My Age of Investment

“If we take the end of the subprime mortgage crisis on March 9, 2009 as a reference, as of last month’s delivery, the Dow Jones Index had risen by 67.19% in nine months, the S\u0026P 500 had risen by 63%, and the Nasdaq Index had risen by 83.82% %.

When it comes to investing in individual stocks, our team mainly focuses on Nasdaq constituent stocks, especially Internet stocks and technology stocks. "

Xia Jingxing asked with a smile: "Why not choose to invest heavily in bank stocks?"

Zhao Peng smiled confidently, "Darren, please look here."

After that, Zhao Peng controlled the controller in his hand and released two sets of pictures.

“Here’s a chart of Morgan Stanley and Google stock prices.

During the low period of stock prices in March last year, the stock prices of Morgan Stanley and Google fell to US$16.48 and US$289.74 respectively. Last month they rose to a maximum of US$33.27 and US$630.14 respectively.

Within nine months, Morgan Stanley's stock price rose by 101.88%, and Google's stock price rose by 117.48%.

This is a comparison between large banks and large Internet companies. Let’s look at the comparison between small and medium-sized companies..."

Xia Jingxing nodded secretly. This guy has a really good sense of the market and is also good at stock analysis. He may be more suitable to be the head of the stock team than Liu Hai.

In the past, Liu Hai often asked him for tactical guidance, but Zhao Peng was very independent and probably didn't know how sensitive his boss's "market sense" was. Apart from routine work reports, he did not receive any help from Xia Jingxing.

It is entirely relying on myself that I have created today’s investment results.

After showing and introducing several sets of pictures, Zhao Peng finally began to answer Xia Jingxing's questions head-on.

“Many institutions believe that bank stocks are the biggest beneficiaries of this retaliatory rebound in U.S. stocks, but this is not the case.

With the exception of large banks such as Morgan Stanley and Goldman Sachs, whose share prices more than doubled, the performance of other banking stocks was not as impressive as the Internet and technology sectors.

Among the top ten losers in the S\u0026P 500 Index in 2009, seven were bank stocks.

Citibank, the bank hardest hit by the financial crisis, once saw its share price fall below $1.

Many people thought Citibank would stage a big rebound. As a result, it fell 51% in 2009, becoming the second-worst performing stock among the 500 stocks in the S\u0026P 500 last year.

The reason is that in order to make up for the huge losses in the financial crisis and meet the minimum capital adequacy requirements stipulated by the U.S. government, major banks have adopted the method of selling preferred stocks to the government and selling common stocks to ordinary investors. method of financing.

This has greatly reduced the attractiveness of bank stocks.

On the other hand, Internet and technology stocks staged a huge rebound in stock prices last year, which doubled or tripled.

This is because they were not really hit hard by the financial crisis like banks, and their stock price declines were also affected by the broader market decline.

And they don't need to desperately raise funds to meet capital adequacy ratios and dilute shareholders' equity like bank stocks.

Comparing the two, Internet and technology stocks naturally achieved greater stock price gains, and the Nasdaq also outperformed the S\u0026P 500 and the Dow Jones Index. "

Xia Jingxing clapped his hands, "The analysis is good. Many institutions have gone to buy bank stocks at the bottom, but have left the Internet and technology stocks aside. This is a typical example of losing watermelons and picking up sesame seeds.

The stock team has made great gains this time, and you should be the first to take credit! "

Zhao Peng smiled happily after being praised by Xia Jingxing.

Then Zhao Peng continued to report: "Last year, our entire stock team made a total net income of US$14.5 billion. Currently, most stocks have chosen to clear their positions, and a small number of stocks are planned to be held for the long term."

Xia Jingxing nodded, "No problem, you are now the head of the stock team, and everything is up to you."

Jiang Ping looked at Zhao Peng's overly young face and rubbed his chin. Why did he feel that his status as the first brother was not guaranteed?

Are all young people today so aggressive?

He is relatively easy-going by nature, and he is not jealous of this young man who had better investment performance than him last year. He just has a little sense of crisis.

