He is known as the "German stock god", a world-famous big speculator, a Jew who lived to be 93 years old, an author of millions of best-selling books in global financial investment, and published 13 international best-selling books in his life. He is also a witness of the 2th century stock market, and he was awarded the French Knight of Honor by Charles de Gaulle.
I'm a speculator, always the same
Andre? Kosztolanyi is an out-and-out speculator. At the age of 85, he still said frankly: "I am a speculator, always!" In his view, there would be no stock market without irrational speculation. So what does he think of speculation? He has a classic saying: rich people can speculate, people with little money can't speculate, and people without money must speculate. He also believes that speculation is art, not science. To be a successful speculator, you must have four elements: money, ideas, patience and luck. Because a successful speculator gains 51 times and loses 49 times in 1 transactions, he lives on this difference.
Rule of stock selection: Look at the market before selecting stocks
Andre. Kosztolanyi's position in the German investment community is like Buffett's position in the United States. He believes that the rule of success in investing in the stock market is not the ability to calculate, but the ability to think! He once told a story: a man was walking in the street, next to his dog. The dog always did this. He ran to the front, but then turned back to his master. Then he ran back, saw that he had run too far, and ran back. It's always been like this. Finally, they both reached the same destination. When the owner walked slowly for one kilometer, the dog ran back and forth for four kilometers. This person is the economy and the dog is the stock market.
His stock selection rule is:
Look at the stock market before selecting stocks
First, consider the general stock market, and then choose the stock operation! If the market is bullish, even the worst stocks can make money, on the contrary, the best people can hardly make a profit! Therefore, we should first consider the general market, and then choose stocks!
Choose a growth industry
The choice in this respect is to recognize the growth enterprise earlier. When the well-known things in the stock market don't need to be moved, it is difficult for their prices to rise again in the future.
Successive rise and fall rules and M/W rules
In the process of market development, the last high point is surpassed by the next high point. If this phenomenon is repeated several times, the stock market will continue to climb upwards, otherwise the low point will be lower and lower, which means that the falling market will continue. M-shape shows the resistance characteristics of the market, and W-bottom shows the relative bottom characteristics of the market!
looking for real money in reversal stocks
it is very difficult to identify companies that will have greater growth in the future. who knew that Microsoft would become the dominant market in today's market 2 years ago? Then it's also a good choice to turn your attention to the current reversal stocks. Reversal stocks refer to the listed companies that are now in crisis and have suffered losses. Due to various problems, the stock price has correspondingly fallen to a low point. If such stocks can achieve reversal and regain profits, their share price will soon rebound. The once bankrupt Chrysler's share price has soared from $3 to $15, which is a living example!
psychology makes 9% of the market
Kosztolanyi is an authoritative figure who studies the psychology of investment. He reveals to retail investors that "psychology makes 9% of the market", and briefly lists an equation about the relationship between capital circulation and stocks and optimistic or pessimistic psychological factors:
T (trend) =G (capital)+p (psychology).
He believes that the rise and fall of the stock market is a reflection of the public's greed and fear, and the knowledge of human psychology is the most important driving force for the stock market changes. He said: "Only the loss is real, and the profit is just an illusion. At best, the trader in the prison is just a clerk who knows how to complete the transaction with a computer without thinking, but as an investor, he must be a person who thinks with his brain. "
Kosztolanyi's egg
Kosztolanyi once simplified his investment idea into a model, which he called "Kosztolanyi's egg". He believes that the market is always between two trends, one is the trend of overbought, and the other is the trend of oversold. The former is a bull market and the latter is a bear market. He summarized these two trends into three stages, namely: correction stage, adaptation stage and transition stage.
A1= correction stage, which is the beginning of the bull market, with smaller trading volume and fewer people owning stocks;
A2= adaptation stage, which is the continuation of the bull market. The trading volume begins to enlarge, and the number of people who own stocks increases;
A3= transitional stage, which is the crazy period of bull market, with a sharp increase in trading volume and a huge increase in the number of people who own stocks;
B1= correction stage, which is the beginning of a bear market, with a large volume of transactions and a decline in the number of people who own stocks;
B2= adaptation stage, which is the continuation of the bear market. The trading volume drops and the number of people who own stocks continues to decline.
B3= the transitional stage, which is the desperate period of the bear market. When people are scattered, retail investors dare not touch the stock market any more, and investors do not admit that they are still trading stocks. The number of people who own stocks tends to be stable.
The correct operation method is:
Buy stocks in B3 and A1 stages;
in the A2 stage, do nothing but hold stocks;
selling stocks in A3 and B1 stages;
in the B2 stage, do nothing but hold cash.
The main index to judge the degree of market danger is the number of players in the market. If the number of players keeps rising, the degree of danger is also rising slowly. If the number of players has been declining, the degree of danger is slowly decreasing.
It is impossible to judge this pole, even a fairy can't do it, as long as you can judge the relative high/low point.
13 In the 8 years of working in the stock market, Kosztolanyi experienced World War II, twice went bankrupt, witnessed the ups and downs of the stock market in the 2th century, and finally earned inexhaustible wealth throughout his life. He retired at the age of 35, and with extraordinary energy, he became a columnist of financial magazines, contributing to the German economic review magazine Capital for 25 years. Capital magazine has his column, and he has published 414 articles on it. The first article was published in the March 1965 issue, entitled Confessions of a Speculator. The last article was published in the October 1999 issue.
