Chapter 106 [Only two words in December: run away! (20,000
On the same day, a piece of blockbuster news attracted the attention of the global capital market, that is, the Federal Reserve announced that it would raise the federal funds rate by 25 basis points to a level of 0.25% to 0.5%. The expected rate increase was realized today.
This is also the first time the Federal Reserve has raised interest rates in the past decade. The last time it raised interest rates was in June 2006.
Lu Ming was certain that the U.S. dollar would raise interest rates in the first half of this year. Even at the end of May, he had accurately predicted this operation of the United States. After all, the advantage of foresight was that big things like this would not happen just because of him.
A butterfly will change easily if it is stirred.
The news that the Federal Reserve announced to raise interest rates today also allowed Tiansheng Capital to successfully pass the loan of US$40 billion in leveraged funds from the central bank without any worries and was extremely decisive.
The Administration of Foreign Exchange not only gave the green light to pass all the way, but also helped to cover it up, because this was a surprise attack on the wild, scooping up overseas short-selling funds at the critical moment. Tiansheng Capital quickly went offshore with the US$40 billion obtained from foreign exchange reserves.
A total of US$50 billion in huge liquidity is already dormant offshore, and everything is ready, just waiting for the opportunity to move.
…
The time has come on Monday.
Today Lu Ming came to work at the company half an hour earlier than usual because he had to participate in the morning meeting of major fund management teams. Li Mingyang and Qi Wei were also present at the meeting.
At the end of the year, work was extremely busy, and I was also busy with an upcoming currency war.
"I specially called everyone together for this morning meeting this morning. It's very simple. Just one thing. I suggest that all fund types you manage will start to reduce their minimum position standards today." At the meeting, Lu Ming, who was sitting in the chief position, opened the meeting.
So he said.
From a procedural point of view, Lu Ming has no right to interfere with funds managed by other fund managers. Even though the power of fund managers has been restricted many years ago, it is still very large. Fund companies also have no right to interfere with funds managed by fund managers. Otherwise,
Except that fund managers can blame the problem.
Only when the performance comes out, the company can find a reason to get rid of the fund manager, but in most cases the fund manager really manages a fund poorly and will take the initiative to resign.
Obviously, Lu Ming is different. Everyone obeys him and his suggestions will not fall on deaf ears.
Everyone present at the meeting was surprised when they heard what he said. Speaking of which, although Lu Ming was known as the manager of Tiansheng Value Growth Hybrid Fund, he had not entered the trading room in the past few months.
For value investing, just sit back and relax.
Moreover, he is not the only one named as the fund manager, Li Mingyang is also named, and most of the time it is Lao Li who leads the team to manage the daily operations of the fund.
Li Mingyang couldn't help but said: "Mr. Lu, are you not optimistic about the market outlook?"
At this time, Lu Ming chose to ask all the company's funds to reduce their positions. Obviously, he was not optimistic about the market outlook and reminded everyone to avoid risks. Since the market hit a new low of 2850 at the end of August, it had reached 3578 points by the close of last Friday.
The cumulative increase was 728 points, an increase of +%.
It is worth mentioning that Lu Ming asked all the funds under the company to start reducing their positions today, including many passive index funds. These funds are not big, and the total of more than a dozen funds is less than 30 to 50 billion.
However, there are some differences between passive index funds and active funds. The position changes of passive index funds are not determined by the fund manager, but are determined by the index.
An index is a basket of stocks compiled in accordance with rules, and is adjusted regularly every year. Some indexes adjust their positions twice a year, and some indexes adjust their positions once a year. This is stipulated when the index is compiled.
The passive index funds under Tiansheng Fund Company use June or December as the index rebalancing month every year, and the passive index funds can only rebalance and lower their positions to 80% at most, which means that no matter how they rebalance their positions,
, the total proportion of fund positions must not be less than 80%. Even if you know that the market is going to plummet, you still have to take 80% of the position to carry it with you.
If these funds can all take short positions, the entire market will collapse completely and it will be impossible to pull it back.
Lu Ming leaned back on his seat and nodded and said: "I am not optimistic about the market environment in the coming spring. Whether it is the domestic capital market or the international capital market, there are many problems. GDP is declining, the RMB continues to depreciate against the U.S. dollar, the mainland's economic downturn and the pain of transformation.
The global economy is sluggish and there are signs of reverse globalization, the world climate is in recession, and international crude oil continues to fall and continues to find the bottom... in short, it is not optimistic!"
These are all factors, but the core factor is the fact that overseas international hot money jointly launched a financial war. Lu Ming did not mention it. It was of great importance and he did not mention it to anyone, including An Yirou.
Several fund managers present at the meeting were silent in thought. What Lu Ming hadn't said yet was that Big A experienced a "circuit breaker" mechanism after the new year. As a result, a flash crash triggered the circuit breaker on the first trading day of the new year.
Mechanism, the inability to trade only aggravated market panic. In the next short month, the big A was directly driven from more than 3,600 points to more than 2,600 points, a plunge of more than -27%.
On the surface, the management saw that the circuit breaker mechanism could not be used in the mainland and quickly called it a day.
