"Professor Liu, what paper did Professor Yan ask me to write?"

When the two professors, Liu Wei and Zhang Bo, reached an agreement, Chen Qiaoshan had the opportunity to speak.

Before Professor Liu could speak, Zhang Bo spoke first, "You are too impatient, the foundation is not solid, don't be in a hurry to put pen to paper, it is a waste of paper to write it." ”

Chen Qiaoshan suddenly felt a great insult, he also has insight into the future changes in the international financial situation, and understands the trend of crude oil prices.

But soon, he calmed down and knew what to do, the teapot boiled dumplings, although there were goods in the stomach, it was useless if he couldn't pour them out, although the paper was on paper, but it also had to be something, and he couldn't have no theoretical basis at all, so he made it up out of thin air.

Professor Liu smiled and comforted: "Don't be in a hurry about the paper, let's take our time, I have prepared a book list for you, you can use more snacks in private, don't let down Professor Yan's hard work." ”

As he spoke, Liu Wei picked up an A4 piece of paper from his desk, and he was about to hand it to Chen Qiaoshan, when Professor Zhang said, "Show me first." ”

Without waiting for Professor Liu to agree, Zhang Bojing took it by himself, and as soon as he looked at it twice, he made a statement of accusation: "There is a problem with your book list, obviously walking with a limp, he has just been a freshman, and he has no mathematical foundation at all, how can this work." ”

Professor Zhang took out a pen and added an extra list of lists, and then handed over the written book list.

Chen Qiaoshan felt very hard, he couldn't even take care of classes, how could he have time to read these, but it was all here, and he didn't dare to refute it, so he had to honestly take the book list.

After a glance, Professor Liu's books are divided into two categories, one is capital structure and the other is asset pricing.

Chen Qiaoshan knows that these books are all supplements to finance, which do not conflict with undergraduate textbooks, but the difficulty is a level deeper, and some of the books themselves are in his reading plan.

Looking at Professor Zhang's supplementary book list again, Chen Qiaoshan directly wanted to cry without tears, "Probability Theory", "Mathematical Statistics", "Stochastic Processes", "Differential Equations", "Financial Econometrics", "Actuarial Science", except for "Mathematical Analysis" and "Line Generation", there are basically all that should be there, which is obviously the rhythm of driving people to death.

Chen Qiaoshan couldn't bear it anymore, just this book list, he had to collapse if he continued to study, "Professor Zhang, I'm just a student in the Department of Finance, there's no need to take so many math courses, right?"

"It's not necessary, it's necessary. Speaking of asking, Professor Zhang is very serious, "Finance is inseparable from derivatives, and derivatives are inseparable from the support of mathematics, do you need me to say more?"

Professor Liu said on the side: "Xiao Chen, although Professor Zhang is not very good at trading stocks, but his knowledge must be second to none, he is not only a professor of the academy, but also a professor of the academy of information and mathematics, you will definitely benefit a lot from following him to do knowledge." ”

The number hospital is one of the madhouses, and it is really not easy for Professor Zhang to occupy a place in the number hospital.

There was no way, Chen Qiaoshan had to agree to it, pondered for a while, and said: "My math grades are very average, and it is very difficult to study on my own." ”

"That's it, I'll say hello to the number of people in the academy when you go back, you have time to listen to more lectures in the future, and you can come and ask me if you have any questions." Professor Zhang was very thoughtful, and Chen Qiaoshan could only respond honestly.

Liu Wei said again: "Xiao Chen, learning is a process of accumulation, don't be in a hurry, there are still more than three years, let's take our time." ”

"Professor Yan has high expectations for you, he knows that you are not interested in classical economics, so leave you to me, don't let down his painstaking cultivation. ”

Chen Qiaoshan had mixed feelings in his heart, a little moved, and a little bitter, he was not here, but he was put on Liangshan by Professor Yan, and wanted to refuse directly, but he couldn't open it.

Professor Yan is undoubtedly a man of integrity, and he may be a little cautious, but he is a respectable scholar who cares for a newcomer with no background just by relying on a few faces.

