"I think each has its own merits, and the United States has a deeper accumulation of shortcomings in the supervision of financial executives than we do. This root of Americans' financial legislation is mainly dominated by the financial community, which is related to the fact that -

In fact, it is not only the financial community, but also the United States and Japan, where the government is more cautious about the supervision of professional fields, and likes to let the industry associations organized by the government make judgments, rather than the direct intervention of public institutions.

That's why today's subprime mortgage crisis has deepened and a large number of investment banks have collapsed and become regulated. However, the remuneration of investment bank executives is not very affected......"

Feng Jianxiong sipped wine while holding his girlfriend Tian Haimo with one hand, and talked eloquently every word.

It seems that for Fan Jian's question, I don't feel any traps.

He first commented on the situation in the United States with praise and criticism, and then changed his tone and began to evaluate the situation at home.

"As for China, first of all, we should affirm that the punishment for financial crimes is indeed more advanced than that of the United States - I estimate that when the Huang Guangyu case is officially decided in two months, and the verdict spreads to the United States, netizens in the United States will definitely envy China. ”

When Feng Jianxiong said this, Fan Jian's heart sank a little unwillingly.

He also thought that Feng Jianxiong would change his original unruly style and become a faction of praise for virtue like him.

After all, this is not a debate competition, and it is not a matter where the two sides must not retreat after drawing a position.

In case Feng Jianxiong "surrenders and loses half", how can he still humiliate him academically?

But fortunately, just two seconds later, Feng Jianxiong changed his words, leaving Fan Gongzi with a handle on his position.

“…… However, I have always felt that the sentencing scale for financial crimes in China is somewhat one-size-fits-all. Those who engage in insider trading in the futures, bonds, and foreign exchange markets should indeed be severely punished.

As for the secondary market of the stock market, those who mislead investors and create false news must also be severely punished, but insider traders who follow the trend are actually not much of a sin - everyone knows that the domestic stock market is not for investment, and it is 100% pure speculation. Those who are willing to enter the market are originally here to gamble and are psychologically prepared.

Maybe everyone expects that 'there must be a little white in the world who is less informed than me' to be a pick-up man. Therefore, in the secondary market of the Huaxia stock market, there are no innocents at all. Being yin by someone who is more well-informed than you, that's it. ”

As soon as Feng Jianxiong said this, the first person who felt unhappy was not Fan Gongzi, but Dai Gongzi of the Industrial and Commercial Bureau - he followed the trend in the foreign exchange market three years ago and made millions of dollars.

Feng Jianxiong actually said that insider trading in foreign exchange and futures is more serious than insider trading in the stock market, isn't that a bit of a suspicion of scolding Huai?

The other insiders here, except for Feng Jianxiong and the other three, also knew Dai Gongzi's family background to some extent, and seeing that his face turned cold, it was inconvenient to help Feng Jianxiong speak at the moment.

Feng Jianxiong's "audience tickets" that he had accumulated were suddenly pulled back to the starting line of being on an equal footing with Fan Jian.

Fan Jian was overjoyed.

This guy actually said such things that "are inconsiderate of the people's suffering"! It is so politically incorrect! Is it like a brainless troll on the Internet?

"At this level, you can win the championship of the International College Debate Championship? It seems that the current champion is not very valuable! Maybe my brother can win the championship if he participates. Fan Jian couldn't help but think so.

He shook his head and preached: "Classmate Feng! What you said is not right! Alas, you are still too young and too simple. How can people follow the crowd, Americans say that our stock market is a casino, and you also follow the trend and say that it is a casino!

Your viewpoint has long been backward and has been refuted! You must know that the domestic stock market is not only speculative, but also more serious investment. Not only are the disciples of Soros's dog thieves to mix, but serious investors who believe in Buffett's 'value investing theory' can also earn money. How can you slander those serious investors? How can you say that those people who have been harmed by inside information are '50 steps and 100 steps'? Do you have empathy?"

The more Fan Jian spoke, the more excited he became, he looked very righteous, and glanced at Zhou Tianyin after speaking.

Zhou Tianyin actually seemed to have some praise for him.

Sure enough, it's a girl with a sense of justice!

AND FENG JIANXIONG ACTUALLY SAID TO HIMSELF WITHOUT KNOWING IT: "VALUE INVESTMENT? HOW DOES THE CHINESE STOCK MARKET ENGAGE IN VALUE INVESTMENT? THE INSIDE STORY IS LAYERED AND BUBBLES ARE RAMPANT, NOT TO MENTION THAT BUFFETT IS COMING, EVEN GRAHAM CRAWLED OUT OF THE COFFIN, AND HE CAN'T HOLD IT." ”

"Of course you can invest in value! Value investment has nothing to do with the bubble depth and insider depth of a stock market!" Fan Jian seemed to be holding back his internal strength, and the words he said from the dantian seemed full of energy,

"It's too complicated theory, we don't need to talk about it, after all, everyone is just drinking and chatting today. I'll give you an example.

