Rebirth of the investment era

Xie Wanting was slightly surprised when Su Yu mentioned her father's name, and asked with a smile: "Why did Mr. Su associate me with Mr. Xie Zhenhua of Zhenhua Capital? Does it mean that my surname is Xie? Do you have connections with Mr. Xie Zhenhua from Zhenhua Capital?"

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

Seeing Su Yu's thoughtful thinking, Xie Wanting admired her 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, Huayi Brothers I am very impressed by the changes in your investment ideas and strategies as a number of stocks follow up."

Hearing Su Yu say this, Xie Wanting was even more surprised.

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

"Compared with Mr. Su's shifting and hot-spot switching in these stocks, we at Anlan Fund are still ashamed to say nothing." Xie Wanting said, "Especially in terms of the potential of stocks such as Waigaoqiao and Shanghai Stock Exchange, Su How do you know more than a month in advance that the 'Shanghai Free Trade Zone' line is bound to explode?"

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

He had also thought about this problem, and he had no idea what kind of logical judgment Su Yu followed to make the judgment that the main line of speculation about the 'Shanghai Free Trade Zone' would inevitably explode more than a month before the news was announced.

Su Yu looked at Xie Wanting, smiled, and said: "About March this year, when high-level officials were investigating the Shanghai stock market economy, they proposed the idea of ​​a 'free trade zone', but the news was not taken seriously at that time. And I... I just won this opportunity through these clues and guesswork."

"Is it that simple?" Xu Xiang was a little stunned.

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

"Then why is your real position opening node in July instead of 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 very concerned about me and our 'Yuhang Investment', so you should know that we're 'Yuhang Investment'" The investment company was only established in June this year."

"And when it was first established..."

“The size of funds available for our company’s first fund is very limited.”

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

"I think any major trend in the market..."

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

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

"There is no major main line market that can be driven by random market speculation, and there is no main line market without basic logic that can produce sustained money-making effects."

"Well said!" Xu Xiang agreed very much with what Su Yu said, "On the surface, although the market is driven by emotions and funds, the internal logic is still driven by news and fundamentals. As long as we can identify 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 course, investment logic and rationale...

Everyone here is a top figure in the asset management system in the industry, and there are very few people who don’t understand.

In fact, the real investment difficulty lies not in analyzing these logics and principles, but in execution and overcoming human greed and fear.

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

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

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

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

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

"Where did this myth of performance come from?" Xu Xiang smiled mockingly, "As for the leader of hot money, it's not even worth mentioning."

"At least the 'short-term leader's strategy' developed by Mr. Xu based on the intensity of market speculation and the price limit characteristics of A-shares is still very meaningful." Su Yu said with a smile, "Now we will continue to use Mr. Xu's strategy There are many retail investors and hot money groups active in the market."

"Yeah!" Xie Wanting also helped by saying, "My teacher also told me about Mr. Xu's 'short-term leader and board' hype tactic."

"There are no universal rules for making money in the financial market." Xu Xiang didn't pay much attention to the compliments of the two people. He smiled and said, "The rules I summarized are only useful in the beginning and can make a little money. , now, in fact... it no longer applies. After all, under the influence of the '28/20 rule', there is no reason for the vast majority of ordinary people who enter the market to make money."

“In my opinion, there is no ‘bible’ for investing.”

"Because all investment 'bibles' do not conform to the essential logic of the market's '80/20 rule'."

"What's more, in my opinion, the A-share market does not have the soil for the growth of 'value investing'. All of us, including all investment groups in the market, whether institutions, hot money, or retail investors, are essentially a zero-sum game. Gambling means making money from the rise and fall of stock prices, not from corporate dividends and the company’s organic growth.”

"Mr. Xu's words, are you fair?" Before Su Yu and Xie Wanting could react, a middle-aged man in his forties or fifties glanced at Xu Xiang, Su Yu and The three of them, Xie Wanting, disagreed very much. "From a comprehensive perspective of the history of the global financial market, only the path of 'value investment' is the right path. Whoever takes the path of zero-sum game and speculation has been going through decades or hundreds of years." At the end?"

"Moreover, the most successful investor in the world, the stock god Mr. Buffett, has followed the concept of 'value investing' throughout his life."

"On the contrary, it is speculation..."

“Even speculative geniuses like Jesse Livermore ultimately failed.”

"I'm not saying that the path of 'value investing' is unworkable." Xu Xiang glanced at the other party lightly and responded, "But I am saying that this path is not suitable for A-shares, at least... it is not suitable for now."

Ever since he started trading stocks, he has tried every approach and theory.

result……

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

"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 investing' wants to become mainstream, then the companies that are listed first, You should have the determination and willingness to develop in the long term, rather than thinking that once the listing is completed, you have completed the accumulation of wealth, and started to use the market to quickly cash out, and harvest market retail investors and follow-up investment institutions."

