The investment era of rebirth

Chapter 110 Fund Position Building Strategy

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 6 pm when I got off work, so I couldn't help but suggest that everyone eat hot pot together to celebrate.

After a busy day, everyone was a little tired.

But at this moment, seeing the company's first seed fund, the fundraising scale far exceeded expectations, and the opening activity was a great success.

For a while, they were all very excited, and they all agreed to Su Yu's proposal.

After everyone agreed, at around 6:8, everyone came to a hot pot restaurant near the company, and then celebrated with each other, and then dispersed at around [-] o'clock.

"4 million, really exceeded expectations!"

On the way home after eating, Li Meng still felt like a dream, and glanced at Su Yu in the co-pilot seat: "We originally expected to have a scale of 2 million to 2.5 million, so we were very optimistic." , it turned out that the fundraising was almost doubled.”

"A total of 162 investors." Su Yu said with a smile, "It's indeed much more than expected."

He originally thought that with his current influence and contacts, and under the minimum investment threshold of 100 million yuan, it would be enough to gather 100 investors who trust 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 equity funds.

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

Use his seat influence.

Su Yu estimated that it is not impossible for the investor crowd and the scale of fundraising to increase by one or two times to reach the threshold of 10 billion.

However, as far as the scale of 4 million is concerned, it is enough.

After all, at this time, the total turnover of the A-share and two markets is less than 500 billion. If he uses 4 million funds for short-term and medium-term, in fact, it is not considered a small volume in the entire market.

Moreover, it is easier to do performance on a small scale.

You can't become a big fat man with one bite...

As long as the performance of the first fund is done well and the word-of-mouth of the company's asset management spreads, then even without much publicity, it is easy to raise the next fund and achieve economies of scale.

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

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

"In the customer group you maintain, there are more than 10 people here today, right?" Su Yu said with emotion, and looked at Li Meng's side face with a smile, "It seems that the image of beautiful Li among these big customers is still Very powerful."

Hearing this, Li Meng blushed a little, and said, "How could they come after me? Fundamentally, they are here to focus on your money-making effects."

"I didn't say..."

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

"I'm afraid that the threshold of our company will be broken today, let alone 162 investors, even 500 or 1000 investors may be possible."

"No need!" Su Yu smiled and said, "Let's not talk about the delivery order, it is a very personal thing, even if we can attract so many people, the size of the first fund can explode to 10 billion, 20 billion [-] million, in my opinion, it is actually not much different from now.”

"Furthermore, it's somewhat illegal to advertise as you said."

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

"But now it's on the right track, with the company as the main body, it's better to move steadily."

"The capital scale of 4 million yuan is not too big or small. In the current market, it happens to be the stage where the net worth is the easiest to grow and the scale is the easiest to operate."

"If the initial size of the fund is too large."

"It is still very difficult to improve performance when the current weight market is very sluggish and funds are completely around the GEM movement and hype."

"With a fund size of 4 million yuan, there is no such thing."

"The amount of funds at this level can still be accommodated based on market concepts and hype as the main line."

"Do you think performance is more important than scale in the start-up stage of the company?" Li Meng roughly understood his thoughts and couldn't help asking.

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

"Public equity only depends on scale to survive, while private equity... If you want to grow bigger, 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 earn money, and the word-of-mouth effect spreads, then it will be a breeze to achieve scale effect in the future."

"instead……"

"If the scale of the first seed fund is large, the investment manager is limited by the investment path under the ability and scale effect, and cannot make a good performance in the short term."

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

"And when investors no longer trust it, it will be good if we can ensure that the current scale will not decrease and the company will continue to operate stably, let alone the scale growth."

"So, a small start-up is sometimes an advantage."

"Yeah!" Li Meng replied with a smile, "I'm just talking about it. In fact, a single fund with a scale of 4 million yuan is not small under the current market structure. I checked it 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%. If the scale can reach hundreds of millions, it is already at the front end of the scale of the private equity industry.”

In terms of her expectations.

She feels that the company's first seed fund can pass the 1 million mark, which is considered a success.

After all, with the scale of 1 million as the dividing line, earnest operation and management fees can also allow the company to barely operate.

What's more, in the fund operation stage, the company can also carry out other wealth management services on behalf of customers.

to increase revenue and profits.

Of course, in the case of exceeding expectations... the scale of fundraising, naturally, the more the better.

After all, the larger the scale of fundraising, the more management fees the company can collect within a certain period of time, and the smaller the risk in natural operations.

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

He hasn't checked the data in this area, but he knows that the market has gone through five or six years of bear market, and the private equity asset management industry must be terrible.

It's just that I didn't expect the size of a single fund of 1 million yuan.

It can be ranked in the very front position of the entire outstanding private equity fund.

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

"It has long been the norm that internal funds of banks and securities companies cannot be sold."

Speaking of 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 for the monthly fund sales indicators to reach the target. 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. Most stocks are falling endlessly. Whether it is public offering or private offering, they are all in absolute low positions. Funds that are in a running state and cannot be liquidated are falling one by one, the market is turning a blind eye to the good news, but the bad news is infinitely magnified... Everything, all signs, show that expectations have become extremely pessimistic.”

"And since expectations are already pessimistic, they cannot be more pessimistic."

"Then, the next market... In the long run, there is only one way to go, the expected rebound."

