The investment era of rebirth

Chapter 251 The Fundamentals of the Bull Market
"Based on this age, this opinion is at least farther than you and me!" Tu Yuanhua laughed.

Zhou Bangyao pondered for a while, and said: "If you look at you and me 30 years ago, you and I are naturally stronger than us. How many people are there who keep improving and keep growing forever?"

"There are not many people." Tu Yuanhua said with a chuckle, "But at the stage of his peers, this young man is already the only one who can have such a deep understanding of financial market transactions among the people I have met. Well, what this young man just said was not by accident standing on the market outlet, some people who were lucky enough to be able to say it, just based on his understanding, the future... how will it not be possible? Too bad."

"such a pity……"

After a pause, Tu Yuanhua sighed again: "This young man was supposed to be a member of our 'Huaxin Securities' system, but unexpectedly, the sales department didn't keep him at all."

Tu Yuanhua has always been worried about letting such an outstanding talent go by the sales department below.

He thought... How good it would be if Su Yu was still in Huaxin Securities Sales Department?He transferred him to the Yanjing headquarters with just a transfer order. He believed that within a few years, the self-operated investment department he was in charge of would be able to take on a new look, and Su Yu would most likely become the most proud student in his life.

"Oh... I didn't expect him to come from Huaxin Securities!" Zhou Yaobang joked slightly, "It's a pity that such a talent was not retained."

"However, in your company, there are many chronic diseases in internal talent training and career development."

"It really should be changed."

"I remember that Yang Lingfeng from 'Tomorrow Capital' also left from your Huaxin Securities, right? He didn't have a good reputation and ability before, but once he left your Huaxin Securities, he got out of control. This is not the first time. "

"Laugh if you want to laugh!" Tu Yuanhua coughed lightly, and said, "There are some serious illnesses, which can be easily changed without changing them. Haven't you worked in Huajin Company before? Some things... Do you, I have the final say? Everything... still has to be arranged."

Self-operated institutions, public funds, and private equity companies are fundamentally different.

Not only are they subject to different levels of market regulation, but they will also be subject to some interference in the direction of investment strategies, not to mention the direction of internal system reforms.

Not to mention that he is just the general manager of a market investment department of Huaxin Securities.

Even if he is the general manager of the entire Huaxin Securities Group, if he wants to change some of the company's existing systems, it will be very difficult, and he does not know how many people's cakes will be affected.

"That's true!" Zhou Bangyao nodded slightly, and was about to run on his friend again.

At this time, other people in the industry who are familiar with the two have already gathered around, scrambling to greet them. After all, no matter their status or status, they are considered seniors in the industry. It's not that serious, but there is still some necessary respect for the seniors in the industry.

As more and more people...

After 6 o'clock in the afternoon, the dinner party began.

"Mr. Su..." During the dinner, Xie Wanting sat at the same table with Su Yu, and she said with a smile, "I was very touched by Mr. Su's overall views on market transactions before, but I don't know Mr. Su's understanding of the market. How do you look at the macro level? Does the current market have a bull market foundation?"

"What do you think, Miss Xie?" Su Yu didn't take the initiative to answer, but asked rhetorically.

Xie Wanting pondered for a while, and said: "According to the theory you said before, that is, the market's profit-making effect and incremental funds, I think the foundation for a bull market is already in place."

"This year's market trend is obviously better than the previous two or three years."

"Internet finance, mobile games, the Shanghai Free Trade Zone, restructuring backdoors, the smartphone industry chain... many concepts and market trends have been interpreted one after another."

"Especially at the end of June, after the market went through a round of deep adjustment."

"I feel that the market trend has become more relaxed. The market's profit-making effect and the continuous entry of incremental funds are also more intense than in the first half of the year."

"At the beginning of the year, the entire market had an average turnover of 30 billion, but now... it has an average turnover of 1000 billion."

"In terms of volume and energy alone, the expansion has more than tripled."

"This proves that incremental funds have been entering, and that the majority of investors in the market, under the continuous profit-making effect, are fully recovering in their confidence in the bull market."

"So I think……"

"Whether it is from the aspect of profit-making effect, incremental capital, or the fundamental change of the market industry, or the attitude of the regulatory authorities... no matter the macro or micro, they all support the market to go bullish. The time is near."

"Just like the four seasons of the year, the winter has passed, and the footsteps of spring have quietly arrived."

"Miss Xie's last sentence is good." Su Yu said with a smile, "I also think that the current market, the severe winter has passed, and the footsteps of spring have quietly arrived, but I don't think the confidence of the market has recovered at this time. I don’t think the foundation for the outbreak of the bull market is fully in place.”

"How to say?" Xie Wanting asked.

