噺 (8) 壹 Chinese net ωωω.χ8.òм 哽噺繓赽捌 (1) Novel 説蛧

In March 1994, after the Spring Festival.

Xinqi Insurance Company was officially established.

The number of insurance companies headquartered in Shenzhen is not uncommon. Among them, Ping An Insurance, the largest insurance company in China, was founded in Shenzhen, and gradually grew from negligible scale to an insurance giant that shocked the world.

The registered capital of the current Xinqi future insurance company is 10 billion yuan, which is directly higher than the total registered capital of major domestic insurance companies.

It is precisely for this reason that although the government approved the establishment of the insurance company, it is to restrict the business scope of the company, so as to prevent the company from taking advantage of capital and unscrupulously becoming a monopolist in the insurance industry.

Since the business of Xinqi Insurance Company is limited in ten years, Xinqi Insurance Company does not need to hire an insurance marketing team at the beginning of its establishment. The kind of insurance salesman who "sells insurance for one person and the whole family is shameless" will not be found in Xinqi Insurance Company.

The premium income is lying down and waiting for the newly started enterprises to take the initiative to pay to employees, rather than relying on insurance marketers to go out and fool around. Essentially, it's also about reducing the cost of the insurance company.

But even so, it is not enough to rely on premium income to afford the medical and pension security of employees of enterprises with more than 2 million employees, and the investment department of the insurance company needs to have excellent investment capabilities.

"Xinqi Insurance Company basically does not sell insurance contracts, let alone establish a marketing team, because, within ten years, our business scope is actually fixed, and we can only do our own employee pension and medical insurance. In order to serve the pension and medical care of more than 2 million employees, insurance companies need to have stronger capabilities. Lin Qi said, "For specific investment capabilities, I suggest referring to Berkshire, that is, Warren Buffett's company." In fact, it is not so much about Buffett's stock speculation as it is about making profits from long-term investment in companies. Of course, equity investment is only a part of the investment, and other investments, including savings, bonds, real estate, precious metals, etc., as long as they can bring stable returns in the long run, then they are worth investing. Of course, as an insurance company, it is important to be conservative and cautious, and professional and meticulous to make long-term investments, rather than becoming speculative ......."

"Mr. Lin, we will definitely live up to the trust, so that Xinqi Insurance can not only break even, but also make excess profits and create benefits for shareholders. Dong Bao, general manager of Xinqi Insurance Company, said.

Lin Qi nodded and said, "I can trust your ability, but as an insurance company, you must be conservative and cautious at the beginning. Fixed income is the mainstay, and equity income is invested cautiously after considering the risk. ”

"Mr. Lin is right!" Dong Bao said with confidence, "We will strictly control the position, 80% of the funds are mainly fixed-income bank deposits and bonds, and fixed income is mainly based on deposits and treasury bonds of large banks, corporate bonds and the like, and will also be carefully selected to avoid non-performing assets." In addition, the real estate is rented 10, and the equity investment position is 10! In the future, after accumulating its own profits, it will further expand into venture capital and other investment businesses. ”

Lin Qi nodded, not to mention the other parts, fixed income will always be king in the financial field. Because, fixed income is capital preservation through interest income.

In later generations, the premiums of Ping An Insurance Company were used to maintain and increase the value of investment, and the fixed income part accounted for 90% in the long run. Equity and riskier investments are larger, but they only occupy less than 10 positions.

And the new chess insurance company, the same is to deposit 80% of the premium income in the bank or buy bonds to eat profits. After that, 10% of the real estate was rented, which was proposed by Lin Qi, and 10% was equity investment.

Specifically, Lin Qi does not interfere, for example, where to buy a house, invest in those stocks, etc., Lin Qi stands at a higher level, and there is no need to point fingers. If the investment team does not even have the ability to do this, and cannot find the stocks of companies that are suitable for the insurance company to invest in for a long time to receive dividends and operate stably for a long time, it is definitely a sign that the investment team is derelict in its duties.

Of course, Dong Bao's level should not be so low.

Dong Bao was previously in charge of a $20 million investment fund in the financial investment department of New Venture Electronics Group, which brought in $500 million in income over a period of 10 years. In 10 years, it has created a 25-fold return on investment.

Though...... Compared with the business development of Xinchuang Electronics Group itself, it is far dragging down the company's return on capital.

However, compared with his peers in the market, Dong Bao not only outperformed all indexes, but also basically outperformed Berkshire Hathaway in the past 10 years of investment.

It's not that Dong Bao's investment ability is really better than Buffett and Munger.

After all, the achievements of Buffett and Munger have stood the test of history, not ten or twenty years, but a lifetime, and the continuous snowballing fully proves the terrible multiples of compound interest. A wise capitalist, relying on the rate of return is not amazing, the key is stability, after decades of stability, it will create hundreds of thousands of times the rate of return.

This terrible value-added return makes Buffett more and more mythical the longer he lives.

Dong Bao has only ten years of experience in investment in Xinchuang Electronics Group, and the rate of return is basically amazing compared with any company in the financial industry. It doesn't matter. After all, ten years is still too short for financial investment.

The important thing is that Dong Bao's investment logic is very simple, and it is also a value investment school, which has been read by smart investors no less than 100 times, and the text of the annotation may be several times longer than the original book. Moreover, the unity of knowledge and action, basically saying that one thing is still the same thing, which can be regarded as really reading the book through and integrating it into the bone marrow.

Legend has it that Warren Buffett had a real epiphany when he saw an unpublished smart investor at the age of 19, and then fell under Graham.

Even, later, Buffett took the initiative to teach in the university, teaching investment courses, and the textbooks used were still smart investors. This book, known as the book, if you only read one book to invest in the stock market, Warren Buffett is the first smart investor.

From the point of view of ease of understanding and wisdom, the intelligent investor is much easier to understand than Graham's securities analysis in the early years, but the level of wisdom is higher than that of securities analysis.

Being able to invest according to the basic logic and principles of smart investors, Lin Qi believes that most of the business can be done well. The investment book has returned to the basics, and it is already about how to run a business, and it is a conservative and cautious way to do business, not a radical way.

Baidu Search 噺八壹Chinese網 м. No advertising words