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- 注册时间:
- 2007-1-6
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Time Your Exit
However, the psychology that typically drives an investment bubble—in which fresh money chases asset classes delivering killer returns until, well, they don't—is difficult to break free of. There's always a nagging suspicion one is missing out on the investment opportunity of a lifetime, one that will put the kids through college or bankroll that vacation home on Maui.
S&P chief technical analyst Mark Arbeter recently issued a disturbing appraisal of the exploding trading volumes and price spikes with the iShares FTSE/Xinhua China 25 Index Fund (FXI) and similar China-linked investments, with this blunt warning, "Don't be the last one out the door." He points out the "FXI has spiked over 26% since Nov. 28, and 13.5% since Dec. 21." Can you say mass speculation (see BusinessWeek.com, 1/9/07, "Stocks: The Chinese Correction")?
Even bullish stock analysts believe that some sort of correction in the A-share market, traded primarily by Chinese domestic investors, is due. In fact, they add, one would be welcome at this point. That's especially true of Chinese bank stocks, which have raised billions in the A-share market as well as in Hong Kong, where foreign investors have far easier access. |
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