(Thank you for the red reward of "Little Brother in Cloth"!)

Chen Xiaoxi sat in Liang Fang's office, unconcerned about the exquisite decoration of the office.

Liang Fang was impressed by the night at Linkin Park, and unconsciously speculated that one of his partners, Chen Xiaoxi, might be a good businessman. I asked Chen Xiaoxi to ask about the operation of Bunny's bar. Since I am now a venture capitalist, I have the intention to rely on capital to share a piece of the pie.

Before entering the topic, Liang Fang casually asked Chen Xiaoxi if he loves financial management. Unexpectedly, Chen Xiaoxi, who had been polite to the point of absent-mindedness, suddenly brightened his eyes.

"I'm more suitable for investment than in business. I vaguely feel that one day, I will become the Chinese Buffett. Chen Xiaoxi was very calm and calm when he said this.

Liang Fang has always admired people who dare to be arrogant. After listening to Chen Xiaoxi's wild words, she suddenly had an idea that she might be able to join forces with Chen Xiaoxi.

It's not necessarily to make a fortune, relying on her father, she is rich enough. She just simply admired Chen Xiaoxi, and appreciated his impatience, humility and arrogance.

Just as the joy of travel lies not only in seeing the beautiful scenery, but also in who you walk with. It's the same with doing business. Especially like her, who does business for spiritual sustenance.

So, Liang Fang moved the bar operation to the back row: "Can I have the pleasure of listening to your investment experience?" If Chen Xiaoxi disdains to elaborate, it shows that he lacks recognition of her. She won't go through the trouble of lobbying and reluctantly. If Chen Xiaoxi talks exaggeratedly, it can only confirm that she has looked away.

Chen Xiaoxi lowered his eyes, thought for a few seconds, and chuckled himself. Liang Fang, who had been carefully observing the changes in his expression, didn't think this was a good sign.

"Do you really want to hear it?"

"Yes!"

Chen Xiaoxi showed a gentle look on his face, like reminiscing about his first love, and even his voice increased a little emotionally.

Chen Xiaoxi said to himself that he didn't know how to read the financial statements at first. Just look at the industry to which the company belongs, the concept of the company, and if you think it is novel, try to buy it. His first stock in his life was Netbank, the world's first internet-only bank, to go public. Purely appreciating this new trend.

Netbank spent $20 a share, and Chen Xiaoxi spent $1,000 to buy 50 shares. Unfortunately, the company went out of business. The first share of life has become a piece of waste paper. Chen Xiaoxi learned that "even if it is a bank, it is not insured".

After that, he spent $1,000 to buy a Chinese PHS company listed in the United States, but he didn't expect that the cellular technology was replaced by mobile networks, and the company's stock fell all the way, from $50-60 a share when he first bought it, to 5 or 6 yuan a share, and was sold by him. If it is not sold, the final outcome will be bankruptcy and worthless.

Since then, I have practiced the so-called concept stock and policy stock several times, but in the end, I could not end well. It can be said that the initial investments were almost completely wiped out.

Liang Fang couldn't help it: "Under such a blow of splitting your head and covering your face, how can you still have the courage to buy it again?"

Chen Xiaoxi was stunned for a moment: "I invested only when I was prepared to lose money." So I'm not being hit, I'm just confirmed. ”

"Confirm what?"

"It is confirmed that this stock selection idea is wrong. ”

Liang Fang smiled slightly, becoming more and more interested in listening to the "Heart Journey".

Chen Xiaoxi said that he had failed a few times and began to study. I read a lot of websites and learned how to invest in the industry. The biggest lesson learned is that if you buy an index fund and follow the index, the index is at least impossible to go bankrupt. The second lesson is to buy large companies with high dividend rates.

He put his studies into practice. Looking at the financial statements, it is true that many companies have a high dividend rate. Spent another $1,000 and bought one of them, Marlboro, which has a 10% dividend. Not to mention earning more and earning less, at least it is no longer smeared, and it is basically not a loss of money.

In addition to learning from the website, he will also ponder it himself. At that time, Buffett already had the name of "stock god". He went to see Warren Buffett's list of stocks he held, but bought anything that was losing money. The reason is that if Warren Buffett's stock is profitable, then it means that he is buying at a lower price, and there is more room to make money in the future (explanation: Buffett is a long-term investment and will not immediately sell his stock). Following this line of thinking, he bought USBank Corp (bank) and Conoco Phillips (oil company). Neither company seems to be doing much. Chen Xiaoxi's conclusion is: Buffett also makes mistakes.

In 2006, when Mr. Chen was a sophomore at an obscure state university in New Jersey, he bought $3,000 in paper gold when gold fell from $1,000 an ounce to $600.

"This is the first business that I have made money under my own independent decision-making. ”

Recalling the past, Chen Xiaoxi smiled slightly. The pride in it is indescribable. The students either had their parents pay for their tuition, took out loans, or worked hard in restaurants to earn pocket money, and he had already started to make money with his investments.

Liang Fang nodded: "At what price did you sell it, and how much did you earn?"

Chen Xiaoxi: "I didn't sell it, and now it's still on my account in the United States." ”

Liang Fang: "Uh...... All right. ”

It turns out that the transaction fee in the United States is expensive, and it is not on a pro-rata basis, but on a per-number basis. This is very detrimental to small households.

Chen Xiaoxi gave the example of an online trading system he used, which deducted a transaction fee of US$5 for each transaction made. Before returning home, he began to collect his investments, transferring all his bank accounts and stock accounts to Citibank. Citibank charges $24.9 per online transaction. After returning to China, Chen Xiaoxi's US stock accounts have not been touched, firstly because of the high transaction fees, and secondly, because once he makes money, he needs to pay taxes.

In December 2015, Chen Xiaoxi left the United States, where he had lived for ten years, and decided to return to China.

Many relatives, classmates, and friends regretted his decision. Many people think that the United States is better than China. But he doesn't see it that way.

Mr. Chen said he felt the U.S. was going downhill before the 2008 economic crisis erupted.

Born in a family of businessmen, Liang Fang naturally remembers the US economic crisis that affected the world in 2008. She was noncommittal about Chen Xiaoxi's statement afterwards, you must know that Chen Xiaoxi was only a junior at that time, and it was the norm of his life not to leave the campus.

seemed to feel Liang Fang's doubts, and Chen Xiaoxi told the process of making judgments.

Since his sophomore year, Chen Xiaoxi has been keen to play tennis and has been a tennis partner with a Chinese teacher. Teachers buy houses in various parts of the United States. One day, the teacher told him, "The U.S. economy is about to fail." He asked the teacher how he got it. The teacher said that she ordered a push of "house disconnection - bank auction". Finding that more and more content was being pushed, the teacher concluded that the U.S. economy was about to fail.

Chen Xiaoxi explained: "After 2000, the U.S. economy declined, the bubble went bankrupt, and the stock market was sluggish. In order to stimulate the economy, the state lowered interest rates. After the interest rate dropped, house prices began to skyrocket. The higher the housing market, the more speculative people will be attracted. The teacher who plays tennis is also constantly buying a house in this situation.

You know, the big difference between Americans and Chinese is that Americans borrow a lot, many people work for many years and still pay off student loans and car loans, if even such an important mortgage is cut off, then you can imagine how much debt they are carrying!"

Liang Fang: "So, it was your teacher who discovered that the United States was going downhill. ”