The investment era of rebirth

Chapter 250
Seeing Su Yu mentioning her father's name, Xie Wanting was a little surprised, and asked with a smile, "Why did Mr. Su associate me with Mr. Xie Zhenhua of 'Zhenhua Capital'? Could it be that my surname is Xie, so I have to be with him?" Is Mr. Xie Zhenhua of 'Zhenhua Capital' related?"

"It's not that the surname is Xie, so it has to be related to Mr. Xie Zhenhua of 'Zhenhua Capital'." Su Yu replied, "It's that Ms. Xie said that she is an intern at Anlan Fund, but I think... it's just a fund company The interns of the company should not be able to be invited to participate in this summit, right? And as far as I know, the actual controlling party of An Lan Fund is 'Zhenhua Capital', which has to be reminiscent of it."

Seeing Su Yu's meticulous thinking, Xie Wanting admired her in her heart, and said with a smile, "I didn't expect Mr. Su to investigate our Anlan Fund so clearly."

"It's more than that." Su Yu said with a smile, "Huaxin Securities Yanjing Minghua Road should be the seat of your Anlan Fund, right? From Waigaoqiao's decisive exit, to Huaqingbao, LeTV, and Huayi Brothers Waiting for the follow-up of many stocks, I still admire your investment ideas and strategy changes."

Hearing what Su Yu said, Xie Wanting was even more surprised.

She originally thought that they were the only ones secretly observing and studying the 'Wealth Road', that is, Su Yu's trading ideas and position changes, but she didn't expect...the other party was also secretly observing them and studying their investment ideas.

"Compared to Boss Su's shifts and hotspots in these stocks, our Anlan Fund is still inferior." Xie Wanting said, "Especially in the potential of stocks such as Waigaoqiao and Shanghai Stock Market, Su How do you always know that the line of 'Shanghai Free Trade Zone' is bound to explode more than a month in advance?"

Hearing Xie Wanting ask this question, Xu Xiang who was standing beside Su Yu was also very curious.

He had thought about this question before, but he didn't know what kind of logical judgment Su Yu was following to make the judgment that the main hype of the "Shanghai Free Trade Zone" was bound to explode more than a month before the news was announced.

Su Yu looked at Xie Wanting, smiled, and said: "Probably in March this year, when the high-level executives investigated the Shanghai stock market economy, they proposed the idea of ​​a 'free trade zone', but the news did not get everyone's attention at that time. And I... just based on these clues, I guessed and won this opportunity."

"It's that simple?" Xu Xiang was a little stunned.

Su Yu responded with a smile: "It's that simple!"

"Then why is your real opening point in July, not earlier?" Xie Wanting continued to ask.

Su Yu replied: "Since Miss Xie can recognize me at a glance without seeing me, it proves that you are still very concerned about me and our 'Yuhang Investment', so you should know that our 'Yuhang Investment' The investment' company was only established in June this year."

"And when it was first established..."

"The available capital scale of our company's first fund is very limited."

"In addition, the line of 'Internet Finance' was being hyped by the market at that time, so I could only follow the market sentiment, finish this line, and appropriately enlarge the net value of the fund to create some more available funds Only when I come out can I continue to lay out the main line of hype of the 'Shanghai Free Trade Zone' that I have been coveting for a long time and is very likely to explode in the future."

"I think that any main line of the market..."

"Whether it is a market driven by sudden good news, or a market driven by performance expectations driven by changes in industry fundamentals."

"Under the interpretation of current market information, there are traces to follow and logic to follow."

"There is no major market trend that can be driven by the market's random hype, and there is no main market trend without basic logic that can achieve continuous profit-making effects."

"Well said!" Xu Xiang agreed with what Su Yu said, "On the surface, although the market is driven by emotions and funds, the internal logic is still brought about by news and fundamentals. Expected changes, as long as we can find opportunities for expected changes from market news and fundamental analysis, it will be easy to deduce the direction of market changes and respond one step ahead of time.”

Of course, investment logic and reason...

All of you here are top figures in the asset management system in the industry, and few people can not understand.

The real difficulty of investment, in fact, is not to analyze these logics and principles, but to implement and overcome human greed and fear.

"This gentleman is..." Xie Wanting was touched when she heard Xu Xiang's words, and she also became curious about the other party's identity, "Indeed, regardless of short-term or long-term, no matter what kind of investment philosophy, The final reaction is based on basic logic, which is expectation.”

"Miss Xie knows me, but doesn't she know Mr. Xu?"

