Biking Recap 2010


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Entering the second week of October usually means the bike riding season is soon over (well at least it is for me). Although it appears that the next week or so will be beautiful and perfect for fall rides, definitely my 2010 bike riding days are numbered. Makes sense to look back on the year and see how I did.

Goals - After riding 1,200 miles in 2009 I wanted to hit 1,500 in 2010. Although I am not quite there yet, with the promised good weather and some effort on my part, I should get to 1,500. No epic rides this year but lots of rides in the 35-45 mile range and a couple in the 65-75 range. I didn't get to ride to Duluth, which was a goal, but maybe next year. I rode in April's Iron Man race even though it was cold, rainy, and windy. Also in the Urban Assault Ride this past August in 90 degree weather. Me and my teammate Paul finished 42nd out of 250 teams, so that wasn't bad. Definitely want to hit a couple more rides next year, maybe the Itasca Iron Man in August. I rode to work a lot this summer as the weather was one of the best. Oh and I've signed up for the Ice Cycle race on the Calhoun-Lake of the Isles Lagoon, scheduled for February 5th of 2011. My first winter race.

Routes - I stayed mostly in the Twin Cities but found a few new routes to the south. I need to expand my routes next year, just to keep it fresh.

Speed and Endurance - I definitely picked up my speed this year, with an easy 15 mph on straightaways and sometimes when I felt good I could push it to 18 mph. That's an improvement over last year's 13 mph. Also my endurance is much better as I could finish a 40 mile ride with no stops, in the past I would have to take a break.

Bike - As the miles pile up the old bike is showing its age. I broke my seat of all things this summer and my derailleur is definitely in need of a complete overhaul. Rear brakes are shot and the rear bike tire has no tread. However no flat tires and no broken spokes this year, which is a first. Repair or replace will be a major decision for the off season.

The most important thing is that riding is still important to me and a great way to exercise, relieve stress, and get out and enjoy our beautiful state. I still maintain there is no greater feeling than riding over the Mississippi River at 7:00a on a cool Fall morning, trees ablaze, the University Campus on my right, downtown Minneapolis on my left, tunes blaring in my ears. That's what I was doing this morning.

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This is a really good read for me. I don't really have a bunch to say in response. I just wanted to comment to reply "well done". It seems like you've put a ton of effort into your blog, and I thank you for that.

price-earnings ratio is lower, on behalf of investors to buy shares at lower prices in order to obtain a return. Earnings per share is calculated, is the company in the past 12 months divided by the total net profit after subtracting preferred stock dividends issued shares have been sold. Suppose a stock price of 24 yuan, while in the past 12 months earnings per share of $ 3, then the price-earnings ratio is 24 / 3 = 8. The stock is considered to be 8 times earnings, to pay eight yuan for every $ 1 of earnings can be shared. Investors calculate price-earnings ratio, is mainly used to compare the value of the stock. In theory, the lower the stock price-earnings ratio, the more worthwhile investment. Compare different industries, different countries and different periods of price-earnings ratio is less reliable. Relatively similar stock price-earnings ratio than practical value. The factors that determine the performance of stock market price depends on market demand, which in effect depends on the expectations of investors in the following:

define the method of calculating the market price of the factors that determine the performance of dividend yield and price-earnings ratio the relationship between dividend yields average price-earnings ratio is calculated to determine the collective fear of the high risks identified high price-earnings ratio of the reason must have a high careful attention to the issue price-earnings ratio price-earnings ratio meaningful indicators defect errors associated with the stock price-earnings ratio price-earnings ratio applied the law of A-share earnings-related laws and reasonable price-earnings ratio price-earnings ratio price-earnings ratio to determine the correct view of the limitations of the impact on the stock market price-earnings ratio price-earnings ratio analysis of the dynamic price-earnings ratio price-earnings ratio in the stock market in the introduction to the use of the level of earnings and stock price, profitability of the business relationship between the three factors affecting the definition of price-earnings ratio price-earnings ratio (Price to Earning Ratio, referred to as the PE or P / E Ratio), also known as PE ratio, price-earnings ratio). Stock price-earnings ratio is the most commonly used to assess whether the level of reasonable indicator of the stock price divided by annual earnings per share (EPS) reached (the company market capitalization divided by the annual profit attributable to shareholders also yielded the same result). Calculation, the share price usually get the latest closing price, the EPS side, if the press published last year EPS calculation, known as the historical price-earnings ratio (Historical P / E), if according to the market this year and next year EPS estimate of value, the estimated future earnings or price-earnings ratio as (prospective / forward / forecast P / E). Estimated price-earnings ratio used in the calculation of EPS estimates, generally use the average market forecast (consensus estimates), which track the performance of the company's agencies to collect a number of analysts predict the resulting estimated average or median. Price-earnings ratio is a stock share price and earnings per share ratio. Widely talked about

