My Age of Investment

Xia Jingxing nodded, he understood the other party's responsibilities, and it was impossible to buy a share of his own fund just because old John said hello.

Before coming, Xia Jingxing also did his homework and said slowly, "As far as I know, the average rate of return of the school fund from 2001 to 2003 was 15.3%?"

Wallace nodded and smiled, "Yes, this rate of return is enough to rank in the top three among the 20 largest and most famous universities in the United States."

Xia Jingxing asked, "The school should also invest in some hedge funds, right?"

Wallace felt that it was not necessary to hide it, and responded readily: "Of course, not only hedge funds, we have also invested in venture capital funds, real estate funds, asset securitization funds...

Investments are very diversified and sufficiently diversified. "

"Mr. Wallace, if I tell you that in the past year and a half, I have made 500 times the return of securities investment. With this, can I convince the school foundation to invest in my hedge fund?"

Xia Jingxing didn't hide it anymore, if he wanted to convince the other party, he could only show his extraordinary investment record.

Wallace thought he had heard it wrong, and said in surprise, "Daren, you're not kidding me, are you?"

"It's true or false, you can see if you look at it."

Xia Jingxing asked Liu Hai, who was sitting beside him, to take out his laptop from his handbag and open the website of First Securities.

Looking at personal accounts, investment records and other information, Wallace finally chose to believe it.

He also specially called up the stock price charts of the two stocks, analyzed and pondered for a while, and the timing of each purchase and sale was just right.

It was NetEase's selling time a little earlier. He asked: "Why did NetEase's stock liquidate in July last year, and the stock price exceeded 70 US dollars in October, which has doubled the profit."

Xia Jingxing spread his hands and said, "With limited funds, I can only maximize my profits. By October, Amic's stock price has risen several times."

Xia Jingxing explained to the other party the embarrassing situation of lack of funds at that time.

Wallace asked, "That is to say, of the $7 million you put in the initial principal, $5 million is a loan?"

Xia Jingxing nodded.

Wallace smiled, "Strictly speaking, you only made 4 times the return on Amic stock, and 60 times the return on NetEase, before tax.

Multiplying the two, it is only 240 times the income, which is not 500 times. "

Xia Jingxing did not refute, because the other party was not wrong, Aimei borrowed 5 million US dollars from Liu Jinhang because he pledged Facebook shares, and it had to be included in the invested principal.

At that time, he could also choose to add leverage, but it was much more dangerous.

"If I had a hedge fund in my hand at the time, the return on this investment in Amico would never have been less than 10 times."

Xia Jingxing looked at Wallace and said lightly, "Two or three times the leverage is normal for hedge funds."

Wallace is very professional. He commented: "Darren, I found that you have a very good sense of investment in distressed securities. Does your hedge fund plan to develop this strategy?"

"It's just one aspect,

There are good investment opportunities, never let them go. "

Xia Jingxing continued, "On the other hand, we also plan to invest in emerging markets."

"Like?" Wallace asked.

"Like China!"

Xia Jingxing said with a smile, "The shares of Coca-Cola and Wal-Mart in the United States are about to be analyzed.

But in the Chinese market, few investors pay attention.

Now that China's economy is developing rapidly, a number of "potential enterprises" with strong growth rates are bound to emerge from all walks of life. "

"You mean the QFII system introduced by China's securities market last year? That's very troublesome.

To review the size and operation of the fund, a newly established fund like yours is clearly not eligible.

It is very troublesome to enter the US dollar, and it has to be converted into Chinese currency, and there is also a limit on the shareholding ratio of listed companies. Profit exit is even more troublesome, and it is exported in batches. "

Wallace obviously has research on China's securities market, and he talked about the key points as soon as he opened his mouth.

"That's China's A-share market, and we won't enter it for the time being."

Xia Jingxing shook his head and continued, "In addition to A shares, there are also some high-quality Chinese listed companies in US and Hong Kong stocks."

Wallace nodded, pondered for a moment, and then asked again, "Daren, how does your hedge fund charge? How long is the lock-in period?"

When the main event came, Xia Jingxing sat up straight and said solemnly: "The management fee is 2% per year, and the average annual return is 10% at the end of the year. If it is lower than this annual rate of return, no dividend fee will be charged;

The average annual return is higher than 10%, and a 20% dividend of the fund's profit is charged.

The fund is closed for three years and cannot be redeemed in between..."

Xia Jingxing talked about the upcoming fund management terms one by one.

Compared with other hedge funds, the hedge funds they intend to set up have no particular advantages in terms of closing period, management fees, and dividends.

The only advantage is the annual average return of less than 10%, and no dividends are charged.

Other hedge funds either do not set a guaranteed return rate, or set a 4% or 6%.

There are also 10% or even higher, but like them, they are all new funds and small funds, and they use favorable conditions to attract customers.

In fact, even so, there may not be customers willing to invest in small funds.

Because the principal is not guaranteed, the guaranteed rate of return is useless.

No matter how hype, you can't make money, or even lose money, you are free, and no one invests in you.

On the contrary, the fees of large funds are high, but the earning power is there.

Many small funds use generous terms to fool customers into investing, and then take the money to fight.

If it succeeds, everyone is happy, and the small fund becomes a large fund.

If it fails, the fund will be liquidated, and investors will not be able to seek compensation. They must accept the reality of failure, and the fund manager will change his vest and continue to start a business, or return to work in a large fund.

After listening to Xia Jingxing's introduction, Wallace thought about it and said, "The conditions are good, but the management of hedge funds is not an easy task. Also, Darren, what about Facebook?"

Xia Jingxing patted Liu Hai's shoulder, "William is my fund partner, he holds an RIA certificate and will be the manager of the hedge fund.

I will also devote some of my energy to this investment business, providing some investment analysis and decision-making. "

Wallace frowned, "Will this make a difference? After all, Facebook seems to be more important to you?

In fact, I don't understand a little bit, Darren, how can you think of going into finance and end up doing it yourself. "

Xia Jingxing explained, "If our strategy is not so complicated, I think we can handle it completely.

The two investments in NetEase and Aimeike were also made by me in the process of running Facebook. "

"Okay, I understand, I need to report to the school's board of directors, and they will make a decision."

Wallace looked at Xia Jingxing, smiled and said, "However, I will try my best to recommend you."

"Thank you so much, Mr. Wallace!"

Xia Jingxing stood up, smiled and shook hands with the other party, "Time will prove that your choice is right."

"I hope so!"

Wallace added a few more words, "Given that your fund is new, even if the directors agree, they should not invest too much money in you.

If three years later, you handed them an answer sheet that satisfied them, I believe they would make a choice to trust you more. "

Xia Jingxing nodded, it would be good to be able to contribute, and he did not expect too much.

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