My Age of Investment

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"Nvidia's investment should be a credit to you!"

When Liu Hai introduced Nvidia, Xia Jingxing interrupted the other party's speech and praised him with a smile.

Liu Hai smiled, "I'm just a blind cat and a dead mouse, there's nothing wrong with it."

Xia Jingxing squinted at Liu Hai, "Really? I planned to give you a bonus, so forget it!"

Liu Hai smiled and remained silent.

This beautiful investment by Nvidia is indeed all due to Liu Hai himself, and has nothing to do with Xia Jingxing's guidance.

At first, Liu Hai researched the data and found that this stock was seriously undervalued, and it was very suitable for a wave of bottom hunting.

Then he found Xia Jingxing and told about his research and judgment.

Xia Jingxing didn't want to turn Liu Hai into a marionette, so with a big wave of his hand, 10 million US dollars was thrown out for him to practice.

Liu Hai was afraid to accept such a large amount of money authorized to invest in himself at first, thinking that one or two million dollars would be enough to practice.

With Xia Jingxing's repeated encouragement, Liu Hai had the courage to accept the ten million dollars.

Nvidia built a position in August last year, and the cost of holding the position was 9.3 US dollars per share. In April this year, the stock price broke through 61 US dollars per share.

Taking advantage of the high point, Liu Hai sold half of the stocks he held, making a profit of more than 30 million US dollars.

The remaining half of the stock continues to be held.

Nvidia's share price has now fallen to around $25.

Overall, this investment did not maximize the benefits, but it also earned more than 30 million US dollars, which can be regarded as a very successful investment.

Liu Hai also introduced the situation of the other dozen stocks one by one.

Xia Jingxing listened and didn't comment much.

In today's Lixia Fund, he only pays attention to the top ten most heavily held stocks, and the rest is handed over to Liu Hai and his team for practice. From researching stock selection to how much to buy, to making a profit and exiting, he doesn't care about the whole process.

This actually gave Liu Hai great trust, because apart from the top ten heavily held stocks, the combined market value of the remaining eleven stocks also has a market value of 400 million US dollars, which is not a small amount.

Of course, Liu Hai did well. The other eleven stocks did not rise much, but most of them rose slightly, outperforming the market steadily.

After introducing all the stocks, Liu Hai concluded: "Among our US$1.415 billion position, our own funds are only US$708 million, and the leverage is very low, only doubled."

Xia Jingxing nodded. Lixia Fund's initial asset management scale was only over 30 million US dollars. At that time, the leverage was tripled or quadrupled.

But more than two years have passed, and the asset management scale has increased by nearly 20 times, and I dare not be as "reckless" as before.

There are not many hedge fund bosses who are blown up by leverage. The more arrogant they are, the faster they die.

The investment bank that called you brothers and sisters one moment will sell you the next second.

In the financial market, you can always rely on yourself.

Even the share price of a company like Apple has almost been cut in half this year.

If all the stocks they hold are cut in half, even their double leverage will be blown up.

Compared with other financial derivatives, stocks are mild enough, but risks also exist.

If you are not afraid of risks, then others will pay you two incense sticks on the grave.

"Oh, by the way, Jing Xing, I have something to report to you. A small number of LPs have some complaints, feeling that the performance of our fund has recently dropped, and they are clamoring to redeem the fund shares after the three-year closed period expires. .”

Speaking of this, Liu Hai's originally smiling face completely darkened.

"what happened?"

Xia Jingxing was very surprised. Last year, these LPs were clamoring for additional investment. Why did they change their gender this year?

Liu Hai sighed, "The performance of the previous year and last year was too strong, which caused a psychological gap between them.

From 2004 to 2005, the annualized rate of return of our fund was 666.66%;

From 2005 to 2006,

The annualized rate of return of our fund is 278.32%;

In the first half of this year, our fund's annualized rate of return was only 7.6%. "

"what happened?"

As soon as Xia Jingxing asked this question, he knew that he was asking too much.

