Chapter 146 of the text volume of Rebirth of Financial Giants [You are all downsized] Lin Qiang, Wang Yue and other participants present basically listened more and talked less, but their minds did not give up thinking.
Lu Ming is indeed not just talking, he really unites knowledge and action. The largest fund under Tiansheng Capital, Tiansheng Value Growth Mix, the top six holdings "Haitian An's Mao Wulu" is almost unbeatable, and the "天" in it has become "Tiansheng Holdings"
”.
At the beginning of the year, the position was reduced just to avoid market risks. After the risk was released, the position was fully restored.
"What is the current investment environment in our country? Let me tell you my personal opinion." Lu Ming stood on the stage and said unhurriedly: "The first is undoubtedly the property market, the investment channel for domestic people.
Not much, the stock market is too deep and I dare not go there, so I can only invest in the real estate market. The real estate market is very hot now, how long can it stay hot? I can’t say.”
"Is there a chance? There is definitely a chance. You can make money by entering the property market now, especially since the stock market suffered a heavy setback last year and it is no longer popular to speculate in stocks. Real estate speculation is very popular. Some people may ask whether Tiansheng Capital should enter the property market. The answer is no.
of."
"Why? Of course there are value depressions that are greater than the return rate of the property market. The property market has been hot for more than ten years. Now areas outside the third tier are very popular. However, in the next three to five years, the areas where investment can be made are limited to those areas.
For big cities with a net inflow of population, other places will definitely end up with thunder rolling from the sky and thunder everywhere. The reason is that our urbanization has entered the middle and late stages. Big is not necessarily beautiful, and small is necessary to exist."
When talking about this, Lu Ming emphasized: "What I said should not be understood as predicting the collapse of the domestic property market in three to five years. It is impossible to collapse. Our control here is not just a matter of talk, it is just a matter of determination."
“So when the investment opportunities in the property market end in the next three to five years, where can the funds go? Enter the capital market, but these rich people don’t know much about investing, so they will definitely buy funds, so I predict the next three to five years.
The prosperity of the domestic fund industry will reach an unprecedented level, surpassing any period in history, just like the United States in the 1980s."
"As soon as the trend of the property market turns in the future, funds will have nowhere to go but to the capital market. Financial management will be impossible, and inflation will not be fought. With an inflation rate of more than ten points a year, your assets will shrink by more than half within a few years.
, then only by going to the capital market can we fight inflation."
Although there were about a hundred or two hundred people in the conference hall, it was basically quiet, with only Lu Ming's voice filling the room.
"...Then it will lead to a consequence. In the future, the core assets of the domestic capital market will have a premium with currency inflation, and everyone will rush to hold the core assets to further push up the asset price appreciation. To give a simple example... Mao
Hey, what do you think Moutai’s share price will be in five years?”
After Lu Ming finished speaking, he stopped speaking and looked at everyone for answers. After a while, a voice came.
"750!"
"900!"
"1000?"
"It can't be more than 1,000, right?"
Everyone saw Lu Ming shaking his head and laughing when he heard a target price: "You are all too small."
As soon as these words came out, everyone was very surprised. Isn't this a big deal?
Lin Qiang suddenly said: "Mr. Lu, how many did you see?"
Lu Ming: "More than 2,500 yuan per share!"
What?
This remark caused an uproar in the whole audience.
Someone immediately said: "More than 2,500 yuan? Wouldn't that have to increase more than ten times? Maoti's current market value of more than 300 billion is quite exaggerated. Mr. Lu, your target price reaches the end of the sky. Maoti is an excellent company."
But five years later, you told me that its market value could reach 3 trillion... That’s outrageous!”
Participants present basically all agreed that Lu Ming's target price was too exaggerated.
If it weren't for his strong record, no one would want to pay attention to him when they heard his target price.
After a while, Lu Ming said calmly and confidently with a faint smile: "Why do I dare to see more than 2,500 yuan? The logic is actually very simple. It can fight inflation. If 1 yuan in currency becomes 50 cents in purchasing power,
The current stock price of Maoti is over 240 yuan, which is about 500 yuan premium. Why? Because it can maintain its value. A bottle of Maoti can be buried in the ground, and the price will increase in thirty years. The older it gets, the more valuable it is. Take out one now
Bottles that are decades old are already expensive when sold at auction, and they will only become more expensive in the future.”
As soon as these words came out, the participants present found that they could not find any refutation for a while. Lu Ming's logical point of view is very simple, but very hard. Mao Ti can indeed fight inflation. The longer money is kept, the less valuable it is.
But the value of a bottle of Maoti is that the longer it is kept, the more valuable it becomes.
Everyone present recognized this point. Wine is a very special industry. Other companies are most afraid of overstocking, but wine is not afraid of overstocking, because the longer it is kept, the more valuable it is, which gives famous wines unique attributes.
But everyone present still felt that Lu Ming was exaggerating. This is not their fault. After all, they did not know how crazy the United States would be in printing money a few years later.
Lu Ming continued: "Another core logic is economic transformation and upgrading. I will be bearish if there is no transformation and upgrading. This is the core logic that I am bullish on. The domestic economic model will undergo tremendous changes, and I can see its determination.
.Domestic GDP is guaranteed to grow by more than 6% every year. This is the goal set by the higher authorities. Our current GDP is more than 70 trillion, and the market value will increase by 4 to 5 trillion a year.”
