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China stocks trader counts his losses: 'I was too greedy' China stocks trader counts his losses: 'Never trust the government'
(about 3 hours later)
Plato got his nickname when he was a student in Manchester. But he's not feeling like the philosopher king now.Plato got his nickname when he was a student in Manchester. But he's not feeling like the philosopher king now.
His finance degree helped him get a management job at a Beijing hospital. But it didn't warn him off the rollercoaster Chinese stock market. Monday's plunge in prices was the last straw.His finance degree helped him get a management job at a Beijing hospital. But it didn't warn him off the rollercoaster Chinese stock market. Monday's plunge in prices was the last straw.
The 28-year-old has just sold half his stocks for half of what he paid for them.The 28-year-old has just sold half his stocks for half of what he paid for them.
"I feel so disappointed. I needed that money for the downpayment on an apartment. I was hoping to buy something near a good primary school for my son.""I feel so disappointed. I needed that money for the downpayment on an apartment. I was hoping to buy something near a good primary school for my son."
Like many young Chinese of his generation, surfing the next big investment opportunity in China's fast-moving economy has become a way of life for Plato.Like many young Chinese of his generation, surfing the next big investment opportunity in China's fast-moving economy has become a way of life for Plato.
He first bought shares back in 2006 when he was a college student. He says he should have learned his lesson from that time round.He first bought shares back in 2006 when he was a college student. He says he should have learned his lesson from that time round.
"I was too greedy. Some of my classmates made a fortune and got out before the crash in 2007. But I didn't listen to them and I lost a lot of money. The only good thing was that my father wouldn't lend me anything, otherwise I'd have lost even more.""I was too greedy. Some of my classmates made a fortune and got out before the crash in 2007. But I didn't listen to them and I lost a lot of money. The only good thing was that my father wouldn't lend me anything, otherwise I'd have lost even more."
Plato stayed out of the stock market for nearly a decade. He didn't trust its fickle ups and downs. There was no logic, no transparency. But eventually he, like millions of others, was seduced by the long bull run of last year.Plato stayed out of the stock market for nearly a decade. He didn't trust its fickle ups and downs. There was no logic, no transparency. But eventually he, like millions of others, was seduced by the long bull run of last year.
"I bought in because I could see that the government wanted the market to go up and if the government wanted it to happen, well then it would happen."I bought in because I could see that the government wanted the market to go up and if the government wanted it to happen, well then it would happen.
"Two days before the first crash in June a friend warned me to get out. I should have listened.""Two days before the first crash in June a friend warned me to get out. I should have listened."
China's stock markets are dominated by individual investors. For more than a year the market only went up and everyone felt richer. Not any more. And the credibility of the government is at stake.China's stock markets are dominated by individual investors. For more than a year the market only went up and everyone felt richer. Not any more. And the credibility of the government is at stake.
"In the beginning I thought the government was trying to do its best," Plato said. "But now I'm really angry. They just cheated"In the beginning I thought the government was trying to do its best," Plato said. "But now I'm really angry. They just cheated
"People trusted the government but the government let them down. It encouraged people to buy stocks but its turned out to be a joke. The lesson is never trust the government.""People trusted the government but the government let them down. It encouraged people to buy stocks but its turned out to be a joke. The lesson is never trust the government."
Red is the colour of good fortune in China and the decor in the Spice Spirit restaurant where we meet for dinner is unremittingly scarlet.Red is the colour of good fortune in China and the decor in the Spice Spirit restaurant where we meet for dinner is unremittingly scarlet.
The restaurant makes a point of serving dishes laced with red chillies, claiming they are lucky for stock market investors.The restaurant makes a point of serving dishes laced with red chillies, claiming they are lucky for stock market investors.
But Plato doesn't believe in luck. He believes markets need good information and regulation, but he says in China the market is rigged in favour of government and big players.But Plato doesn't believe in luck. He believes markets need good information and regulation, but he says in China the market is rigged in favour of government and big players.
He sifts gloomily among the steaming chillies for a piece of fish, saying stock investors "have a six-second memory, no better than a fish".He sifts gloomily among the steaming chillies for a piece of fish, saying stock investors "have a six-second memory, no better than a fish".
Plato says his father was a fish farmer before he started investing in real estate. And that triggers another bout of gloom, reminding him that he still has to confess to his father how bad his losses are.Plato says his father was a fish farmer before he started investing in real estate. And that triggers another bout of gloom, reminding him that he still has to confess to his father how bad his losses are.
"I feel really sad. I'm afraid to tell my family that I lost a lot of money. I felt like jumping out of the window. But I didn't take that action because I'm still expecting the government to save the market.""I feel really sad. I'm afraid to tell my family that I lost a lot of money. I felt like jumping out of the window. But I didn't take that action because I'm still expecting the government to save the market."
Hope fights despair in Plato's heart. This week he sold half his shares at a loss but he's held onto the other half. After all, through the central bank and the regulators, the government has been propping up stock prices for three whole weeks.Hope fights despair in Plato's heart. This week he sold half his shares at a loss but he's held onto the other half. After all, through the central bank and the regulators, the government has been propping up stock prices for three whole weeks.
When investors started to fear they might stop, panic set in again. So the Chinese government turned on the taps again, announcing another big cash injection into the market.When investors started to fear they might stop, panic set in again. So the Chinese government turned on the taps again, announcing another big cash injection into the market.
But defying gravity is a dangerous game, and investors are nervous about how long even this government can sustain it.But defying gravity is a dangerous game, and investors are nervous about how long even this government can sustain it.
As dusk is falling, we meet Plato's wife and 18-month-old son, and have a lot of fun blowing shoals of soap bubbles at each other as older children race past on scooters and skateboards.As dusk is falling, we meet Plato's wife and 18-month-old son, and have a lot of fun blowing shoals of soap bubbles at each other as older children race past on scooters and skateboards.
But at some point, Plato will have to break the bad news to his wife.But at some point, Plato will have to break the bad news to his wife.
Their stock market losses mean they can no longer afford the new apartment they'd set their hearts on.Their stock market losses mean they can no longer afford the new apartment they'd set their hearts on.
If his son ever becomes a stock investor, Plato says he's going to teach him this wisdom.If his son ever becomes a stock investor, Plato says he's going to teach him this wisdom.
"Always buy for the long term and always go in the opposite direction from the herd.""Always buy for the long term and always go in the opposite direction from the herd."