联网企业的现金流问题可以在短期内解决，相信市场不会崩溃。这种愚蠢和无知主导的偏见一旦被证伪后，最终必定是一地鸡毛。而在遇到好的股票之后，能够持有13年同样也不是一件容易的事情。因此，做好价值投资需要独立判断和坚守自己的投资理念。就像芒格所说，投资并不简单。坚持价值投资知易行难。

美股上涨。印度新冠病例数上升引发市场关注。但因为印度在全球贸易中所占比重较小，只要其病毒没有特别的传染性，对全球经济的影响就不大。全球经济复苏的不平衡也可以缓解下半年的通胀压力以及量化宽松退出的压力。

Both A-share and HK stocks rose on Friday. Last week (the same below) 19 out of 28 sectors rose in A-share with electric equipment,bio-medicine and food and beverage rising the most. 8 out of 12 sectors in HK rose with healthcare, raw material and tech sector rising the most. Energy, financials,utilities and property sector fell. North-bound and south-bound capital saw net inflow of RMB 21.02 billion and  HK$ 24 billion respectively.  The sharp rise of COVID-19 new cases in India promoted healthcare sector in both A-share and HK market to rise.

Three digit price-to-earnings ratio (PE) and 100x return. In 2000 there were 9 big-cap companies with three-digit PE in the US stock market. They were Cisco, Oracle, America Online,Nortel Networks, Sun Microsystems, EMC, JDC Uniphase, Qualcomm and Yahoo. By the time the network bubble went off, America Online, Nortel Networks and Sun Microsystems went bankruptcy. Yahoo delisted in 2016. The remaining five companies suffered big retreat of stock prices during 2000 and 2002. Some of them saw their stock prices cut by 99%. But if investors hold them till now, they get big returns. In A-share an investor bought a medicine company’s stock in 2008. She forgot to sell it until recently and only found that the stock rose 100x. This stock was valued at 50x plus PE in 2008 when the investor bought it and remains at this level now. Hence, the stock price was pushed up mainly by earnings growth. This is a case in point for value investment. That the internet bubble burst was due to faulty business model. In 2000 internet companies’ income mainly come from advertisement, which subjected to economic cycle. Moreover, ignorance and to blindly follow so-called professionals also helped build the bubble. Investment requires independent judgment and to stick to value investment principles. But it is easier said than done.

The US stocks rose. Investors were optimistic as vaccination rollout went on well.

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