Chen Xiaoxi nodded, and immediately shook his head after thinking for a while: "I personally have a similar experience. At that time, I was about to end my junior year and began to prepare for working in the United States after graduation. I did some research, and if I wanted to work for two years after graduation and then go back to my country, I needed to confirm which state I was going to look for.

I remember reading an article that said that the median salary in the United States was $2 and the median salary in Silicon Valley was $4. I'm going to go to Silicon Valley to find a job. Later, it was found that the median home price in the United States is about 20, while the median house price in Silicon Valley is about 50. I suddenly felt bad. It seems to make a lot of money in the United States, but its purchasing power is limited, and even in Silicon Valley, which has a high salary, it doesn't mean much.

My teacher came to the conclusion that the U.S. economy is going downhill and didn't change her life, which was just a perception for her, and I thought it was a fact that I decided that I was going to leave the U.S. after I came to the conclusion that the U.S. economy was going downhill. ”

Liang Fang chuckled unconsciously, for Chen Xiaoxi's serious and cute attitude. There is recognition in laughter, but there is also no lack of appreciation.

In 2008, the U.S. economic crisis erupted. In the same year, Chen Xiaoxi was escorted as a master's student of the university. For the sake of comprehensive tuition fees and full scholarships, Chen Xiaoxi accepted.

The U.S. economic crisis culminated in the collapse of Lehman Brothers, a 150-year-old investment bank in the United States. Chen Xiaoxi learned from this: his own prediction is more trustworthy than the propaganda of outside experts.

"It's going to be a great benefit for my future investments." Chen Xiaoxi said.

Most master's degree programs in the United States are two-year programs. Chen Xiaoxi, because of his consistently excellent grades and lack of interest in his major "environmental protection", simply spent more time figuring out the stock scriptures.

In 2006, after concluding that "the U.S. economy is going downhill", in 2007, unlike the international students who tried to study in the United States after graduation, Chen Xiaoxi had already made up his mind and returned to China for development after graduation. Therefore, he took advantage of the vacation to return to China to visit relatives and opened a stock trading account on the Shanghai Stock Exchange - but he did not expect to be sent to graduate school in 2008.

His initial plan was to buy 20 stocks and sell them if they rose 10 percent.

As soon as you enter the stock market, you will face a bull market. In 2007, there were stocks with a price-to-earnings ratio of around 10. By May 2007, there were no stocks with a price-to-earnings ratio of less than 20. By this time, the stock index had doubled, from 2,600 to 5,000 points.

In a bull market, stock prices rise very quickly. Although the stocks he bought rose and rose to make money, this kind of money was a little weak. Looking at the rising stock price, he was too timid to buy, so he didn't really buy enough 20 stocks.

At this time, Chen Xiaoxi discovered a phenomenon: when stocks rose, bonds fell day by day. For the first time, the idea of "hedging" was born in the mind.

At that time, there was a kind of detached convertible bonds, with a 5-year maturity and an interest rate of only 1%, but when you buy bonds, you will give away warrants for nothing. Someone makes money on the warrants and sells the bonds at a low price. The face value of 100 yuan, Chen Xiaoxi only spent 76 yuan when he bought it (100 yuan will still be paid when it expires in 5 years). He thinks it's a sure-fire deal.

He plans to buy more for every $0.25 drop. Unexpectedly, it fell all the way to 71 yuan. He bought a lot as a result. In 2007, when the stock market was at its best, his equity assets accounted for only 15% of the total investment, and the rest were bonds.

In 2008, when the stock reached 6124 points, it plummeted to 1600, a drop of 80%. Those who chased it in didn't even have time to exit. While stocks are falling, bonds have been rising. Therefore, when the stock market fell, Chen Xiaoxi's assets did not jump with it.

"I'm down 12 percent." Chen Xiaoxi accurately reported the number.

Later, Chen Xiaoxi saw that Warren Buffett said such a sentence: "When others make money, I also make money, and I try to earn as much as others; When others lose money, I lose money. I'm sure I have less to lose than others. "My mind was moved, and I regarded Buffett as a confidant from then on.

In 2009, the stock index rose from 1,600 points at the bottom to 3,400 points, a rough 100% increase. At that time, many people had not recovered from the 6,000-point disaster, and Chen Xiaoxi had already earned 50%.

This experience gave Chen Xiaoxi the first experience in the stock market: stocks and bonds are hedged. They rise and fall in opposite directions. As an investor, you always go for the cheap one and sell the expensive one so that you can be guaranteed to be invincible.

Liang Fang couldn't help it, and finally asked: "If I'm not mistaken, you said that your family is ordinary." I'm guessing that the money you invested in the first place was earned by working in the U.S. as a personal worker. How much money did you have at that time? ”

Chen Xiaoxi shrugged and smiled: "My family background and your guess are right. Don't ask me how much money I have, it doesn't matter how much money is, it's the percentage that matters. ”

Liang Fang's heart moved. At that time, the eldest brother gave himself 2 million, but he was too little, and the eldest brother said the same sentence: "Don't care about the amount, care about the return ratio." ”

"Please go on." Liang Fang unconsciously used a "you".

Chen Xiaoxi said that his second experience is to use the theories of his predecessors to guide actual combat.

In order to study how to invest in the stock market, he specially bought a stock investment primer recommended by Warren Buffett, called "A Smart Investor". It was written by Warren Buffett's teacher in 1934.

The first chapter of the book talks about investing in bonds – because it's an investment with relatively little risk and a relatively guaranteed return.

Later, he watched Warren Buffett's "Snowball" again. Warren Buffett's investment has a key word: net worth. The money from the sale of all the companies is net worth. If I buy at a price lower than my net worth, even if the stock doesn't go up, sell the company all, and the difference is a profit. Warren Buffett said he was going to buy companies whose stock prices were below their net worth. That means you don't lose money.

Chen Xiaoxi checked the financial statements of listed companies more carefully and found that there were really companies whose stock prices were lower than their net assets.

"I believe there are many ways to do a good job in stocks, but each of them needs a character to back it in. Personally, in the process of actually doing stocks, I have a deep experience of many of Buffett's statements.

The stock market is dynamic, and past experience cannot be copied. But those theories that have been tested over time, especially those based on successful people with similar personalities, are very instructive and instructive. Chen Xiaoxi concluded.

This summary made Liang Fang want to laugh unconsciously. She thinks that Chen Xiaoxi has every reason to be arrogant, because his grades are beyond ordinary people. But, contrary to the norm, he is more modest. Liang Fang just wanted to smile and ask, how much hypocrisy there was in this.