As early as 2016, when Lu Ming was working on new energy, the market was in a downturn, and everyone thought he was going to follow in the footsteps of Boss Jia.
Looking back now, I realize that there is absolutely no comparison between the two.
At the same time, Tiansheng Capital has now completed its layout in the entire new energy field. Regardless of the depth, breadth, and height of its layout, it has reached a level that other investment institutions can hardly match.
The so-called "Tiansheng system" will become the uncrowned king in this field.
You must know that Tiansheng Capital's new energy deployment is not just new energy vehicles as the general public thinks, but also includes photovoltaic new energy, wind power new energy, etc.
…
Three hours and 25 minutes have passed since the question-and-answer session, and there are only five minutes left. At this time, Lu Ming and other five directors of Tiansheng Capital have answered a total of 49 questions during the question-and-answer session.
Next is the last question, a domestic media reporter was selected.
The reporter took the microphone and said: "I am honored to be given the opportunity to ask questions at the end. Later this month will be the annual meeting of shareholders of Berkshire Hathaway. Two value leaders who are already well-known around the world."
Investment masters, Mungo and Buffett also have many fans in our country who pursue their ideas. My question is, Mr. Lu, what role do you think the macro or long-term trend plays in their value investment?
?”
This last question is a bit irritating. After all, everyone is benchmarking Tiansheng Capital and Berkshire Hathaway. Judging from the market value of the two companies, it is the waves behind the Yangtze River that push the waves ahead, and the east wind has already suppressed them.
The west wind is blowing.
The question was answered by Lu Ming: "Your question is actually just one sentence. Before answering, I want to ask you first, where does the value of your assets come from?"
The reporter who asked the question smiled awkwardly and couldn't answer...
After a moment, Lu Ming saw this and said again: "That is, the asset value comes from the constant loss of currency and credit. Do you know why holding stocks can always have positive returns? It's very simple. If it is in your entire large macro framework
, just remember one thing, that is, the value of your assets will always be generated by the falling cost of capital. The essence of this sentence is the flaw of modern monetary policy."
"That is to say, credit is constantly decreasing. As long as you enter the paper currency system, the credit under the Yangxing system is constantly decreasing. That is, the credit of paper money and the cost of paper money are constantly declining. In other words, assets will always have positive returns. It is a simple truth.
Right."
The question-and-answer session of the shareholders' meeting lasted for nearly three and a half hours. The "kill rate" of the audience in the online live broadcast room had already reached more than 70%. When the remaining netizens heard this, they said: Brother Yi, you take it for granted. Do you think we have a simple truth?
Can you understand?
At this time, Lu Ming said eloquently: "...In other words, you definitely cannot hold cash, because the actual cost of cash, that is, the risk-free rate of return, has been declining. Of course, you should hold assets. What will happen later?
All you have to do is choose which type of assets to hold and how to allocate them, which is a separate topic. Due to time constraints, I won’t go into details here.”
"As mentioned before, why does the North American capital market have long-term returns? In addition to market management, company operations, technological innovation or corporate value creation, etc., these are actually relatively micro aspects."
"If you look at the larger macro picture, it is actually very simple. It is the answer after the paper currency credit system and costs continue to decline. From here, we can also get another answer. Why has it been suggested that gold should be used as a major category since last year?
It’s a good allocation of assets, including today. The bullish view remains unchanged, because the benchmark of gold is that your banknote credit is constantly missing, and on the other hand, gold will always rise.”
"Of course, for traders, this is definitely not enough. It needs to be refined. It just means that when you study the issue at the most macro level, you can understand it in a simplified way, which is no problem."
Having said this, Lu Ming smiled and added: "When talking about gold as a species with retail investors, there is really no need to analyze such professional things with retail investors, because it is very simple. Even if you analyze it, he will not understand it. In the end,
The important thing is that the answers retail investors want are not these. It is just a question of buying or selling. The intermediate process can be completely ignored. My point of view is to go long now, buy, and ignore short-term fluctuations. The short-term here is at least one year.
!”
Retail investors watching the live broadcast felt immediately offended when they heard this, and then were speechless and unable to refute.
Indeed, if you say there are a lot of them, why not tell me directly if you can buy them now?
Lu Ming finally said: "As for selling, as long as you can make a profit, selling is the right time. Now more and more young people are entering the wave of securities investment, but I still want to say that this is not a blind decision.
In this era, the requirements for professionalism will become higher and higher. My suggestion is that, including those of us who take advantage of some opportunities to share publicly, we should also try our best to share with everyone professionally, so that there may be more people.
It benefits society as a whole.”
The question-and-answer session has finally come to an end. The whole session lasted for three and a half hours, and also chatted for three and a half hours. The five directors of Tiansheng Capital, including the founder and chairman Lu Ming, answered a total of 50 questions.
A variety of issues are covered, ranging from investment concepts, life attitudes, macroeconomic conditions, corporate governance to international relations, etc.
After the annual shareholders' meeting, as local time approaches night, a grand dinner is also held as usual.
The contents of the shareholders' meeting were also reported through various media.
The topic in the investment community has basically focused on Tiansheng Capital's annual shareholders' meeting. Financial self-media people are also catching up with the popularity and participating. Dozens of questions answered by Lu Ming at the shareholders' meeting have been broken down and interpreted.
, you can write a self-media article based on a question, and it’s just a matter of catching the heat.
Many stock investors and die-hard fans of Lu Ming are also discussing in their respective communication groups or Taoba and other platforms.
"I explained all the logic clearly. It's absolutely full of useful information, boss!"
"Although I didn't understand everything, I still got a glimpse of some of the underlying logic."
“Brother Yi’s level is better than that of most fund managers, and he explains professional things in an easy-to-understand manner.”
"Brother, do you look down on Brother Yi, or do you think too highly of those fund managers?"
"Brother Yi is the only player and will not accept any objection!"
"Many questions are using the US stock market as an example. An immature market like my big A is really hard to describe... [face covering]"
"You can think of Big A as a growth stock in the global market, and U.S. stocks as a value stock in the global market, and then make transactions based on this large logical framework. Of course, the details must be refined."
"It's not that Big A is immature, but that the income of Big A cannot be significantly higher than the real income. Otherwise, we won't have the world hegemony like a beautiful country to harvest the world. If we still lose real development, how can we live?"
"Big A just has a relatively larger volatility. It has a unique growth stage and is also universal."
"Brother Yi is really awesome. The key is that he is a good person."
"One thing I don't understand is that Brother Yi said that the risk-free rate of return for holding cash has been declining, so assets should be held to maintain and increase value. However, Tiansheng's own price is LP, which is the actual disposable cash flow of 27,600 A huge amount of 100 million is equivalent to US$410 billion. Why does Brother Yi still hold so much cash?"
"Perhaps it is to ensure the safety of liquidity, but such a large amount of cash flow is indeed a bit too much, it is too scary, and the daily depreciation is an astronomical amount."
"But then again, Tiansheng Capital's profitability is enough to offset the losses caused by holding cash. Brother Yi must have his own considerations for doing this. Don't worry about the world's richest man. It's better to look at your own. Stock account..."
"It's absolutely full of useful information. You should digest it later and watch more videos even if you play them back."