price-earnings ratio (15) must also cautious on the current market price-earnings ratio level, has been fully reflect expectations of future growth, the Shanghai and Shenzhen 300 Index 2006 level of 45 times PE. Reasonable return is reasonable, but there is much room for growth, but it is difficult to estimate. Overall, the current A-share of the overall price level is not low, in the fully reflect the expected future growth, but also relative to A shares over H shares of the overall premium, this phenomenon and early 2006, the state has been very different. Although the growth performance of the next two years the trend has not changed, but the current stock price performance has been fully reflect this growth is expected. In the context of the limited supply of stock, the fanatical pursuit of limited quality stock funds, the result must be the price artificially high. From the macro-situation, the high credit, investment rebound will make no suspense tight economic policies - which in the recent rate hikes has been verified. Looking at the situation from March, the liquidity of the stock market within a short time is hard to be a substantial impact on the central bank issued in January of financial data, the growth rate continued to decline in savings deposits, demand deposits increased significantly, attracting a large number of hot stock market savings into the stock market continued the short term, the supply of capital in the market is still very abundant, but considering the market turmoil during the two sessions each practice, as well as non-tradable shares in April and will ban the peak, the market fluctuated inevitable. Dancing with the bubble of But many people do not know, in December 1996, when the history of the most magnificent

price-earnings ratio usually refers to the static price-earnings ratio, often used to compare different prices as the stock is overvalued or undervalued targets. Used to measure a company's stock price-earnings ratio when the texture is not always accurate. Generally believed that if a stock's price-earnings ratio is too high, then the stock price has a bubble, is overvalued. When a company has grown rapidly and is very optimistic about future earnings growth, the stock may be just the current high price-earnings ratio to accurately assess the value of the company. Note that the use of price-earnings ratio to compare the investment value of stocks, these stocks must belong to the same industry, because at this time closer to the company's earnings per share, compared with each other to be effective. Calculated price-earnings ratio (static price-earnings ratio) = ÷ market price per common share Earnings per share on common stock each type of molecule is the current market price per share, the denominator can be profitable last year, can also be used to predict the next year or years profit.


earnings refers to a study period (usually 12 months), the stock price and earnings per share ratio. Investors often use a measure of the proportion of the value of the investment value of the stock, or use the index in a different comparison between the company's stock. That the stock price and stock per share after-tax profits last year the ratio (P / E), the index is a measure of equity investment value of dynamic index.

