My Age of Investment

"In the 1990s, the Shenzhen and Shanghai stock markets were established one after another, and the capital market was born in our country. Oh, the period of the Republic of China is not counted!"

Zhao Jun introduced with a smile: "At that time, the quota management system was implemented for the issuance of new shares, which was reviewed and recommended by the local government or industry authorities, and then changed to the index management system.

It is no exaggeration to say that the bosses of the companies that were able to go public ten years ago are all local figures with all-hands-on-the-eyes, and private enterprises are even more serious. "

Xia Jingxing nodded slightly. At that time, most of the enterprises that could be listed on the market were state-owned enterprises. One of the main purposes of the state's establishment of the capital market at that time was to relieve the difficulties of state-owned enterprises.

In that era, the number of private companies listed each year was in single digits, and private companies accounted for only a few percent of the total number of A-share listed companies.

Zhao Jun continued: "After entering the 21st century, the channel system under the approval system has been established, and the regulatory authorities no longer restrict the number of listed companies, but queuing can kill a company.

Why go public? Or just want to embrace the capital market to expand the scale of the enterprise!

Oh, I was wrong, it is cashing out to improve life!

The companies that honestly waited in line to go public finally made it to the front and got a quota, but the company's performance was not good, or it lacked development funds, and it fell behind in the fiercely competitive market. "

Xia Jingxing smiled, "So the value of shell resources is reflected. It can help a company that wants to go public quickly to jump in the queue."

"The word jumping in line is a good use! Whoever runs to the front to get food first will be full first, and whoever will have the strength to work and earn more money."

Zhao Jun paused, then said with a smile: "There is also a kind of people who don't care about production, they just think about jumping in the queue every day.

This kind of people dare to fight and rush, and stockholders also like to make friends with them, because every time they jump in line to eat, they can give two grains of rice to stockholders. "

Deng Fenghua laughed out loud, feeling that this metaphor was very vivid. It is said that there are large capital players speculating on st concept stocks, and stockholders also like to join in the fun, because once the reorganization is successful, the stock price will rise sharply.

The most important thing is that there are very few companies delisting at this time. Even if the reorganization fails and they are locked up, they can wait for the next person who is destined to "take over".

In other words, the cost of speculation failure is very small, and once the speculation succeeds, the profit will be very considerable.

Zhao Jun looked at Xia Jingxing with a smile,

Said: "A-shares are like this. The rules are immature, the investors are immature, and they just happened to catch up with the big bull market. There are more than 1,000 companies in the entire A-share market, and only a few have not risen. more serious.

The bull market is the right time, the A-shares are the right place, and the speculative investors are Renhe. Now that all the conditions are met, the St-shares are bound to produce a few big dark horses.

We can pick a few horses that are licking their wounds and give them a ride when they start to run again. "

Xia Jingxing nodded with a smile. There is actually no essential difference between speculation and investment, except that the former has higher risks and higher returns.

In the US hedge fund industry, this is called an event-driven trading strategy. It is a strategy to obtain excess investment returns by fully grasping the timing of transactions on the basis of early mining and in-depth analysis of events that may cause abnormal fluctuations in stock prices.

"I have no opinion, you just operate according to your own strategy."

Xia Jingxing looked at Zhao Jun, and asked again, "Is 20% of the position enough?"

"Enough! Enough!"

Zhao Jun did not expect to convince the boss so easily, which made him very happy. He also specially explained: "The stock price of st shares is low and the market value is low. If we invest too much money, we will not become a major shareholder? Then Can’t attract main players.”

Xia Jingxing nodded slightly. Not every ST stock can rise sharply. It takes a lot of meticulous investigation and analysis to find a suitable target, and then lurk in ahead of time, waiting for the "event to happen".

To buy bottom st stocks on a large scale, first, they don't have such a large investment research team, and second, even in a bull market, there are only a few monster stocks.

Therefore, investment lies in precision, not in quantity.

"Now that the channel system has been changed to a sponsorship system, will Shell Resources be as popular as before?" Deng Fenghua interjected.

Zhao Jun shook his head: "The essence has not changed! Only when the registration system is implemented and the listing threshold is lowered, shell resources will be worthless.

You forgot, whether it is a channel system or a sponsorship system, there is an "approval system" for the prefix, and it still needs to pass strict review and approval from relevant departments.

In the past channel system, each securities firm had 2-9 channels each year, which meant that only the same number of companies planning to issue public offerings could be declared each year. Compared with the 1990s, this system has changed the past practice of selecting and recommending companies to be listed by administrative mechanisms.

But there is almost no competition among brokerages, and you only need to go to the relevant "public relations" department to get the number of channels.

However, the sponsorship system implemented today requires the sponsor to bear the joint guarantee responsibility during the listing process of the company, so that securities companies can compete relatively fairly.

But there will be new problems. In order to avoid legal sanctions, the sponsor will inevitably increase the requirements for the company to be listed.

