Rebirth: The Financial Giant

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Lu Ming turned a page of the PPT again. There were still two stock price charts of Tiansheng Holdings on the left and right, but he gave a new logo annotation. The chart of the trend channel on the left identifies the "mature stage market", and the surge and plunge on the right identifies the "development stage market".

Lu Ming looked at the projection screen and said: "As you can see from the left picture, the value part of long-term growth has a relatively high slope, and mature markets give shareholders enough respect, dividends, dividends, and profits; then on the right picture, your stock price is speculative. There are natural fluctuations, but as long as your **** does not change, it will eventually be a long-term growth process, so Tiansheng Holdings will eventually hit a new high.”

"In the middle and later stages of the stock market crash in 15 years, when someone told you that the domestic securities market, the Shanghai index was not a dream at 6,000, and the 10,000 point just started, our long-term bull market started... The result? Why? Why we Can't it be like the US stock market?"

"In 2015, a person who believed that the market was going to hit 6,000 or 10,000 points didn't even understand why the U.S. stock market could be a long-term bull market. We know that the U.S. stock market has only lasted for ten years twice in the course of a hundred years. In the stagnant stage of the year, even so, it is sideways, and the rest of the time is basically bullish, such as the current bull market stage of U.S. stocks."

"This round of bull market does not mean that it started after the financial tsunami in 2008. In the true sense, the long-term growth started in 1993. The old and the United States carried out structural reforms in the 1980s. We are now following At that time, the old beauty was very similar. After the reform was completed, the foundation for long-term growth was completed. Although there were two speculative fluctuations in the middle, the reasons were different. One was the Internet bubble crisis at the turn of the century, and the other was the 2008 crisis. subprime mortgage crisis."

"But the U.S. stock market has basically not deviated from long-term growth, and other people's return on investment is very high. Therefore, in the U.S. stock market, we are doing equity assets, especially our Tiansheng QDIE, which is a large-scale asset... Frankly speaking, I am actually lazy."

Lu Ming smiled, stopped, drank a glass of water to moisten his throat, and continued: "...passive investment in the North American stock market is actually quite an excellent rate of return, you may not know that I basically don't watch US stocks now. I basically don’t operate the market myself. When the long-term **** of the North American securities market is very high, if you close your eyes and deploy a bunch of ETFs and throw them there, the return on investment will be very good in ten or twenty years. No need to pick companies, pick stocks.”

"Of course, there is one thing to note. This is a normal strategy and others can do this. I, Tiansheng Capital, can't do this. We are regarded as a thorn in the flesh by Lao Mei. If you grab meat and eat, you should always carry a bottle of oil, if the situation is not right, wipe the oil under your feet and run quickly, otherwise you will be lonely."

In the first half of this year, if my brother hadn't run fast with a keen intuition, the profit of more than 170 billion would have been cut off by the commander.

What Lu Ming said about laying down a bunch of ETFs with his eyes closed for a decade or two is obviously suitable for general investment institutions. Tiansheng Capital, which is playing a cat-and-mouse game with Pretty Country, must not do this.

Everyone present also suddenly realized that it is no wonder that a large number of active fund managers in Magnesium have not been able to win the passive index in the past few decades.

"At this time, you will understand why Buffett recommends buying U.S. stock index ETFs every time, unless you want to pursue the ultimate return rate and outperform everyone in the market, that's fine, but anyway, the effort you put in It's proportional to your return, it's just not necessary."

Lu Ming's eyes wandered on the twenty or so young people who attended the meeting, and he said eloquently: "Maybe you will think in your heart that Buffett has been underperforming the US stock market for ten years, that's right, because from more than 20 years old The process that started a few years ago, the part where the **** of the U.S. stock market's upward trend has changed, is indeed a bit difficult for this old man to understand."

With that said, Lu Ming switched to a slide and looked back at the screen: "It's not that Buffett made the securities market of Magnesium, but the securities market of Magnesium made long-term value investment, which is the market entering a mature stage. After that, all the elements of market development such as its governance, institutions, maturity of the regulated market, and level of participation determine what investors should do in this market.”

Lu Ming spread out with one hand: "That's good, if you are a believer in price investing, you must understand why you believe, because it can be realized in the U.S. stock market, so investing in the U.S. stock market can be passively tracked, and you don't have to struggle to the end. Whether it’s Apple, Amazon, or Google, I don’t care if it’s good for you, before Lao Mei blocked us, Tiansheng QDIE was the one that put all the baskets in, then lay down, and then lay down to win.”