After the beginning of this year, Lixia Fund's several heavyweight stocks, such as Apple, Google, and Amazon, not only did not rise much, but fell a lot, causing the overall return of the fund to be lowered.

"The stock price is going sideways or falling, it's only temporary. Besides, it's only been half a year, so what can you tell?

If the investment timeline is extended to one year, one and a half years, isn't it a big profit? "

Xia Jingxing shrugged, feeling that this group of LPs made too much of a fuss.

Liu Hai smiled wryly, "Yes, the truth is that's right. The main reason is that our return rates were all in the top three percentiles in the past two years, but this year they suddenly became single digits. Some LPs spoke in a strange way, saying that our fund might not work. gone."

"And this?"

Xia Jingxing laughed out of breath, "Write down your name and return the money to them in half a year. At that time, even if they beg to continue investing, we don't want their investment."

No need to call names, Xia Jingxing knew which group of people Liu Hai was talking about, they must be the rich Chinese businessmen in San Francisco introduced by Liu Jinhang.

As for Firstrade Securities and the Stanford University Foundation, such institutional investors are certainly not so blind.

Liu Hai smiled and said, "Actually, it's normal for LP to have complaints. It's already halfway through this year, and we only achieved a single-digit record. Compared with previous years, the difference is hundreds of times.

Some people attributed the reason to your departure from the United States, which caused the fund to lack a pair of sharp eyes;

Some people also said that in the past two years, it was a good time to catch up with the soaring Chinese concept stocks. The Lixia Fund has a heavy position in the Chinese concept stocks. The luck factor is stronger than the strength factor. Now that the Chinese concept stocks are out of business, we will also be out of business. "

Xia Jingxing lowered his head and smiled, and found that the reasons for these LPs were too strong, so he was speechless to refute.

After a while, he looked up at Liu Hai and said: "The reason why we set a three-year closed period in the past was because we had no reputation and no historical achievements, so we had to do it as a last resort.

When the second phase of the fund is raised, don't be so wronged anymore, just set a ten-year closure period for me, and the excess income sharing ratio will be increased, whether I like to invest or not. "

Liu Hai laughed out loud. In two and a half years, the Lixia Fund achieved a rate of return of 20 times. Looking around the entire Wall Street, who else?

Xia Jingxing reassured: "In fact, it is normal for the fund's rate of return to decline. You should not take it too seriously, because with the increase in the scale of assets under management, it will be very difficult to achieve the rate of return that was several times that of the past!"

Liu Hai nodded. In the past, they could stud one stock or several stocks and enjoy the joy of doubling the stock price.

It’s no longer possible. If the market is not big enough to stud a stock with US$1.4 billion, you can either buy the whole company or buy the stock price to the sky.

Once the positions are dispersed, higher requirements will be placed on the level of the team's research on stocks, and the team size will also expand accordingly.

At this time, the quality of a hedge fund will not be judged by the level of a certain individual, but the overall level of teamwork.

Xia Jingxing himself had some experience, feeling that the power of the team was stronger than himself.

If two and a half years ago, he bought all 36.75 million U.S. dollars in Google's stock, and then ignored it, the market value of holdings until now is less than 200 million U.S. dollars.

If you add 5 times the leverage, it will not be able to reach a scale of 1 billion US dollars, and at the same time, there may be a liquidation.

He made up his mind that the hedge fund that specializes in stocks must continue to operate. No matter what, it is better than him directly buying the stocks of top giants such as Google and Amazon and leaving them alone.

Moreover, when the reputation of the hedge fund grows, it can also receive money from other rich people and institutions to manage it.

In short, it is to help others earn some money by the way without affecting the speed of making money yourself, and at the same time collect management fees and excess profit sharing.

Helping others to make money, and being able to form good relationships in the United States, is of great help to stabilizing his industry in the United States.

If the scale of the hedge fund is large enough, it can become an important shareholder and director of a company, and it can also form synergy with the VC and PE businesses in the primary market.

In short, there are many benefits, but the key is to build up the volume. The current actual volume is only more than 700 million US dollars, which is far from enough.

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