The so-called value investment is the biggest lie in the capital market. Buying the stocks of Big A and the four major banks is also a value investment, and the profitability of the four major banks is quite stable. But how many points has the stock price increased in the past few years? It cannot beat the inflation rate.
, but can we say that they are worthless? What is their use?
Some people say that "Haitian An's Mao Wulu" is a value investment. In fact, this is not a value investment at all. It is a growth investment. The long-term rise in stock prices corresponds to the continued growth of the profitability and performance of these companies.
The market capitalization is huge, but they are still getting bigger as they continue to grow.
But what about listed companies like the four major banks? They have stopped growing at a high speed long ago, and their real growth businesses, such as Internet finance and mobile payment, have been robbed of the market by Zhifubao and others. It is not difficult to maintain sideways fluctuations.
A drop would be great.
The only way to measure whether a company is a high-quality growth company is whether it can make money and whether it can continuously create greater profit growth points.
All indicators, K-line graphics, technical analysis, and value investing are all nonsense. If the company cannot make money, the stock price will eventually fall in the same way as it goes up.
And as long as this company can make money and can continue to make more money, the rise in asset prices will definitely be reflected in the rise in stock prices. Even if it is temporarily suppressed by the market and is wrongly killed, the fundamentals of the company
The situation above will eventually be reflected in the stock market.
At this moment, the meeting was still going on. Lu Ming looked at Qi Wei and said: "Old Qi, you have to work harder this time and travel around the world for a while. You will personally lead a delegation to investigate these foreign companies. These companies are all promising to me, but
Still need further understanding.”
After speaking, Lu Ming handed Qi Wei a document he brought to the conference room. They were a large list of companies, involving various industries, mainly companies that had been listed in the North American market.
There may be truth or lies in this, and the research is actually a cover for Lu Ming, because he has the foresight to know which ones are treasures, and which ones look like treasures but are actually garbage.
But you can't just do nothing and copy it like a retail investor without knowing anything about a company.
Not only will LPs tremble in fear after seeing this, but you dare to buy in large quantities without even visiting some companies, and you are sure to win big every time you bet. This is a bit too magical.
If you go through the process and then invest, everything will be logical. Even if people outside are amazed, in the end they can only worship it as the god of investment.
After taking the document, Qi Wei opened it and looked at it. The name of the first investment target selected was the company "Chaowei Semiconductor", which is AMD, one of the semiconductor processor R&D providers.
It is worth mentioning that domestic investors have relatively strict restrictions on investing in foreign countries, especially on purchasing stocks of overseas high-tech companies. They can only buy ordinary stocks, that is, stocks without voting rights.
This is because European and American people want to prevent Chinese capital from cross-border acquisition of high-tech companies, so they can only make relatively pure financial investments. In the eyes of Wall Street, you can come and be harvested.
In fact, this is indeed the case. Many domestic institutional investors basically lose money when investing cross-border.
However, it is basically impossible to acquire some overseas high-tech companies through capital operation. The Securities and Exchange Commission of the United States will definitely come out to stop it and use various means to cut it off.
However, when Lu Ming invests in the U.S. stock market, he has no intention of acquiring and controlling any company, especially high-tech companies, because no matter how much he thinks about it, it is impossible to achieve, at least not in the next five to ten years, and it can be acquired by you.
Those who have control are basically huge traps, looking for you to take over. Many capital institutions in the country have been scammed in this way too many times.
When investing in U.S. stocks, Lu Ming's goal is very pure, which is to make money.
Once you have made money, you will spend money on research and development of technology in China. It is naive to think that major technological breakthroughs can only be made by using tricks. You can only spend money and spend a lot of money to break through the technological blockade.
In the U.S. stock market, as long as you can make money.
Qi Wei looked at the documents for a moment, then looked away and looked at Lu Ming: "Chairman, if we increase our holdings in AMD on a large scale, we will trigger the sign raising mechanism!"
The U.S. stock market also has the problem of raising cards, and many of the rules of Big A's establishment are greatly based on the North American capital market.
According to Article 13(D) of the Securities and Exchange Law of the United States, shareholders bear different levels of disclosure obligations based on the share of stocks they hold.
When shareholders hold 5% or more of the stock, they need to submit Form 13D to the Securities and Exchange Commission of the United States, and if there is a significant change in shareholding thereafter, Form 13D needs to be modified, that is, a sign is raised.
