My Age of Investment

One year after its establishment, the office of Envision Capital has changed a lot.

Moved from the original office of 100 to 200 square meters to a new office building, leased a whole floor, with an office area of ​​more than 1,500 square meters.

When you get out of the elevator, you will see the huge and conspicuous company logo and signboard at the front desk.

The four Chinese characters "Vision Capital" were engraved in small seal script by a domestic master of gold and stone. Let alone Americans, many Chinese people saw it and couldn't recognize it. It was like a ghost drawing.

It's right if you can't recognize it, this effect is what you want, full of force.

There is also a row of English "Prospect capital" under the small seal signboard, which is the American name of Vision Capital.

There was a security consultant in front of the glass door. Seeing the boss leading someone out of the elevator, he quickly swiped his card to open the door.

After entering the company, Xia Jingxing showed Jiang Ping around.

While shopping, he introduced to Jiang Ping, the Quantitative Trading Research Department, Portfolio Management Department, Trading Department, Research Department, Risk Control and Compliance Department...

Although the sparrow is small, it has all internal organs.

Although there are only more than 30 people in the Lixia Fund, each functional department is clearly divided and everything is in order.

After taking Jiang Ping to finish watching the Lixia Fund, Xia Jingxing took him to the Lichun and Liqiu Funds to have a look.

"Lichun Fund is a VC fund. It currently manages nearly 30 million US dollars in assets. It has invested in American Tesla, LinkedIn, China's Framework Media, Ganji, Tudou and other start-up companies..."

The Beginning of Spring Fund is mediocre, small in scale, and not many employees, only a dozen or so.

This is Jiang Ping's first impression.

"Liqiu Fund is a PE fund with an asset management scale of 800 million U.S. dollars. Currently, there is only one investment case, which is the acquisition of a mobile operating system company called Android for 50 million U.S. dollars..."

When wandering around to the Liqiu Fund, Jiang Ping heard Xia Jingxing's introduction.

Jiang Ping looked at the extremely empty office with only one person working, and asked, "800 million US dollars? Just one employee?"

Xia Jingxing said calmly, "There are four people,

There are three more to participate in the due diligence of Android. "

Jiang Ping nodded, expressing his understanding.

"The main PE fund has only been established recently, and many positions have not yet been filled."

Jiang Ping asked: "Does Envision want to become an investment group like Blackstone and KKR that covers the entire investment chain?"

Xia Jingxing nodded, and said calmly, "Yes, covering the primary and secondary markets, from fish head to fish tail."

Jiang Ping has also been in the financial industry for ten years and has rich experience. He didn't ask any more questions. He has fully understood the ambition of the young boss in front of him.

Taking Jiang Ping to the conference room, Xia Jingxing called an employee of Lixia Fund to bring in a laptop and began to show Jiang Ping the investment records.

The most typical cases are Shanda and Sina. The stocks of these two companies have all been sold out and they are no longer held.

Jiang Ping helped his eyes, leaned close to the computer screen, and observed carefully.

Xia Jingxing sat aside, quietly waiting for the other party.

After a while, Jiang Ping took off his glasses, rubbed his sore eyes, put them back on, and said, "Sina and Shanda's investments are event-driven strategies, right?"

When there are major political and economic events in the market, or major events such as mergers and acquisitions, bankruptcy, reorganization, and major capital structure changes, due to the complexity of the event and the uncertainty of the outcome, the market's digestion and feedback of information will have problems. Ineffectiveness” makes it possible for stocks, bonds and other related securities to be overvalued or undervalued.

The event-driven strategy is to capture this opportunity to obtain benefits through the control and analysis of event-related information.

Xia Jingxing likes to play this set of trading strategies the most.

Xia Jingxing nodded, "Yes!"

Jiang Ping said with a smile: "The timing of the sale is very good, do you think the merger will fail?"

After a few months, Shanda's acquisition of Sina has already been sentenced to death.

Jiang Ping is also Chinese, he has followed the two companies for a while, and is a little curious about the stories between Xia Jingxing and these two companies.

"I haven't had much contact with Sina, but during the Lunar New Year, I chatted with Chen Tianqiao in Shanghai."

