If Mr. Ma to give everyone on the Internet or Internet company product operations management course, listening to people is estimated to be overflowing, but this time he gave us a lesson in finance classes.
6 11, Tencent disclosed in Stock announcement of a change in the shareholding. announcements, Tencent founder Ma on June 7 at off price of HK $ 102.7 per share, the stock holdings of 500 million shares of Tencent, involving an amount of HK $ 513.5 million in the share price of HK $ 150 when , Ma HK $ 10.2 billion of low-cost reduction of 500 million shares, this is how it happened?
original, Ma bought a year ago, a financial derivatives, in particular, he called the purchase of this product policy options to lock in profits combined (Collar option strategy), Mr. Ma Tencent shares of HK $ 90 a year, when the agreed price of HK $ 102 after selling shares he sold to investment banks this product is to bear the loss and fell to rise income if the investment bank in turn sold to another investor the opposite of the contract, then the other party to bear the loss and fell rising income, which is commonly known as the Ma big loss, this time is also accused Ma Ying-jeou evil investment banks to set up a set of it? may not think so, we assume that, if Tencent's stock is now 80 dollars it? so Ma Ying-jeou is still can sell for 102 shares, bear the loss per share is 22 dollars to gamble with Ma Ying-jeou of the person.
so this is a vivid case, tell us what stuff of financial derivatives: It is a tool to achieve the demands of your investment if you are running in the direction of the stock are confident that want to expand your income, then the derivatives can be done; if you have no confidence in the direction of stock prices to run, want to lock your income, then Derivatives can also be done. financial derivatives is a tool only, it does not have good or evil, it does not go wrong with the heart that you want to clear their demands, but to bear the consequences of their own judgments in this one transaction Mr. Ma is clearly want to lock their profits, then he would buy derivatives to help him achieve a successful appeal, but he also assumed the consequences of their judgments should be said, when Mr. Ma in the choice of product is more professional, not as some companies want to lock the crude oil price of foreign exchange fluctuations, has chosen a bullish or bearish unilateral products, and behavioral demands of division results in the opposite direction of the price run, it led to disastrous consequences.
if a years ago, Ma sure Tencent shares can rise to the current position, he killed it will not buy the contract. The present situation can not prove that Ma's mistakes, but added once again proved the point: even if the core such as company chairman who , can not accurately predict the price of their stock a long time, many investors are inclined to believe that market prices are set by insiders, conspirators, institutions and banker manipulation, so it is given that access to insider information Lee shortcut with this self-confidence than the humble Ma face the market is really worth us to wake up, because he adopted a conservative strategy of bilateral locked risk. stock really that easily manipulated? really easy to get inside information ? I heard another story of a very lively, a listed company's chairman, vowed to convince their friends to buy their own company's stock, which results into a friend opened an Audi, opened an Otto out results This chairman of the board are embarrassed to see their friends.
we are struggling to guess who is to manipulate the market, but the result may be the behavior of each of our investors, the final combined manipulation of the market, which is the Soros said, I believe his false.
article: 6 stock market investments Army Regulation http://bbs.imeigu.com/thread-3433-1-4.html
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