Chapter 443 [There are long heads in short skin and bones]
As time passed by, Lu Ming looked at the time in the lower right corner of his work computer screen and sped up to finish the rest of the story.
He immediately read up the two pictures on the left and right that Tiansheng Holdings used as a reference, and said: "One more thing is, what should our market pay more attention to at the end of every bull market?"
Lu Ming looked at the people who were thinking and continued: "It's very simple. It can be extended from these two pictures. At this time, we should pay attention to whether there are still leeks coming in? Can we still maintain the change of hands? Has the leverage ratio been reached?
Peak? How long can the capital market last when these elements are not enough? If it cannot last long, then there is only one word at this time: run!”
As he spoke, Lu Ming moved his body and sat in a different position, joking in a relaxed and comfortable manner: "Of course, at this time, generally speaking, it is necessary to create dreams and talk about beliefs to get investors to come in, such as in a big company.
You can see this kind of sound at the end of the market. Big A has started a big bull market. Six thousand points is not a dream, ten thousand points is just the beginning, and thirty thousand points is an elephant's walk!"
"In the future, the trend of new energy will come. When the market reaches the end, there will definitely be a phenomenon similar to dreaming and talking about faith. Various voices in the market tell you that new energy is the future. It is necessary to replace fuel vehicles around the world with new energy.
How big is the market? When investors hear it, they feel as if they have been given a shot of chicken blood. They are suffocated by their dreams. At this time, you will know that someone is going to be unlucky."
Lu Ming turned to say seriously: "Calm down and think carefully. Big A really wants to reach 6,000 points, 10,000 points, 30,000 points. The key is not the economic aspect, but the maturity of the market environment. I believe that in the future
It is not a dream for the Shanghai Stock Exchange Index to reach 6,000 points, 10,000 points, or 30,000 points. This is not a matter of possibility, but a matter of time. Because our market will eventually mature, and now it is in the process of building a foundation.
"
"By then, most of the listed companies will begin to shift towards value, and junk companies will become penny stocks that no one cares about. After entering the mature stage, the index will naturally have the foundation of a long-term bull like the US stock market. As for now, it must still be
Think and make strategies based on the current dimension. To put it bluntly, you either don’t open, or you open for three years, and you have to run away after you finish.”
When Tiansheng Capital first opened, it took away RMB 750 billion from Big A. Now it has a cash flow of RMB 1 trillion and is just waiting to buy the bottom. It has not opened for more than half a year. The bond market is just a transition and is not included in the calculation.
However, Tiansheng Capital still has 60% of its medium-term positions in the stock market, because there are still 150 core asset targets in the market that can be used for long-term value investment, but there is also a lot of speculation in it. The difference is between value and speculation.
It’s just a matter of time proportion, but as long as there is value, time will be used to iron it out in the future.
On the other hand, Tiansheng Capital is getting bigger and bigger and cannot make big incomings or outgoings. After it comes back at the end of this year, it will definitely not be able to make big incomings and outgoings like it did at the beginning of the year.
With trillions of dollars in and out of the market, A-shares will definitely not be able to withstand such a torment, which means that once Tiansheng Capital makes a large-scale entry into the A-share market, it will definitely be out of the bull market; conversely, once Tiansheng Capital leaves the market,
The entire market will be filled with bearish sentiment.
There is no doubt that the amount of funds in the trillions is no joke. Lu Ming knows that Big A will continue to swoop in the second half of the year, but he can either only sing long in public, or he can keep his mouth shut and not jump out in public.
It's noisy because he has too much influence now.
At the same time, this will mean that Tiansheng Capital will become a big A base ballast level existence in the future many years later, which also requires Lu Ming to take on the responsibility of maintaining the market and has transcended his status as a participant.
If Brother Yi still plays like he did when he first entered the market in 2014, will there be any big A? No more!
If Big A doesn’t have his first brother, will he still have one? There will definitely be no first brother!
Lu Ming looked at the time and saw that two hours had passed. "Okay, that's all for today."
At this moment, a young man with glasses who attended the meeting suddenly said quickly: "Boss, can you finally tell me about your previous sentence about why you said that hedge funds on Wall Street are all bulls at heart? How to understand this sentence?
So? Can you expand on it a little bit?"
Lu Ming was about to close the laptop he brought with him when he heard this and stopped.
"Okay, this is a good question, let's expand on it."
Lu Ming immediately clicked on the computer a few times, "There is actually nothing to expand on this issue. It is very simple. The risk that Wall Street investors want to defend against is basically a problem of valuation deviation or liquidity impact. Magnesium Country
The adjustment in the securities market is more due to two variables, one is the valuation bubble, and the other is the debt problem that involves the contraction of liquidity in the entire financial system."