"And currently..."

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

“Until the investment environment changes, let’s talk about long-term investment and value investment.”

"That's the sky loft."

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

"Actually, in my opinion..."

"There is no difference between the so-called 'value investment institutions' that focus on the quarterly, semi-annual, and annual reports and the funds that play the anticipatory game with the help of market sentiment."

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

"I see, there is no need for everyone to argue about which way is right and which way is wrong." Xu Zhongji from Minghui Capital chuckled, "They say 'all roads lead to Rome', as long as you can make money in the market, As long as we can increase the net value of fund products and make investors trust us more, in my opinion... either way is right."

"Are black cats, white cats, and those who catch mice, all good cats?" someone retorted, "Mr. Xu, what you said is not quite right. Wrong investment concepts will lead to the market investment environment. In the wrong direction, if the A-share market has always been based on a zero-sum game and emotional speculation, then in 10 or 20 years, it may be difficult to cross the 6124 point and usher in a long bull pattern."

"They say 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 who complain about A-shares, which are bullish and bearish, and U.S. stocks, which are bullish and bearish."

"What is the most fundamental reason? Is it that our country's market potential and corporate growth potential are far inferior to those of U.S. listed companies? Is it that our country's comprehensive national strength and economic improvement are far inferior to those of the United States?"

"It's not..."

"It's because of the domestic investment environment, from companies to market participants, they only want to gain from each other through market sentiment and short-term expectations, a zero-sum game, and have no long-term investment philosophy."

"The reason why bulls are short and bears are long is due to the investment environment, but it would be inappropriate to say that the basic logical conditions for bullishness in the market are also the investment environment, right?" Su Yu responded with a smile, "The basic conditions that promote the rise of market stock prices are , is incremental funds, caused by the supply and demand relationship between buyers and sellers.”

"The basic conditions support the entry of incremental funds into the market and the transformation of the supply and demand relationship 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, and investors see that they can make money in the market, they will continue to enter 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 they cheap enough? Do they meet the conditions of value investment?" But among all the members of private equity and public equity institutions, does anyone not hesitate to increase their positions in these fields and pick up these cheap chips?"

"No! Everyone didn't do that."

“Instead, attention is still focused on the ‘new economy’ field where the market is hot.”

"Moreover, why do stocks in these industries not rise even though their valuations have reached historical extremes?"

“Due to the continuous stampede effect and the lack of liquidity, the profit-making effect in these industries is extremely poor. According to common expectations, everyone believes that it is extremely difficult to make money by investing in these stocks. Therefore, under the influence of human emotions, the buying and selling time The supply and demand relationship cannot be changed, and there is not enough incremental capital to support the stock price and liquidity, then... naturally it will be difficult for the stock price to rise."

"In the market, value and stock price do not converge."

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

“Instead of pursuing value that changes at any time and is illusory.”

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

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

For a time, it can be said that he is sharp.

Xu Xiang listened to Su Yu's arguments with the other party, and listened to his opinions on the A-share market, and even the entire financial market at home and abroad. He was shocked in his heart. At the same time... he also felt a faint feeling of sympathy. His investment philosophy has many similarities with him.

Xie Wanting looked at Su Yu talking with great enthusiasm.

Listening to his investment insights that were not very orthodox, but definitely insightful and inspiring to her.

There was also a hint of excitement in her bright eyes, and she was deeply touched in her heart. She had a lot of affection for this young man who was about the same age as her, but far more powerful than her.

Xu Zhongji from Minghui Capital looked at Su Yu's "tongue-in-cheek" appearance and nodded with a smile, feeling quite honored.

After all, in his opinion...

Su Yu is from the 'Yuhang Financial Circle'. At this moment when the entire industry elites are gathering for a big debate, what Su Yu represents is 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 other people in the industry who already know Su Yu.

Others, who have just arrived or have already arrived, and who do not know Su Yu, saw such a young man show his talents and debate with many famous fund managers without showing any weakness, and some of the techniques and theories he shared were very suitable for domestic finance. The market all showed expressions of shock and shock.

“The name of the Wealth Road is indeed well-deserved!”

Among the industry insiders who arrived later, Tu Yuanhua, general manager of the proprietary investment department of Huaxin Securities, saw Su Yu's high-spirited look and laughed: "Sure enough, people who become famous are not lucky. This young man... has a bright future!"

"Mr. Tu is so optimistic?" Next to Tu Yuanhua, Zhou Bangyao, vice president of the Fund Industry Association and former general manager of the investment strategy department of Huajin Company, said with a smile, "Investment is a path that is hard to discern even if you don't walk it for five or ten years. Real gold, this young man... seems to have good talent, but there is no guarantee of how far he can go in the future."