The investment era of rebirth

Chapter 112 Position Setting
"Pick the ticket with the strongest market expectations, not the ticket with the best fundamentals."

After listening to Su Yu's stock selection logic and investment insights, Li Meng murmured this sentence, pondered for a while, and said, "What you said makes sense, but in it, the check like Hua Qingbao came from the bottom. ...Although it has retreated a lot recently, it has also risen by 2.5 times."

"Even if you said..."

"The market expects ten times the space, so build a position here and compare it with the expected space of other stocks."

"Actually, there is no advantage."

"My advice……"

"It is the choice of opening positions for the core five checks of Fenta Technology, Wangsu Technology, LeTV, Flush, and Oriental Fortune. I have no opinion, but Hua Qingbao, I think that even if you want to open a position, you must reduce the corresponding position weight."

"It's not that I'm not optimistic about it, but I think it will take a long time for the current market to pick up."

"And before the market fully recovers, even if this check has high performance and scale development expectations, I am afraid that it will be impossible to double it several times on the basis of a 2.5-fold increase within a few months or half a year. Unrealistic, after all, the fear of heights in the market has always existed significantly.”

Su Yu knew that she herself was also afraid of heights, and she didn't quite agree with the logic of Hua Qingbao's check.

Thinking that if he insisted on taking Hua Qingbao as a long-term holding with a relatively high weight, Li Meng would definitely feel uncomfortable, and he would definitely be terrified during the holding period.

So, after pondering for a moment, nodded, and said: "Then lower part of the weight, and hold this check lightly. After all, if the tickets you hold in your hand can make fund managers sleepless, then... long-term If you continue, you will naturally lose your judgment and make more wrong investment decisions.”

"En." Li Meng responded, and said, "The core holdings have been selected, so according to your opinion, how should the position distribution of each stock be, and... our first fund 'Yuhang No. 1' Where is the water level for initial warehouse building? 50%, 60%, or 70% and above?"

Su Yu thought for a while and said: "Since the overall position of the market is judged to be the bottom range in the initial strategy, then the setting of the overall position can be more aggressive."

"Long-term positions, 60% of the total position line, I think it is appropriate."

"Then I can use 20% of the funds in the total position to short and smooth the performance curve."

"The remaining 20% ​​of the position funds are used as T funds for intraday trading and can be used to train new traders."

"As for the position distribution of individual stocks..."

"The goal of Huaqingbao's position building is 5% of the total position, and the rest are 11%. How about it?"

"According to the circulation of these checks, even if it is 11% of the total position line and 4400 million funds, no matter what, it is still affordable, and there will be no liquidity problems."

"Yes!" Li Meng said, "I think it's quite reasonable."

The position setting mentioned by Su Yu is just in line with her expectations. She agrees with the expected logic of the checks of Da Technology, Netspeed Technology, LeTV, Flush, and Oriental Fortune. Moreover, the water level of 11% of the total position is not High, even if there is a problem with a certain stock, even if the loss is stopped or the position is cut, it will not affect the overall net value of the fund too much.

As for Hua Qingbao's total position, if the target is 5%, even if the stock price falls to the stop loss line after all the positions are completed, the impact will naturally be smaller.

This way, she doesn't have to worry about...

She is concerned that if the trend of Huaqingbao falls short of expectations, it will affect the performance of the entire fund.

Seeing that she had no objection, Su Yu couldn't help but smiled and said: "If you have no objection...then let Director Zhang of Huashang Securities open a separate account for our fund tomorrow, separate 8000 million funds, and I will use 8000 million funds For short-term emotional investment, you use the remaining funds to build positions according to the position control we just mentioned."

"Okay!" Li Meng replied, "The target is confirmed, and the rest is the intraday entry and timing issues. Although my operating funds are several times larger than yours, it seems that the task is much lighter than yours. Simpler, easier."

After marking out the target...

All she needs to do is to control the cost of building a warehouse as much as possible when building a warehouse.

But Su Yu holds 8000 million funds, stock selection, time selection, emotional guidance, intraday time-sharing operations... and a series of things are much more complicated than her, and the operability is naturally stronger.

After all, in long-term investment, work comes before choice.

When it comes to trading operations, there is not much technical content, it is nothing more than buying and selling when the expectation is fulfilled.

