Li Yan looked at Li Xiaoteng, and he continued to hold the abalone in the plate as if he hadn't noticed the gaze, slowly savoring the taste.

One eats elegantly, the other ponders.

"When I tell you about Moutai, I want to tell you that this capital market actually needs to be patient. Why do you think foreign funds can withstand it, but our "own people" in the capital market are so impetuous?"

Li Yan was stunned for a moment, Li Xiaoteng picked up a small abalone and put it on the plate in front of Li Yan, smiled and said, "Don't like seafood?"

"No?" Li Yanleng paused, looked up at Li Xiaoteng in front of him, and didn't understand why Li Xiaoteng asked him so.

"You haven't touched a single abalone, have you?" Li Xiaoteng smiled at Li Yan.

"Uh...... Sometimes I don't know how to eat. Always afraid of trouble. Li Yan sighed and glanced at the small abalone on his plate.

"Just eat, where is so much trouble. After Li Xiaoteng finished saying this, he smiled and suddenly raised his glass and said: "Let's talk about Moutai Bar! They can watch Huaxia's capital market rise from a sharp rise to a sharp fall! A few years ago, when Moutai began to rise, it has been held steadily, especially the Oppenheimer Fund, which basically did not move after plunging into Moutai until the valuation was repaired, waiting for Moutai to hit a new high all the way, and in three years, this also made the three major overseas funds make a lot of money, and each fund has made billions of dollars. The data shows that E Fund Xiangjiang earned 7 times, and Oppenheimer Fund earned 5 times. Singapore government funds have been gradually reducing their positions since the end of the previous year. When Moutai's share price exceeded 50 billion, the Oppenheimer Fund and Xiangjiang E Fund of the United States began to reduce their positions one after another. ”

After Li Yan's encouragement, he said with a wry smile: "When I noticed that Moutai broke through the 700 yuan integer mark, I found out that there were big funds reducing their holdings. I did miss ...... before."

"Yes, as soon as the integer mark of 700 yuan passed, the three major funds reduced their positions again, and the Singapore Government Fund officially withdrew from the top ten shareholders. After Li Xiaoteng said this, he shook his head and continued: "You may not know, at that time, I told many friends in the circle that a white horse trampled on the A50 hit a new low, and the topic of value investment can still be believed. ”

Picking up the wine glass, Li Xiaoteng raised his hand at Li Yan, and only after seeing that Li Yan also raised his glass and touched himself, he continued: "When I drink Moutai, I always think about why when the three major funds began to retreat one after another, domestic funds began to pour into Moutai in large numbers, driven by value investment?"

Hearing this, Li Yan felt like he couldn't cry or laugh. Li Xiaoteng's words don't know how many people have poked their backbones.

"According to the data of our Lin Teng Kirin system, the number of funds holding Moutai since the end of the previous year was actually only more than 500, and it doubled last year! By the end ......of November last year, it exceeded 1,000, and it was not only Moutai, at the end of last year, the funds collectively poured into the white horse stocks, I will count them for you," Li Xiaoteng said this, lowered his head and began to hold the abalone on the plate one by one with chopsticks.

Putting an abalone on his plate, Li Xiaoteng said: "The Kirin data I saw shows that there are more than 1,200 funds that have been involved in Ping An Finance, compared with only more than 300 last year. Up to now, there are 1,000 funds in Yili Milk, nearly three times that of last year, and the number of funds in Gree Electric Appliances and Wuliangye has exceeded 900. At the end of last year, he held no more than 500 fund companies in total. ”

Li Yan looked at the abalone in Li Xiaoteng's plate, which had been piled up like a small hill, and subconsciously licked his slightly dry lips with the tip of his tongue and said, "Brother Teng, the abalone was taken away by you, and I didn't eat it......"

Li Xiaoteng looked up at Li Yan, and suddenly smiled. How could he not hear the meaning of Li Yan's words?

"Earlier this year, the market rose a little too fast. The upward momentum of the stock index and the market's optimism on white horse stocks are comparable to two bull runs. On the public offering side, when the fund product was killed in seconds at the end of last year, and the product of another fund was sold for 30 billion, I knew that they were about to "eat jujube pills!". After saying this, Li Xiaoteng poked the dish with chopsticks, raised his hand and gave Li Yan the abalone clip in his plate, and then said: "Let's private equity here, I heard that there are several companies that have raised one hundred billion yuan for one product, which is much higher than the best time of our Lin Teng system." I don't even have the guts to launch a three-year lock-up product right now, but the scale of what they have done is said to have reached 70 billion. ”

After saying this, Li Xiaoteng smiled and picked up the wine glass and poured himself a drink.