's a bull market getting better, when Professor Shearer presented a paper to the Fed's academic report that the market value was significantly overestimated. However, this cry During this period, the Dow Jones index closing of 6560.91 points in 1996 up to January 14, 2000 the highest point of 11908.50 points, or 81.5%. Meanwhile, the Nasdaq composite index soared from 1291.38 points set in March 2000 to a record high - 5132.52 points, or up to 297.44%, that is, a whole market up 3 times. If an investor in late 1996 that the market valuation is too high and out of the market, he missed the bull market will undoubtedly benefit the most lucrative period. Guotai Junan Securities Research Institute, Li and Thunder that, A-share market bubble is definitely yes, for how long the bubble is the key. A bubble can last quite a long time. The reason is China's economy continues to improve, the yuan continues to appreciate the process. He said that almost all industries have a bubble, but more or less the problem. China's economic growth is not slowed down, short-term bubble will not burst. He suggested that investors with foam dance, where the most prone to bubbles, can still participate. Significance of the industry's price-earnings ratio price-earnings ratio with a reference value of cf; to stocks or market, the historical average price-earnings ratio reference value. Price-earnings ratio of stocks, shares and market are very important reference. If earnings far exceeded any similar stock or stock market, needs to have sufficient reason to support, which often include the company's future earnings growth rate will be the focus. Company enjoys a very high price-earnings ratio, indicating that investors generally believe that the company's future earnings per share will grow rapidly, even after several years can be reduced to a reasonable level of earnings. Once the unsatisfactory earnings growth, high price-earnings ratio of the strength of support for unsustainable, the stock tends to fall sharply. Price-earnings ratio is a reference value of the stock market index, easy to understand and easy access to data, but there are many shortcomings. For example, as the denominator of earnings per share is based on current accepted accounting principles calculated, but the company can often be appropriate to adjust as necessary, so in theory the same as the cash flows of two companies, announced earnings per share may be significantly different. On the other hand, investors often do not think strictly in accordance with GAAP profit figure calculated to reflect the company continued to operate faithfully on the basis of profitability. Thus, analysts tend to own the company's net income adjusted the official formula, such as the earnings before interest, taxes, depreciation and amortization profit (EBITDA) instead of net income to calculate the earnings per share. In addition, as price-earnings ratio of the molecules, the company's market value does not reflect the company's debt (leverage) level. For example two with $ 1 billion market capitalization, with $ 100 million net profit companies, earnings were 10. However, if Company A has $ 1 billion in debt, and company B has no debt, then the price-earnings ratio can not reflect this difference. Therefore, analysts of In theory, the enterprise value / EBITDA ratio of pure price-earnings ratio can be exempted from some of the shortcomings. Indicators used to measure defects in the stock market index average price-earnings ratio price is reasonable with some inherent shortcomings: (1) calculation of defects. Index constituent stocks of the choice of a random sample of stocks. Calculate the average of all countries and markets its price-earnings ratio for stocks selected sample, sample adjustments, the average price-earnings ratio followed the change. Even the composite index, there are also losses of earnings shares and profit shares of the impact of discontinuity. For example, December 31, 2001 Shanghai A-share price-earnings ratio is 37.59 times, if not Sinopec profit 16.154 billion yuan in 2000, but the 0.01 yuan, the Shanghai A-share earnings will be upgraded to 48.53 times. The irony is that even if the loss of Sinopec, will be excluded in the calculation of earnings when out on the Shanghai A shares rose to 43.31 times earnings but, really called (2) earnings target is very unstable. With the cyclical fluctuations in earnings per share of listed companies will be ups and downs, so the average price-earnings ratio is calculated ups and downs, in order to control the stock market, stock market turmoil will inevitably bring. 1932, most U.S. stock market downturn, the price-earnings ratio is as high as 100 times, if the stock market bubble in which to squeeze, it is very absurd and dangerous, in fact, is the year of epic proportions in American history, the best timing. (3) Earnings per share value of equity investments is a significant factor. Investors to choose stocks, not to look at price-earnings ratio, it is hard to arbitrage based on earnings, it is difficult to say certain stocks based on earnings or no investment value investment value. Puzzling is the price-earnings ratio of stock value of explanatory power is so poor, he was used to assess whether there is investment value of the stock market the most important basis. In fact the value or price of shares is determined by many factors, with an indicator to judge the price-earnings ratio is too high or too low stock price is very scientific. Note that the problem of price-earnings ratio is a very rough indicator, taking into account the comparability of the different stages of the same index more meaningful comparison of earnings, and price-earnings ratio for the different markets should be especially careful horizontal comparison. (1) Composite Index Composite Index's price-earnings ratio and earnings ratio, price-earnings ratio index ingredients and composition of earnings than the index. Composite sample of stocks includes all stocks on the market (except Shanghai and Shenzhen stock market, PT), price-earnings ratio is generally high, while the component index stocks are carefully selected sample, usually larger on average equity, average performance is better Therefore, some of its relatively low price-earnings ratio. We often see foreign stock component is often the most price-earnings ratio price-earnings ratio index, if they relate to our index of price-earnings ratio compared to the conceptual error is made. (2) price-earnings ratio and benchmark interest rates should be linked. Benchmark interest rate is the reference rate of return people to invest in the number also reflects the level of society as a whole the cost of capital. In general, if other factors constant, the inverse of the benchmark rate on average earnings and the stock market there is a positive relationship. If the base rate is low, reasonable price-earnings ratio can be higher, if the benchmark interest rates are high, a reasonable price-earnings ratio should be lower. China's Central Bank rediscount rate of 2.97%, one-year deposits yield 1.80%, the U.S. federal funds rate to 1.75%, 1.25% Fed rate and then posted, the benchmark U.S. interest rate is not very different, but the vertical view, China's current benchmark interest rate is very low. According to the authoritative study, based on current price levels of China's proactive fiscal policy and the future of the country and appropriate monetary policy, China has once again lowered interest rates possible. (3) price-earnings ratio should be linked with the capital. The average price-earnings ratio and total capital and outstanding capital stock are related, the smaller the total share capital and outstanding capital stock, the average price-earnings ratio will be higher (Stern Stewart Management Consulting China Limited, 2001), and vice versa, will be lower, in Seamus not the case. According to statistics, October 16, 2001 China Shanghai and Shenzhen stock market, 770 samples (excluding the shares of PT, ST stocks, shares and loss per share in mid-2001 the stock below 0.05 yuan) the arithmetic average price-earnings ratio of 29.43 times, which, minimum total capital of 100 listed companies arithmetic average price-earnings ratio of 42.74 times, while the total share capital of the largest 100 listed companies arithmetic average price-earnings ratio is only 19.82 times, 2.16 times the former is the latter. In the U.S., small cap stocks, the average price-earnings ratio is also higher than the market average price-earnings ratio of stocks several times, NASDAQ market price-earnings ratio price-earnings ratio is higher than the New York Stock Exchange, in part, and equity factors. So, look at a market average price-earnings ratio, also taking into account the market structure of listed companies, if a small company based equity market, it's reasonable price-earnings ratio should be higher. If you do not consider the stock market listed company's capital structure, we can not explain why, even the original listed price level unchanged, as long as the last in the petrochemical, if more on the oil, China Mobile, CNOOC, the average price-earnings ratio will be lowered ten several times, will the price-earnings ratio down to the so-called In fact, December 31, 2001 on the A-share index dropped to 37.59 times earnings, if not in the petrochemical market, this figure will be dramatically upgraded to 43.31 times. (4) price-earnings ratio should be linked with the capital structure. PE also has a relationship with the capital structure. If the shares are tradable, the price-earnings ratio will be lower, if the shares are not tradable, then the outstanding shares of the earnings will be higher. The reason is that, if the same total value of listed companies, shares into tradable shares and non-tradable shares, the liquidity of the assets will increase the value of assets (liquidity premium), from the general sense, the price per share of outstanding shares of natural higher than the price of non-tradable shares, the price of non-tradable shares lower, the higher the price of the outstanding shares, the result is bound to be the outstanding shares of the average price-earnings ratio is higher than the average price-earnings ratio of non-tradable shares. Outstanding shares in the smaller proportion of the share capital, non-tradable shares tradable shares and the price the greater the difference, the average price-earnings ratio of the outstanding shares higher. The current Chinese market, non-tradable shares account for two-thirds of the total share capital, they do not flow in the case of the outstanding shares of the higher price-earnings ratio, is normal. (5) earnings growth should be linked. Also 20 times earnings, the average annual profit growth of listed companies, 7 percent of the market than would the average annual profit growth of listed companies, 3 percent of the market value of investments. Intrinsic value based on the classic stock assessment model, as (1). Where V is the intrinsic value of the stock, D. Unlimited time in the future dividend per share paid, k is the yield to maturity, g is the dividend growth rate of each fixed. From equation (1) can be seen, other things being equal, growth of the stock's intrinsic value, and thus the market price and average price-earnings ratio effects. V = D. (L + g) K g (1) give a simplified example, assume that net profit of listed companies and the economy