Jiang Ping answered: "Then you judged that it will fail?"

Xia Jingxing nodded.

There is nothing new under the sun, Jiang Ping more or less guessed the PY transaction inside.

In particular, Vision Capital's operation of selling Sina shares is obviously a collusion with Shanda.

As a result, this guy didn't trust Shanda in the end and sold Shanda too.

This wave of operations can be described as very slippery, and should be the biggest winner in this trading activity.

Like several other institutions, Morgan Stanley and his like sold Sina stock to Shanda, but because they did not sell Shanda stock in time, Shanda’s acquisition failed, the stock price fell, and a lot of profits were given back.

Anyway, in Jiang Ping's view, this trading activity is very discerning.

Jiang Ping didn't continue to ask. He already knew the strength of the boss in front of him. He was not just a hands-off shopkeeper, and he had a good financial literacy.

This made him a little curious. Didn't this guy drop out of school early and devote himself to running Facebook?

Is it like yourself, self-taught finance?

He made a comparison in his mind, and before entering Stanford's finance major, there was a high probability that he was not as good as Xia Jingxing.

After reading several investment cases, Jiang Ping was almost moved.

He took the initiative to say: "I may not be best at stock investment, but foreign exchange, followed by bonds."

Xia Jingxing smiled. The other party started out in foreign exchange, and this was precisely his shortcoming. He chose to recruit Jiang Ping because of this.

"It doesn't matter. As I said, it is up to you to decide what financial products to invest in."

Jiang Ping nodded, and asked again: "What do you think of the domestic stock market?"

"This year, 2005 happened to be a bear market, and the domestic stock market was crying..."

Xia Jingxing said: "But it also happens to be an opportunity. Many high-quality stocks have a price-to-earnings ratio of less than 10 times, and their profits have increased by 20% to 30% every year.

In addition, the bank deposit rate is less than 2%, and huge deposits may be transferred to the stock market.

Also, I found that a large amount of foreign capital flowed into China through various channels to hype the appreciation of the renminbi..."

Jiang Ping nodded from time to time while listening.

After Xia Jingxing finished speaking, he said, "I agree with many of your views.

In fact, I have also been paying attention to the domestic stock market.

If there is a chance in the future, I hope to invest in China. "

Xia Jingxing said: "There will be opportunities. I hope this kind of investment can be long-term and valuable."

"I have the same opinion as you." Jiang Ping smiled.

The conversation with Xia Jingxing became more and more speculative, and several hours passed without knowing it.

The two saw foreign exchange and various financial derivatives from stocks, and talked about emerging Asian markets from the US market.

Jiang Ping felt that he hadn't had such a pleasant chat for a long time, and the other party was also Chinese, with similar cultures and many similarities in investment views.

Perhaps joining Vision Capital would be an extremely correct choice.

"Okay, I am willing to join Vision Capital!"

After figuring it out, Jiang Ping didn't hesitate anymore, and brought it up on his own initiative.

Xia Jingxing smiled and said, "I haven't even talked about the treatment yet, so you just agreed?"

Jiang Ping smiled lightly, "Just like investing, I believe in my intuition!"

Xia Jingxing said: "Xiaoman Fund contributes 20% of the company's profits, which can be used as a commission for your performance."

"Will this be too much? In fact, 15% is enough for me."

Xia Jingxing gave a 20% commission as soon as he came up. This kind of gesture really shocked Jiang Ping, and it also gave him a feeling of being valued.

If Wall Street can get 15%, it is very high, and 20% is almost rare.

Xia Jingxing waved his hand, "It's not much, you are worth the price."

Jiang Ping no longer refused, nodded, "Okay, I will resign when I go back."

The two only talked about the performance commission, and did not talk about the basic salary and franchise fee.

A great trader is like this, and there is also a settling fee for entry.

Jiang Ping didn't mention these things, because for those who are capable, the performance commission is the big one.

Even if he is not given a basic salary, there is a 20% commission, which is several times better than him at Lehman.

Of course, Xia Jingxing would not exploit talents like this.

I didn't mention it on purpose, because I was going to give a little extra reward.

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