My Age of Investment

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"Every team is now in place and waiting for the U.S. stock market to rebound."

Xia Jingxing nodded slightly and returned to the family office.

“After establishing a family office, how do you think assets should be allocated?”

Liu Hai pondered for a moment and replied: "This depends on your requirements.

Unlike other entrepreneurs, Vision Capital's VC fund is actually your family office, and its investment targets include various start-up companies.

Of course, the main targets are Internet and technology companies.

Is the investment position in the new economy too heavy? Allocate some traditional corporate assets to hedge risks?

If the dot-com bubble of 2000 were to happen again, your portfolio would suffer heavy losses.

If there are some traditional corporate assets, such as food, clothing, housing and transportation, the situation is completely different. "

"Do you think that with the mature business model of the Internet now, the Internet bubble will happen again?"

Xia Jingxing looked straight at Liu Hai. Although he had already planned to let Liu Hai take charge of his family property, Xia Jingxing still wanted to test him again.

Liu Hai shook his head, "Such a serious Internet bubble may not happen again, but maybe there will be new technologies?

For example, it is difficult to say that the bubbles of new technologies and industries such as artificial intelligence and cloud computing, which are currently very popular, will burst first and then usher in real prosperity.

We cannot bet entirely on emerging industries. Traditional enterprises involved in basic necessities, food, housing and transportation will never become obsolete.

If you look at the investment direction of waterfall investment, they have invested in hundreds of companies, involving dozens or hundreds of industries.

Even if all investments in emerging industries suffer losses, they will not be devastated. "

Xia Jingxing admitted that Liu Hai's analysis was reasonable. If he had not had the foresight, he might have fully accepted Liu Hai's investment strategy.

But he knows that the future is going to be a decade of great prosperity for the Internet and technology industries, so why should he invest in traditional companies with lower returns?

You can invest in traditional companies, but you have to wait until ten years later. You can be more aggressive now and adjust your positions and investment direction in the future.

Thinking of this, Xia Jingxing decided to give Liu Hai an answer.

“Use most of the funds to allocate equity in technology companies?”

After listening to Xia Jingxing's introduction, Liu Hai's face was full of disbelief. He couldn't help but remind him again: "Vision Capital has actually done such a thing. If it is allocated again, the risk will be too great."

Xia Jingxing shook his head slightly, "Envision Capital's investments in the Internet and technology industries are mainly concentrated in the primary market.

And due to various reasons, it is difficult for us to invest in two companies in the same track. At least both companies have heavy positions, which is impossible.

Therefore, family offices can pick up the slack in the primary market and invest in companies where it is inconvenient or impossible for vision capital to invest. "

Liu Hai thought for a while and reluctantly accepted Xia Jingxing's explanation.

Xia Jingxing continued: "Secondly, Vision Capital's hedge funds have no restrictions. They invest in any company in any industry, and their positions and investment portfolios are changing at any time.

Family offices can make centralized long-term investments in some Internet companies, such as Amazon, Netflix, etc., and they can invest for ten or eight years without having to rush out because our funds are free and there are no duration requirements. "

Liu Hai suddenly realized something and seemed to have remembered something. He was about to speak when he was interrupted by Xia Jingxing's voice.

“That’s right, invest like Lixia No. 1 Fund, but the investment time can be extended further.

Think about it, if the Lixia No. 1 Fund was not liquidated as soon as three years are up, what is the current rate of return?

120 times, 180 times, maybe more, in short it will not stop at 60 times. "

Hearing this, Liu Hai understood some of Xia Jingxing's ideas. How confident is he in the technology industry that he over-allocates like this?

Xia Jingxing said calmly: "Investments in the primary and secondary markets of the technology industry are only part of the family office's investment portfolio.

The second part is to set aside a portion of flexible funds to capture market opportunities that may arise at any time.

For example, this Oracle incident is a good opportunity. If funds cannot be allocated, the opportunity may be missed. "

Liu Hai said with a smile: "This problem is easy to solve. We just need to have US$5 billion in cash on hand at any time. We usually use it to buy some large-denomination certificates of deposit and bonds that can be withdrawn and transferred at any time."

Xia Jingxing nodded and continued: "The third part is that I may increase capital in the industries under my control at any time. I need to keep some funds on hand, or make some short-term, easy-to-cash investments."