When a shareholder holds more than 10% of the stock, he or she becomes an "insider." In addition to Form 13D, he or she must also submit Forms 3, 4, and 5 for real-time reporting.
When shareholders hold more than 10% of the shares, there are restrictions on reselling the shares and short-term trading is not allowed.
According to Article 16 of the Securities and Exchange Act of 1934 of the United States, directors, executives and shareholders who beneficially hold more than 10% of the shares of the target company are insiders of the target company and are prohibited from short-term trading.
That is, stocks can be sold only half a year after buying them, and stocks can be bought again six months after selling.
In fact, these rules can be bypassed, but only by the giants on Wall Street, because they are the makers of the rules and can play rogue and do tricks. The world is so unfair.
Lu Ming must strictly follow the other party's rules and cannot be clever, because once the other party finds out, they will have an excuse to confiscate your assets. There is no reason.
In other people's territory, they are local snakes.
Even if you cheat without a reason, your assets will not be confiscated in the end. It's just a little disgusting. If you have a reason, then your work is really in vain.
Therefore, when Lu Ming goes to grab money from someone else's territory, he has to invest honestly and responsibly, lay out the U.S. stock market with a concept of "great wisdom and foolishness", and clearly invest money within the other party's rules and framework.
You have earned it, and you must not give the other party any excuses.
Currently, Tiansheng QDIE Fund holds 39 million shares of AMD, which of course are ordinary shares.
These positions were established in early 2016 last year. At that time, AMD's stock was really at a bargain price, staying in the range of US$3 for many years. In the past two years, it was US$2, and it once dropped to US$1.6.
Cabbage price.
Lu Ming built a position at the bottom last year and bought 39 million shares. At that time, he was close to the standard for listing, and the average cost price was only US$2.218 per share, which means he bought nearly 5% of AMD for only US$86.5 million.
of shares.
At that time, the total market value of AMD was less than 2 billion U.S. dollars, and Lu Ming knew that AMD's stock price reached its highest point three years later, reaching 99 U.S. dollars, with a market value of 120 billion U.S. dollars. The market value of the shares he currently holds will be in the next three years.
It will bring a return of US$3.8 billion, a return on investment of more than 43 times.
At this moment, Lu Ming listened to Qi Wei's words and said with certainty: "Yes, keep increasing your holdings until the Securities and Exchange Commission of the United States intervenes to stop it."
Qi Wei and others secretly smacked their lips when they heard BOSS's words. They were very surprised. One participant couldn't help but said: "Mr. Lu is so optimistic about AMD?"
Hearing this, Lu Ming smiled and said: "AMD? YES! Since Su Zifeng, who was born in Baodao and has a background in semiconductor technology, took charge of AMD in 2012, under her leadership, AMD was saved from bankruptcy. Without her,
I would not buy a share of AMD. I think she should have known how difficult the situation of this company was before she joined AMD, but she saw the uniqueness of AMD. Her joining did light up AMD's ability to catch up.
Intel’s ray of hope is the Ryzen series of processors launched this year.”
In the past year and a half, AMD, under the leadership of Su Zifeng, has not only emerged from the predicament, but is now making rapid progress with the Ryzen series of processors, which has also been reflected in the capital market.
This year AMD's share price reached a maximum price of 15.55 yuan, and its total market value rose from less than 2 billion US dollars to a maximum of 14.7 billion US dollars.
However, it is worth mentioning that in the past year or so, AMD has issued new shares and raised several funds for development. The total share capital has increased from 792 million shares to 945 million shares today. Tiansheng Capital holds
The proportion of 39 million shares originally close to the number of shares raised has now dropped to 4.127%.
But it doesn't matter. Lu Ming has no intention of controlling this company and he can't do it. It doesn't matter if the shareholding ratio is diluted. The number of shares held will not decrease, as long as the stock price is rising.
And Su Zifeng is obviously an excellent leader. AMD's stock price is now trading sideways at a high level and has fallen back to a price of 14.17 US dollars. The cost of the 39 million shares invested by Lu Ming is only 2.218 US dollars per share. The current amount
The floating profit on investment has reached 538.86%.
It has more than quintupled.
This is just the beginning, and it is expected to increase to more than 40 times in the next three years.