In other words, it will still be difficult to go public. For companies with poor qualifications, sponsors dare not sign indiscriminately, for fear of taking responsibility!

Moreover, the design of the sponsor system itself has problems, requiring the sponsor to bear legal responsibility for the listed company's violations of laws and regulations and the authenticity of the materials.

However, the sponsor cannot intervene in the operation of the company. Even if he does attend the company's shareholders' meeting or board of directors, he is only an observer and has no voting rights.

In addition, the sponsor is also responsible for listing prospectus materials and auditing, which is equivalent to letting the sponsor take away the responsibilities of clubs and law firms.

The worst thing is that the sponsor has to issue a recommendation opinion to the upper department, and the upper department will strictly review it and decide whether to approve it.

If there is a problem with a listed company in the future, should the IPO committee or the sponsor be held accountable? Who will carry this pot?

These responsibilities and business are not clarified, and I think the sponsor system is also very poor, and it is a deformed product.

With the further growth of China's economy, the strength of private enterprises will become stronger, and the shell resources in the future may become more sought-after. "

Xia Jingxing cast an appreciative look at Zhao Jun. As expected of someone who came out of the system, he sees problems very penetratingly.

This brand-new sponsor system also gave birth to a gold-collar industry-guarantee agency.

According to the new regulations, if a company wants to make an IPO, it must have two signatures from insurance agents.

As soon as the insurance agent signs, he will get hundreds of thousands of signing fees, in addition to a million basic salary and underwriting fee commission.

It can be regarded as the treasure of various securities companies, with an annual salary of several million or tens of millions, which is even higher than the basic salary of the chairman. It is quite exaggerated to get a transfer fee for switching jobs.

This is because the early insurance agent test is difficult, the pass rate is very low, and things are rare and expensive.

After chatting for a while and confirming the direction of this year's work, Zhao Jun took the initiative to say goodbye and left, leaving space for the two old classmates in the room, knowing that they might want to catch up.

"You can do it, kid! Hidden secrets, and helped me earn more than 600 million in one shot."

Facing Xia Jingxing's joke, Deng Fenghua smiled modestly: "Don't give me a high hat, it's not because of the rich capital, if you give me 100,000 yuan, you can only earn hundreds of thousands at most."

Xia Jingxing waved his hand, "Don't be modest, we don't pay much attention to this kind of thing between the two of us."

"I'm really not humble. This is an opportunity provided by the platform, and it's also caught up with the big bull market. If you go to the vegetable market and ask the grocery shopping aunts, they may have made several times. This is the era of picking up money."

Deng Fenghua still has a full understanding of his abilities, and he doesn't think he is so awesome.

"What do you think of Mr. Zhao?" Xia Jingxing asked.

"Very good! Capable, capable, and doesn't hide anything from me. It can be regarded as giving everything to me."

Deng Fenghua recalled the details of getting along with Zhao Jun in the past year, commented on Zhao Jun, and did not hesitate to praise him.

Xia Jingxing said with emotion: "Yes! Although it is a bull market, there are many people who lose money in the bull market.

Although the triple rate of return is not very high, the absolute value of the return of 3 billion yuan can be regarded as a top existence in the private equity of A shares. "

Deng Fenghua heard the voice behind the words, and said, "Are you worried that Mr. Zhao will leave?"

"Yes! I made a gentleman's agreement with him before. He worked for me for five years. After five years, he went out to start a business. I invested 500 million in him."

Speaking of this, Xia Jingxing sighed: "The bull market is so hot, I guess he will have an idea."

He has never been stingy about talents, and the salary he gave to Zhao Jun is not low. After deducting the management fee and guaranteed income, the remaining 4% of the net profit is left.

A rough calculation shows that Zhao Jun could get a bonus of 120 million yuan last year.

Be regarded as working emperor!

But the working emperor still can't get rid of the essence of being a worker, how can he end up earning billions of dollars by himself.

This kind of capable and ambitious person will not stay under others for a long time, and it will be a matter of time before they leave.

"You mean, he might leave early?"

Deng Fenghua frowned, "If he breaks the appointment, doesn't he want the 500 million investment?"

"He has worked with me for a year or two, and his income may be several hundred million. Do you think he still cares about that investment?"

Deng Fenghua said in an uncertain tone: "He won't be so bad, right? He left without fulfilling the contract. If he really did that, you can completely withhold his bonus."

Xia Jingxing waved his hand: "That's not the case! He is a smart person, he won't do those stupid things.

In my judgment, he will wait for the bull market to pass and bring the Grain Fund to a new level before making such a statement. When the fund's growth slows down, it may be time for him to leave.

In his opinion, helping me earn so much money is worthy of my kindness. "

Deng Fenghua didn't speak, he was thinking about the deep meaning of these words.

"When he leaves, do you have the confidence to be in charge of the Grass Fund alone?" Xia Jingxing stared into Deng Fenghua's eyes.

Deng Fenghua swallowed a mouthful of saliva, thought for a long time, and then said: "Wait until the bull market is over?"

