"The U.S. stock market is the largest capital market in the world. We like such a large and open market. We may make some major deployments in the next few years." Lu Ming at the shareholders' meeting answered an institutional analyst's question about Tiansheng Capital's U.S. stock investment.
The answer to the question was quite formulaic.
During the question-and-answer session of the shareholders' meeting, directors from several major companies, including Lu Ming and Ge Feng, took turns answering questions from all shareholders, including some media.
Most shareholders are still more concerned about issues in the domestic capital market. Tiansheng Capital's current focus is also on the domestic capital market. It did not reveal too many details about overseas investments at the shareholders' meeting, so it did not want to waste the opportunity to ask questions.
Judging from the public information, the outside world only knows that Tiansheng Capital has relatively large investments overseas, but the specific investment direction is not known, and even the specific number of overseas assets is not known.
Tiansheng Capital's financial statements only publish a total number, that is, Tiansheng Capital's own assets exceed 500 billion, and the assets managed for LPs have reached more than 1.3 trillion, and the total adds up to 2 trillion yuan.
Went.
…
The last questioner was surprisingly Lao Yang of Price Investment: "Mr. Lu, Mr. Ge, good afternoon, everyone. Thank you for inviting me to attend this conference. I am a loyal small shareholder of Tiansheng and I firmly believe that Tiansheng can be successful in the future."
Get out of the long bull trend. Mr. Lu, your wise speech gave us more examples and let us understand your valuable investment philosophy. My question is, do small and medium-sized enterprises really have no future? The market has given up on small and medium-cap stocks.
Is it possible for Tiansheng to invest in small and medium-cap stocks in the future?"
When this question was raised, many investors watching the live broadcast with small and mid-cap stocks in their hands immediately became interested, because most of them had heard the "small but beautiful, high growth" stories of institutions the year before and screamed.
After entering, there are now accidents everywhere, trapped in small and medium-sized companies, and many companies have been cut in half.
Lao Yang's price investing style is to just stick to the faucet, but he asked such a question, which is also a kind of reverse thinking.
Ge Feng and other company directors silently said in their hearts: It has been planned for a long time. Tiansheng Mid-Small Cap 300 is frantically stealing chickens and buying the bottom, but how can it be said in this situation? The position is not enough.
.
This question was left to Lu Ming to answer. After taking a few sips of mineral water to moisten his throat, he moved the conference microphone in front of him and said in an orderly manner:
"A healthy market will inevitably require the existence of small and medium-sized companies. I don't think it is nor possible to say that small and medium-sized companies have been abandoned. It's just that the market thinks that the valuations of small and medium-sized companies are on the high side, and now they are in a trend of undervaluing. But we think that after the stock market crash,
After a year and a half of digestion, the market’s pessimism has basically calmed down, and market sentiment has begun to stabilize. If investors can choose good companies and low-valuation value stocks from the bear market, there is still room for imagination in the future.”
"We are fully optimizing our investment portfolio model. Are there any small and medium-cap stocks that can stand out and grow into leaders with a market capitalization of 100 billion? Yes, there is no doubt that most of the current big bull stocks have also been
They are all small and mid-cap stocks, and we will also hunt for treasures in small and mid-cap stocks, hoping to find big bull stocks that will be ten or twenty times in the future. Of course, I can’t be more specific.”
"But one fact is undeniable, that is, all the capital in the world has been accumulated in truly high-quality companies, leading companies, and core assets, including Buffett, Peter Lynch and other investors. And everyone is no exception.
The final fate of 95% of the companies in the market is to be eliminated. The logic is not difficult to understand. It is impossible for all companies to become leading enterprises."
"Out of a hundred companies, only three or five can truly stand out and become evergreen in the market, or even only one can make it. If the company you choose is not a high-quality company with core assets, there is a high probability that it will be eliminated in the end. The market
It is so cruel, including the U.S. stock market. Only a few companies in their early 100s can maintain an upward trend for decades, and the major capital markets around the world are basically the same."
"The philosophy of Tiansheng Capital is to find real treasures that have not yet shined in a market where more than 95% of them are garbage, find high-quality leading companies that can break out of the bullish trend for thirty years, then hold it and stick to it.