"Then you will understand, there are two typical cases. The adjustment of magnesium stocks in 2008 has nothing to do with valuation. This is liquidity risk. Pushing forward to the Internet bubble in the millennium, this is valuation.
It’s worth a bubble, that’s all.”
Lu Ming once again called up a picture to help deconstruct this problem, but he did not use the Dow Jones Index of the United States, but Tiansheng Holdings, which currently has the largest market value in Big A, to talk about the problems of the US stock market, but Lu Ming
I hope to use the US stock market as an introduction and extend it to make everyone think about the A-share market.
After all, for Tiansheng Capital, the top priority in the future is the Big A market.
Everyone turned their attention to the projection screen in the conference room, which was the K-line chart of Tiansheng Capital since its backdoor listing. Lu Ming said: "Look, the time cycle has lengthened, from the backdoor listing in April 2016 to now in 2018."
In the first quarter of this year, the market trend of Tiansheng Holdings tells you that any time point during this period is a buying point. I also believe that the current high of 36825 will be recovered and reach a new high in another year. The current history
The highs will also serve as buying points going forward.”
Lu Ming saw that the stock price was still at 33,500, and he clicked on the post-resumption price. The historical high number of Tiansheng Holdings immediately changed to the post-resumption price of 36,825 yuan.
It has to be said that the return on investment of Tiansheng Holdings is quite astonishing. It is unmatched among the big A blue-chip or white horse stocks. It has only been a little more than two years since its backdoor listing, but it has already emerged from the
With a cumulative increase of +1127.5% (after restoration of rights), and a return on investment of more than 10 times in just over two years, the ultra-large blue-chip stocks have suddenly entered a super market that is even better than growth stocks.
At the same time, Lu Ming stared at his company's K-line chart and said: "...So it's too simple to say this. In a long-term cycle, 80% of the time is low volatility. Look at the previous fluctuations of Tiansheng Holdings.
, the upward trend is stable along the slope channel, and only a small part of the time is high volatility. The two main rises and surges were caused by special circumstances. After digestion, it will go down along the slope trend channel as before.
Volatility is steadily increasing.”
Lu Ming was methodical and spoke eloquently: "Now that I know the basic framework of the market, why do I have to work so hard to invest by myself? Life is beautiful, and there are many things to do. I will pay you some management fees to do the investment work.
, Passive investment, I don’t need to research and select targets, just give the money to the GP to trade, I will pay you the management fee as the LP and then you will win.”
"Investors like Magnesium know that in the current market environment of the U.S. stock market, most people create wealth by growing incrementally on the mean slope, so why should I study wool? I will directly help you defend, for example, in three to five years
The periodic risks that arise after the subsequent low volatility. At this time, I don’t necessarily want to redeem and withdraw my funds from your asset management institution. There is no need.”
"It's time for you to invest the money and do your own thing. I won't ask you to redeem the funds, because I know that your medium and long-term investment return rate is probably not less than what it is. I know it in my heart and it is basically guaranteed. Then I
I just need to iron out my risks in this process. You may have to pay attention to all aspects, but I only pay attention to one point, which is the short signal, that is, I pay more attention to risks rather than returns."
"But this does not mean that you are not aware of the bull market. It doesn't matter. In the bull market, you, GP, invest in your targets. What I want to do is to hedge the risks that you may not be able to avoid. It can be seen from this that those in Magnesium Country
Short-selling institutions are essentially bulls at heart. Paying attention to short-selling signals means that they know that value investing cannot avoid this part of the risk. If they just want to avoid the risks here, this kind of behavior will look like a short position to outsiders, but in fact it is.
Wearing the skin of a bear, he is actually a bull.”
The young man who asked the question suddenly suddenly understood and nodded repeatedly: "I see, it is based on this logic, I understand!"
In fact, Lu Ming is also working in this direction now. After cultivating this group of young people, he will push them out to be responsible for long positions. The risk retracements they generate during the period will not matter. Lu Ming will keep an eye on the market's short signals.
Thereby hedging the risks that they cannot avoid.
Bring this group of young people out, and when the time comes, Lu Ming will take a step back and let these young people take a step forward, and then he will have a brighter future.
In this way, Lu Ming feels a lot more relaxed and can have more energy to do other things. Otherwise, as the development scale of Tiansheng Capital continues to expand, he will not be exhausted in the office in the future?
After answering the young employee's question, today's meeting and exchange ended. As soon as Lu Ming arrived at his president's office, Han Qiulin knocked on the door and came in.
"Chairman, the superiors have sent down a designated document to the company, and it is designated for you." Han Qiulin said and handed over an unopened document.
Lu Ming suddenly became more energetic and said with a smile: "It seems that the superiors still attach great importance to the report. They have directly assigned the documents and downloaded them, and the speed is extremely fast."
Immediately, she took the document from Han Qiulin's hand and opened it, taking out the documents inside for a look.