grows, China's annual economic growth rate of 7 percent, the U.S. annual economic growth rate of 3%, then China's stock The average intrinsic value is 2.42 times the United States, China's stock market is a reasonable price-earnings ratio of 2.42 times the United States. From this perspective, growth, NASDAQ index price-earnings ratio is relatively high, the average emerging market country stock market price-earnings ratio is relatively high, is justified. (6) P and a number of institutional factors, residents of investment choice, investment philosophy, system of a country (culture, traditions, customs, habits, etc.), exchange control and other institutional factors, with the level of average earnings. (7) Chinese stock market, the average price-earnings ratio should also consider the issue price factors. Before 1997, the reference interest rates in China at that time, management's initial offering price of the stock was more strictly controlled, usually no more than the initial release of 15 times earnings, in order to take care of remote areas like Tibet Jinzhu this stock was sent to about 20 times The price-earnings ratio. Later, to promote market-oriented reform of securities markets, on the issue of price controls gradually relaxed, Fujian Electric Power issued in 2000 reached 88 times earnings, the stock's average price-earnings ratio is generally also maintained in four or five times the level. Earnings release forty-five times can be, two times the market average price-earnings ratio forty-five say how normal? In theory, the higher the earnings release, the more funds raised, the potential development of a listed company, the stronger profitability, book value of assets of listed companies, the higher the gold content, and this indicator from the static price-earnings ratio is not apparent. Since the static price-earnings ratio indicators do not fully reflect the impact of recent higher earnings release, then the current secondary market average price-earnings ratio is slightly higher than the previous year is normal. Price-earnings ratio price-earnings ratio will lead to misunderstanding misuse great investment mistakes. Price-earnings ratio is the most individual investors with a valuation indicator, institutional investors often take the price-earnings ratio for the do, many brokers over the concept of research reports, almost missed the forecast for earnings per share to arrive at earnings estimates. Perhaps too much is used, so that investors used to use it to evaluate a company, which is hidden a great risk. First, the price-earnings ratio and earnings is the direct counterpart, the higher the income, the lower the price-earnings ratio, and the corporate income is unstable. For businesses, the performance is very stable, with the current price-earnings ratio to evaluate a simple, but for the unstable performance of the enterprise, the current price-earnings ratio is very reliable, the current low price-earnings ratio does not necessarily mean undervalued, on the contrary , high current earnings may not be representative of the overvalued; second, for a business is facing major issues with the current historical average price-earnings ratio to earnings or valuation is not feasible, but should be combined with the impact of major events of the level of, or the certainty of events may be; Third, some industry price-earnings ratio is bound to be relatively high, for example, the pharmaceutical industry because they have more stable earnings growth, the industry's price-earnings ratio valuation is higher than the financial real estate these two sectors, whereas the high-tech companies are even more class; fourth, with explosive growth potential of certain industries or enterprises in the usual sense of the price-earnings ratio valuation is not abused. For example, like Microsoft it, if you are fortunate enough to be listed at the beginning to buy only stocks, but it is high above the current price-earnings ratio was scared off, leaving only regret is estimated. Because there may be great for some companies, if the property is part of its industry to achieve explosive growth, then, no doubt not easily use the price-earnings ratio to evaluate it; fifth, for a current extremely high-growth enterprise performance the emergence of low price-earnings ratio phenomenon is also to be alert, and can be said for most enterprises, maintaining a growth rate of more than 30% are extremely difficult, thus, for those times the performance increase resulting from The current phenomenon of attractive low price-earnings ratio, you are not the calm it a little more? I think a lot of smart investors will be considered; Sixth, there is no restructuring or other major event is expected to impact businesses, more than 10 years of the historical average price-earnings ratio is a method to evaluate simple and effective method, but not of the same The price-earnings ratio to hold too much hope; the seventh, for some great potential to enhance the value of enterprise assets revaluation, the price-earnings ratio method is not feasible, the revaluation of assets can significantly enhance the value of corporate assets or a substantial price; eighth, for many utility companies, such as railways, highways, generally will be at a relatively low price-earnings ratio valuation of the state,north face shoes men, because of poor growth of these enterprises, if the investor's utility to low price-earnings ratio more high-tech price-earnings ratio is not appropriate, cross-comparison is a big misunderstanding; the ninth, for the time being into a loss-making enterprises, it is not suitable for assessment with the price-earnings ratio, but more is to consider its loss or whether the situation will get better duration, worsening the problem. In short, growth and stability is the core, not to abuse earnings. Application on the market price-earnings ratio is almost no one pay attention to the stock price-earnings ratio, this measure is very simple, intuitive, if good earnings targets, very helpful for investors to improve returns. High and low stock price-earnings ratio roughly reflects the excitement of the market. Early U.S. market, price-earnings ratio is not high, the market downturn, less than 10 times, will rise about 20 times when the Hong Kong price-earnings ratio is roughly true. China's stock market downturn, when price-earnings ratio of 15 times, rising when more than 40 times (eg 2001). After the price-earnings ratio is too high, always down, we can not determine the duration, high price-earnings ratio can also say how long it is difficult to judge, but will not be sustained, that's for sure. General growth of industry, business, price-earnings ratio is relatively high point, such as current consumption, tourism and banking and real estate industries, and its price-earnings ratio than many similar foreign companies to exceed, it is because investors are optimistic about the future expectations of these companies are willing to pay more high price to buy company stock, and those who are not high growth or lack of growth companies, investors are willing to pay the price-earnings ratio is not very high, such as iron and steel industry, investors are expected to improve future business performance was not much room, so common to and about 10 times earnings. 90 U.S. technology stocks price-earnings ratio is high, and can not be summed up with the bubble, had a large number of technology stocks, indeed has a high growth performance as a support, such as Microsoft, Intel, Dell, and their results prior to 1998 earnings growth sex is still very consistent, but later joined a large number of Internet stocks, the market is expected to become overly optimistic earnings growth rate far exceeded the performance, not even the stock performance has also been pushed up significantly, leading to bubble formation and rupture. Technology stocks do not necessarily represent the high price-earnings ratio, earnings growth must have a business, no business growth as a guarantee, high price-earnings ratio is easy to form a bubble, the same, slow growth industry if there are high-growth enterprises, but also can give a higher price-earnings ratio. Inflection point in the industry, performance turning point of the business, earnings may be too high, with performance doubling earnings fall down soon, to look at a simple level with a number of individual business earnings, is very comprehensive, such as price-earnings ratio two years ago CITIC Securities 100 times, but the stock has soared dramatically, while the price-earnings ratio has been declining. Including some low-profit enterprises, performance turning point will happen. Therefore, with the price-earnings ratio at the same time, companies must consider the specific circumstances of the industry. Can not use a simple price-earnings ratio of domestic enterprises and foreign contrast. Because each country in different stages of development the industry is not the same. Such as the aviation industry, China should be regarded as a sunrise industry, and the balanced development can only be considered foreign or contraction phase. Real estate industry in our country stage of rapid development, high in the industrialized countries, be regarded as stable development, leading to price-earnings ratio are very different. Another example is the banking industry, our high-speed development stage, is still great room for future growth, while the Western countries, after years out of competition, growth slowed down a lot, so the price-earnings ratio will be very different. Development of an industry and a country which should be in different stages of development, different industrial policy, consumer preferences, has a close relationship. Different room to grow, leading to expectations of different people have different pricing standards. Simple pricing control standards for the mature Western markets are prone to error. In considering the price-earnings ratio, it should remember three things: First, to enhance enterprise performance and speed compared to how. The second is to enhance the sustainability of corporate performance how. Third, the certainty of how the performance expectations. Earnings and stock price-earnings ratio is lower than the stock really better? Not necessarily, but one day the stock price-earnings ratio and price earnings ratio of the stock. As stock prices fluctuate from time to time, the company's year-end earnings per share will be because the number of shares and change to the stock price-earnings ratio is changing all the time. Thus, while people in more price-earnings ratio, more consideration to the stock's growth rate, which the company's earnings growth. A company such as T year-end tax profit of 50 million yuan, the total number of shares to 200 million shares, t on the stock price P is $ 10. Then its earnings per share E is 5000/20000 = 0.25, a price-earnings ratio of 10/0.25 = 40 S; Company B T year-end after-tax profit of 80 million yuan, the total number of shares of 2.5 million shares, t on the stock price P is $ 10. Then its earnings per share E is 8000/25000 = 0.32, S B for the price-earnings ratio 10/0.32 = 31.25. From the calculation results, a company's price-earnings ratio is higher than Company B: 40> 31.25. So, if just two stocks in day t the price-earnings ratio to investment decisions, should invest in B shares. However, if a company's profit growth rate of 15%, while Company B is 8%.