Su Yu replied with a smile: "In terms of market confidence, I just mentioned that in the direction of the main board, whether it is a series of industries such as banking, securities, real estate, consumption, infrastructure, etc., the valuation and stock price have not achieved a reversal. That is to say, the value has not returned, and both retail investors and many large domestic investment institutions hold relatively pessimistic views on this aspect.”

"If the market is to go bullish in an all-round way, a continuous bull market will be born."

"Based on the current size of the GEM alone, the market cannot be moved."

"And the recovery of market confidence does not only refer to the recovery of retail investors and hot money. The confidence of institutions is also an important part of market confidence."

"My understanding..."

"Only these weighted core industries, value and stock price, start to give positive feedback, can get out of a continuous profit-making effect, the market is no longer a seesaw effect, and the turnover of the entire market can go further, reaching 1500 billion or even 2000 billion about."

"It can be said that market confidence has fully recovered."

"As for the basis of the outbreak of the bull market, in my opinion... there is at least one point of dissatisfaction, and that is the further loosening of credit."

"At the current stage, the savings conditions of our domestic residents are not as good as they were in 06 or 07."

"If credit is not wide, credit is wide, and leverage is increased..."

"Then, in market transactions where retail investors account for more than 80% of market investor shares, the transaction volume cannot be further expanded."

"That is, even if market confidence returns."

"When the size of the A-share market has nearly doubled that of 06 and 07, there is not so much incremental capital to push up the market."

"So, in my opinion, there are no such conditions as wide credit, wide credit, and increased leverage."

"The market will not have a comprehensive bull market, it will only be a partial bull market pattern."

"I agree that the spring of the market has come quietly, and the footsteps of the bull market are gradually approaching, but the market's 'cold spring' still exists, and it is too early to turn to overall optimism at this time."

"Extensive credit, wide credit, increasing leverage?" Xie Wanting murmured, thought for a while, and then said, "But the Fed has officially withdrawn from the QE plan, and the global central banks are also being forced to follow the Fed in the choice of monetary policy." , from loosening to tightening strategies, in this global macro situation, is it possible for my country to implement a strategy of widening credit, widening credit, and increasing leverage?"

Su Yu nodded slightly and said: "Our country's economic internal growth capacity is still very strong. Although the level of residents' savings has dropped, the household leverage ratio is generally not high. In addition, my country's traditional thinking has always been biased towards consumption. Conservative, if the monetary strategy of 'wide credit, wide credit, and increased leverage' is implemented, it will still have a great effect on economic growth and consumption stimulation."

"In addition, my country's infrastructure construction and urbanization rate are not high, and the construction of the financial market is also in its infancy."

"Under the strategy of 'wide credit, wide credit, and increased leverage', the additional funds issued have places to go, and will not cause obvious inflationary consequences."

"And the current, emerging economic sectors."

"That is to say, fields such as 'mobile Internet' and 'smartphone industry chain' have shown their strengths, and new consumption growth markets have emerged, which can also absorb huge amounts of additional funds."

"So, in this situation..."

"I think the path of 'wide credit, wide credit, and increased leverage' is likely to be taken."

"Infrastructure, urbanization rate, financial construction, mobile Internet, smart phone industry chain." Xie Wanting smiled, "If you expect the future, the central bank has really chosen the path you mentioned in terms of monetary policy. , These aspects are most likely to be the direction you are optimistic about, right?"

When Su Yu heard this, he looked at Xie Wanting in great surprise.

He was just reversing the real development trajectory of the future market just now, but he didn't want the other party to sum up the precise investment direction in an instant from his words.

And in essence...

Under the macro background of "wider credit, wider credit, and increased leverage" in the future, investment in these directions has indeed shined brightly and become the direction of wealth accumulation.

"If the future market development and the direction of the macro monetary policy really go in this direction..." Su Yu paused and said, "My investment choices will most likely be in these directions."

"Boss Su's bullish inference is very good!" During the discussion between Su Yu and Xie Wanting, Xu Zhongji couldn't help but praise, "Hearing the opinions of the two of you, at my age, my blood is always going up. Chong, I can't wait for the National Day to be over, and the market will open and immediately rush to fill up the positions."

"President Xu is trying to grab the top spot!" Gao Tianhe from Anhe Fund laughed.

"Although my knowledge and understanding of macroeconomics is far inferior to President Su's, I agree with the view that the cold winter in the market is over and spring is approaching quietly." Xu Xiang paused and said, "Fear and greed are like twins. Sister, the market has gone through a few years of fear, and it's time to enter the greed phase."

"Indeed." Gao Tianhe replied, "Even if we look at the historical law, the bull market in 2000 was more than five years away from the bull market in 06 and 07, and it was almost 5 years since the big bear market in 08. It’s been more than a year, and it’s time for the market to enter a reversal cycle.”

