Chen Qiaoshan didn't know the details of Wang Feng, and he didn't care.

He was pondering Professor Yan's intentions in his heart at this moment, but he couldn't think of a reason for a moment.

The response named Wang Feng stood up, which startled Chen Qiaoshan, who would have thought that guy would be nearby, sitting in a row behind him.

Chen Qiaoshan glanced back, a tall guy, and he looked like that, of course, this is what he used to say about male compatriots who are more handsome than him, which often caused Yan Xiaoqin to ridicule.

Wang Feng is worthy of being a scholar of the scholastic, and casually gave a standard answer: "The premise of the efficient market hypothesis is that investors are rational and can quickly make reasonable judgments on information and adjust the investment structure accordingly." ”

Chen Qiaoshan smiled and did not comment on Wang Feng's answer, but asked directly: "Professor Yan, how can I determine whether investors are rational or not?"

Professor Yan still didn't speak, but just nodded to Wang Feng, signaling that he would still answer.

Chen Qiaoshan finally understood that Professor Yan didn't want to bully the small, so he simply assigned a student to debate with him.

That's the case, Chen Qiaoshan was no longer polite.

He simply left his seat with his back to the podium and came face to face with the students in the audience, so that Yan Xiaoqin, who was sitting next to him, couldn't help but hide his face and sigh.

This scene is too familiar, it is the same as the situation of the last Guanghua lecture, Yan Xiaoqin knows that Chen Qiaoshan is obviously in trouble with others again, she has to complain secretly in her heart, she is such a big person, why don't you know to keep a low profile!

"Senior Brother Wang, how do you determine that an investor must be rational?" Chen Qiaoshan repeated the question.

Wang Feng has been studying systematically for three or four years, so naturally he will not be easily shaken, and he can easily see through the trap in his words.

"Rationality is relative, and all investors cannot be required to be rational, and only through systematic theoretical study can rational judgments be made. ”

Chen Qiaoshan sighed very much in his heart, this senior is really simple, can't he speculate in stocks without systematically studying economics? He actually understands in his heart that this is no wonder Wang Feng, perhaps only by truly understanding the cruelty of capital can he completely mature.

"It turns out that the rationality of investors is to be cultivated through the day after tomorrow, so Senior Brother Wang, do you think I am rational?" asked Chen Qiaoshan playfully.

Wang Feng was stunned, not knowing why he suddenly asked such an incoherent question.

Chen Qiaoshan didn't wait for him to answer, and said self-deprecatingly: "I am naturally irrational, a freshman dares to question Professor Yan, which is too self-defeating." ”

His self-deprecation caused laughter from the audience, Yan Xiaoqin couldn't help but roll his eyes at him a few times, this thing was on the hook again, and his skin was too thick.

Chen Qiaoshan didn't care, and when the laughter subsided, he proposed: "In this way, just talk about not practicing fake tricks, Senior Brother Wang, let's get a simple financial model and have a face-to-face competition, what do you think?"

Everyone in the audience was stunned, no one expected Chen Qiaoshan to make such a proposal, but no one looked at a freshman in their eyes, and coaxed: "Wang Feng, what are you rubbing, promise him, don't embarrass us!"

Professor Yan was a little surprised, he didn't expect things to develop to this point, but he didn't object, just silently followed the development of the situation.

Yan Xiaoqin was a little worried, she didn't know what Chen Qiaoshan was going to do, anyway, she didn't have any bottom in her heart, and it was not easy to say anything in public, so she had to stare at him worriedly.

Wang Feng is naturally no stranger to various financial models, and he is not afraid of Chen Qiaoshan's challenge at all, and said confidently: "No problem, you can solve the problem!"

Chen Qiaoshan consulted Professor Yan again, and after he agreed, he opened his school mailbox in the teaching computer on the podium and downloaded an attachment from it.

This is all the information of ST Zhongyan up to now, which includes the trend chart of the last year, the financial reports of the past two years, the briefings of relevant news of major media, and the records of corporate equity transactions over the years.

Everyone didn't know what Chen Qiaoshan was going to do, they just stared at the scattered information on the big screen and were stunned.

Chen Qiaoshan picked up the chalk and wrote ST Zhongyan on the blackboard, and then explained the situation of ST Zhongyan in detail without any reservations, and finally introduced the actual situation that ST Zhongyan is currently facing.

When everything was finished and the bell rang for the end of class, Chen Qiaoshan couldn't help but be stunned.

Professor Yan said, "Everyone is free to move, if you two are okay, you can continue your competition, don't worry about anything else." With that, he walked down from the podium and sat down at a vacant seat below.

When everyone in the audience saw this situation, except for a few who ran out in a hurry, none of the rest made a sound, and they all paid attention to the two people on the stage quietly.

Chen Qiaoshan asked: "Senior Brother Wang, this is the case with ST Zhongyan, it has been losing money for two consecutive years, and this year's loss is a foregone conclusion, and forced delisting is imminent." ”

After that, Chen Qiaoshan clicked on a chart with the mouse, he pointed to the curtain and explained: "This is the K-line chart and stock price trend of ST Zhongyan in the last month, you can see that the stock price has plummeted recently, unfortunately, I am not a rational investor, and I bought 50,000 ST Zhongyan shares at a unit price of six yuan last Wednesday." ”

As soon as his words fell, there was an uproar in the classroom, Chen Qiaoshan spent 50,000 yuan to buy stocks? This news is too unbelievable.