As for intraday operations during the period...

Hand it over to traders, use small positions to go back and forth, do it if you can, and if you can't, it will have little impact.

Su Yu said with a chuckle: "It's easy to open a position, but it's difficult to hold a position. What's more, the remaining 20% ​​of the funds are used to train and train new traders, and your task is also very heavy."

"Except for Wang Can, our company has no other traders." Li Meng said, "If you want to form a trading team, what kind of people do you think is the best to recruit?"

Su Yu said: "People who have a basic understanding of the financial trading market, but no trading experience."

"People without trading experience?" Li Meng was very puzzled, "People without trading experience, recruited...don't you have to start training from scratch, can't you use it?"

Su Yu nodded and replied with a smile: "At present, in terms of fund transactions, it is enough for the two of us to grasp the general direction, and there is no need for highly skilled traders and traders with a deep understanding of market investment. "

"What we need now..."

"It is a trader who can execute trading orders without compromise and buy according to the orders."

"Of course, basic intraday timing, intraday trading...these are still up to the traders themselves to decide."

"In my opinion, novices, although they are like a blank sheet of paper, they will learn how we teach them. Relatively speaking, they don't have as many self-righteous bad habits as veterans, and they are relatively more impressive in executing instructions. Take it easy."

"Moreover, there are only key members who have been trained by themselves."

"It's often the most trustworthy."

"Currently, the company has just started, the funds we operate are not large, and the demand for traders is not particularly tight. At this time... it is just the time to cultivate talents."

"According to my idea, first recruit three or five people and train them slowly."

"It's far more worry-free and reassuring than recruiting some 'half buckets of jingle bells' guys."

"After all, people who have been educated in the market but have not formed their own trading system and trading principles often have some wrong trading methods. After self-awareness has been formed, it will be difficult to change. If they are recruited, there will be no problems for a while. , but at critical moments, because of their subconscious operating habits, they will bring losses to the account.”

"Moreover, the cultivation of newcomers."

"Although it's a little troublesome for the time being, after the training matures, the use value to the company and their sense of identification with the company will be much stronger than those directly recruited."

"Such a heavy task..." Li Meng heard that Su Yu was still thinking about it, paused, and said, "According to what you said, I am also a person with a half bucket of water, I am afraid I can't cultivate it!"

"It's okay." Su Yu said, "I'll teach you the initial principles of market entry and basic intra-day operation skills. After you teach me, you can bring it."

"That's about the same!" Li Meng said with a smile, "By the way... I can also learn from it."

Step by step to learn more about...

She feels more and more that Su Yu's understanding of the domestic financial market is much better than she imagined, and it is not an exaggeration to say that he is a top investment trader.

At least, I used to work in the sales department.

None of the analysts, investment consultants, and even the people in the investment department of the self-operated fund that she had contacted with had Su Yu's ability to understand the market as thoroughly as she did.

Naturally, not to mention the ability to invest.

"Why are you looking at me like this?" Seeing Li Meng's bright eyes, Su Yu kept looking at him with a smile, and couldn't help asking without speaking for a long time.

"Who saw you?"

Li Meng came back to his senses, realized that he seemed like a fool, blushed, and turned his head away.

"Oh, that's right..." Su Yu coughed lightly, relieved some embarrassment, and said, "The company has equipped you with a brand new laptop. I think you can retire this old-fashioned one. Of course, the new ones are still on the way, Mr. Gao said that the latest batch is out of stock in which store she purchased, and the goods have to be transferred from other warehouses."

"Everyone?" Li Meng asked.

Su Yu smiled and replied: "Everyone in the trading department, of course, I already have it in my hands, so naturally I will be omitted."

"Isn't the company already equipped with a desktop?" Li Meng was a little puzzled.

"You have to have one with you, right?" Su Yu said, "If a worker wants to do a good job, he must first sharpen his weapon. I'm not a stingy boss. I can still afford this little money."

"Of course, I mainly look at your computer. It takes a long time to open a webpage."

"It's too easy to miss the market and important information."

"Then thank you, Boss Su." Although Li Meng felt that Su Yu was a bit too rough in terms of the company's operating costs, he was still very happy.

"Small problem." Su Yu said with a smile, "I still have to rely on Miss Li to create billions or tens of billions of profits for me in the future. It's not enough to invest in your laptop first."

