When Lu Ming entered the meeting hall, he gave warm applause to all shareholders, waving to him and paying tribute. It didn't matter whether the large, medium and small shareholders present applauded from the bottom of their hearts. Anyway, the attitude was definitely in place. This
That's enough.
The row of seats facing all the shareholders were the seats of the board of directors. Lu Ming quickly took a seat in the middle seat. The meeting card placed on the table contained three eye-catching words of the chairman.
At two o'clock in the afternoon, Tiansheng Capital's 2018 Annual General Meeting of Shareholders was officially held, and all the participants fell silent. Behind the board of directors seats, there were two giant split-screen screens on the left and right sides. The picture focused on the screen at this moment was Lu.
Ming.
"Good afternoon everyone, I am Lu Ming, and the 10 people sitting next to me are board members of Tiansheng Capital." Lu Ming looked at all the shareholders at the meeting and made a simple opening, just like last year's shareholders' meeting.
The other 10 directors on the company's board of directors were also introduced.
At this time, Lu Ming received a document handed over by a staff member. It was a backup copy of the matters to be reviewed. He placed it on the table without looking at it. He continued to speak to all the attendees:
"In the annual report, we brought it up at the beginning, this year we provided the equity side, whether you sold your stocks or not, or the status quo from market to market, but the basic mix of stocks is what it is,
Tiansheng Shang50 Index and Tiansheng Shenzhen 100 Index, the general economic conditions are reflected here, we will also record all matters, and there will be fluctuations every quarter."
"But I hope that all attendees today, especially the news media here, will pay more attention to our company's operating income, rather than net profit. Please forget about capital gains or losses."
"Because there will be a lot of capital gains in the future, as well as unrealized capital gains, but they are not that important to the group company. In terms of analysis and forecasting, of course it also has its value. We have to disclose it every quarter and year.
, I hope everyone will not be misled by these numbers."
"So please don't be misled when reporting. We will do our best to let the media understand the revenue status and numbers we are doing today, rather than the future capital or revenue results."
Tiansheng Capital's financial reports are mysterious to most ordinary investors and difficult to understand, but the numbers are quite shocking. For example, in the first quarter of this year, revenue hit a record of more than 520 billion yuan, and net profit also exceeded 520 billion yuan.
More than 380 billion yuan.
This is quite a scary number.
Some investors think that if Tiansheng Capital’s revenue this year multiplied by four quarters, it will earn 2 trillion yuan, with a net profit of 1.5 trillion yuan?
However, some investors mistakenly believe that this is the case. In addition, the media specially created exaggerated headlines to attract attention. This is obviously impossible. The income statement reflected in the first quarter is actually the total amount of Tiansheng Capital’s overseas investments in the past two to three years.
return.
The shareholders' meeting continued, and Lu Ming gave a general overview at the opening stage, which lasted about twenty minutes.
Subsequently, the meeting reviewed and approved 11 proposals including the "2018 Board of Directors Work Report", "2018 Board of Supervisors Work Report" and "2018 Financial Final Accounts Work Report" through on-site voting combined with online voting. Independent Director Ms. Lu Xinyue represented
All independent directors of the company made the "2018 Independent Directors' Performance Report".
After completing all the procedures for deliberation, motions, work reports and other matters, it was already 3:30 in the afternoon.
Tiansheng Capital’s annual general meeting of shareholders was also broadcast live on the Internet. At the beginning, there were quite a lot of netizens, stockholders and even basic citizens who watched the live broadcast. There were also many melon-eating netizens who didn’t even buy funds. They also came to watch.
However, most of these people watched it for half an hour and said they couldn't stand it as soon as the novelty wore off, because a lot of content requires a certain degree of professional analysis ability to understand what is being said. For most people,
It's almost like the principal's speech when I was studying.
After the conference lasted for an hour, four-fifths of the audience in the online live broadcast room were "dead", and more than half of the remaining one-fifth pretended to understand and watch carefully.
At 16:45 in the afternoon, we entered the question and answer session, which was the focus of everyone's attention and also made all the participants energetic.