"From the perspective of emotional expectations, it is indeed the case." After Su Yu's training during this period, Li Meng began to pay more and more attention to such things as market sentiment, and said with a smile, "But if you want to talk about a reversal, you should I haven’t seen any signs yet, and the direction of macroeconomic breakthroughs, I still feel that it is still difficult to support the "mobile Internet" and "smart machine terminal revolution" alone, and there must be a bigger direction..."

Su Yu smiled and said, "Reverse, naturally not so fast."

"But when the market does reverse, the market will always bounce back first."

"Moreover, the beginning of any market cannot be clear from the beginning. The so-called 'the market is born in despair, reverses in obscurity, peaks in certainty, and ends in madness' is the truth."

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

In his impression, although there are twists and turns in the adjustment of the macroeconomic route, before the domestic birth rate has ushered in a turning point, it has always been driven by "urbanization construction" and uses real estate, infrastructure, and urban living consumption as the core driver. To stimulate the economy, these macro main lines, although the current downturn, but in the future...

With the gradual recovery of market investment sentiment, it will definitely perform again, and it will run through the beginning and end of bull and bear.

"En!" 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, and I agree with it."

"But the reversal, 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 devices, 4G boosting the development of the 'mobile Internet' field, and even 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 be It's all pretty certain."

"After all, everything can be seen from just one 'apple'."

Su Yu nodded slightly and said: "The most certain investment opportunities are often hidden in life. The development of the 'mobile Internet' and its hidden explosive power are now in a situation that has just been revealed. Naturally, they are relatively certain, and you can rest assured to be bold." Participate in the market thread."

"As for the rest..."

"Industries and stocks that carry out scale expansion and business expansion through the outbreak window of 'mobile Internet' can also be followed and participated in."

"So... Next, after the closed operation of the fund, the goal of building positions, and the main line of future operations..." Li Meng asked, "Still put on the core main line of 'Mobile Internet', right?"

Su Yu nodded with a smile, and said: "Since all aspects of market funds and living needs are strengthening the promotion and development of this main line, then we have no reason not to choose this main line to do it, and... the entire 'Mobile Internet' Field is a very broad concept, which can accommodate a lot of funds.”

"Since it has become the investment main line with the greatest certainty and the most explosive potential in the current market."

"Then, within the amount of funds it can accommodate, we only need to choose the stocks with the strongest marginal effect, the highest performance flexibility, and the greatest future potential to build positions."

"Sitting on the strongest vent..."

"Even if the timing and stock selection ability is poor, it will be carried away by the wind for a long distance."

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

"On the selection of the main line... I have no objection." Li Meng agrees with Su Yu's investment philosophy, and said, "Then, what about the specific stock target selection and the overall operation idea?"

"The current market..."

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

"For nearly half a year since Shanghai became weak and Shenzhen became strong, the hype path of the entire GEM has been centered around 'mobile payment, mobile games, wearable devices, mobile network services, Apple's electronics industry chain...' These derivative concepts of 'mobile Internet' And the industry is going on, you can see it."

"But because of market funds, this line has been hyped for almost half a year."

"It directly leads to the core growth stocks and concept stocks in these concept industries are basically all at a high level, and their valuation levels are at least 30% or even double the distance from the entire market."

"If we say, we are a few months ahead, even if it is only two months."

"Building a position in April and participating in these main lines will have a good position to intervene."

"But now facing these stocks that have been speculated into the sky by various funds in the market, let's 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 will be inevitable. , It is easy to cause an initial adverse impact on our fund.”

"This is a matter of timing and vision." Su Yu said, "If the expected space of a check is ten times higher, then it is nothing to bear a 30% or 40% correction."

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

"You mean to say that the retracement of the initial net worth will hit the confidence of those investors who invest in us, right?"

"But you have to think that the closed period is one year. As long as we are not wrong in the investment strategy and strictly implement the operation method, then the customers will naturally have nothing to blame."

"Investment, hands-on, is not acceptable."

"Afraid to buy high, afraid to sell low, often in the end...you can only miss the opportunity, miss the profit, and get nothing."

"and……"

"In the recent market, due to the misjudgment of the situation by financial institutions, there has been a serious shortage of money in the market."

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

"Many core stocks, in the first half of the month, can be described as a violent retracement."

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

"Investment cannot demand that all entry and exit opportunities are perfect."

"In the field of investment transactions, sometimes obscurity is far more important than perfectionism."

During the discussion between the two, the car had already arrived at the garage. Li Meng parked the car in the parking space, then got out of the car at the same time as Su Yu, and walked into the elevator, still thinking about some of what Su Yu said.

She originally thought that her investment level, compared with Su Yu, should not be too far behind.

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

It was only then that she discovered that there was not even a slight gap between herself and the other party, both in theory and in practice.

"As for the trading operation ideas you mentioned just now..." Su Yu picked up the previous topic in the elevator and continued, "For 4 million funds, if you want to use the short-term operation method like I did before, It is unrealistic to increase net worth crazily.”

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

"At least until the market's investment sentiment has not fully recovered, and until the market turnover has not exceeded 4 billion transactions, basically there will be such a large circulation volume that can accommodate a single investor and [-] million in and out quickly."

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

"Two steps?" Li Meng was a little puzzled, not knowing what he was referring to, and asked, "Which two steps?"

(End of this chapter)