Seeing that Xie Wanting didn't know Xu Xiang, Su Yu was a little surprised, and introduced to her: "This is the famous head of hot money, Zexi Investment who has created a myth of private equity performance, Xu Xiang, general manager Xu. "

"Mingzhou Jiefang South Road?" Hearing Su Yu's introduction, Xie Wanting's eyes showed a bright color again.

She really didn't expect that when she arrived at the hotel and the dinner party had not officially started, she would meet the two people she had always wanted to meet.

"Where did the performance myth come from?" Xu Xiang smiled self-deprecatingly, "As for the hot money boss, it's not worth mentioning."

"At least Mr. Xu's 'short-term leader' tactics researched based on the intensity of market hype and the characteristics of the A-share price limit are still very meaningful." Su Yu said with a smile, "Now use Mr. Xu's this strategy. There are many retail investors and hot money groups active in the market.”

"Yeah!" Xie Wanting also chimed in, "My teacher also told me about Mr. Xu's 'short-term leader' hype tactics."

"There are no universal rules for making money in the financial market." Xu Xiang didn't care much about the compliments of the two, and said with a smile, "The rules I summed up, except that it was useful in the first period and could make a little money , now, in fact... it is no longer applicable, after all, under the influence of the '[-]th Law', there is no reason for the vast majority of ordinary people entering the market to make money."

"In my opinion, there is simply no 'Bible' in investing."

"Because all the investment 'bibles' do not conform to the essential logic of the market's '[-] law'."

"What's more, in my opinion, the A-share market does not have the soil for the growth of 'value investment'. All of us, including all investment groups in the market, regardless of institutions, hot money, or retail investors, are essentially zero-sum Gaming, what you earn is the money from the rise and fall of the stock price, not the money from the company's dividends and the company's endogenous growth."

"Mr. Xu's words are exaggerated, right?" Before Su Yu and Xie Wanting could react, a middle-aged man who was 50 years old glanced at Xu Xiang, and Su Yu and Xie Wanting lightly. The three of Xie Wanting disagreed with the authenticity, "Looking at the history of the global financial market, only the road of 'value investment' is the right way, with dozens of years of wind and rain, and zero-sum games and speculation, who will take it?" In the end?"

"Moreover, Mr. Buffett, the most successful investor in the world today, has followed the philosophy of 'value investing' all his life."

"It's speculation instead..."

"Even speculative geniuses like Jesse Livermore ultimately failed."

"I'm not saying that the road of 'value investing' won't work." Xu Xiang glanced at the other party lightly, and responded, "I'm just saying that this road is not suitable for A-shares, at least... for now."

From the beginning of his stock trading, he has tried all methods and theories.

result……

After repeated failures, the only way to succeed is to follow the news and fundamentals to play the expected game through short-term emotional speculation.

"In my opinion, it is more the market environment that determines the investment strategy." Su Yu interjected during the debate between the two, "In the A-share market, if 'value investment' is to become the mainstream, then the first listed companies, You should have the determination and willingness for long-term development, instead of thinking that the completion of the listing will complete the accumulation of wealth, and start to cash out quickly with the help of the market, harvesting retail investors and follow-up investment institutions in the market."

"And currently..."

Su Yu paused, and said: "The vast majority of companies in the current market do not have the determination and willingness for long-term development. After all, business development is difficult, but with the help of market liquidity, they can quickly cash out and harvest retail investors and follow-up investors. Investment institutions, just move their fingers and issue an announcement."

"Before the investment environment changes, let's talk about long-term investment and value investment."

"That's the loft in the air."

"Even if you are here, those who believe in the path of 'value investing' and are able to firmly hold a stock for three or five years are probably very few, right?"

"Actually, in my opinion..."

"The so-called 'value investment institutions' who stare at quarterly reports, semi-annual reports, and annual reports are no different from funds that use market sentiment to play expectations."

"To put it bluntly, everyone is doing expectation management to make money from stock price fluctuations."

"I see, there is no need for everyone to argue about which road is right and which road is wrong." Xu Zhongji of Minghui Capital said with a smile, "It is said that 'all roads lead to Rome', as long as you can make money in the market, As long as it can increase the net value of fund products and make investors trust us more, in my opinion...whichever way is right."

"Black cats, white cats, and cats that catch mice are all good cats?" Someone retorted, "Mr. Going in the wrong direction, if the A-share market has always been based on zero-sum games and emotional speculation, then in 10 or 20 years, I am afraid it will be difficult to cross the 6124 point and usher in a long bull pattern."