Then, Abel reported on the investment results of PE funds, real estate funds, private credit funds, hedge fund of funds, and S funds last year.

Compared to a few talented people in the company, Abel is at the tail end every year due to the nature of fund management.

But this year was special, and Abel started to tremble all of a sudden.

“The PE Fund holds 100% of Marvel’s shares. Thanks to the halo of two popular superhero movies the year before, the valuation of this company that integrates comics, film and television and peripheral businesses has skyrocketed. Some people have already called out 6 billion US dollars. The offer is for acquisitions, and including other industries invested, the size of this fund, which originally had an asset management scale of US$5 billion, has increased to US$7 billion.”

"The Real Estate Recovery Fund in the United States holds 80% of the equity of Vision Home Rental Company. As the real estate industry begins to recover, this equity is already worth US$1.2 billion, an increase of US$200 million from the original asset management scale of US$1 billion."

"Chinese real estate funds invested US$1 billion in Hengtai Group in two tranches, holding a total of 43.33% of Hengtai's equity (the previous article was written incorrectly, it was written as 25%, please fix the bug).

With the listing of Hengtai last year and the issuance of new shares accounting for 10.8% of the total post-issuance share capital, our shareholding ratio in Hengtai dropped to 38.65%.

Based on Hengtai’s current market capitalization of HK$60 billion, the value of our stock holdings is HK$23.19 billion, which is approximately US$2.987 billion when converted into US dollars.

In other words, the investment has approximately tripled in value, and the fund size has expanded from US$1 billion to approximately US$3 billion.

We have not sold Hengtai's shares for the time being. I think Mr. Xu Tingyin is a great entrepreneur and he can lead Hengtai to become...well..."

After Abel thought for a moment, he added: "By the way, becoming a trillion-dollar real estate company is what an analyst named Ren from the Macroeconomic Research Department of the Chinese Government Affairs Council predicted."

Xia Jingxing smiled and said, "Trillion-dollar real estate companies, let's have their big dreams. Facebook doesn't even have a market value of one trillion!"

"You still have to have dreams!" Abel said, spreading his hands.

"Okay, I listen to you, you still have to have a dream, then hold on to it for a few more years."

Xia Jingxing had his own ideas about the disposal of Hengtai shares. Since the entire fund was his own capital, he could sell Hengtai shares as long as he wanted.

He thought, after all, it has to rise to a market value of hundreds of billions before selling it!

Xu Pingtai still has two skills in real estate, and he can work for Vision Capital for a few more years.

Abel continued to report: "The size of hedge fund-of-funds investing in several sub-funds such as Gaoling Capital, Snow Lake Capital, and Global Investment has expanded from US$1 billion last year to US$1.5 billion."

Xia Jingxing nodded slightly. It seemed that several sub-funds were performing well, with an average return rate of 50%.

"The US$1.5 billion private credit fund issued several US dollar bonds to Chinese real estate companies such as Hengtai, Sunac, and Longfor. The scale has expanded to US$1.8 billion, including principal and interest."

"Liqiu No. 2 Fund and S1 and S2 Funds hold 17.77% of Facebook, 16% of YouTube, 20% of Ali's parent company, and 16% of Domestic Holdings. The total asset management scale is approximately 260 billion, an increase of US$6 billion from the US$20 billion calculated at the beginning of last year.”

Xia Jingxing nodded slightly. S1 was the S-fund jointly established by dozens of blue-blood aristocrats, and S2 was the latter S-fund established by China Investment Corporation.

S1 Fund (Blue Blood Aristocrat) subscribed for 35% of the shares of Liqiu No. 2 Fund at a price of US$3 billion. The current value of these fund shares has increased to US$9.1 billion, and it indirectly holds 6.22% of Facebook equity;

S2 Fund (China Investment Group) subscribed for 15% of the shares of the Liqiu No. 2 Fund at a price of US$1.5 billion. The current value of these fund shares has increased to US$3.9 billion, and it indirectly holds 2.67% of Facebook shares.

