Government Official Blows Parents’ Pension On Stocks:
In May of 2012, the benchmark Shanghai Composite Index began a mini bull run of several consecutive winning days.
“That changed my thinking, and I suddenly wanted into the market. But as I had no real money of my own, I decided that the only way was to put my parents’ pension on the table, which they also agreed to given the bullish market sentiment at the time.”
His original plan was to make just enough for the down payment on his own place and then cash in his chips before returning the original amount to his parents.
“But I lost myself and I got greedy. When the market kept going up day after day, I upped my goal to earning 50,000 yuan before pulling up stakes, and this quickly was reset to 100,000.”
Our unlucky investor’s travails are regrettable, but also understandable given the temptation to make a quick buck to cover soaring costs of living.
China shares are currently down around 5% from year-earlier levels and were flirting with a 20% decline late last year, so from a market perspective it is easy to see how a few poor picks could lead to his parents’ pension drying up rather quickly
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