My Age of Investment

Jiang Ping ignored the reaction of the audience, and continued with a calm face: "In Wall Street, there are no philanthropists, and the nature of all institutions is to make profits. The buy and sell ratings recommended by various institutions are often based on their own interests. fixed.

They usually declare openly to promising investment targets: it is not worth investing in.

For example, in the past, some institutions on Wall Street released various analysis reports on the surface, took the opportunity to lower the value of China's banking industry, and secretly built a large number of Chinese bank stocks, and finally reaped huge profits.

In addition, Wall Street can change its position at any time for its own benefit. For example, it used to be bearish on China's oil industry, but some time ago, after Warren Buffett sold more than 4 billion US dollars of PetroChina stocks to Wall Street brokers, some institutions, uncharacteristically, began to strongly recommend China's energy industry.

Therefore, I would like to remind all investors that it is very important to maintain your own independent judgment ability. "

The executives or leaders of funds, banks, and the Securities Regulatory Commission from China in the audience nodded their heads. They understood Lao Mei's tricks, but the price was a lot of tuition fees.

The executives from Moody's Ratings, S\u0026P Ratings and major investment banks all smiled, their faces were flat, and they were not angry at Jiang Ping's words.

Because Jiang Ping was right, that's what they did! How much is morality worth? First day on Wall Street?

After laying the groundwork, Jiang Ping finally talked about the topic of today's speech: "Today I will talk about the hot topic in the financial market - subprime mortgage risk.

Some subprime mortgage bonds were packaged by agencies and rated as "AAA bonds" and sold to investors around the world.

As far as I know, in the past two years, many investors from mainland China, Hong Kong and Taiwan have bought some sub-prime housing loan bonds and suffered heavy losses as a result! In order to recover blood quickly, a certain star who is known as the God of Songs is taking commercials and holding concerts everywhere. "

Hearing this, Zhang Sansi in the audience smiled knowingly. He works in Hong Kong and knows who Jiang Ping is talking about.

The public is still curious, how did the God of Songs come back after a long absence? He also became a model worker uncharacteristically. It turns out that the roots are here.

It's like that if you can make money but don't manage money. At most, it's a big leek.

After briefly talking about subprime mortgage bonds, Jiang Ping suddenly raised his voice, "Vision Capital's research found that the risk exposure caused by subprime mortgages is constantly expanding, and is rapidly forming greater, unrevealed risks in the entire financial system, which will be exposed at any time. It may explode and threaten the real economy!"

This is a bit interesting!

Now regarding the risks caused by subprime mortgages and subsequent market trends,

Most people are still relatively optimistic, thinking that the state apparatus has taken action and the risks are controllable, and a small group of people are firm supporters of the view that "the financial crisis is about to break out."

From this point of view, Vision Capital is on the side of a small number of people.

Thousands of people in the audience raised their spirits, ready to listen to the star fund manager's opinion.

"Due to the disappearance of confidence in the subprime loan market, the prices of subprime loans and related structured products are continuing to fall, and banks and other financial institutions that hold a large proportion of such products are panicking like ants on a hot pot.

As time goes by, the destructiveness of this toxic asset will be fully revealed and reflected in the financial reports of major financial institutions.

Investor confidence would take a hit, leading to a second wave of widespread financial market liquidity problems..."

Liu Hai stood on the stage and shared some views on the outlook of Envision Capital.

At present, the major central banks headed by the Federal Reserve are actively bailing out the market, and have achieved certain results. The stock market has stopped falling and rebounded, and the previous decline has been repaired. It seems that the storm has temporarily come to an end.

Liu Hai's point of view at this time is equivalent to looking at the market outlook.

Domestically, this kind of behavior that goes against the regulatory authorities will have to pay a price.

Isn’t the United States free of speech? Everyone can say whatever they want, and Envision Capital will not be polite. It will come out to build up its reputation and build momentum for the next wave of financial actions.

"Winter in New York may be colder than it has been in the past few decades. Everyone pay attention to keep warm."

