Feng Jianxiong's perspective on the essence of the Chinese stock market is naturally more profound than anyone in this era.

Because in 2008, no one on Earth had personally seen the capital game frenzy of "Hong Kong stocks are delisted and returned to the mainland to relist".

In the current world economic environment, anyone who can go abroad to go public, such as Nasdaq, or those who don’t talk about foreign countries, just go to the Xiangjiang area and the Hang Seng Index, will not consider returning to China after delisting.

After all, as long as you can go public, you feel that it is better to go public outside, which is beneficial to the company's social image and industry credit.

But ten years later, as China's economic scale successfully ranked second in the world and steadily approached the United States every year, China's economic status on the earth is no longer comparable in 2008.

Since around 2013, many large-cap stocks have been delisted overseas or Xiangjiang, and then returned to China to re-list.

For example, Wang xlin, the boss of Wanda in 2014, and Xu xyin, the boss of Hengda in 2017, were originally invisible rich people in the real estate industry - or to put it more appropriately, they were the kind of rich, but their real strength was definitely not qualified to be the richest man in a country.

But, why did they suddenly make the gimmick of the richest man overnight?

In fact, it is very simple to put it bluntly, that is, to withdraw the company that was originally listed on the Hong Kong stock market and then return to China to invest in A-shares.

Once they were delisted and returned to China, their company's total share value increased by 2:5 times. Boss Wang and Boss Xu's name property also increased by 2:5 times overnight, and they became the richest man's addiction.

Of course, because this kind of real estate stock company is not an industry advocated by the state, it is not that easy to go back to China to go public. Otherwise, everyone would know that this capital game is fun and everyone would have followed suit.

Wang's return depends on some changes and standing well.

Although Xu's return is not necessarily a treasure that puts a strong position, the protection fee is paid well after all.

A year before Hengda's return, the equity dispute between Baoneng Group's "Insurance Fund Barbarian" and Vanke was in full swing, and the social impact was very bad. At the critical moment, Evergrande took the Vanke "Wait" shares at its hands at a total price of 7 billion yuan and gave Shenzhen Metro a state-owned subsidiary.

Of course, this 7 billion was not a waste of vain. Not long after, Hengda received a signal that "the money for buying a road with a license to return to China has been in place."

The capital principles behind these examples are of different lines, but they can also illustrate an eternal truth - that is, the same company (most industries) is at least several times worse in China or abroad. Taking the real estate-type heavy asset-related industries as an example, it is generally 2.5 times.

There is no deception.

So, even when the Chinese stock market was at its peak, it was still a big bubble. Graham and Buffett's disciples who believed in the theory of value investment thought that stocks worth only 40 yuan started at least 100 yuan in the mainland. How can this value investment be done?

Isn’t this equivalent to “After putting the dog’s rope from 2 meters to 10 meters, the dog always hovers within 5 to 10 meters in front of the person and never walks slowly than the person”?

The core of the theory of "value investment" is to find those dogs that walk slowly than humans in the fog, and then put a bet on these dogs. How can I play this?

A man who wanted to order a small cup of coffee walked into Starbucks, but was told that there were only "medium cups, large cups and super large cups". What did you buy?

...

The examples of Wanda and Hengda have not happened yet, so Feng Jianxiong is certainly unable to describe them.

But what about examples? As long as you have the heart and theoretical guidance, it is everywhere in the stock market (I won’t give other small examples, because I don’t know if you read the readers, and I have to go to Baidu, and the reading experience is not good. Why not give more famous examples even though the timeline in the book has not yet happened?)

I know the result, isn’t it easy to wear tinted glasses to find evidence?

Feng Jianxiong's witty words were heard, and he talked and laughed.

Combining those examples with the dog-leash jokes of "joke hand economist", cleverly packaged, moved and processed, and then fought back with one move.

Being able to understand the truth thoroughly and explain it clearly is an amazing ability.

However, being able to use the other party’s jokes, humor and humor clearly, and ensuring that there is no original distortion in principle, is an even more amazing ability.

Those who don’t believe can open the pilgrimage to see the answers to those professional questions. Those who can take into account these two points can be said to be in a million.

It’s also a big blame for Fan Jianming. He originally wanted to pretend to be a fool and show his concern for the country and the people in front of the girl, but he kicked it on the iron plate, but he encountered a terrible existence who had "sprayed all over the country and the people" in his previous life.

