Accelerating bull market will rise you can not imagine the huge wealth effect
demonstration, the people's emotions amazing burst of energy, the blind group to generate a movement will make the stock market after another climax, and the bull market optimism brought by tremendous emotional and driving force on the economy.
a macro-economic growth by the start of the bull market, and its height will rise beyond everyone's expectations.
the Taipei stock market for 25 years, that is, to 1986, before Taiwan's weighted index over the 1,000 point mark. But never has a global stock index rarely accelerated. in less than nine months, the Taiwan Weighted Index jumped 2000 points; the next two months, the index and then another break point of 3000 and 4000. But in the Taipei stock market staged this July exceeded 6,000 points in August rose to 8,000 points. When people think the market will soon break through the ten thousand mark, when the relevant departments issued a policy to allow units that temporarily slowed the momentum of the crazy prices.
to curb stock market bubble, September 1988, the relevant departments to prepare the introduction of capital gains tax policy. In other words, investors have to pay tax money from the stock market, the big bad losing streak to 19 index points from 8813 days to 4645 points. However, because of the prevalence of the Taipei stock market speculation, a lot of crazy people are already in the state, the Taiwan authorities a capital gains tax this and continue all the way to , the stock market had a reasonable allocation of resources should have the function to speak of.
keen on the whole market is speculative, not investment, foam is produced.
1987 to 1990 three-year bull market, no exaggeration to say that any one person to March 1990 bubble peak, the Taipei stock market trading account activity, from the bull market began in June 1988 less than 60 million, surged to 460 million, can be said that Taiwan was involved in almost every family, . Taipei stock market's average daily trading volume from less than when the bull market began soaring to a maximum of 10 million U.S. dollars 5.6 billion, the highest single day trading volume record 7.6 billion dollars, was the New York Stock Exchange and Tokyo Stock Exchange's total trading volume. At that time the number of listed companies in Taiwan less than 200, the huge trading volume expansion is not only by market value, also on the promotion of the high turnover rate, 3 years, the annual turnover of less than 2 times from the beginning to the end of 6 times shows that the atmosphere of extreme short-term speculation, and 90% of the trading volume is created by the retail investors. The atmosphere of intense speculation at the time in the market, the most effective profit model is price manipulation.
reflection Keywords: stir-fried Taipei stock market analysts refuse
: at the time of the Taipei stock market, a number of other markets in the delisting of the company should be delisted, after phase by large dealer, but the market hot. These companies often have no real assets, no income, Even the employees are not, but as long as small cap, chips easy to control, the stock will be fired into the sky. such as the then infinite limit.
another operation in Taipei, a dilapidated hotel and a wildlife park in the company , making the company a market capitalization of $ 830,000,000, more than at New York's Plaza Hotel, Mandarin Oriental, Hong Kong and Bangkok Oriental the market value of the three world-class hotel combined. more outrageous is, a bank stock in the bubble peak, the total market value was actually include JP Morgan Chase, Bank of America, Wells Fargo Bank, the sum of the market value of 5 major banks, while its net profit is only the five major banks 5%.
paper wealth eventually burst the bull market collapsed
crazy stock market, junk stocks surge , blue chip stocks favored by no one; speculation prevalent, stock manipulation, the stock market crash will come. Looking back 20 years ago, the Taipei stock market bubble, we see that with the Shanghai and Shenzhen stock markets in a similar scene in the first half of 2007.
God and fried junk stocks In contrast, when the fundamentals of Taiwan's few good competitiveness in the international big companies are leading the stock market has not favored. blue chip stocks lagging behind, the pattern of junk stocks surge pushed the Taipei stock market to the investment value of the stock market is not the world's most position. By this time, many of the island is still in the mania among investors, and clear out the eye of the outsider, the stock market plummeted again soon.
Reflection Key words: national stock
to the stock market crash before the last quarter of 1989, Taiwan stocks up to 100 times average earnings, compared the world, including other markets, including emerging markets are 20 times earnings, when the Taipei stock market has not much of investment value.
Reflection Key words: blind optimism
Zhang Yafang: Just when everyone was optimistic the occasion, appeared to confirm the Wall Street saying, the total market in the bud in despair, in the dubious in robust, full of joy in disillusionment.
1990 年February, NT dollar appreciation has slowed, while trade surplus does not rise again, mainstream and non mainstream to start killing, ending a million points is not a dream, the illusion of million points are safe, most of the first spectrum for the Taiwan stock market under the rest, is considered is the last straw breaks the camel, but also for long to find a pretext to kill the next.
index collapse from the highest point of 12,682 all the way, the index fell to 2485 points before been stopped, 8 months fallen by ten thousand points. At the moment, investment in human resources to realize the terrible crash.
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