Li Yan has always had a feeling of looking up to the mountains in his heart for those bigwigs who are tens of billions and several times larger. At this time, I found that Li Xiaoteng was talking about them in that tone of talking about stupidity, and I felt a sense of apprehension in my heart.

"You don't seem to understand quite yet, do you?" asked Li Xiaoteng at Li Yan.

Li Yan nodded simply, he really didn't understand why Li Xiaoteng would say this.

"Generally speaking, the fund's investment strategy has the problem of capital accommodation, and only large white horse stocks can carry these funds. They dared to reach out and take 70 billion funds, and they didn't have to think about it to know that they had to invest in those white horse unicorns. This trading model also forms a pattern with a high degree of convergence of positions and styles. When private and public investments are concentrated together, and the market changes, how do you say they can survive?"

"Indeed!" Li Yan nodded, thinking about the recent collapse of the market. After the distorted faces that appeared in his mind, Li Yan's body trembled.

Li Yan and Li Xiaoteng were sitting here at this time, cooking wine and talking about heroes, and they were relaxed and comfortable. But how do those fund makers feel at this time? I guess they all have the heart to jump off the building, right?

"Huh?" Li Yan was suddenly stunned when he thought of this.

Li Xiaoteng smiled at Li Yan with a wine glass and asked, "What's wrong?"

Hurriedly shook his head, Li Yan said with a wry smile: "No, I just think that after those white horses are trampled, the public and private placement operators who want to come to the market should be very injured, right?"

In fact, what Li Yan was thinking about was not whether these workers were injured at all. Instead, he began to ponder the reasons for the market regulation that Yun Ling said. Is it really just to restrict himself from outflowing the real estate and growing the market? Is there anything else Yun Ling hasn't told himself?

Li Xiaoteng didn't notice Li Yan's changes, but continued to take care of himself: "While the funds are crowded with big blue chips, once the market falls, it is easy to step on each other, and now the market is stamped, fortunately, I ran fast ......."

"I don't really know much about the positions of public and private placements, but I just know ......" Li Yan muttered in a low voice, Li Xiaoteng nodded and said with a smile: "Brother, there are still many things you need to charge, you are the leader of the Demon Hunting Alliance, you don't know these things...... Do you say that others believe it?"

After Li Xiaoteng finished speaking, he smiled at Li Yan. Then he took out his mobile phone from his pocket, poked and clicked it on the screen a few times, and then turned the phone and put it on the dining table.

"The upper limit of individual stock holdings in public offerings is generally 10%, while private placements can reach 20% or even 30%. Therefore, the influence of a private equity fund with a scale of 10 billion yuan on a specific individual stock is actually the upper limit of 20-3 billion yuan, or even many times that of a public fund company with the same equity volume. You should remember that the upper limit of a public offering is 10000000000000000000000000000000 As soon as Li Xiaoteng's words fell, he heard Li Yan say with a wry smile: "Brother Teng, you don't know the situation on my side. My total funds are not enough for the standard upline. ”

Li Xiaoteng grinned at Li Yanyi, and then said: "I'll sort out the situation for you first, in fact, what I want to say most is the situation of private equity risk control, all players have their warning lines and stop loss lines, so if the market systemic risk is close to the dangerous level, they must reduce their positions to control the risk." ”

Picking up the mobile phone on the desktop, Li Xiaoteng poked it a few times again and then showed the trend chart of the market.

Although the screen of the phone is not large, although the information of the software is very rudimentary. But Li Xiaoteng still pointed to the screen and said: "Oh, we've all seen it, right? Recently, the Shanghai Stock Exchange's 50 Index has hit a new low, and it has lost liquidity for a while in the previous two months. This is also confirmed by the widespread losses in public and private investments this year. As far as I know, many well-known large private equity firms have fallen into a passive situation at the beginning of the year. Many celebrities, such as Lao Wan and Xiao Zhao from Huaxia, have also begun to turn from positive to negative in the private placement of a large number of blue-chip stocks, and the average loss is more than five percent, which is not counting the recent decline for them!"