It seems that it was because the circuit breaker mechanism was out of control that the big A was hit to more than 2,600 points. The deeper reason is that everyone is not optimistic about the prospects of the domestic economy.
None of these are wrong, but they are not the core focus. Ordinary people know that this operation is stupid, but the market system builders don’t know? If they still do this, there must be other logic behind it that is not known to outsiders.
Lu Ming can't tell his subordinates now that Big A was fucked to less than 3,000 points. He won't talk about it until it is declassified three years later.
Qi Wei, who was present at the meeting, said: "Is Mr. Lu not so optimistic about the prospects of domestic economic transformation?"
Everyone couldn't help but look at Bo SS. Lu Ming shook his head and said: "Wrong, I am quite optimistic. At the current stage of our country's economic development, we must end the extensive growth in the past and transform into high-quality growth, and I am very optimistic!"
Li Mingyang: "Then..."
Lu Ming smiled, looked around the crowd and spread his hands and said, "Just because I am bullish doesn't mean that others are bullish too. If there are more people in the market, there will be more kills, so I'll avoid the limelight first, and then I can go in and pick up the chips on the floor after they finish killing them. Isn't it good?"
?”
Seeing Lu Ming's confidence, Qi Wei's heart moved and he quickly said: "Mr. Lu, can we hold a short order and choose to short the stock index futures?"
Lu Ming rejected the proposal without hesitation and said: "No! Remember, remember everything. Even if we know that we can make a lot of money, but if we don't make it, we must control it and withstand the temptation, such as
"Short the domestic capital market, Tiansheng Capital will never short the domestic stock market, other institutions have nothing to do with us, we have already run away, forget it if we don't support the market, don't add trouble to the management."
After hearing this, everyone couldn't help but nodded in agreement. After thinking about it for a while, they realized that Bo SS's structure and considerations were still higher than everyone present.
…
After the morning meeting, as today's opening time came, several fund managers in the company also chose to believe Lu Ming and cut down the positions of the funds they managed to avoid market risks. This month happened to be the position rebalancing month. Although passive index funds
It only reduced the position by 15%, but it was better than having a full position and being randomly traded.
Although index funds must have at least 80% of their positions to follow the market, we must not underestimate this 15% position reduction operation. This means that once the market outlook plummets, other similar index funds will not avoid risks in time.
The whole warehouse was fucked randomly.
Then when the performance ranking comes, the passive index funds under Tiansheng Fund Company will be able to lead the similar funds in the performance ranking at the end of the year due to the timely adjustment of 15% of the positions. If this is the case for one year, it will be clearly ahead of the similar funds in N years.
, the longer the time span, the more obvious it is.
For some investors who are doing index funds, if you compare the same index funds, the ones owned by Tiansheng Fund Company have risen more and are relatively resistant to falling, which will definitely attract index investors better.
The market today is quite good. The market opened lower and moved higher. After the closing price, the price rose by +1.77%. There were 72 stocks with daily limit in the two cities.
At around 9:30 p.m., the net values of major funds were updated today. Tiansheng Value Growth Mix’s increase was +3.93%, ranking 15th on today’s fund increase list. The OTC fund with the largest increase was Zhaoshang Zhong
The net value of the Liquor Index increased by nearly 6 percentage points.
Today is the drinking market, the liquor concept sector has risen sharply by 5.16%, and the three musketeers of liquor "Mao Wulu" have surged today. This is also the three major heavyweight stocks of Tiansheng Value Growth Mix, all of which have a full position of 10%.
The reason it failed to outperform the Zhaoshang CSI Liquor Index was that it was dragged down by new energy. Four of the top ten holdings were in the new energy sector. After the end of the year, new energy began to trade sideways and gradually weakened.
But this does not negate the contribution of the new energy sector to Tiansheng's value growth mixed fourth quarter performance. From the date of establishment of the position to today, BYD has risen by +%, and Yiwei Lithium has risen by +111%.
, Huayou Cobalt rose by +142.5%, and Ganfeng Lithium rose by 246.2%.
Today, the four major new energy sector stocks all closed in the green and fell, and the decline was quite large. This is also related to the Tiansheng Value Growth Hybrid Fund's gradual reduction of positions and sales today. The market value of these stocks is not high, and they will definitely not move in one day.
Finish, otherwise the limit will be hit in minutes and the sentiment of the entire sector will collapse.
Tiansheng Value Growth Mixing has only reduced its position by about 16% today, and its stock holdings are still at 79%. In the next few days, it will gradually reduce its positions to the minimum position standard of 30%.
In the last few trading days at the end of the year, positions are mainly adjusted and shipped.
…
(Ps: Brother Yi adjusts the position, I may be liquidated, this time it is probably overturned... Wow! In this chapter, the 20,000 recommended votes have been cashed in, and the monthly tickets have been..., I am already very fast, really fast
, I also wanted to dump all the saved manuscripts at once, but the saved manuscripts were all first drafts with many typos. They had to be reviewed and revised before they could be released. I didn’t expect this to happen. I thought Chapter 15 was overwhelming, but it turned out
After being fucked, I thought I was in the atmosphere, but I didn’t expect to be in the underground layer... The donkeys of the production team were foaming at the mouth...)
