The investment era of rebirth

After the fund was closed, Su Yu sent away the staff of Huashang Bank.

Then I looked at the time and found that it was already 6pm when I got off work, so I couldn't help but suggest that everyone go have hot pot together to celebrate.

It had been a busy day and everyone was a little exhausted.

But now I am seeing the company’s first seed fund, the scale of fundraising far exceeded expectations, and the opening event has been a great success.

For a moment, everyone was very excited and agreed to Su Yu's proposal.

After everyone unanimously agreed, around 6:30, everyone went to a hot pot restaurant near the company, and then celebrated with each other. At around 8 o'clock, they dispersed.

"400 million is really beyond expectations!"

After eating and driving home, Li Meng still felt as if he was in a dream. He glanced at Su Yu in the passenger seat: "We originally expected to have a scale of 200 million to 250 million, so we were very optimistic.

, and the result was almost double the amount raised.”

"There are 162 investors in total." Su Yu said with a smile, "It is indeed far beyond expectations."

He originally thought that with his current influence and connections, and with the starting investment threshold of 1 million, he would be able to gather 100 investors who trusted him in Yuhang.

did not expect……

The result was about 50% more than he expected.

Of course, this is still the case when private equity funds are limited by fundraising rules and cannot publicize and attract investors like public funds.

If it can be publicized publicly, use the power of online media.

Use his seat to influence.

Su Yu estimates that it is not impossible for the number of investors and the scale of fundraising to double or triple and reach the 1 billion threshold.

However, as far as the scale of 400 million is concerned, it is enough.

After all, at this time, the total trading volume of the A-share market and the two markets is less than 50 billion. If he uses a capital scale of 400 million to do short- and medium-term operations, it is actually not considered a small size in the entire market.

Moreover, it is easier to achieve results on a small scale.

One bite won't make you a big fat man...

As long as the performance of the first fund is good and the reputation of the company's asset management spreads, it will be easy to raise the next fund and achieve scale effects without much publicity.

After all, for investors, being able to make money is the most important thing.

As long as investors can make money, the size gap between private equity and public equity caused by some differences in rules is not a big problem at all.

"Among the customer groups you maintain, there are more than 10 people here today, right?" Su Yu sighed, looking at Li Meng's side face with a smile, "It seems that the image of Beauty Li among these big customers is still good.

Very powerful.”

When Li Meng heard this, his face turned slightly red and he said, "Why are they here after me? Basically, they are here to focus on your money-making effect."

"I didn't say..."

"If you dare to send out the account delivery slips of your traders Yang Hao, Mr. Liu, and Mr. Wang to solicit customers."

"I'm afraid that our company's threshold will be crossed today. Let alone 162 investors, even 500 or 1,000 investors may be possible."

"No need!" Su Yu chuckled and said, "Let's not talk about the delivery note, which is a very personal thing. Even if we can attract so many people, the size of the first fund can explode to 1 billion, 20

In my opinion, it is not much different from now."

"Besides, promoting it like you said is somewhat illegal."

"Before, I personally didn't care..."

"But now that we are on the right track, with the company as the main body, it is better to stay steady."

"The capital scale of 400 million is neither large nor small. In the current market, it happens to be the stage when the net worth is easiest to grow and the scale is easiest to operate."

"If the starting fund size is too big."

"At present, the market weighting market is very sluggish, and funds are completely focused on the GEM market for movement and speculation. It is still very difficult to improve performance."

"With a fund size of 400 million, these will not exist."

"The amount of funds at this level can still be accommodated based on market concepts and speculation."

"Do you think performance is more important than scale in the start-up stage of a company?" Li Meng roughly understood what he was thinking and couldn't help but ask.

Su Yu nodded slightly and said, "This is inevitable."

"Public equity relies on scale to survive, but private equity... If you want to make it big, then the foundation of performance is undoubtedly the absolute first element."

"Compared to the initial scale effect..."

"The performance of the first seed fund is more important to the company's future development."

"As long as the performance improves, the first batch of investors make money, and the word-of-mouth effect spreads, it will be easy to achieve scale effects in the future."

"instead……"

“If the scale of the first seed fund is very large, the investment manager will be limited by the investment path due to capacity and scale effects, and will not be able to achieve outstanding performance in the short term.”

"Then, investor confidence will inevitably decline step by step."

"And when investors no longer trust it, let alone scale growth in the future, it would be good to ensure that the current scale does not decrease and the company can operate stably."