After selling 35% and 15% of the fund shares, Xia Jingxing still holds 50% of the Liqiu No. 2 fund shares through Daxia Capital, equivalent to an equity worth US$13 billion.

Abel made a concluding speech: "The above is the situation of several funds under my management. In a few years, they have made a total of 11 billion U.S. dollars, and the total asset management scale has reached 40.5 billion U.S. dollars.

As various shareholding companies go public and develop rapidly, the scale of asset management will further increase in the next few years, and it should not be too late to exceed 100 billion US dollars. "

Xia Jingxing smiled, and after praising Abel a few words, he turned to Jiang Ping and asked, "I almost forgot, what was the investment performance of the two foreign exchange funds, Xiaoman No. 1 and Xiaoman No. 2, last year?"

Jiang Ping replied calmly: "Last year, the foreign exchange market was not as volatile as the year before. Xiaoman No. 1's asset management scale increased from US$4 billion to US$5.12 billion, and Xiaoman No. 2's asset management scale increased from US$2.5 billion to US$3.66 billion. USD, with yields of 28% and 46.4% respectively.”

"That's not bad. Big fat years don't happen every year."

After saying that, Xia Jingxing stopped talking and began to make calculations in his mind.

The year-end investment performance report of the London team led by Li Yaozu has been submitted. The net income was US$200 million more than the original estimate of US$11 billion, reaching a huge US$11.2 billion.

If we compare the performance of the three teams of Li Yaozu, Jiang Ping, and Zhao Peng, who each manage a capital of 10 billion US dollars, Zhao Peng, who is just starting out, is better.

Although he is the youngest and has the lowest rank in the company, compared with a group of EDs and Ds, Zhao Peng is still just a D.

However, after today's meeting, Zhao Peng can be promoted to ED, and at the same time remove the word "agent" from his head.

Strictly speaking, this young man should have set a record for the fastest promotion at Vision Capital. Within two or three years of joining Vision Capital, he became one of the highest-ranking people in the company. At the age of 27, he became a person with an annual salary plus dividends exceeding The one-hundred-million-dollar working emperor!

Although the tens-billion-dollar investment platform provided by Xia Jingxing was an important factor that helped him reach the pinnacle of his life, his financial talents also deserve recognition and rewards.

In addition, the Yip Shuhui team in Hong Kong also submitted a year-end summary report.

Last year, the team spent US$5 billion to hunt for the bottom of Hong Kong stocks, and also tested the Chinese and Japanese markets. Finally, it handed over a net income of US$3.23 billion, creating a return rate of 64.6%.

Although this rate of return is not high and is lower than that of several other teams, it is actually pretty good and outperformed the 52.02% increase of the Hang Seng Index in 2009.

A fund manager who can outperform the market is considered a good fund manager.

As time goes by, hedge funds gradually lose their luster, and more and more hedge funds begin to fail to outperform the three major indexes.

It is better to buy an index than to buy a hedge fund - as Buffett said.

Xia Jingxing waved to Liu Xiaoduo, who was sitting in the corner taking notes. The latter immediately stood up and delivered a document bag.

Xia Jingxing opened the document bag and said with a smile: "I'm here to tell you some good news!

Excluding VC funds and mainland securities investment funds, our PE funds, fund of funds, S funds, hedge funds, and real estate funds are all added together, and the asset management scale has returned to the peak of 100 billion US dollars, and has even gone further, reaching $113.03 billion! "

Everyone was shocked when they heard the news and fell into ecstasy.

"When we reluctantly liquidated most of the hedge funds last year, I said that the day when the return of the king will be staged is not too far away."

Speaking of this, Xia Jingxing said with emotion: "But I didn't expect it to happen so soon."

Everyone laughed, and Xia Jingxing also laughed, "Thank you for your hard work, last year you contributed a total of US$48.53 billion in net income.

Excluding the long-term, slow-liquidation funds managed by Abel, the four hedge fund teams created a total net income of US$37.53 billion. "

Hearing this string of numbers, everyone was happy, including Abel, who had the most chores on his hands.