"right."

Xia Jingxing was afraid that Deng Fenghua's psychological burden was not heavy enough, and added: "By then, the scale of the Mangzhong Fund may be very large, reaching 11 figures."

Deng Fenghua scratched his head, "I've only graduated from university for one year, are you too relieved of me for letting me manage so much money? It was a five-year succession as mentioned before!"

These words are Deng Fenghua's true thoughts from the heart.

His college classmates heard that he entered Vision Capital and served as an investment manager of a billion-level private equity fund, and they were already very envious.

If you let them know that he will be in charge of a tens of billions of private funds independently in the future, it won't be a blast! There are no such young fund managers in China, not to mention that the scale has surpassed most public funds.

Heavy pressure!

He knew that Xia Jingxing was taking special care of him as an old classmate, and because of this, he could not let down the trust and support of his old classmate.

Seeing Deng Fenghua's serious expression, Xia Jingxing laughed loudly: "Don't be under so much pressure. As for the Lixia Fund you boast about, the fund manager Liu Hai is actually not a few years older than you. In terms of work experience, he has more work experience than you. I have opened several securities accounts."

Deng Fenghua smiled. He knew Liu Hai's previous work experience. In comparison, Liu Hai's work experience can't be called experience, and it didn't help much in the future investment work.

"Manager Liu Hai is talented in investing, and the rate of return is 50 times in three years. If it were me, I would not be able to achieve five times the leverage."

Xia Jingxing chuckled, Lixia Fund was guided by him, if Liu Hai's own level alone was used, he might earn several times. In Nvidia's position building, Liu Hai still showed a certain level, and he was competent as a general fund manager, but it's hard to say how outstanding he is.

"And you, don't worry too much about these things. The general is also promoted step by step from the soldier. No one is born to fight. Just learn to grow in actual combat."

Xia Jingxing comforted him with a smile: "With such a large fund size, it is impossible for me to let you make short-term and medium-term investments. Let's make long-term investments and value investments. You have enough time to investigate and analyze.

Isn't baijiu your favorite? You go to Moutai for on-the-spot investigation, and if it is suitable, we will build a warehouse.

It's not too difficult, one hundred million is also managed, and ten billion is also managed. "

Deng Fenghua nodded heavily: "Okay, then I will take over this task."

"Well, I believe in you, you definitely have the strength to be an excellent fund manager."

Xia Jingxing reckoned that Deng Fenghua would never have the chance to become an internet celebrity public fund manager in his life, since private funds are much more low-key after all.

But this is also good, without the performance pressure of monthly, quarterly, and annual reports, you can calm down when investing, consider and evaluate in the long run, and capture those ten-fold stocks and hundred-fold stocks.

It seems that many liquor stocks are 100 times stocks!

Thinking of this, Xia Jingxing asked Deng Fenghua to quickly check the stock price of Moutai.

109.35 yuan per share, with a total share capital of 944 million and a market value of over 100 billion.

Seeing the numbers on the computer screen, Xia Jingxing groaned for a moment. In fact, he didn't have much money. Now that the investment is skyrocketing, the return is 20 times or 30 times. It will take more than ten years to get it.

If you consider it from the perspective of compound interest, it is quite good. The annual compound return rate is as high as 30%, which is what Buffett likes.

"Do you want to buy Moutai?"

Seeing Xia Jingxing's pensive face, Deng Fenghua, a die-hard fan of liquor stocks, also expressed his opinion: "I'm actually quite interested in it, but the stock price of hundreds of yuan and the market value of hundreds of billions make me hesitate. .”

"Too high?"

Xia Jingxing glanced at Deng Fenghua, who nodded his head.

"Oh~"

Xia Jingxing sneered, "Believe it or not, you won't be able to climb high in the future?"

Deng Fenghua scratched his head: "Although I am optimistic about baijiu, no matter what, baijiu will have a growth ceiling, and Moutai is a high-end liquor, so the market is only that big."

"It seems that your research and understanding of liquor is not deep enough, you need to strengthen it!"

Xia Jingxing didn't think that Deng Fenghua's knowledge level was very poor. No one could have imagined that Moutai could rise to a market value of several trillion yuan, surpassing Louis Vuitton, and comparable to the world's top technology companies.

The magic power of Jiangxiang technology subverts most people's cognition, and only those investors who have a deep understanding of Chinese culture and national conditions have the opportunity to get a share of it.

Ordinary people can only beat their chests and stamp their feet, and afterwards Zhuge Liang understands.

But to be honest, Louis Vuitton sells well all over the world, and the world reaps super high profits from high brand added value, while Moutai's overseas sales are almost negligible. It has to be said that it only relies on the Chinese market to support its huge market value and brand value. , which is very regrettable.

If there are Chinese consumer brands going overseas to collect vanity tax and wealth tax, just like silk and porcelain in ancient times are sought after by European upper-class nobles, then it will be really proud, and it can be called a national luxury. a little.