Everyone knows that Graham's so-called 'value investing theory' is nothing more than the belief that investment in stocks should be based on their own commercial value. As long as it is carefully calculated, such as the price-earnings ratio, such as the growth of various data, and the authenticity, that the company's current market capitalization is lower than its actual total future profitability, it is time to buy this stock.

So, according to value investing, stock trading is like walking a dog in the fog alone. The stock price of the stock is equivalent to the dog, and the actual business value of the company is equivalent to the person on a leash - if you look at it from this model, is there any essential difference between the domestic stock market and the US stock market and the Hong Kong stock?

The U.S. and Hong Kong stocks have a little bit of insider diving, and there are fewer complicated factors, which is nothing more than that the rope on which people leash their dogs is a little shorter! There are more complex weighting factors in China, and it is nothing more than that the rope on which people leash dogs is a little longer! The rope is long and the rope is short, and the final result is that the dog will always wander within the distance between the person in front of and behind the person, as long as you see that the dog is lagging behind the person and believe that the dog will run faster sooner or later, you should take the opportunity to buy it! Why can't the rope be worth investing when the rope is long!

Fan Jianyang said a big bucket freely, and the gun with the stick was slightly chaotic, but the momentum was very strong.

Moreover, what he said was easy to understand, and the examples were funny, which sounded very incendiary to most of the laymen here.

Because it's easy to understand.

Just like those questions and answers that were forced by later generations, the answers are detailed and the number of words is large, and the replies and likes are definitely not as good as answering in funny and bright language - because the answers are too professional and there are too many terms, everyone will think that the answer is pretending.

And when the post-90s and post-00s talk to people, the most unbearable thing is "pretending".

People who "pretend" are bound to lose in the kind of debate competition where the public opinion is judged rather than the professional trial—even a bad old man like the bureau knows this.

Fan Jian's financial knowledge is actually not very solid. But he can't stand it, and he learned a lot of jokes from those Song Hongbing-type "Internet celebrity economists" or "knowledge setters" similar to Luo Fatzi in later generations.

In today's drinking situation, being able to tell a joke can win a debate. No matter how professional Feng Jianxiong can speak, it is useless.

If Feng Jianxiong wants to win, unless he is not only better than Fan Jian professionally, but also better than the other party in telling jokes to incite public opinion.

"It's a metaphor for walking a dog, disrespectful and disrespectful. Feng Jianxiong first generously praised the other party's "in-depth translation work in simple terms in order to popularize knowledge" and affirmed the other party's "contribution".

In fact, Feng Jianxiong, who was later in life, had already heard the "dog walking theory" put forward by Fan Jian in some grandstanding economists.

It seems that later in 2017, for a while, it was quoted by a certain Luo Fat who did the "get" APP to the second setter.

Of course, Fan Jian couldn't have heard it from Luo Fatzi, after all, Luo Fatzi is still working as a reviewer on CCTV, so he should have purchased the goods directly from Luo Fatzi's previous knowledge supplier.

However, what kind of person is Feng Jianxiong, how can he be bluffed with a few jokes?

In later generations, when he listened to Luo Fatzi's second transmission without brains, he knew that the fat man must have never been too careless to speculate in stocks, so that he couldn't even see through such a clumsy analogy. (Of course, what Luo Fatzi said is still very valuable in inspiring people to realize new areas that they have not paid attention to before.) It's just that I haven't spent time scrutinizing the point of view, and I haven't confronted the debate, so there is often a family opinion. Let's not blow it or black. ）

"You say walking the dog, I also tell you to walk the dog - if value investment can really be compared to walking the dog, then it is true that no matter the length of the rope, as long as the dog runs in front of the person for a while and behind the person for a while, the dog has the value of being invested.

But the question is, do you really have an in-depth understanding of China's stock market? Do you really think that when you put a 2-meter dog leash to 10 meters, the change is as simple as 'the dog swings from 2 meters in front of the person to 2 meters behind the person' to 'the dog swings from 10 meters in front of the person to 10 meters behind the person'?

I'm sorry, but the actual situation in China's stock market is that after the leash is lowered to 10 meters, the dog will only wander between 5 meters in front of the person and 10 meters in front of the person! Not to mention walking behind the person, it will hardly even have time to walk next to the person! That is a group of dogs running wild with the reins tightened!

As soon as Feng Jianxiong said this, everyone's first reaction was that they couldn't help but want to laugh.

Regardless of whether the theory is right or not, the kind of trick of taking the opponent's joke and immediately processing it in the line of fire, and fighting the stars to move back is very beautiful and ornamental on the scene.

Fan Jian wanted to use his strengths and avoid talking about dogs as an analogy, so Feng Jianxiong talked to him frankly about dogs.

It's called atmosphere.

Instead of learning from those forced pedants, dropping the book bag and pulling out the terms that the audience doesn't understand.

The truth still has to be explained, and it must be explained precisely. But in addition to precision, it can still be interesting to tell - both interesting and easy to understand and precise, which is what a master of eloquence can do.

"Dog...... What is the dog? You say that when the reins are long, the dog will always run in front of the person? This ...... What does this mean?" Fan Jian was a little dazed by the other party's light breeze, and his heart panicked, and he couldn't even understand the other party's metaphor.