"It's the first time I've heard that someone actually used the timeline of the bull-bear market in the past to predict the market outlook." While Gao Tianhe was talking, a young man about 27 or [-] years old suddenly appeared in front of Su Yu and the others holding a wine glass. Beside this table, "Using the timeline of the bull-bear boundary in the past to speculate on the market outlook, what is the difference between this and those retail investors in the market who stare at the K-line, speculate on the subsequent rise in stock prices, and judge the motivation of the main capital? This is also inevitable... ...is it too one-sided?"

"Who are you?" Gao Tianhe glanced at each other, frowning.

He just said it casually, but he was scolded by the other party, and the other party also said that he was not good enough, which made him quite angry.

"Technical inferences are not useless." Su Yu retorted amidst the other party's high-spirited words, "You also know that most of the retail investors in the market are staring at the K-line. Make investment choices and judge the main capital object.”

"That being the case, the historical performance of the market, as well as the K-line performance."

"It is equivalent to a general expectation of retail investors."

"As long as this kind of expectation exists, stirring up emotions can make some retail investors who believe in technical aspects follow suit, and this will form the entry of incremental funds."

"And when the expectations of the majority of retail investors form a consensus at a certain point in time."

"It is not entirely impossible for the continuous inflow of incremental funds to create a bull market."

"I think that as an investor, if you ignore the past history of the market, you will not be able to grasp the future at all, and if you can't grasp the future, how can you make money in the market?"

In Su Yu's perception, technical investment and fundamental investment are not mutually exclusive.

In essence, the two are basically the same path, but they are presented in different ways.

"Who are you?" The young man squinted his eyes, did not answer Gao Tianhe's words, but stared at Su Yu seriously, "If K-lines and historical trends are useful, then the US stock market will not be in the current trend. K-line, investors who feel that they can dig out and judge the future from the historical trend of the market, as well as institutions, have been strangled in the US stock market in the past few years.”

"As far as I know, in the current international market, there is no institution that invests purely on technical aspects."

"The K-line system, after more than 100 years of development, has long been reduced to a tool for recording market prices, without any analytical significance."

"Hu Jiucheng, have you... said that?" Xie Wanting glared at the other party angrily, "What do you mean technical analysis is useless? The great man also said that only by learning lessons from history can we create the future, right? Thinking that with you, history is useless? Without history, where is the future?"

"I didn't say that history is useless, but that historical K-line analysis is useless." Hu Jiucheng emphasized, and said with a smile, "Wan Ting, why are you sitting at this table? I'm at the table with Uncle Tu and Uncle Zhou." , but there is a special place reserved for you."

"Can't I sit here?" Xie Wanting said angrily, "I don't drink alcohol, what am I doing in the past?"

She came to look for Su Yu, not to build relationships, why did she come here and sit with a group of elders who had something to do with her father, making her feel uncomfortable.

Hu Jiucheng was choked by her, paused for a while, and then said: "I didn't mean that, I meant..."

"You don't need to say anything." Xie Wanting interrupted him, "You go about your business and don't worry about me, of course... I don't need you either."

Su Yu listened to the words of the two, and knew that the two should be from similar family backgrounds and familiar with each other.

Moreover, the other party should have some ideas about Xie Wanting.

"Who is this guy?" Seeing that Xie Wanting was obviously close to Su Yu, Hu Jiucheng couldn't help asking because he felt uncomfortable.

"It doesn't seem to be your business, does it?" Xie Wanting replied.

"I..." Hu Jiucheng was reprimanded by Xie Wanting one after another, his face was a little ugly, and he was a little bit embarrassed.

"President Su, if there is an opportunity in the future, I still hope that the two of us can cooperate!" When Hu Jiucheng was unhappy and didn't know how to step down, behind him, a middle-aged man took the initiative to hold a wine glass, Approaching Su Yu, he took the initiative to toast and said, "If you 'Yuhang Investment' can carry out the fund business of acting as an agent for other companies in the future, you must notify me as soon as possible."

"Definitely, definitely!" Su Yu stood up with a smile, picked up the wine glass, and touched the other party slightly, "I should give Mr. Wang's face no matter what."

After a glass of wine...

That President Wang's eyes once again fell on Xu Xiang, Gao Tianhe, Xu Zhongji and the others, and they all greeted each other and drank a glass with each other.

As for Hu Jiucheng at the side, no matter Mr. Wang, Su Yu, or other people at the banquet.

No one, pay him a second look.

After all, in the eyes of everyone, this person is a guy who has a family background but does not understand social manners.

On the contrary, the young and beautiful Xie Wanting, who is generous, sincere, and knowledgeable, did not introduce her family background and background clearly. Most people don't know that she is the jewel in the palm of Xie Zhenhua of "Zhenhua Capital" Under the circumstances, it has been liked by many people.

in other words……

All the people present are basically senior figures in the financial circle with a net worth of billions.