This is what Lu Ming did when he invested in the US stock market in the first two years. The main thing is to passively use a shuttle, and then use some tools to hedge risks, and then use some of the funds and positions to bet on stocks that can grow twenty-fold in three years.

Speaking of this, everyone heard Lu Ming's tone abruptly changed: "Then the question is, can the domestic securities market do this? Can Big A do this?"

The young people in the meeting looked at the relaxed smile of BOSS, and after a while, most of them shook their heads.

Seeing them shaking their heads, Lu Ming said immediately, "Yes, but it's not right. In the big A, more than 95% of the varieties cannot do this. But there are a group of people in China who believe in value investing, and the final result is not Great returns, but painful experiences, because just sifting through our equity markets shows that there are at most 150 stocks with long-term value investing attributes.”

As soon as these words came out, the Tiansheng Shanghai 50 Index and the Tiansheng Shenzhen 100 Index compiled by the company immediately appeared in the minds of everyone present, adding up to exactly 150 constituent stocks.

At this time, everyone saw that Lu Ming had called out a few samples of big A's demon stocks and a few blue-chip stocks for comparison in the same frame and put them on the screen in the conference room, and then said:

"When most of our companies are in a development stage market, if you observe carefully, you will find that our market places more emphasis on transactions than value, and you will find that it is definitely not a long-term value investment market. A-share 90 % of the shareholders will not do this, they are not wrong, it is just that under asymmetric information, the result will inevitably be harvested."

"There is no bid for big A? Of course there are, but there will never be more than 150 varieties that meet the requirements. This is the result of the differences in the market at different stages, that's all. Therefore, more disturbances in the domestic securities market come from speculation. Fluctuations, so we can see a very interesting place in our big A market..."

Lu Ming paused as he spoke, and at the same time was working on his work computer, indicating to everyone the trend chart of the demon stocks displayed on the projection screen: "Look at this new mark, this time the 2017~2018 New Year's Eve Monster Gui State Gas, the issue price has risen from more than 2 yuan to 37 yuan, and it has increased more than ten times in three to five months.

It was said that Lu Ming looked at everyone, and the group of young people present were all looking at the chart of the stock on the projection screen. After a while, someone said, "The change of hands and the trading volume are very large!"

This ticket has three main upswings, and the daily turnover rate of each of the two main upswings after the end of the one-word board has reached an exaggerated 30%, 40%, 50% or even 60%. At the same time, the trading volume It is also huge.

Lu Ming immediately looked at the young man who answered, gave him a teachable look, and nodded immediately: "That's right, every time this kind of monster stock skyrockets, it must be accompanied by high volume and high turnover rate. , not only gas, the blue stone old demon in 2014, the first ticket that a brother made at the beginning was this, and nearly all the demon stocks such as Huafeng, Zijing Mining, etc., their skyrocketing Without exception, it was accompanied by high volume and high turnover.”

"So why? Find out what stage a market is in to understand the characteristics of the domestic securities market, why big A will keep appearing some junk companies' stocks so long as they take a conceptual outlet, they can skyrocket and go crazy, because the investors inside never They care if it's real or fake, they only care if the opponent believes it's real or fake."

Lu Ming shrugged again and spread his hands to look at everyone and said, "What do speculative fluctuations consider true or false? It is to consider whether the opponent believes it or not. Become a pick-up man, the so-called trading techniques and technical analysis are talking about this problem.”

A young man couldn't help but ask: "What if it's a long-term asset allocation? For example, Tiansheng's Shanghai 50 and Shenzhen 100 index constituent stocks~www.wuxiamtl.com~ Lu Ming answered without hesitation: "Of course, it is more about discussing value. problem. In the domestic securities market, I never analyze stocks, because every investment target listed, including those that are not listed, has been systematically classified within the company, and now I basically don’t need to trade, so I want to train you all. , in the future, the company's specific targets will be handed over to you to do the disk, and most of the varieties will be able to do well. "

Now Lu Ming is still the manager of the Tiansheng Value Growth Hybrid Fund, but Christians don't know that the first brother they believe in may not enter the trading room once or twice a month. Basically, the decision is made in the morning meeting. I will stay in the trading room for a few hours. The specific trading work is done by Li Mingyang and his team.

As the company grows in size, Lu Ming, as the founder and soul of Tiansheng Capital, a financial empire, is unlikely to go to the front line to trade in the future like the early stages of the company's development.

That's why he has to cultivate a group of direct descendants, then step back by himself, and then push these young people forward to let them perform, and Lu Ming himself only needs to do a good job of employing and making decisions about the general direction. This is what the helmsman should do, as long as you do these two things well, you can sit back and relax!

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