Lu Ming turned another page of the PPT. There were still two stock price charts of Tiansheng Holdings on the left and right, but with a new logo annotation. The trend channel chart on the left marked "mature stage market", and the sharp rise and fall on the right marked "development stage market."
Lu Ming looked at the projection screen and said: "You can see from the picture on the left that the slope of the value part of long-term growth is relatively high. Mature markets give shareholders enough respect, dividends, dividends, and profits; and then the picture on the right, your stock price speculation
There will be natural fluctuations, but as long as your slope does not change, it will ultimately be a long-term growth process, so Tiansheng Holdings will eventually hit a new high."
"During the middle and late stages of the 15-year stock market crash, when someone told you that in the domestic securities market, 6,000 points for the Shanghai Stock Exchange Index was no longer a dream, but 10,000 points had just started, and our long-term bull market had begun... What was the result? Why? Why did we
Can’t it be like the U.S. stock market?”
"For those who believed that the market was going to hit 6,000 or 10,000 points in 2015, you know that they had no idea why the U.S. stock market could have a long-term bull market. We know that the U.S. stock market has only had two long-term bull markets twice in a hundred years.
During the stagnation phase of the year, even then it was sideways, and the rest of the time it was basically bullish, such as the current bull market phase of the U.S. stock market.”
"This round of bull market does not start after the financial tsunami in 2008. In a real sense, the start of this long-term growth was in 1993. The United States carried out structural reforms in the 1980s. We are now following
At that time, Lao America was very similar. After Lao America completed its reforms, the foundation for long-term growth was established. Although there were two speculative fluctuations in the middle, the reasons were different. One was the Internet bubble crisis at the turn of the century, and the other was in 2008.
Subprime mortgage crisis.”
"But the U.S. stock market has basically not deviated from long-term growth. People's investment returns are very high, so when it comes to equity assets in the U.S. stock market, especially those like Tiansheng QDIE that deal with large-scale assets... Frankly speaking, I am actually very lazy."
Lu Ming smiled, stopped, drank a glass of water to moisten his throat, and then continued: "... Passive investment in the North American securities market is actually a very excellent rate of return. You may not know that I basically don't watch U.S. stocks now.
I almost no longer trade the market myself. When the long-term slope of the North American securities market is very high, if I close my eyes and allocate a bunch of ETFs and then throw them there, the return on investment will be very good in ten or twenty years.
No need to pick companies, pick stocks.”
"Of course, one thing to note is that this is a normal strategy and others can do this. We, Tiansheng Capital, cannot do this. We are regarded as a thorn in the flesh by the old Americans and are blocked. We secretly sneak into their venues.
You should carry a bottle of oil with you at all times when grabbing meat. If something goes wrong, immediately smear the oil on your feet and run away, otherwise you will end up feeling lonely."
In the first half of this year, if Brother Yi hadn't been quick and intuitive, the profits of more than 170 billion would have been cut off by the commander-in-chief.
What Lu Ming said about allocating a bunch of ETFs with your eyes closed and lying there for 10 or 20 years is obviously applicable to general investment institutions. Tiansheng Capital, which plays a cat-and-mouse game with Beautiful Country, absolutely cannot do this.
Everyone present also suddenly realized that it is no wonder that a large number of active fund managers in the United States have been unable to beat the passive index in the past few decades.
"At this point you will understand why Buffett recommends buying U.S. stock index ETFs every time. Unless you want to pursue the ultimate rate of return and outperform everyone in the market, that's fine, but anyway, the effort you put in
It’s directly proportional to your return, but it’s just not necessary.”
Lu Ming's eyes wandered to the twenty or so young people attending the meeting, and he said eloquently: "Maybe you are thinking in your heart that Buffett has been underperforming the US stock market for ten years. That's right, because he has been underperforming the U.S. stock market since he was in his twenties.
This old man really can’t quite understand the part of the process that started years ago and the change in the slope of the upward trend of U.S. stocks.”
As he spoke, Lu Ming switched a slide and glanced back at the projection screen: "It's not Buffett who has made China's securities market a success, but it's China's securities market that has made long-term value investment possible. This is when the market has entered a mature stage.
After that, all market development factors such as its management, system, maturity of the regulatory market and the level of participants determine what investors should do in this market."
Lu Ming spread out his hands: "That's great. If you are a believer in price investing, you should understand why your belief is true. Because it can be realized in the US stock market, you can invest in the US stock market and passively track it. You don't have to worry about it.
Whether it’s Apple, Amazon, or Google, I don’t care whether you’re good or not. Before the United States banned us, Tiansheng QDIE just put everything in the basket, then settled down, and then won.”
This is how Lu Ming invested in the U.S. stock market in the past two years. The bulk of the investment was passive, and he used some tools to hedge risks, and then used part of his funds and positions to bet on growth stocks that could increase 20 times in three years.