"This is not a big problem. The stocks can be bought and sold at any time."

Gu Xi

“The fourth part requires the allocation of some assets that enhance personal social influence.”

Liu Hai understood instantly and replied: "For example, basketball or football club? Right?"

Xia Jingxing smiled and said, "Yes, money has to be spent to be valuable, and you don't want to be a miser.

Fame and social prestige are also intangible assets, and the benefits will be fed back into the sales of its products. "

"Does charitable foundation count?"

Xia Jingxing nodded and said: "Of course forget it, otherwise why would the rich donate money just to give back to the society?"

"There is also the fifth part, gold in troubled times and antiques in prosperous times. We need to collect some gold and antiques.

I plan to reserve some gold at home and abroad and hide it in the basement for emergencies. "

Liu Hai was dumbfounded, "How much is some gold?"

"You always need one or two tons, right? If something unexpected happens, all the paper wealth is gone, and the bank funds are frozen. At least you still have some collectibles, so you won't starve to death."

Seeing Xia Jingxing's serious look, Liu Hai smiled and said, "Are you worried that a war will suddenly break out one day?"

"Just be prepared! Even though the probability of it happening is negligible, it still exists."

Xia Jingxing could not imagine what kind of war would destroy his business, freeze all his bank deposits, and leave him with nothing.

But compared to ordinary people, he has the conditions to do something that seems a bit silly.

If conditions permit, he also plans to build himself a safe house that can protect against nuclear bomb attacks, and store generators, fuel, and living supplies that can survive for several years.

In normal times, this safe house is also useful and can be used as a resort for your family.

It would be quite interesting to stay there for a few days every year to experience the isolated life.

The construction of these facilities is just a drop in the bucket of his huge assets and will not affect his normal life.

For ordinary people, they can't afford it even if they lose all their money, and they will be regarded as crazy by the people around them.

Hearing Xia Jingxing say that he also wanted to build a safe house, Liu Hai was completely speechless and wanted to ask: "Are you suffering from paranoia?"

But soon, Liu Hai changed his mind and thought that the world of rich people is different from that of normal people.

Xia Jingxing's arrangement cannot be said to be unreasonable. It is better to spend money on preventing the future than to build a pure gold toilet and raise lions and tigers.

"If the safe house is no longer used by my generation, it can be passed down to sons, grandsons, and great-grandchildren."

Speaking of this, Xia Jingxing smiled self-deprecatingly, "If future generations lose all their family property, they can sell the safe house, or transform it into a hotel or a place for adventure and fun."

Liu Hai was completely speechless and said with a smile: "Okay, everything is up to you."

Liu Hai felt that the family office was almost becoming a tool for Xia Jingxing to realize his dream.

He then thought about it. The family office originally only served one family, including Xia Jingxing's son's education, marriage, and many other chores. It was very different from a social enterprise. It was more like a family's private kingdom.

"Jing Xing, do you have any other ideas? Can you put them forward together? Even if it is to immigrate to the moon, we can make corresponding preparations."

Liu Hai looked at Xia Jingxing with a smile. He was not joking. The functions of a family office can include the following: the employer is responsible for providing wonderful ideas, and the people below are responsible for realizing them.

Xia Jingxing suddenly smiled, "Forget it, that's all I can think of for now. I'll make other arrangements in the future."

Liu Hai secretly breathed a sigh of relief. If the other party really proposed to immigrate to the moon, he would probably have to work on this matter in his lifetime.

"I'll leave this family office to you!"

Xia Jingxing's arrangement did not surprise Liu Hai. In fact, he had already expected that this errand would fall on him.

"What about the work at Vision Capital?" Liu Hai asked.

"Gradually hand it over to others."

Liu Hai nodded in agreement without any hesitation. After all, everything he had now was given by Xia Jingxing.

The other party asked him to be a retainer and a big steward responsible for managing more than 30 billion US dollars and Xia Jingxing's family affairs. Ordinary people would never be able to gain such great trust and importance.

“What is the name of the family office?”

Xia Jingxing thought for a while and said, "Let's call it Xia Dynasty Capital. The English name is Xia Dynasty Capital. It should be more low-key."

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