Jiang Ping ended his speech with a wisecrack, and the audience immediately burst into warm applause.

When Jiang Ping walked back to his seat, the bankers on the side all looked at him.

These bankers were still touched by the content of Jiang Ping's speech, and wanted to exchange their views with this famous fund manager.

Soon, the host came to the stage to announce the end of the morning meeting, and reminded the participants that they could go to the nearby hotel for dinner, and continue to hold branch activities in the afternoon.

Xia Jingxing, Jiang Ping, and Liu Hai were about to get up and leave when Wu Jianmin, Zheng Jiafa, Sun Qicheng and other Chinese bankers surrounded them.

"Mr. Xia, Mr. Jiang, Mr. Liu, let's have a light meal and chat!"

Wu Jianmin was the first to speak, and the bankers following him also extended invitations.

"There is still a meeting in the afternoon, and the time between meals is limited. I'll invite some bosses another day!" Xia Jingxing replied with a smile.

East West Bank is the largest Chinese bank in the United States, with total assets of tens of billions of dollars, and Wu Jianmin naturally became the leader of this group.

He had known Xia Jingxing for several years, but they didn't have a deep friendship. Now the other party's rejection was obvious, and he couldn't get rid of his face to stalk him, so he turned to Liu Jinhang for help. He knew that Liu Jinhang and Xia Jingxing had a good friendship.

"Jing Xing, let's chat together, everyone is very interested in President Jiang's outlook on the market."

Xia Jingxing still had to give Liu Jinhang face, so he said, "How about this, let's find a nice place in the evening, where we can sit and chat?"

Wu Jianmin said happily: "Okay, then it's settled!"

…………

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In the afternoon, after the TCFA annual meeting, Xia Jingxing, Liu Hai, and Jiang Ping were not in a hurry to go to the banquet, and went to the reception organized by the organizer first.

The reception was arranged in the hotel next door, and the number of people was much smaller than during the day, less than a hundred people. All the people invited to participate were of a certain level in Wall Street or China.

As soon as the three of Xia Jingxing appeared at the reception, they immediately became the focus of the audience.

During the daytime, the environment is rather noisy, so it's not convenient to come up and get acquainted, but now the space is more private, many people come up with wine glasses to make friends with Xia Jingxing.

Tang Xiaodong, the rotating president of TCFA, played the role of a middleman, constantly introducing people who approached Xia Jingxing.

"This is Li Yanxiu, the CEO of Frontier Fund, who is in charge of a $2 billion hedge fund. Like Mr. Xia, you are also a financial leader among us Chinese."

Li Yanxiu is about fifty years old, with three-seven hair combed and a pair of gold-rimmed glasses, he looks a lot like a university professor.

Following Tang Xiaodong's introduction, Li Yanxiu shook hands with Xia Jingxing with a smile, "In front of Mr. Xia, I dare not be the best! Mr. Xia is the light of our Chinese people, breaking the prejudice of many Wall Street against us Chinese."

After exchanging business compliments with Xia Jingxing, Li Yanxiu left with a smile.

Then, Tang Xiaodong introduced Xia Jingxing to some Chinese who were doing well in Wall Street.

Li Shanquan, one of the 14 core managers of Oppenheimer, a well-known mutual fund company, and Li Shanquan, whose management fund was once ranked first in the United States;

Chu Gang, managing director of Citigroup’s Alternative Investment Department and in charge of a US$2 billion US local government bond arbitrage hedge fund, later served as COO of CICC after returning to China;

Deng Kun, executive director and partner of Lazard Asset Management, was selected as one of the top ten fund managers in the world by the British "Financial Times". Ranked first in terms of yield.

After a lot of contact, Xia Jingxing found that Chinese people's success in the mainstream financial circles in the United States is not very good.

In the field of investment banks, hedge funds, and commercial banks, almost all of them are wage earners. Only Li Yanxiu, who founded the Frontier Fund, is a somewhat sizable entrepreneur, or the boss.