Lu Ming once again took over the speech of the conference and said: "Today's question and answer session will now begin, and then there will be a grand dinner party at 19:30 in the evening. Starting with the reporters, they received some emails from investors and summarized some
Questions, select the questions they can ask on the spot today that may be the most useful to all shareholders, and the webcast is also in progress, which is very well done.”
After a while, a reporter attending the meeting took the microphone and looked at the paper card in his hand and said: "I am honored to get the first opportunity to ask questions. I am a reporter from the Securities Times. We consulted a large number of people online.
The question that has the largest number of investors is, which area of investment will be relatively stable and generate considerable investment returns in the next few years?"
Hearing this question, Lu Ming couldn't help but smile and joked: "Are you asking Brother Yi directly for the wealth password? The majority of investors don't even say a word of nonsense."
All the attendees couldn't help but burst into laughter. At this time, the barrage in the live broadcast room also started to come alive.
After a moment, Lu Ming answered crisply: "Relatively stable income is quite impressive... Let's do gold TD or something. Gold is a good long-term product, although it has been adjusted for seven years since it peaked at the end of 2011."
It’s time. The reason why we say that the adjustment is within a larger cycle is that gold is still in a bull market. It has been bullish for nearly two decades. It is certain that it will reach a new historical high, and maybe it will reach a new high in the next two or three years.
"
When asked about the wealth code, and the answer is public, I can only give gold, and gold has indeed reached an inflection point. Now is the best window period for intervention, and there is sufficient intervention time. The window period is about half a year.
time.
You must not mention other investment types randomly, such as stocks, as the market will react violently.
The barrages in the live broadcast room started to pop up one after another.
"Got it, let's sell the RV for Stud Gold!"
"Ding~, congratulations on getting Brother Yi's wealth password!"
"Auntie's ecstasy series!"
"Brother Yi actually recommended the gold TD variety? It is said that in recent years, gold buying by aunts has become popular abroad. Various gold stores are full of scenes of aunts rushing to buy gold."
"Brothers, let's go and grab the gold from aunt...[erha]"
…
The second questioner: "Hello Mr. Lu, the question I want to ask is, if we observe a trend, how do investors build their positions? How do they increase, decrease, and close positions? And
When will you change the direction of your position? Thank you!"
Lu Ming nodded, thought for a moment and then replied: "How can I say this...Different investors are different. If you are an investor doing long-term asset allocation, your intervention point will be higher than
The adjustment in the middle is more important, which means that when you intervene, you should choose the time node with the best risk and reward."
"What should be used to measure this optimal time point? It is very simple, it is option volatility. Aren't options the price of risk? Isn't volatility the standard of risk pricing? The answer has actually been told to you, that is, the option cost is the most
The optimal time is when your transaction cost is optimal. The logic is the work you need to do before that. Take gold as an example. The current volatility is about 9. Our internal analysis team unanimously believes that now is the best window to intervene.
Expect."
"From May 2016 to now, the gold variety has followed a convergent triangle on the graph for two years, but the technical form is not the key. The volatility is already at a very low level, the risk pricing is very cost-effective, and the main line logic has been
appears, all paths are basically open.”
"At this point in time, you really should do it. Of course, Tiansheng Capital is already allocating gold assets. This general direction has been determined. We can also make a clear statement here. We have done a lot of gold. As for the specific transactions, I will not care about it.
I won’t care about the price fluctuations during the period. I’ll leave it to the young traders. I won’t care about the price adjustments in the middle. The traders can just enhance it themselves.”
"The only thing I do is to grasp the main line logic. My main line logic is very clear. The United States will continue to raise interest rates this year, but your actual interest rate is declining, and the debt risk is loss. When will you start to adjust, and when will the debt of the United States and the United States be reduced?"
I will start closing my positions as soon as my credit returns.”
Domestic aunties have been buying gold continuously. They have no logic. The logic is that they think gold is too cheap now. If they can’t buy it, they will suffer a loss or they can’t buy it. If they can’t buy it, they will be fooled. The cheaper the hard currency, the more they buy it.
, and especially love physical delivery of gold spot, such as gold bars, gold coins and the like.
This is also the only wealth code that Lu Ming can say publicly. He tells everyone that they are optimistic about gold now, and now is a good time to intervene.