Professor Zhang smiled: "Okay, after getting down to business, this time we can always talk about the stock market, right?"

Liu Wei said: "The mouth grows on you, and I can't stop it." ”

Zhang Bo ignored Professor Liu's ridicule, he looked at Chen Qiaoshan and asked directly: "Xiao Chen, I'm curious, how did you conclude that the stock market will crash in April?"

Liu Wei is also skeptical, although he does not speculate in stocks, but as an economist, he must have a deep understanding of the stock market and bond market.

The stock market fluctuations this time are quite weird, skyrocketing in the case of a generally bearish market, and plummeting in a bullish situation, which is not strange, but Chen Qiaoshan said it in one sentence, which is a bit interesting.

Chen Qiaoshan didn't have a surprised expression on his face at all, and his heart was also unusually calm, as early as a few months ago, he expected that there would be such a show, and it was really not a big deal.

"Is there anything strange about this?" Chen Qiaoshan asked very easily.

Professors Liu and Zhang were obviously stunned, this reaction was unexpected, the general trend of the stock market can indeed be grasped, but it is very doubtful to be able to accurately grasp the time node.

Professor Zhang said: "Isn't this strange, then tell me, what is the basis for your judgment?"

"Professor Zhang, the biggest culprit in the bear market in the past two years is the stock reform, am I right?" asked Chen Qiaoshan.

Professor Zhang nodded, he didn't squeak, this question is very small, and anyone can talk about it for a long time, which is a truth that everyone knows.

"You see, if the fundamental problem is not solved, it is equivalent to planting a landmine in the stock market that will explode at any time, in this case, the so-called bull market will definitely not exist, so I am very sure that the sudden boom in the market is an illusion, and the stock market will collapse sooner or later. ”

Professor Zhang did not comment, but directly asked, "Why did you insist that it would collapse in April?"

It's easy to predict when something will happen, but it's hard to predict when it's going to happen, especially in the economic field, where there are so many variables that no one knows which indicator is important and which factor plays a decisive role.

Chen Qiaoshan said: "This question seems to be difficult, but to put it bluntly, it is actually worthless. ”

"First of all, the reason for this surge is very clear, QFII entered the market, a series of government stimulus, and under a series of benefits, it is normal to rise. ”

"Especially under the inducement of value investment, blue chips led the rise, which is a very strange thing, blue chips are indeed undervalued, but under the continuous stimulus, the market value is obviously too high, which is the foreshadowing of the collapse. ”

"The most critical point, when will it fall?" Chen Qiaoshan looked relaxed, "I wasn't sure about it originally, but as soon as the national nine articles came out, I had the answer." ”

"With thunder on my head, the government is still introducing a stimulus plan, which is obviously adding fuel to the fire, and the stock market is going to fall, so I'm pretty sure that under the inertia and repeated stimulus, the market will rise, but before the end of April, it will definitely fall. ”

Professor Liu couldn't help but interject: "Xiao Chen, don't sell it, just say the answer." ”

Chen Qiaoshan had to stop his tirade, "The market has profits and losses, and theoretically speaking, speculators want to sell risk, because on average, the risk premium exceeds the actual risk. ”

"The news will not bring price fluctuations, but price fluctuations bring news, but now it is just the opposite, April is a sensitive node, the annual report and the first quarter financial report are due one after another, the market is lively, but also need performance support, the inflated stock price has no support, can only plummet. ”

"The most obvious example is Unicom, the stock price has skyrocketed in the past few months, and the first quarter financial report came out, and the stock price plummeted, from five yuan three cents and one to three yuan seven yesterday, a decline of more than 30%. ”

"This is just one of many blue chips, and this is basically the case in the steel and petrochemical sectors, and the market will inevitably collapse if it is dragged down. ”

Chen Qiaoshan's explanation ends here, he is just copying the expert's rhetoric, but there are two accurate predictions, which are still very convincing.

Zhang Bo was a little hesitant, "It's that simple?"

Chen Qiaoshan nodded affirmatively, "It's as simple as that." ”