.”
Lu Ming's answer made Lao Yang very excited, "Thank you!"
Unexpectedly, the big boss was also optimistic about high-quality leaders and core assets. I thought of going together with the big boss. Naturally, I was very excited and became more determined that my trading system was correct.
That is to insist on doing a good job as a company, as a leader, as a real core asset, and even if you die, you will die on the leader.
Lu Ming must boast that big is beautiful, no matter from which point of view, he must boast like this. His Tiansheng Shang 50 and Tiansheng Shen 100 are blue-chip big-ass stocks. Now they have begun to trend, and the trend has begun.
It won't be pinched off so easily.
Foreign investors have set the pace and are still doing their best to set the pace. They are willing to carry Lu Ming's sedan chair. It is impossible for Lu Ming to distribute chips at this position. That is not called shipping, but selling cheap and high-quality chips in vain.
To foreign capital and other institutions.
Today is Friday. While Tiansheng Capital is holding its annual shareholders' meeting, Big A is still in the trading stage.
As Lu Ming vigorously advocated "big for beauty, core assets" at the meeting, it also led to the rise of some blue chip stocks, and as he expressed his views on small and medium-cap stocks at the shareholders' meeting.
The big A, small and medium-sized stocks were originally falling slightly, but after he said this in the afternoon, they immediately accelerated their decline.
Lu Ming said at the shareholders' meeting that more than 90% of companies will face the fate of being eliminated in the future. This argument can frighten investors in small and medium-sized caps. They already lack confidence in the targets they hold. Lu Ming, this
Once the argument comes out, it is like adding another punch.
Cut!
Once again, it has been proven that a large number of investors in the domestic capital market, especially small and medium-sized investors, are irrational. At the slightest sign of trouble, they are like a frightened bird and all the trees and grass are in panic.
Originally, there were only 10 stocks that had hit their limit in the market, but the sharp decline in the late afternoon directly pushed the limit for 5 more stocks. The 15 stocks that had their limit lowered were all small and medium-cap stocks.
The comment areas under each major index on the small and medium-sized boards are like this.
"Brothers, run quickly, the main force is smashing the market!"
"It's gone. Let's go for a hammer."
"When I have time, I cancel my account. It's basically no longer interesting."
"Run quickly, it's about to drop."
"what happened?"
“I didn’t know I was in the midst of a stock market crash.”
"It feels like the whole world is rising sharply, but the few I bought are falling..."
…
At today's close, more than 2,300 stocks fell in the two cities. The market can be described as green, and the top losers were basically small and medium-cap stocks.
Although Lu Ming's remarks at the shareholders' meeting today have a stimulating effect, the decline of small and medium-sized enterprises is no longer a matter of a day or two. The CSI 1000 Index and the National Securities 2000 Index, which represent small and medium-cap stocks, have begun to decline since the end of last year.
The trend of downtrend is on.
Even if there is a rebound, it will be a weak counterattack, and the downward trend has not been reversed. After the withdrawal, it will continue to find the bottom.
Lu Ming said today that these did not deceive the domestic small business. If they are willing to give up speculating in junk stocks, give up getting rich quickly, give up doing hot money trading, and honestly hold on to their core assets, they will not be able to lose money.
You know, the current price of core assets like Wuliangye is less than 45 yuan per share. Even if you don’t know how to do T and choose the right time, buy it now. Even if there is a big bear market next year, the price of core assets will be
If it is cut in half, nothing will be moved during the period, and the core assets in hand will not fall below the cost price and damage the principal.
If you know how to avoid risks and lock in profits, you will only earn more. If you can endure loneliness, you will eventually be able to maintain prosperity.
However, the decline of small and medium-cap stocks accelerated this afternoon, which is a good thing for the Tiansheng Small and Medium Cap 300 Index, which is building positions, because these positions are being affected by the falling market sentiment and are also falling. Tiansheng Capital is happily picking up bargains.
chips.
…
(Ps: Suddenly updated late at night, are there any benefits for the night watchman?)