to 35 times. The latest data show, February 16, the Shenzhen Stock Exchange average price-earnings ratio (PE) 43.82 times the average price-earnings ratio 41.28 times the Shanghai Stock Exchange - the world's securities market average price-earnings ratio of 2.6 times. So experts to teach investors: A bubble, can be secured. So, what is the price-earnings ratio, what kind of indicator? Price-earnings ratio is a listed company's share price and earnings per share (year) ratio. Namely: PE = price / earnings per share (year). Obviously, this is a measure of the listed company's stock price and the value of the ratio of indicators. Simply that the high price-earnings ratio of stock, its price and value, the higher the degree of departure. That lower price-earnings ratio, the more the investment value of its stock. Mainland and Hong Kong listed companies are not the same understanding, resulting in the same company in different markets had different treatment. Hong Kong investors may be more optimistic about the financial and banking stocks, while investors in the mainland state-owned Baosteel and other resources to better understand the strength. A-shares and H shares of earnings may be less comparable. Distinction for the simple price-earnings ratio, Since investing in stocks is a listed company's future expectations, existing price-earnings ratio of listed companies can only show past performance, and do not represent the company's future development.

(3) bubble, the stock has been sought after. (4) the enterprise has a special advantage in low-risk situations to ensure a lasting profitable. (5) can be selected on the stock market is limited, under the law of supply and demand, stock prices will rise. This makes comparisons across time of the price-earnings ratio meaningful. Calculated using different data work out the price-earnings ratio, has a different meaning. Current price-earnings ratio used in the past four quarters earnings per share calculations, which predicted earnings can be calculated over the last four quarter earnings, but also according to the last two quarters of actual earnings and earnings forecast for the next two quarters of the sum. Earnings are calculated on the related concepts, including common stock, preferred stock not included. Price-earnings ratio can be extended out from the city of earnings growth, earnings growth added to this index factors, mostly for high-growth industries and new enterprises. High risk to determine the collective fear of the statistics according to SW, in the past 12 months the market, the Shanghai and Shenzhen 300 Index spent the first ten months rose 52.7%, price-earnings ratio (PE) rose from 14 times 25 times, after two months, has gone up 38%, PE from 25 times up

