The Risk Preference Of Institutions Is Very Difficult For Small And Medium Investors.

For the "national team" and large organizations, it is not necessarily against the principle of value added, but for small and medium-sized investors, it is not only worth investing.

Therefore, even if we don't talk about value investing, the risk preference of the organization and the small and medium investors will be very difficult.

In the economic downturn today, bank shares seem to have become "Besieged cities". Some people are entering, and some are coming out.

While in some large institutions, bank shares still seem to be their favorite, but what they love may not be the same so-called "investment value", but more or "defensive value".

China's monetary environment is undergoing major changes. All enterprises and individuals need to reconsider their investment and face up to their own risk tolerance.

The banking sector, especially the large number of state-owned banks, has seen substantial profit growth, but almost no growth has been achieved over the past year. On the contrary, the amount of bad loans and non-performing loans continued to "double rise".

Because of this, Guo Shuqing, who acted as chairman of the CBRC, did not say nothing about his "bank shares" having a rare market investment value when he was chairman of the securities and Futures Commission. On the contrary, he also strictly controlled the risk of "getting rid of the reality and entering the void" with the unprecedented severe attitude.

Institutional investment in bank shares is no exception.

The 2016 annual report and this year's quarterly report show that although the bank shares held by the Central Huijin bank basically remain unchanged, the card companies, also known as the "national team", are getting in and out frequently.

The direction of entry and exit is no longer the same old stock banks, but has become a new one.

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The choice of "national team" is obviously also the choice of many large organizations.

On the whole, the performance growth rate of city commercial banks and agricultural firms is generally higher than that of stock companies and five major banks.

This is also a major reason for their sudden increase in the value components of the "national team" and the institutions.

In the 25 A share listed banks, the first quarter net profit growth ranked Guiyang bank, almost invariably become the card company and 6 funds to raise the target.

However, the latest trend shows that the new market favorites were quickly abandoned by some institutions.

What is the leading role here? This is a very thought-provoking question.

In fact, the "national team" and big institutions are still willing to stick to the positions of banks, especially those of big powers. Instead of looking at the dividends of bank shares, it is better to regard "broken net" or "bare net" as a security option for risk prevention.

In terms of dividends, listed banks, especially those of several major state-owned banks, are hardly the models of dividends.

Statistics show that ICBC, Bank of China and ABC have more than 100 billion dividends since listing, and ICBC is also known as "dividend king".

However, with the SFC's Insurance Bureau, the dividends of listed companies themselves are wealth pfer rather than wealth creation.

This is, of course, very strange.

The question is not only where is wealth pferred?

Falling below the net assets per share is a consideration for the market to determine the safety of a listed company's stock price. However, it is hard to say whether it is helpless or expedient or value investing.

Yes, Buffett was greedy only when others were scared, so he could buy the best bank at a low price.

But Buffett also said, "banking is not our favorite industry.

If assets are 20 times of shareholders' equity, a mistake involving only a small part of assets will destroy most of the shareholders' rights and interests.

Buffett is not interested in buying a poorly managed bank at a cheaper or cheaper price, which is precisely a serious criticism of domestic investors in the investment orientation of bank shares.

The rise of bad assets has made bank stocks a "worst hit area".

However, the agency has taken the "big break" of bank shares as an opportunity for market opportunities to come.

However, the hope is that the rebound in the net share market will not rebound.

Is it not a naked speculation but a value investment?

It can not be seen that the share price of most bank stocks, especially those of several major state-owned banks, has been in a state of rising for a long time.

It is not necessarily against the principle of value added and preservation for the "national team" and large organizations, but for small investors, especially for retail investors, it is not only not worth investing in anything, but also bad.

Therefore, even if we don't talk about value investing, the risk preference of the organization and the small and medium investors will be very difficult.

At present, the risk problem of banks and non-financial institutions has risen to the sensitive period of regulatory cusp. Institutional investors have different interests and considerations in their investment in bank stocks. Let alone as individuals, in any case, if interest is the most fundamental value orientation, then, for investors, it is not necessary to look at the top of the investment orientation of bank stocks if they do not profit from it first.

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