…………………………………………

After saying this, Li Xiaoteng smiled and picked up the wine glass and poured himself a drink.

Li Yan has always had a feeling of looking up to the mountains in his heart for those bigwigs who are tens of billions and several times larger. At this time, I found that Li Xiaoteng was talking about them in that tone of talking about stupidity, and I felt a sense of apprehension in my heart.

"You don't seem to understand quite yet, do you?" asked Li Xiaoteng at Li Yan.

Li Yan nodded simply, he really didn't understand why Li Xiaoteng would say this.

"Generally speaking, the fund's investment strategy has the problem of capital accommodation, and only large white horse stocks can carry these funds. They dared to reach out and take 70 billion funds, and they didn't have to think about it to know that they had to invest in those white horse unicorns. This trading model also forms a pattern with a high degree of convergence of positions and styles. When private and public investments are concentrated together, and the market changes, how do you say they can survive?"

"Indeed!" Li Yan nodded, thinking about the recent collapse of the market. After the distorted faces that appeared in his mind, Li Yan's body trembled.

Li Yan and Li Xiaoteng were sitting here at this time, cooking wine and talking about heroes, and they were relaxed and comfortable. But how do those fund makers feel at this time? I guess they all have the heart to jump off the building, right?

"Huh?" Li Yan was suddenly stunned when he thought of this.

Li Xiaoteng smiled at Li Yan with a wine glass and asked, "What's wrong?"

Hurriedly shook his head, Li Yan said with a wry smile: "No, I just think that after those white horses are trampled, the public and private placement operators who want to come to the market should be very injured, right?"

In fact, what Li Yan was thinking about was not whether these workers were injured at all. Instead, he began to ponder the reasons for the market regulation that Yun Ling said. Is it really just to restrict himself from outflowing the real estate and growing the market? Is there anything else Yun Ling hasn't told himself?

Li Xiaoteng didn't notice Li Yan's changes, but continued to take care of himself: "While the funds are crowded with big blue chips, once the market falls, it is easy to step on each other, and now the market is stamped, fortunately, I ran fast ......."

"I don't really know much about the positions of public and private placements, but I just know ......" Li Yan muttered in a low voice, Li Xiaoteng nodded and said with a smile: "Brother, there are still many things you need to charge, you are the leader of the Demon Hunting Alliance, you don't know these things...... Do you say that others believe it?"

After Li Xiaoteng finished speaking, he smiled at Li Yan. Then he took out his mobile phone from his pocket, poked and clicked it on the screen a few times, and then turned the phone and put it on the dining table.

"The upper limit of individual stock holdings in public offerings is generally 10%, while private placements can reach 20% or even 30%. Therefore, the influence of a private equity fund with a scale of 10 billion yuan on a specific individual stock is actually the upper limit of 20-3 billion yuan, or even many times that of a public fund company with the same equity volume. You should remember that the upper limit of a public offering is 10000000000000000000000000000000 As soon as Li Xiaoteng's words fell, he heard Li Yan say with a wry smile: "Brother Teng, you don't know the situation on my side. My total funds are not enough for the standard upline. ”

Li Xiaoteng grinned at Li Yanyi, and then said: "I'll sort out the situation for you first, in fact, what I want to say most is the situation of private equity risk control, all players have their warning lines and stop loss lines, so if the market systemic risk is close to the dangerous level, they must reduce their positions to control the risk." ”

Picking up the mobile phone on the desktop, Li Xiaoteng poked it a few times again and then showed the trend chart of the market.

Although the screen of the phone is not large, although the information of the software is very rudimentary. But Li Xiaoteng still pointed to the screen and said: "Oh, we've all seen it, right? Recently, the Shanghai Stock Exchange's 50 Index has hit a new low, and it has lost liquidity for a while in the previous two months. This is also confirmed by the widespread losses in public and private investments this year. As far as I know, many well-known large private equity firms have fallen into a passive situation at the beginning of the year. Many celebrities, such as Lao Wan and Xiao Zhao from Huaxia, have also begun to turn from positive to negative in the private placement of a large number of blue-chip stocks, and the average loss is more than five percent, which is not counting the recent decline for them!"