As for bankers such as Wu Jianmin and Sun Qicheng, they are the second or third generation of immigrants, and they are all from Hong Kong and Taiwan. They are not in the same circle as Tang Xiaodong, Li Yanyan and other Chinese and overseas Chinese from the mainland. Attend an evening reception.

This is also a true portrayal of the American Chinese society, which is fragmented and has countless small circles.

After staying for a while, Xia Jingxing, Liu Hai, and Jiang Ping left the reception and came to a high-end Chinese restaurant in Manhattan - Chuanhu Feast.

Just by hearing the name of the store, one could tell that the bankers put their heart into it and specially catered to Xia Jingxing's taste.

In the box, a group of people sat around a large round table, which was filled with spicy dishes such as Dongpo pork, spicy saliva chicken, and spicy chicken.

Xia Jingxing felt pretty good eating it, not the kind of castrated Chinese food.

The bankers felt a bit at a loss for what to eat, and they only had a few relatively light dishes in front of them.

"Mr. Xia, does it suit your taste? I have asked, the chef of Sichuan cuisine in this restaurant was invited from the Jinjiang Hotel in Shanghai, and you are from Sichuan and Sichuan."

Xia Jingxing smiled at Wu Jianmin who was talking, "Mr. Wu has a heart, and the taste is very good."

"That's good, Mr. Xia, eat some vegetables." A group of people greeted with smiles.

After drinking for three rounds, Wu Jianmin finally got to the point and asked, "Mr. Xia, do you think there will be another risk outbreak in the US banking industry?"

Xia Jingxing said with a smile: "For this question, I believe that everyone should have an answer in their hearts. You should know the real situation of subprime loans better than me, a layman."

"President Xia, you are being modest."

The speaker was Zheng Jiafa, the CEO of Cathay Bank, a thin old man in his sixties.

The banker was actually a disciple of Chen Ning Yang, and he also holds a Ph. D. in Applied Physics. His dream was to win the Nobel Prize. Later, Chen Ning Yang said he had no talent, so he had to go home and inherit Cathay Bank, which his father invested as a shareholder.

Cathay Bank is well managed by Zheng Jiafa. It was listed on Nasdaq more than ten years ago, with total assets of more than 6 billion US dollars. It has nearly 40 branches in the United States, and its strength is slightly weaker than East West Bank.

In 2004, Tsinghua University established the "Chen Ning Yang Lecture Fund". The first donor of the fund was Zheng Jiafa, who donated 1 million US dollars.

At the same time, Zheng Jiafa also established a scholarship in Los Angeles, awarding six outstanding Chinese students studying in Southern California with US$5,000 every year.

Zheng Jiafa sighed: "We are actually okay. We don't invest much in CDOs. Even if the value is all cleared, it will not hurt our muscles."

Xia Jingxing has a short mouth and doesn't have the habit of prostitution, so he said, "That's good. In my opinion, the risk of CDO is best cleared as soon as possible. The pain now is far less than the pain later."

"Thank you for Mr. Xia's kind suggestion today. If it is useful in the future, just ask."

Sun Qicheng of Guobao Bank said with a smile, this old man is much older than Zheng Jiafa, at 72 years old, he is still working hard at the front line.

Perhaps because he was born in China, this old man still has feelings for his motherland. During the Asian financial crisis in 1997, he even wrote to the Iron Minister to offer advice.

Wu Jianmin nodded in agreement: "That's right, after all, we are all descendants of Chinese people, and it is not easy for Chinese people to work hard in the United States, so we should be united.

The last time when Old Qiao discriminated against Chinese Americans broke out, after Zhiyuan contacted me, I was furious at that time, and immediately called the residents of the Chinese community in Los Angeles to publish a newspaper to oppose discrimination..."

Xia Jingxing smiled and listened to Wu Jianmin's story. Both the other party and Yang Zhiyuan were members of the American Committee of 100, and they had some fame and appeal among the Chinese.

After eating and chatting with several Chinese bankers, Xia Jingxing took Jiang Ping and Liu Hai to say goodbye and left.

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