"Uh... one billion, ten billion!" Li Meng laughed, "You really dare to think about it."

Su Yu smiled lightly and said, "What's there to dare not think about? As long as you follow the right path, the accumulation of capital compound interest will be very fast, let alone billions or tens of billions. Maybe in a few years, you will change and become She has become a [-]-billion star fund manager and a domestic private equity leader."

"I hope one day!"

Li Meng responded, even though he knew that the probability was similar to winning 10 million in lottery tickets, he still had a glimmer of hope.

After the two of them decided on the investment strategy, drew up the investment target, and decided on the position control of building a position, they continued to chat for a while, and then each washed and went to sleep.

The next day, I woke up early in the morning, had breakfast, and came to the company.

Su Yu called everyone together, held a short meeting, set some work goals, and was not in a hurry to build a warehouse.

Instead, I met with Director Zhang of the Huashang Securities Fortune Road sales department, borrowed 4 million funds to settle in, and discussed some preferential strategies in terms of commissions, and asked the other party to give the company some commission rebates to make up for some of the company's operating costs. loss, and opened ten separate sub-accounts at the same time.

After the account was opened, Su Yu transferred the 4 million funds according to his previous plan.

Transferred 8000 million to the fund sub-account operated by him.

Then, just as he was about to return to the stock market and try to build a bottom position here, Huang Yu suddenly called him.

"Hey, brother Su, tonight... are you free?" the other party asked carefully.

Su Yu thought about the arrangements for the evening, and replied, "Why, what's the matter?"

"It's nothing." Huang Yu said with a smile, "I just want to treat you to a meal, and I apologize for accidentally stepping on you at the restaurant that day."

"Uh..." Su Yu replied, "Our relationship is not like this."

He had long forgotten what happened that day, and he really didn't expect the other party to care so much.

Of course... He thought about it carefully, and felt that the other party called and invited him to dinner, definitely not just for such a trivial matter.

"It's my problem, so naturally I should give Brother Su a gift and an apology." Huang Yu said.

"If it's for this matter, there's really no need." Su Yu said, "Of course, if Brother Huang has other matters, you might as well just say it. You know that I don't like to make rounds, and naturally I don't like others to go around. "

When Huang Yu heard Su Yu's words, he paused for a while, and then said: "Brother Su is an upright person, I know that, but actually... I want to ask Brother Su for something."

"About bank deposits?" Su Yu roughly guessed it and asked.

"Well, yes..." Seeing that Su Yu raised it directly, Huang Yu couldn't be more devious, and smiled awkwardly, "It is indeed a matter of bank deposits. The deposit task assigned to us by the leader is very heavy recently. I would like to ask Brother Su for a favor, let the funds in your hand pass through our bank."

"Cross the road?" Su Yu asked in surprise.

"It's only a week at most." Huang Yu said, "I can calculate the daily interest for Brother Su at an annual interest rate of 10%. This is the limit of what I can do."

"10% annual interest rate." Su Yu was shocked, "Your bank's funds are tight, has it reached this point?"

As he said that, without waiting for Huang Yu's reply, he immediately opened the computer interface and glanced at the current interbank offered rate and overnight repurchase rate.

I saw that these two major interest rate indicators have risen to an average of 4.5%.

It is considered to have completely crossed the risk line, and it is obviously out of control.

Moreover, the two indicators he can see at this moment are only superficial data. He has no way of knowing to what extent the inter-bank lending and interest rates have soared.

However, even if he doesn't know the real-time lending rate data within the bank.

But from now on, Huang Yu can say that the bridge rate of 10% is enough to prove that the interbank lending rate within the bank, between local banks and small banks, must have been higher than this figure.

"No!" Huang Yu still wanted to hide it, "This is a kind of discount within us..."

"How do you know that I have some idle funds in my hand?" Su Yu continued to ask without waiting for him to finish.

The 'money shortage' inside the bank is not serious, the market interest rate will not lie, and he doesn't need to listen to Huang Yu's excuses and the like.

"I heard something about Brother Su from Director Wang." Huang Yu said, "If Brother Su is willing to help me, in addition to the internal interest, I can personally subsidize Brother Su by 1% interest income, and... if you need anything in the future, I, Huang Yu, will definitely be on call. "

(End of this chapter)