Freefall

The stock market is undergoing a freefall recently. There is really no bottom. Today HSI is ~ 11000. For eg. HSBC closed at 75 only with PE 5.8 and yield of 9.3 %. The latest bad news is HSBC is going to reduce its interest yield by half. I don't quite understand if the yield reduce by half, it is still 4.65% isn't it good enough? The other bad news is the emerging markets are collapsing. I am not saying that HSBC should be immuned but I think the market has become quite irrational and uncontrollable now. I think very soon, some headlines like "STOCK IS DEAD" will come up. What I learn is that fund managers are totally useless human beings because what they are doing exactly is to sell cheap and buy high. I still think the best fund is tracker fund if one want to buy HK stock, if one think that HK will not die this time.