At this point, everyone heard Lu Ming's tone suddenly change: "Then the question is, can the domestic securities market do this? Can Big A do this?"
The young people attending the meeting looked at Bo SS's relaxed smile, and after a while most of them shook their heads.
Lu Ming saw them shaking their heads and immediately said: "Yes, but it's not right. More than 95% of the varieties in Big A cannot do this. But there is a group of people in China who believe in value investing who do do this, and what they gain in the end is not
Huge returns, but painful experience, because you only need to screen our equity market and you will find that there are only 150 stocks at most that have the attributes of long-term value investment."
As soon as these words came out, everyone present immediately thought of the Tiansheng Shang 50 Index and Tiansheng Shenzhen 100 Index compiled by the company, which add up to exactly 150 constituent stocks.
At this time, everyone saw that Lu Ming had called up several big A monster stocks and several blue-chip stock samples to compare in the same frame and put them on the conference room screen, and then said:
"When most of our companies are in a development stage market, if you observe carefully you will find that our market pays more attention to transactions than value. You will find that it is definitely not a long-term value investment market. A-share 90
% of investors would not do this. There is nothing wrong with what they do, but they will inevitably be harvested due to asymmetric information."
"Big A has no bid price? Of course there is, but the number of eligible varieties will never exceed 150. This is the result of differences in different stages of the market, that's all. Therefore, more disturbances in the domestic securities market come from speculation.
Fluctuations, so you can see an interesting place in our big A market..."
Lu Ming paused as he spoke. At the same time, he was operating on his work computer and pointed at the demon stock trend chart displayed on the projection screen: "Look at this new symbol. This is the New Year's Eve Gui of 2017~2018."
The issue price of Zhouzhou Gas rose from more than 2 yuan to a maximum of 37 yuan. It increased more than ten times in three to five months. It has experienced three major waves. What characteristics did you find in this target?"
Speaking of Lu Ming, he looked at the crowd. The young people present were all looking at the K-line chart of the stock on the screen. After a while, someone said: "The changing hands and trading volume are very large!"
This ticket has three main rises. In each of the two main rises after the end of the straight board, the daily turnover rate has reached an exaggerated 30%, 40%, 50% or even more than 60%. At the same time, the trading volume
It is also a huge amount.
Lu Ming immediately looked at the young man who answered, giving him a teachable look, then nodded and said: "You're right, every time this kind of monster stock rises sharply, it must be accompanied by high volume and high turnover rate.
, not just gas, the distant blue stone old demon in 2014 was the first stock that Brother Yi made at the beginning, and the recent ones include Huafeng Shares, Zijing Mining and so on, almost all the demon stocks, their skyrocketing prices
Without exception, it is accompanied by high volume and high turnover.”
"So why? Only by understanding what stage a market is in can we understand the characteristics of the domestic securities market. Why do big A companies continue to appear? The stocks of junk companies can skyrocket as long as they catch on to a concept, because the investors in them never
They don’t care if it’s true or false, they only care about their opponent’s fortune telling and don’t believe it’s true or false.”
Lu Ming once again shrugged and spread his hands and looked at the crowd and said: "Why are speculative fluctuations considering true and false? It is to consider whether the opponent believes it or not. If the opponent does not believe it, there will be no opponent's disk. Without the opponent's disk, the exchange of hands cannot be completed. If the goods cannot be sold, it will be ruined in the hands.
Becoming a taker, the so-called trading techniques and technical analysis are all about this problem."
A young man couldn't help but ask: "What if it is a long-term allocation of assets? For example, the constituent stocks of Tiansheng's Shanghai 50 and Shenzhen 100 indexes."
Lu Ming answered without thinking: "Of course, it's more about discussing value. In the domestic securities market, I never analyze stocks, because every investment target listed, including unlisted, has been systematically classified within the company.
, there is basically no need for me to trade now, so I will train you. From now on, I will hand over the specific targets of the company to you, and you will definitely be able to do most of the varieties."
Now Lu Ming still holds the position of manager of Tiansheng Value Growth Hybrid Fund, but the Christians don’t know that the brother they believe in may not enter the trading room once in a month or two. He basically makes decisions in morning meetings.
He would stay in the trading room for several hours, and Li Mingyang and his team were doing the specific trading work.
As the company grows larger in size, Lu Ming, as the founder and soul of the financial empire of Tiansheng Capital, will be unlikely to go to the front lines to do business personally as he did in the early stages of the company's development.
That's why he has to cultivate a group of direct descendants, then take a step back, and then push these young people forward to let them perform. Lu Ming only needs to be good at employing people and making decisions on the general direction.
This is what the helmsman should do. As long as you do these two things well, you can sit back and relax!