"So, starting on a small scale can sometimes be an advantage."

"Yeah!" Li Meng responded with a genuine smile, "I'm just saying it. In fact, the scale of a single fund of 400 million is already quite large under the current market structure. I checked a few days ago.

The current market has not yet been liquidated. Among the tens of thousands of private equity funds that continue to operate, those with a scale of hundreds of millions are actually less than 10%. Of course... among public funds, this proportion will be larger, but overall, a single fund

If the scale reaches hundreds of millions, it is already at the forefront of the private equity industry."

Based on her expectations.

She feels that the company's first seed fund will be considered successful if it can cross the 100 million mark.

After all, with the scale of 100 million as the dividing line, the company can barely survive by operating seriously and collecting management fees.

What's more, during the fund operation stage, the company can also carry out other financial management services on behalf of clients.

To increase revenue and profits.

Of course, when it exceeds expectations...the scale of fundraising is naturally the more the better.

After all, the larger the scale of fundraising, conservatively calculating, the more management fees the company can collect within a certain period of time, and the natural operational risks will be smaller.

"Is the private equity market so miserable?" Su Yu was surprised.

He has not checked the data in this area, but he knows that the market has gone through a bear market for five or six years, and the private equity asset management industry must also be miserable.

I just didn’t expect the scale of a single fund to be RMB 100 million.

It will be ranked very high among the entire unliquidated private equity funds.

"It's not just the private equity industry that is suffering, public equity is also the same." Li Meng said, "Compared with the scale of asset management at the historical peak, the overall scale is less than one-fifth."

"It has long been normal for banks and securities companies to be unable to sell their internal funds."

Having said this, Li Meng glanced at him slightly and said with a smile: "These... you should have felt it when you were in the sales department. It is basically difficult to meet the monthly fund sales targets.

when."

Su Yu smiled and said: "This is the characteristic of the bottom of the market. Funds cannot be sold. Investors are desperate for the stock market. The vast majority of stocks continue to fall. Whether it is public offering or private placement, they are all at absolutely low positions.

Funds that were in poor operating condition and could not withstand liquidation fell one by one, turning a blind eye to the good news in the market, while magnifying the bad news infinitely... Everything, all signs, indicate that expectations have become extremely pessimistic."

"And since the expectations are already pessimistic, they can no longer be pessimistic."

"Then, for the next market... in the long run, the only way left is to expect a rebound."

"Analyzing it from the perspective of emotional expectations, this is indeed the case." After Su Yu's training during this period, Li Meng began to pay more and more attention to market sentiment. He smiled and said, "But when it comes to reversal, it should be

I haven’t seen any signs yet, and as for the direction of macroeconomic breakthroughs, I still feel that it will be difficult to sustain the ‘mobile Internet’ and ‘smartphone terminal revolution’ alone, and there must be a bigger direction...”

Su Yu smiled and said: "The reversal will naturally not be so fast."

“But the market will always rebound first before it can definitely reverse.”

"Furthermore, the beginning of any market trend cannot be clear from the beginning. This is the saying goes, 'The market is born in despair, reverses in haziness, peaks in certainty, and ends in madness.'"

"In the general direction, look slowly...it should come out."

In his impression, although there have been twists and turns in the adjustment of the economic macroeconomic line, before the domestic birth rate has reached a turning point, it has always been driven by "urbanization construction", using real estate, infrastructure, and urban life consumption.

To stimulate the economy, although these macroeconomic main lines are currently in a downturn, in the future...

As market investment sentiment slowly recovers, it will definitely show up again, and it will continue throughout the bull and bear phases.

"Yeah!" Li Meng continued to respond, paused, and said, "As for what you said, there is a high probability that this place should be the bottom of the market. I agree."

"But on the other hand, I'm really not that optimistic."

"However, in all aspects of life, even if the macro economy cannot pick up speed again."

"The comprehensive popularization of smart phone devices, 4G has promoted the development of the 'mobile Internet' field, and even the mobile games associated with the mobile Internet, mobile Internet finance, and the marginal expansion of almost all traditional Internet fields... These investment directions and opportunities should

It’s all pretty certain.”

"After all, you can tell everything from just one 'apple'."

Su Yu nodded slightly and said: "The most certain investment opportunities are often hidden in life. The development of 'mobile Internet' and its hidden explosive power are now in a situation that has just been revealed. Naturally, it is relatively certain, and you can be confident and bold.

Participate in the main market lines.”

"As for the rest..."

