My Age of Investment

After spending a day in Santa Monica and having a preliminary understanding of Global Investment's tail risk trading strategy, Xia Jingxing left this small city and returned to his villa in Palo Alto, Silicon Valley.

Abel and Jiang Ping also came to visit the house.

The two of them sat on the sofa and looked at Xia Jingxing, who was holding a child and playing across from him, with different reactions in their eyes and expressions.

Abel never expected that his boss would have a son! And he’s still over a year old!

He secretly moved his eyes towards the kitchen, where the mistress of the house and the mother of the child was preparing dinner.

If the news that Kristina, the beautiful and rich Silicon Valley and top technology entrepreneur gets out, it will cause quite a stir, Abel thought to himself.

But this is the boss's private matter. As a subordinate, he can only pretend to know nothing.

Compared to Abel, Jiang Ping's personal relationship with Xia Jingxing was much closer, and he had known about the child's existence a long time ago, and he didn't have so many worries when speaking.

"Darren, this little guy is so lucky. He was truly born with a golden key in his mouth. His father is rich and his mother is also a top entrepreneur.

No matter whose career he chooses to inherit in the future, he will be looking at the world from the shoulders of giants. "

Just as Xia Jingxing was about to speak, Kristina suddenly walked out of the kitchen.

She hugged her son with a smile and said to Jiang Ping: "I don't have too many high hopes for Enoch. I just hope that he will grow up safely and healthily and have a career that he likes and loves."

Xia Jingxing smiled and nodded, "Yes, interest is very important. You can't force children to do things they don't like."

Jiang Ping smiled, knowing that it was a little too early for him to talk about this topic now.

Kristina took the child away and gave the three of them the space to talk.

So the three of them started chatting about the main topic.

"Darren, if we directly use the trading strategy invented by Spitznagel, there may be big problems."

Jiang Ping talked about his hidden worries: "Because the scale of our fund is too large, it is far from comparable to a global investment with only a few hundred million US dollars in asset management.

Even if the design of the tail risk strategy is amazing and has been proven in practice, there is no guarantee that it will be effective when the fund size expands a hundred times. "

Xia Jingxing nodded lightly, "I know that. The reason why Spitznagel showed us so generously is not because he is a generous person, but because he is sure that we will not be able to learn it even if we know it."

Jiang Ping smiled bitterly, "Yes, judging from Spitznagel's past experience, he is quite patient and has a strong sense of crisis.

Under his management, the Global Investment Fund has a very strong personal style that belongs to him.

Every famous fund and every well-known fund manager in the market is like this, each with its own operating style and special skills.

No matter how well we imitate, it is impossible to copy 100% of Global Investment’s operating style.

As long as there is a slight deviation, there may be two completely different investment results: Global Investment makes a lot of money, and Vision Capital makes a big loss. "

Xia Jingxing smiled and said, "I'm not asking you to imitate them 100%. Vision Capital's return on investment in the past two years is far better than Global Investment, so do we need to imitate them?

However, it will be good for you and the company to systematically study and understand this special black swan fund. "

Jiang Ping nodded, expressing his approval of this point of view.

He spent a whole day communicating with Spitznagel yesterday and benefited a lot.

Although Global Investment did not gain much during the financial crisis, and it has not yet earned a fraction of the profit of Vision Capital, if the financial crisis had come a year or two later, Vision Capital might have liquidated its position and lost all its chips, while Global Investment could still make a profit Turn defeat into victory.

It can be said that none of the institutions that made huge profits during the subprime crisis and financial crisis were simple.

After further understanding, as well as Xia Jingxing and Jiang Ping's emphasis on global investment and trading strategies, Abel also changed many of his views on this fund.

Gu\u0026lt;/span\u0026gt; He murmured: "Although Global Investment's investment and trading style is incompatible with the mainstream, perhaps this is the secret of their success. I underestimated them in the past."

Xia Jingxing smiled and said: "So, never underestimate the world's heroes. There are too many geniuses in the hedge fund industry, and innovations are endless.

Maybe Bridgewater Associates, Paulson Fund, and we have all been abandoned by the times, but they are still as bright as the rising sun. "

Abel nodded slightly, and then asked: "Then Darren, do we need to deploy a black swan fund? It is not to imitate Global Investment to build one, but to tailor one based on our scale and our actual needs. .”

Xia Jingxing pondered. The Black Swan Fund is betting on the outbreak of a black swan event in the market.

From some aspects, he still has more than ten years of foresight, and there is no need to spend a lot of time to build a black swan fund to obtain high returns.

However, there are some things that need to be prepared for a rainy day rather than just waiting for the last moment.

"Okay, let's also raise a black swan fund and try the waters with money from external LPs."

Hearing this, the corner of Abel's mouth suddenly twitched. The boss's heart is so dark, and he will always use customers as guinea pigs.

Envision Capital has such a good reputation that it is easy to raise a new fund.

Just losing money for several consecutive years is really inconsistent with Envision Capital's past style of making huge profits.

Abel expressed his concerns.

After hearing this, Xia Jingxing smiled slightly and said, "Isn't it normal for a large hedge fund company, with dozens of funds under it, to make both losses and profits?

Also, when raising funds, you need to explain it clearly to LPs so that they don’t have to think about it later. "

Abel nodded, he probably knew what to do.

at night.

Abel and Jiang Ping stayed for dinner together, then left after dinner and took the evening flight back to New York.

After Xia Jingxing and Kristina finished their friendly match, they lay side by side on the bed and talked.

"Darren, what will happen if Enoch really doesn't like business matters in the future?"

Xia Jingxing glanced at Kristina. The latter's face was full of worry, which made him laugh. Women always speak so insincerely.

"Didn't you say let him choose his own life?"

Kristina was at a loss for words, and after a moment she said quietly: "After all, it is our business that we built with our own hands. In our hearts, we still hope that our children will have extraordinary business talents and be able to inherit and continue their parents' business.

Like my father, he actually hopes that Brady will inherit the family ranch in the future and continue the business to the fifth or sixth generation. "

Xia Jingxing shook his head repeatedly, "You are totally wrong. Do you know Wang An Computer? The founder Wang An was too obsessed with letting his son take over, which led to the complete decline of the company..."

After listening, Kristina sighed and said, "Okay, everything is his own choice, don't force it."

"Actually, your worries can be easily resolved."

"How to deal with it?"

"Practice a few more numbers!"

…

Soon, the fierce sounds of game practice were heard in the room. The battle was very stalemate and the fight was inextricable.