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From the February 27 deadline has been published annual reports of 158 companies situation, the average earnings per share of 0.31 yuan, 0.5 yuan per share of 37. There are results from the 680 companies that see notice, notice of which 254 companies in 2006 increased by 50% or more results; 40 companies notice a slight increase in performance, the company notice 159 losses. 116 listed companies, small plates all at a 2006 annual average net profit growth of 25.16%. 2006 full year net profit growth of listed companies, a foregone conclusion, energy, petrochemical, high-yield real estate and machinery is a major industry. Most of the institutions listed companies expected earnings growth the next two years is optimistic. Just from the raw materials, fuel, power, price index and producer price index growth rate comparisons, the purchase of raw materials price index in January rose 4.7 percent, the producer price index rose 3.3 percent, although growth is still upside down, but the difference has been in since last October, continued to decline. Pressure to reduce business costs, profitability is expected to improve the situation optimistic. Change from the stock after the institutional change brought about by extensive growth opportunities to see, after the share reform, the same as the interests of shareholders and other equity-based incentives to bring institutional change to improve the corporate governance structure and operational efficiency, and major shareholders of the assets into the future and the overall market with to the performance of thickening effect will make the A-share listed company's performance showed an upward trend accelerated. If we consider the merger of additional income tax revenue in the next two years, significantly enhance the performance of listed companies is expected to very optimistic.