Compared with myself, who has no ability but has a deep family background, the so-called playboys are not favored by everyone, and this kind of character will not make everyone feel so much trouble. On the contrary, Su Yu's ability to make money is extremely outstanding, no matter in theory Opinions or actual achievements, the promising young people who beat the vast majority of people present are the ones that everyone scrambles to admire, like and pursue.

After a brief interlude, the dinner continued.

After a few glasses of wine, everyone's chatterboxes were opened up, and everyone became active.

Su Yu was praised and flattered by everyone, although he still maintained a humble attitude, but with the catalytic effect of alcohol, his heart was still a little swayed.

Before rebirth, even when his career reached its peak, it was nothing more than that.

But he didn't think that he had achieved such an achievement in only half a year.

And at the moment when he was drinking with everyone with a smile, neither humble nor overbearing, regardless of the size of the industry, he could treat everyone equally, chatting and laughing happily.

Xie Wanting, who was paying attention to him, had a brighter smile on her face.

She felt that there was a special charm in Su Yu, that kind of charm... It seemed that she was moved a little bit.

Originally, in her expectation, a genius trader who can maneuver in the stock market, fight fiercely, and use extremely violent trading techniques should be the kind of aloof and arrogant, defiant, or it should be like "Mingzhou Jiefang South Road" Xu Xiang Such a person who doesn't like to talk, doesn't drink, doesn't turn corners when speaking directly, and has a rather withdrawn personality, but doesn't want to... After initial contact, the other party's personality is quite gentle, always giving people a feeling of spring breeze.

Of course, this is only her one-sided feeling about Su Yu.

After all, at this moment, she doesn't know much about Su Yu, and she can't see the whole of his character. She doesn't know if there is a lingering side behind his gentle surface.

"Why... your face is so red, have you been drinking?"

While Xie Wanting was in a daze, her teacher Zhou Guohua had come to her side at some point, and said with concern: "I'll ask Xiao He to drive you back."

"Teacher, when did you come?" Xie Wanting asked with her dazed gaze back.

"It's been a long time." Zhou Guohua said, "I've seen you talking and laughing with that kid from the Hu family, and talking and laughing with Su."

"Did you see it?" Xie Wanting blushed even more when she heard this, "What does the teacher think of this person?"

Zhou Guohua looked at Su Yu's back and said, "It's okay. He's neither humble nor arrogant, and he doesn't look arrogant. He has a high level of theory and unique insights. After a few hours, few people in the industry really regard him as Opponent, enemy, this person's future development potential is not small!"

"Well, I think so too." Xie Wanting said with a smile.

"But your father probably doesn't like such people." Zhou Guohua emphasized, "The historical foundation is too bad, and the uncertainty of the financial market is too great. Billionaires and billionaires are often true. There's just a thin line between them."

Xie Wanting snorted softly, and said: "He didn't care much about me, why do I have to make him feel what he thinks? It's really according to his idea, I'm afraid I'm the one who married Yanjing a long time ago... The so-called second-generation elites he picked out, and let that guy Hu Jiucheng follow me all the time, he doesn't know, I don't like Hu Jiucheng at all?"

"Uh..." Zhou Guohua coughed lightly.

It's not easy to arrange Xie Wanting's father's fault. After all, he can get to where he is today, and the other party's constant help and support is indispensable behind him.

Therefore, every time he encounters these things about Xie Wanting, he can only pretend to be deaf and dumb.

"Okay, let Xiao He take you back!" Zhou Guohua paused, and said, "It's October, and the weather has already turned cold. You shouldn't have come here in this suit."

Zhou Guohua has no children...

Therefore, even though Xie Wanting called him 'teacher', he still treated this girl as a daughter from the bottom of his heart, and his usual care was beyond words.

"En!" Xie Wanting responded without refusing.

Anyway, her goal has been achieved, and she also has Su Yu's contact information, so it is not difficult to make an appointment with the other party alone in the future.

At this moment, there is no need to stay here anymore.

Seeing Xie Wanting's agreement, Zhou Guohua hurriedly called his assistant, and said, "Xiao He, send the lady back, drive slowly on the road, and pay attention to safety."

"Okay, Mr. Zhou!" The assistant responded, and then followed Xie Wanting out.

And with Xie Wanting's departure, in an unobtrusive corner of the banquet hall, a middle-aged man took a careful look at Su Yu, his eyes showing a little wariness, and left.

After that, the banquet came to an end.

Su Yu felt that he was a little drunk, so he restrained himself, said goodbye to everyone, and returned to the hotel room.

Then, rest for the night.

The next day, when he woke up, finished washing, and had breakfast, accompanied by his assistant Li Xiaoling, he came to the conference hall prepared by the hotel. The vigorous 'Future Investment' summit exchange meeting had already kicked off!

(End of this chapter)