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Turning point or new beginning: valuation

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Zhu Ping (朱平) is the chief investment officer (投资总监) of Guang Fa fund(广发基金), I have a lot of respect for him not because he went to the same graduate school I went (Shanghai Univ. of Finance and Economics); but rather he is an independent thinker, has a good track record managing the funds, has a good sense of value investing. For me the most important of all, I can learn things from him 🙂

The China stock market expericed a major correction lately, after huge run in last two years. There are many dis-heartening stuffs, such as the selling from major institutions, and the proposed huge secondary offerings from Ping’an insurance, and Pu Fa (Pudong dev bank). Recently Zhu Ping wrote about his view on the China market, economy and investing, the title is “拐点还是新起点“(turning point or new beginning). I read it and decided to translate portions into English (in series). He talked about the things in general in bullet one. I will start from bullet 2, “valuation”.

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Danbin and Zhu Ping

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I added some Chinese financial blog under “blogroll”. Two notables are Dan Bin (CEO of a private equity in Shenzhen), and Zhu Ping (Guangfa Fund manager, a graduate from Shanghai Univ. of Finance and Economics). Both are disciples of Buffett. Dan Bin bought a share of Berkshire so that he could attend the Berkshire annual shareholder meeting in Omaha.

Here is an interesting story written by Dan Bin.

关于2007年9月11日市场下跌的短信记录: (text message transcript: amid yesterday’s China market drop).

朋友:今天跌得好凶啊,还会跌吗?怕怕的。Friend: What a big drop! Will it continue to drop?
但斌:有可能。 Danbin: It’s possible.
朋友:啊!时间会长吗? Friend: Ouch. Will the drop last long?
但斌:这个上帝知道。 Danbin: Only God knows.
朋友::-(那咋办 Friend: What should I do?
Danbin: hold on, let me call the God and ask the question for you.