(1) the recent performance and future business prospects (2) new products or services (3) the prospects for the rest of the industry of price factors, including market sentiment, and other emerging industries boom. Earnings and profits linked to the stock price, reflects the company's recent performance. If the stock price up, but profits did not change, or even decline, the price-earnings ratio will rise. In general, the level of price-earnings ratio:

From the recent years, China's economy has maintained a rapid development, which the United States and European countries can not match. And China's rapid economic development is bound to be reflected in the above listed companies. Therefore, the performance of listed companies in China and further growth is worth the wait. From this perspective, China's price-earnings ratio of listed companies is higher than in developed European countries, should also be normal. Meanwhile, the price-earnings ratio of listed companies as a measure of the relationship between price and value of an indicator, the level of the standard is not absolute. In fact, the earnings level of standards and local currency deposit interest rates are closely linked. The dollar's interest rate at 4.75%, so the U.S. stock market's price-earnings ratio remains at 1 / (4.75%) = about 21 times earnings, which is normal. Because, if price-earnings ratio is too high, investment as savings, investment and we will give up the money in the bank to eat the interest; the other hand, if the price-earnings ratio is too low, everyone will be taken out to invest the deposit in order to obtain higher interest on deposits than the return on investment. At present, China's one-year yuan deposit rate is 3.25%, 3.25% interest rate with the corresponding level of price-earnings ratio is 1 / (3.25%) = 30.8 (times). If from this perspective, China's stock market 31 times earnings base could be considered reasonable. The reason for the current high-high average price-earnings ratio for the U.S. Dow Jones index of 21 times, 24 times the S & P 500 average price-earnings ratio, the U.S. annual GDP growth of only 2% to 3%, and its economic growth also filled with uncertainties. China's economic growth in the next 10 years is expected. This is the annual reports of listed companies can get a glimpse.





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