"It turns out that no matter whether the Chinese stock market is bear or bull, it is as big as a bubble."

"I didn't expect that in the eyes of people who truly understand the theory of value investment, there are so many stocks in the A-share market that don't even have 10% worth of money. No matter how bad it falls, it will still be inflated in the eyes of others, and even this little money is not worth it."

Everyone in the venue whispered to discuss what Feng Jianxiong had just said, but they chose to believe most of them, especially those girls who didn't know much about investment.

Of course, some boys questioned Feng Jianxiong's views, but only for this tactful statement: "This is not right? Although there are many junk stocks in state-owned enterprises, there are also excellent performances. Are most of them not worth their current stock prices?"

After all, Feng Jianxiong spoke very funny and was a prestigious person, so he was very inspiring.

"Xiao Feng, what you mean is that stocks with larger markets on A-shares are worthless? I don't think so. PetroChina's bubble was high back then, but now it's falling so badly. Even if we look at the remaining oil resources on China's land, these hard natural assets may support PetroChina's market value? According to your theory, it can't be explained."

The person who asked was Dai Ling from the Industrial and Commercial Bureau, not Fan Jian.

The main reason is that Dai Ling has really invested for many years, and it is not as good as Fan Jian’s talk on paper. Dai Ling is still just a second generation, while Fan Jian has been a third generation official and his family is not short of money.

So Fan Jian and his father, Director Fan, really don’t need to dirty his hands and do anything dirty. They are really good officials.

Just like in "In the Name of People", bad officials are all from poor people, and the children of "red families" do not need to be corrupt officials. As early as their grandfathers, they had to revolutionize and dirty hands. They had already done the work of killing monsters and escalating their treasures.

Dai Ling’s question is still very pertinent.

With such a huge land of 9.6 million square kilometers, the oil resource options found that were not found should be worth a lot of money, right? But after PetroChina was trapped at a high level, it has fallen to this point now. Even if the company's other assets were hollowed out, the management is not worth a piece of shit, but the options buried in the ground should be worth the current stock price, right?

PetroChina is just a typical example, and other "high-quality assets" can always give a hundred examples (although there are thousands of stocks on the A-share market)

These high-quality assets should always be in line with the "investment value"?

After everyone figured it out, they also felt that Dai Ling’s words made sense. Feng Jianxiong seemed to be a little sensational just now.

Fan Jian also came back at this time and quickly spoke out:

"Yes, I think Ling Zi's statement makes sense! We need to analyze this kind of thing in quantitative terms. What is the point of singing high-profile sensationalism? We need to tell the evidence! There are still many high-quality asset stocks in China, but you beat them to death with one blow. It is said that most of them are not in line with value investment, and they also classify conscientious investors as 'speculators'. What's the intention?"

Feng Jianxiong smiled sincerely. He first humbly accepted Dai Ling's question, and then analyzed in an inquiry tone: "Brother Dai, of course what you said makes sense. Companies like Sanzhuo Oil do indeed "even if they kill the company and sell the body at the price of meat", they are very valuable.

Unfortunately, the question is, will the country ask you to slaughter three barrels of oil and sell corpses? If allowed, three barrels of oil can certainly be value-invested! But this does not exist. The reason why international investors who believe in value investment theory believe that even three barrels of oil are not worthy of value-invested is that they bet that even zombie state-owned enterprises in my country must be kept, so no matter how poor their operations are, shareholders cannot have a mechanism to "exit according to the value-investing system."

Even listed companies are so unhealthy in China, and there is no possibility of bankruptcy and liquidation. These are unhealthy - don’t think that bankruptcy and liquidation of listed companies must be bad and harmful to shareholders. On the contrary, if a company like Three Barrels of Oil and the law allows them to be dismembered in the face of poor performance for many years, the confidence of investors will be many times stronger than it is now! Because after dismemberment, you can at least get a piece of meat on the corpse!

Now you have become a zombie. You want to leave, but you don’t even cut the meat on the corpse. You can only cut your own meat, cut your own warehouse, and throw the idea of ​​“The option with a small piece of meat on that big zombie is mine” to the buyer at a low price! Do you think the price of “the idea of ​​a piece of corpse that may be cashed in the future” is comparable to the corpse that you really get?”

"This..." Dai Ling was speechless.

He never thought of such a skeleton-like perspective.

The expectations for possible zombie meat in the future seem to be less valuable than the zombie meat you get!
Chapter completed!