"What did these trillions of dollars depend on in the past? It relied on the property market. Real estate drove hundreds of industries to take off. The property market is still needed now, but in the future the property market will cool down. New economic growth points can only rely on industrial transformation and upgrading.
Technological innovation and industrial upgrading drive the transformation of the economy from high-speed growth to high-quality growth. Then profits will definitely be concentrated in leading companies in the industry, and the companies will definitely be reflected in the stock market. Therefore, the equity of leading companies with high-quality core assets is scarce.
"
Lu Ming spoke for forty to fifty minutes, which can be summed up in one sentence: Bet on the prosperity of this country in the future!
When the funds are tens of millions, look at the market sentiment; when the funds are hundreds of millions, look at the company's own operations; when the funds are billions, look at the current status and future of the industry; and when the funds are tens of billions or even thousands
When you make 100 million, you look at the fortune of the country.
The fate of the country is uncertain, and no matter what choice you make, it will all be a failure. When there is a fundamental error at the core strategic level, no matter how brilliant the tactics are, they will ultimately be unable to cover up the result of failure.
With an asset scale of hundreds of billions under management, what’s the point of earning several times the profit from a few billions of investments? A loss of 1% of assets worth hundreds of billions is a loss of billions.
What's more, the future growth goal of Tiansheng Capital created by Lu Ming is to achieve a trillion-level asset management scale, which is to compete with the BlackRock Group, known as the "King of Wall Street". Such a size is only one percentage point
Fluctuations are absolute fluctuations of tens of billions or even tens of billions.
"Mr. Lu, which industries are you planning to invest in with so much money?" someone asked at the meeting.
"Big consumer categories and big technology categories." Lu Mingyan replied concisely and added: "These two categories are the core that I will never change and are the eternal main lines of investment. The former is a necessity now, and the latter is a future necessity.
Necessities.”
Lu Ming also randomly counted some votes, such as the six major asset targets of "Six Meridians Divine Sword" and "Haitian An's Mao Wulu" which must be selected. In addition, they also include Hengrui Pharmaceuticals, Pien Tze Huang, Aier Ophthalmology, Magnesium Group, etc.
wait.
I don’t worry about announcing the many asset targets that I am optimistic about in front of everyone, and then buying and holding them myself to prevent Tiansheng Capital from earning the middleman’s price difference, and saving a large amount of management fees and dividend performance commissions.
If they really accept Lu Ming's logic and want to invest in these core assets, then they will definitely give the money to Tiansheng Capital. For no other reason, one is enough, that is, Lu Ming will choose the time, which allows him to
To make a perfect T, not only daily-level ultra-short Ts, but also monthly-level, quarterly-level and even annual-level Ts can be made.
The profits brought to LPs by being able to do a big T once or twice can not only offset the management fees paid, but also make a lot of money, and leave it to professionals to manage the money, saving yourself worry and effort.
No matter how optimistic you are about the long-term trend, the market will always have its ups and downs, with big rises and fallbacks, but the specific times of big rises and plummets are a matter of fact.
Judging from Lu Ming's past performance, his risk control ability is perfect.
Last year, the risk of the historical top of 5178 was avoided, and then the periodic bottom of 3373 was successfully copied. Then the risk of the periodic top of 4184 was avoided, and then the periodic bottom of 2850 was successfully copied by him.
At the top of 3684 in December last year, Lu Ming ran away again.
Then there was the big circuit breaker in January of the new year that directly drove the index to 2638 points, and it was wiped out by 1000 points in just one month. Lu Ming succeeded in buying the bottom at 2638 points.
Maotidu has increased from 195 yuan at the beginning of the year to more than 240 yuan now.
His "Six Meridians Divine Sword" and "Haitian" are currently going sideways. Haitian Weiye Judging from the announced bulk trading positions, the holding cost of Tiansheng Value Growth Mix is around 26 yuan, and the current stock price is 29
It’s about RMB 1,000, and it hasn’t risen much, but it hasn’t fallen much either!
As for Tiansheng Holdings, it is actually an exaggeration. The base price of the resumption of trading was 3,000 yuan for a call auction. On the first day of resumption, the price was as high as 7,690 yuan. Even though it is currently trading sideways, it has more than doubled since the resumption of trading. The current stock price does not exceed 6,000 yuan.
, is more than double, which also means that the current floating profit of the institutions that have received the fixed increase share is more than 1 times the profit.
Lu Ming is controlling risks and profit retracement, and everyone has nothing to say except shouting 666.
The institutional investors present did not have a choice between investing their own money or letting Lu Ming manage the money. They only had a choice whether to invest or not. If they decided to invest, they would definitely hand over the money to Tiansheng for management.
Or just don't get involved.
"OK, I've basically finished what I need to talk about. I want to raise 230 billion in liquidity. No matter how much I can raise, I will reply today. The number I got today is the final scale of this fundraising, and this private placement operation
After the end of the period, Tiansheng Capital will not accept new requests for funds for a long period of time and will directly lock positions after today."
Lu Ming's voice echoed through the conference hall again. He was the only one who could say such words with such confidence in front of this group of large institutional investors. The implication was that if he didn't get in the car today, he would have no chance.
There are not many people who have the confidence to say such things, but Lu Ming is definitely one of them.