Securities investment includes stock investment, and K-line charts are a must-learn, so they naturally know the meaning of Chen Qiaoshan's words.

Wang Feng asked very unexpectedly: "You really bought 50,000 yuan of ST Zhongyan?"

Chen Qiaoshan smiled and nodded, "This is naturally true, I'm very irrational, right?"

Everyone is speechless, and they dare to buy stocks that are facing forced delisting in a row, which is not irrational, is this stupid?

Even Professor Yan frowned, but Yan Xiaoqin didn't know why, just looked at the two people on the stage in a daze.

Wang Feng said: "The last two trading days last week were all down limits, so haven't you lost 10,000 yuan?"

The classroom was silent for three minutes in an instant, 10,000 yuan was not a small amount this year, and everyone was curiously waiting for the answer on the stage.

Yan Xiaoqin's heart slammed up, although she didn't understand stocks, she knew a lot about Chen Qiaoshan, he said that it was definitely not a joke to buy it, it seemed that he had really lost money, thinking of this, he couldn't help but feel upset in his heart.

There was nothing she could do, she could only continue to stare at Chen Qiaoshan with a sad face, and she was in a hurry to do it alone.

Chen Qiaoshan corrected: "Senior Brother Wang, ST Zhongyan is a capped stock, and the rise and fall is only 5% per day, to be precise, my loss is less than 5,000 yuan." ”

Wang Feng touched his nose embarrassedly, but he couldn't help but slander in his heart, when is this coming, if you still put this on display, you won't even have five cents left if you don't clear the warehouse.

Chen Qiaoshan continued: "We don't need to discuss things that have passed, today is the first trading day of the week, Senior Brother Wang, you analyze it rationally, what should I do now?"

"Clearance. Wang Feng's answer was simple and straightforward.

"Well, now there is a new problem, this morning Sina Finance published a news, ST Zhongyan's equity has changed, Tunhe shares have become the absolute controlling shareholder, you analyze it rationally, in the face of this news, how should I operate now?"

Everyone was stunned, the case has been analyzed countless times, but this is the first time to contact the real stock operation, everyone can't help but think, but everyone has not figured out what substantive effect will the equity transfer of a listed company that is about to be forced to be delisted?

After a long time, Wang Feng said: "I still choose to liquidate the position, even after completing the asset restructuring, ST Zhongyan has been losing money for several years, and I can't see any value worth investing in at all." ”

Chen Qiaoshan felt a little disappointed, in the end, he was still a student in the ivory tower, how could the operation of capital be as simple as it seemed on the surface.

He is also a little excited, and it is a bit of a bully to test these students who have not left school with the known results, but at this point, there must be a decision.

"Xiaoqin, you take my mobile phone to make a call, note the account manager, ask ST Zhongyan's current stock price, open hands-free. Chen Qiaoshan confessed.

Yan Xiaoqin acted according to his words, the phone was dialed quickly, and before he could speak, a surprised voice came from the microphone: "Mr. Chen, congratulations, now that the Delong department has controlled the situation, ST Zhongyan opened directly to the limit, and you won the bet ......"

Nokia's quality is good, the hands-free voice is clear, many people around heard the content of the call, and suddenly fell silent, and the same thought came out of everyone's minds, how could this be the result?

Chen Qiaoshan glanced at Yan Xiaoqin, she immediately understood, turned off the speakerphone and thanked her and hung up, but the look on her face was no longer a sad look, she had already smiled, she heard it really, this stock will rise sharply!

Wang Feng was very frustrated, and the conclusion he gave after careful evaluation turned out to be wrong, which made him a little unacceptable, and he couldn't help but stay there for a long time without moving.

Professor Yan walked up, patted Wang Feng on the shoulder and said, "Don't be frustrated, you are still in the learning stage, and a right or wrong once doesn't mean anything." ”

Wang Feng nodded, but he was still very upset.

Chen Qiaoshan felt a little overset, but he didn't want to say anything, so he could only look at Professor Yan and laugh dryly.

Professor Yan said quietly: "Chen Qiaoshan, your case doesn't mean anything. ”

"Wang Feng's rationality is only a narrow concept, the real rationality refers to the investor's tolerance for losses, for example, you lost 5,000 yuan in stock trading last week and were indifferent, which essentially shows that you are a rational investor. ”

Chen Qiaoshan felt very helpless, Professor Yan was obviously a strong word, and the technique of reversing black and white was too proficient, worthy of being the dean of the academy for so many years.

After a pause, Professor Yan continued: "It's better than this, since Wang Feng has lost, why don't we just communicate, you can try to overturn my arguments, what do you think?"

Chen Qiaoshan was stunned, and couldn't help but secretly scold his mother in his heart, he had just beaten away his apprentice, and the master came up to find a scene in person, which was too shameless!

Professor Yan spoke, and he couldn't refute it, so he had to calm down and secretly think of countermeasures.

After pondering for a while, Chen Qiaoshan was a little excited, and nodded with a smile.

In terms of professional level, he can't compare to Professor Yan, but it is not too easy to refute the efficient market hypothesis, because he has a big killer weapon in his hand.

As a result, the 00-level finance students saw a strange scene on this Monday morning, a freshman from Guanghua School of Management accepted the challenge of the old dean of the School of Economics of Peking University with a smile on his face.