"It is said that there is a huge gap between us and foreign financial markets, and there is a huge gap between the investment environment and each share."

"There are also many people complaining that A shares are short and bears are long, and U.S. stocks are long and bears are short."

"What is the most fundamental reason? Is my country's market potential and corporate growth potential far inferior to those listed on the US stock market? Is my country's overall national strength and economic improvement far inferior to that of the United States?"

"It's not..."

"It's because of the domestic investment environment, from companies to market participants, who only want to speculate on market sentiment and short-term expectations, zero-sum games, and harvest each other, without long-term investment ideas."

"Bulls are short and bears are long, there are reasons for the investment environment, but it is not appropriate to say that the basic logical conditions for the market to be bullish are also the investment environment?" Su Yu responded with a smile, "The basic conditions that drive the market stock price to rise , is incremental capital, and is caused by the supply and demand relationship between buyers and sellers.”

"And the basic conditions that support the entry of incremental funds into the market and the change in the relationship between supply and demand between buyers and sellers."

"It's the money-making effect of the market."

"In other words... Only when the market has a money-making effect, investors will continue to enter the market when they see that they can make money in the market."

"For example..."

Su Yu paused, and said: "In the current market, stocks in banking, securities, infrastructure, real estate, liquor consumption, white goods consumption and other industries, regardless of valuation or stock price, are cheap enough? Are they in line with the conditions for value investing? But everyone, members of private equity and public equity institutions, is there anyone who does not hesitate to increase their positions in these fields and pick up these cheap chips?"

"No! People didn't do that."

"On the contrary, the eyes are still focused on the hot 'new economy' field in the market."

"Moreover, why do these stocks in these industries have reached historical extremes in valuation, but they just don't rise?"

"Because of the continuous stampede effect and the effect of lack of liquidity, the profit-making effect of these industries is extremely poor. According to common expectations, everyone thinks that investing in these stocks is extremely difficult to make money. Therefore, under the influence of human emotions, the trading space The relationship between supply and demand cannot be changed, and there is not enough incremental capital to enter the market to support the stock price and liquidity, so... naturally, it will be difficult for the stock price to rise.”

"In the market, value and stock price do not have the same convergence."

"Even though it is said that the value will return, when will the value return, one year, two years, three years, five years, or even ten years, who can say clearly?"

"Instead of chasing values ​​that change at any time and are illusory."

"It's better to embrace expectations and emotions, and invest in human greed and fear."

Su Yu talked eloquently, expressing his investment and trading opinions, and at the same time...reflecting the old investment ideas of some institutional members.

For a time, it can be said to be sharp.

Xu Xiang listened to Su Yu's arguments with the other party, and listened to his views on the A-share market, and even the entire domestic and foreign financial markets, and his heart was quite shaken. The investment philosophy has much in common with him.

Xie Wanting looked at Su Yu talking eloquently and vigorously.

Listening to his unorthodox, but absolutely penetrating investment insights was very inspiring to her.

There was also a touch of excitement in the bright eyes, and I was very touched in my heart. I had a lot of good feelings for this young man who was about her age but far stronger than her.

Xu Zhongji of Minghui Capital, looking at Su Yu's "eloquent battle with the Confucians", also nodded with a smile, feeling quite honored.

After all, in his opinion...

Su Yu came from the 'Yuhang Financial Circle'. At the moment when the elites in the entire industry gathered to discuss a big debate, what Su Yu represented was not only Su Yu himself, but also the face of the entire 'Yuhang Financial Circle'.

Except for Xu Xiang, Xie Wanting, Xu Zhongji, Gao Tian and these industry insiders who already knew Su Yu.

Others, who have just arrived or have already arrived and do not know Su Yu in the industry, saw this young man show off his sharpness, debated with many famous fund managers without showing weakness, and some of the skills and theories shared were very suitable for domestic financial institutions. The market all showed a look of shock and shock.

"The name of Wealth Road is indeed well-deserved!"

Among the industry insiders who came later, Tu Yuanhua, the general manager of the self-operated investment department of Huaxin Securities, saw Su Yu's high-spirited look, and said with a smile: "Sure enough, no one who became famous is a fluke. This young man... has a bright future!"

"Mr. Tu is so optimistic?" Zhou Bangyao, the vice president of the Fund Industry Association and the former general manager of the investment strategy department of Huajin Company, said with a smile, "If you don't take five or ten years in this investment path, it's hard to tell the difference." Real gold, this young man... looks talented, but it's not certain how far he can go in the future."

(End of this chapter)