Although the few funds he managed grew slowly, they finally produced results, and he could feel proud.

Xia Jingxing's face was also filled with the joy of a good harvest. This time, Envision Capital truly exceeded the scale of 100 billion US dollars.

Last year, when it exceeded US$100 billion, his own funds accounted for a large proportion.

Nowadays, his own funds in Vision Capital are very small, limited to several categories of funds: VC Fund, Mainland Securities Investment Fund, Real Estate Fund and S Fund.

Except for the larger S Fund, the other funds are all very small. If you add them all together, they will be less than 20 billion US dollars.

Today's Vision Capital can be said to be a financial giant in the true sense, not a pseudo-tycoon that he pretends to be with his own money.

All in all, Vision Capital has become the second hundred-billion-dollar company founded by him after Facebook, and its profitability far exceeds that of Facebook.

According to the 40-60 share agreed with LP and the annual 2% fund management fee, he can earn US$15 billion from the hedge fund alone.

Of course, this kind of good year cannot be passed every year, and part of it needs to be used to reward executives and employees.

Thinking of this, Xia Jingxing said: "The company's performance last year was very good, and everyone contributed a lot.

I decided not to wait until the fund was liquidated, and I would personally use a bonus of US$1 billion to reward all senior executives and outstanding employees. "

Just when everyone was happy about the good news, Liu Hai suddenly reminded: "It's better to keep a low profile! I heard that several Wall Street giants have encountered lawsuits and investigations."

Abel said nonchalantly: "What are you afraid of? We haven't received any relief funds from the government."

Jiang Ping pondered for a moment and said: "It's better to postpone the bonus distribution. There is no need to cause trouble."

Xia Jingxing shook his head and laughed, "Everyone else has already posted it, but we don't. Doesn't it look a bit stingy?"

"mean?"

Liu Hai praised, "Goldman Sachs is so generous! Blankfein gave out a $22 billion year-end bonus with a wave of his hand, and the whole United States is now condemning them.

He took tens of billions of dollars in bailout money from the country, but ended up using it to pay bonuses to senior executives.

Someone has calculated that Goldman Sachs has nearly 30,000 employees, with an average year-end bonus of US$770,000 per person. "

Abel said: "That is a random fabrication by the media. Goldman Sachs has already repaid the country's bailout money, so it doesn't matter what the government's face is. Goldman Sachs' performance last year was so good, and its net profit in the second quarter reached a record high of 3.44 billion U.S. dollars, so Only then do they pay high bonuses to their employees.

As for the average year-end bonus of US$770,000, that is even more nonsense. Employees are averaged, and the majority of bonuses are taken by middle and senior management.

Moreover, the US$22 billion includes part of employees' salaries, not all bonuses. It is a large number deliberately created by the media to attract attention. "

Liu Hai smiled faintly, "What about JP Morgan? They announced that they would spend US$14 billion to reward 229,000 commercial bank employees, and another US$6 billion to reward 26,000 investment banking employees.

Nowadays, the bottom class in the United States is living a hard life. Goldman Sachs and JP Morgan's behavior of handing out bonuses is just adding salt to the wounds of the bottom people.

And LP is also very angry. The U.S. Police and Firefighters Retirement Fund has filed a lawsuit with the New York Supreme Court.

Today’s Goldman Sachs has a bad reputation. "

"That doesn't stop them from continuing to dominate Wall Street and go their own way!"

Abel's Chinese is pretty good, and he's starting to learn to use idioms.

Seeing that the two of them were about to quarrel, Xia Jingxing said with a nonchalant expression, "Stop talking about it. The bonus will be postponed until the limelight has passed."

Seeing that the big boss had spoken, Abel completely fell silent, while Liu Hai showed a happy smile.

"That's it for today! The meeting is over! Abel, please stay for a while."

When he heard his boss calling him to stay, Abel just got off his seat and sat back down.

He felt a little uneasy, and he swore to God that he really wasn't doing it for the bonus.