Kosztolanyi wrote 13 books in his life and sold 3 million copies all over the world. His book "This is the Stock Market" was translated into seven languages and made into a movie, which made him among the best-selling writers. The book "Psychology of Securities" has become a must-read book for students majoring in economics in German universities. The Great Speculator is his last work, which embodies the advice of taking speculation as an industry all his life.
1. Confessions of a Speculator, also known as Big Investor
2. Best Money Story
3. Big Speculator: Stock Training Course
4. Big Speculator 2- A Speculator's Wisdom
5. Securities Psychology of Big Speculator
. Costeaux Laney's Securities Wisdom: 1 Ideas for Investors
8. Money, the biggest adventure: a note of a securities trader
9. This is the securities market
1. Costeaux Laney's best investment ideas: the most profitable ideas
11. Money and securities market.
Advice: "Ten Notes" and "Ten Commandments"
Kosztolanyi summed up the "Ten Notes" and "Ten Commandments" based on his many years of trading experience. He said, "If you can think about my experience before making a decision to buy or sell stocks, you will definitely save a tuition fee."
Ten Notes:
1. Think twice before you act: Should I really buy? If so, where is it? Which field? Which country?
2. I have abundant funds to prevent myself from falling into a dilemma;
3. Persevere so as not to fall into a dilemma;
4. Be firm, if you are sure;
5. Be quick-witted and always remind yourself that your guess may be wrong;
6. sell stocks, if the situation changes in advance;
7. Always check the stock price table, especially those stocks you plan to buy;
8. Only after you are sure, do not let go to buy stocks.
9. Risks, even those that are most unlikely to happen, are taken into consideration, in other words, there will always be one thousand;
1. Be modest and prudent, even if you have a point.
Ten Commandments:
1. Listen to gossip and try to make money by secret information;
2. I believe that both the seller and the buyer are well aware of their reasons for doing so. In other words, they always feel that others know more than you do.
3. Want to earn back the loss;
4, blindly consider the past stock market;
5. After buying a stock, just throw it aside and just expect the stock price to rise, that is, it will continue;
6. Be concerned about every twist and turn of the stock market and respond to it;
7. Always want to make ends meet;
8. Only sell it when it is considered profitable;
9. Being influenced by some emotional factors, such as political good feelings or bad feelings;
1. Being overly emotional after making a profit.
investment motto
1. "Psychology makes 9% of the market". The reason that affects the fluctuation of stock price (especially short-term trend) is not mainly influenced by economic development, but by investors' reaction to news and psychological factors. Good news may not necessarily make the stock price rise, but the public's reaction to the news is the main factor affecting the stock price.
2. Should everyone be among the celebrities and be speculators? Basically, it depends on two things, namely, material conditions and personal character. Regarding the former prerequisite, I keep in mind a motto: rich people can speculate; People with less money can't speculate; People who have no money at all must speculate.
3. Patience is perhaps the most important thing in the stock exchange ... I have listed a unique mathematical formula for the stock market: 2×2=5-1.
4. In 1 trades, a successful speculator gains 51 times and loses 49 times, and he lives on the difference.
5. A stubborn investor needs four elements: money, ideas, patience and luck.
6. Everyone must be well-trained and calm, and sometimes they must be cynical and ignore the hysteria of the public, which is a prerequisite for success.
7. A stock may eventually rise by 1%, or even 1%, but it can only fall by 1% at most.
8. 95% of the work of professional investors is a waste of time. They are reading charts and business reports, but they forget to think. But for investors, thinking is the most important thing.
9. This is an eternal law: every crash and breakup in the securities market is based on inflation, and every inflation ends in a crash.
1. The real knowledge of securities trading is what you leave behind when you forget all the details. You don't need to know everything, but you need to understand everything, point out the correct internal relationship at critical moments and take corresponding actions.
11. Everything depends on supply and demand. All my securities trading theories are based on this.
12. Even the worst speculators can make some money when the index rises. In the process of the index falling, even those who pick good stocks can't make money. Therefore, the most important thing in investment is the general trend, followed by stock selection. Only investors who have invested for at least 2 years need not care too much about the overall development trend.
13. There are two types of investors: stubborn (investors and speculators) and hesitant (players). The winner is stubborn.
14. For me, the state of technology is only related to one question: Who holds the stock?
15. As long as you have imagination, old things, even antiques, have a chance to turn over again.
16. According to my definition, whether a person is rich or not depends not on how much property he has, but on whether his capital is intact and whether he is in debt.
17. In the 8 years of securities trading, I have learned at least one thing: speculation is an art, not a science.
18. No school can teach speculators, because the tools of speculators are experience besides experience.
19. In a word, speculators have an idea, whether it is correct or not, it is an idea after all. This is the basic difference between speculators and securities players.
2. My motto is that everything that is well known in the stock exchange will not excite me.
21. The most boring thing is the information related to the development trend of the index, which comes before the index.
22. My motto in securities trading is: "People who value small profits will not have great value."
23. Money is to the stock market what oxygen is to breathing and gasoline is to the engine.
24. Speculators must find growth enterprises ahead of the general public, and only in this way can they have a chance to enter the market at a reasonable price.
25, M and W theories are the oldest charting rules. Although I am not a chartist, these two rules often help me.
26. The money earned in speculation is painful money. There is pain first, then there is money.
27. Whether an investor is successful or not can only be judged by his heirs.
28. 95% of the work of professional investors is a waste of time. They are reading charts and business reports, but they forget to think, but this is the most important thing for investors.