“Industries and stocks that use the explosive window of ‘mobile Internet’ to expand their scale and business can also pay attention and participate.”

"So... Next, after the fund is closed, the goal of building a position and the main line of future operations..." Li Meng asked, "It should still be placed on the core main line of 'mobile Internet', right?"

Su Yu nodded with a smile and said: "Since market capital and all aspects of life needs are strengthening the promotion and development of this main line, there is no reason why we should not choose this main line to do it, and... the entire 'mobile Internet'

Field is a very broad concept and can accommodate a lot of funds."

"Since it has become the most certain investment line in the current market, it also has the most explosive potential."

"Then, within the amount of funds it can accommodate, we only need to select the stock with the strongest marginal effect, the highest performance elasticity, and the greatest future potential to build a position."

"Sitting on the strongest wind..."

"Even if you are poor at timing and stock picking, you will be carried a long distance by the wind."

"That's why I say that in long-term thinking, industry selection is far more important than individual stock selection."

"As for the main line selection... I have no objection." Li Meng agreed with Su Yu's investment philosophy and said, "So, what about the specific stock target selection and the overall operating idea?"

"The current market..."

"As you said, market funds have chosen this main line as a market breakthrough."

"Since Shanghai was weak and Shenzhen was strong for almost half a year, the entire GEM hype path has been centered around 'mobile payments, mobile games, wearable devices, mobile network services, Apple electronics industry chain...' these 'mobile Internet' derived concepts

And the industry is going on, you can see it.”

"But because of market capital, they have seized on this line and speculated it for almost half a year."

"This directly leads to the fact that the core growth stocks and concept stocks in these concept industries are basically all at high levels, and their valuation levels are at least 30% or even double higher than the entire market."

"If we say, we can advance a few months, even if it is only two months."

"If you open a position in April and participate in these main lines, you will have a good intervention position."

"But now when faced with these stocks that have been speculated to the sky by various funds in the market, if we enter the market again, even if these stocks still have a lot of room for imagination and expectation, I am afraid that a huge short-term retracement is inevitable.

, it can easily cause an initial adverse impact on our fund."

"This is a matter of timing and vision." Su Yu said, "If the expected margin of a check is ten times, then enduring a 30% or 40% correction is nothing."

"As for the initial adverse impact on the fund."

"You're trying to say that the initial drawdown in net worth will take a hit from the confidence of the investors who invested in us, right?"

"But you have to consider that the closing period is one year. As long as we make no mistakes in the investment strategy and strictly implement the operation methods, then the customers naturally have nothing to blame."

"Investing with one's hands tied will not work."

"Afraid of buying too high and selling too low, often in the end... all you can do is miss opportunities, miss profits, and get nothing."

"and……"

"In the recent market, financial institutions have misjudged the situation, resulting in a serious money shortage in the market."

"As a result, the stock market has been in a downward channel for nearly half a month. Whether it is large institutional holdings or many private equity funds and hot money in the market, they have been dragged down by liquidity and are constantly selling."

"Many core stocks have experienced a violent retracement over the past half month."

"Although these tickets are unlikely to fall back to the launch platform in the first quarter when active funds in the entire market are still gathering around the main line of 'mobile Internet' for speculation, it is also a good time to enter the market.

"

"Investment cannot require that all entry and exit opportunities be perfect."

"In the field of investment and trading, sometimes ambiguity is far more important than perfectionism."

While the two were discussing, the car had already arrived at the garage. Li Meng parked the car in the parking space, then got off the car at the same time as Su Yu, and walked into the elevator, still recalling some of what Su Yu said in his mind.

She originally thought that her investment level was not too far behind Su Yu's.

But now, after a period of guidance and communication from the other party.

Only then did she realize that the gap between herself and the other party was not the smallest, whether in theory or practice.

"As for the trading operation ideas you just mentioned..." Su Yu picked up the previous topic in the elevator and continued, "With 400 million funds, if you want to use short-term trading methods like I did before,

It’s unrealistic to increase your net worth like crazy.”

"After all, in the current market, there are hot concept stocks that can make a difference."

"At least until the market investment sentiment has fully recovered and the market turnover has not exceeded 100 billion, there will basically not be such a large circulation volume that can accommodate a single investor and the rapid entry and exit of 400 million."

"So, in terms of operation selection, I'm afraid there are still two steps to take."

"Two steps?" Li Meng was a little confused and didn't know what he was referring to, so he asked, "Which two steps?"