Xie Wanting was slightly surprised when she saw Su Yu mention her father's name, and asked with a smile: "Why did Mr. Su associate me with Mr. Xie Zhenhua of 'Zhenhua Capital'?" Could it be that my surname is Xie, so I have to have something to do with Mr. Xie Zhenhua of 'Zhenhua Capital'? ”

"It's not that the surname is Xie, you have to have something to do with Mr. Xie Zhenhua of 'Zhenhua Capital'." Su Yu replied, "Instead, Miss Xie said that she was an intern at Anlan Fund, but I wanted to ...... It's just an intern at a fund company, so I can't be invited to this summit, right? And as far as I know, the actual controller of Anlan Fund is 'Zhenhua Capital', which has to be reminiscent. ”

Seeing that Su Yu's thinking was so thorough, Xie Wanting admired it in her heart, and said with a smile: "I didn't expect Mr. Su to investigate our Anlan Fund so clearly. ”

"It's more than that." Su Yu said with a smile, "CEFC Securities Yanjing Minghua Road, it should be the seat of your Anlan Fund, right?" From the decisive exit of Waigaoqiao to the follow-up of Hua Qingbao, LeTV, Huayi Brothers and other stocks, I still admire your investment ideas and strategic changes. ”

Hearing Su Yu say this, Xie Wanting was even more surprised.

She originally thought that they were the only ones secretly observing and studying the 'Wealth Road', that is, Su Yu's trading ideas and position changes, but she didn't expect it...... The other party is also secretly observing them and studying their investment ideas.

"Compared with Mr. Su's transfer and hot spot switching in these stocks, our Anlan Fund is still ashamed." Xie Wanting said, "Especially in the lurking of stocks such as Waigaoqiao and Shanghai Material Trade, how did Su always know that the line of 'Shanghai Free Trade Zone' would inevitably break out more than a month in advance?" ”

Hearing Xie Wanting ask this question, Xu Shen, who was standing beside Su Yu, was also very curious.

He also thought about this problem, and he didn't know what kind of logical judgment Su Yu followed, so he could make the judgment that the main hype of the 'Shanghai Free Trade Zone' would inevitably break out more than a month before the news was announced.

Su Yu looked at Xie Wanting, smiled, and said: "About March this year, when the high-level investigation of the Shanghai economy was carried out, the idea of a 'free trade zone' was proposed, but the news did not get everyone's attention at that time, and I ...... It's just that through these clues, I even guessed and bet on this opportunity. ”

"It's as simple as that?" Xu Shen was a little stunned.

Su Yu responded with a smile: "It's that simple! ”

"Then why did you really open a position in July, and not earlier?" Xie Wanting continued to ask.

Su Yu replied: "Since Miss Xie can recognize me at a glance without seeing me, it proves that you are still very concerned about me and our 'Yuhang Investment', so you should know that our 'Yuhang Investment' company was only established in June this year." ”

"And when it was first founded......"

"The size of the funds available for our company's first fund is very limited."

"In addition, at that time, the line of 'Internet finance' was being hyped by the market, so I could only follow the market sentiment, finish the speculation, appropriately enlarge the net value of the fund, and create some more available funds, so as to continue to lay out the main hype of the 'Shanghai Free Trade Zone', which I had been coveting for a long time and was very likely to break out in the future."

"I think any main line of the market ......"

"Whether it is a news-driven market driven by sudden positive news, or a performance expectation-driven market driven by changes in industry fundamentals."

"Under the interpretation of the current market information, there are traces and logic to follow."

"There is no big main line market, which can be driven by the random speculation of the market, and there is no main line market without basic logic, which can get out of the continuous money-making effect."

"Well said!" Xu Shen agrees with what Su Yu said, "On the surface, the market is driven by emotions and funds, but the internal logic is still the expected change brought about by the news and fundamentals, as long as we can find out the opportunity for the expected change from the market news and fundamental analysis, it is easy to deduce the direction of the market's market changes and react one step in advance." ”

Of course, the logic and rationale of investment ......

Everyone here is a top figure in the asset management system in the industry, and few people can not understand it.

In fact, the real investment difficulty is not to analyze these logics and truths, but to implement them, and to overcome the greed and fear of human nature.

"This gentleman is ......" Xie Wanting heard Xu Shen's words, her heart was touched, and she also had some curiosity about the identity of the other party, "Indeed, no matter the short-term, long-term, no matter what kind of investment philosophy, the final reflection is based on the basic logic, which is expectations." ”

"Miss Xie knows me, but doesn't she know Mr. Xu?"

Su Yu was a little surprised to see that Xie Wanting didn't know Xu Shen, and introduced to her: "This is the famous general helmsman of the tour capital, Zexi Investment, who has created the myth of private equity performance, Xu Shen, General Manager Xu." ”

"Mingzhou Jiefang South Road?" Hearing Su Yu's introduction, Xie Wanting's eyes once again revealed a hint of bright color.

She really didn't expect that as soon as she arrived at the hotel, before the dinner officially started, she met the two characters she had always wanted to meet.

"Where did the performance myth come from?" Xu Shen smiled self-deprecatingly, "As for the chief helmsman of the tour capital, it is not worth mentioning." ”

"At least Mr. Xu is based on the intensity of market speculation and the characteristics of the A-share price limit, and the 'short-term leading board' tactics researched are still very meaningful." Su Yu said with a smile, "Now using Mr. Xu's set of technology, there are many active retail investors and floating capital groups in the market." ”

"Hmm!" Xie Wanting also helped beside her, "My teacher also told me about Mr. Xu's 'short-term faucet board' hype tactics." ”

"In the financial market, there are no universal rules for making money." Xu Shen didn't care much about the praise of the two, and said with a smile, "The rules I summarized, except for the fact that it was a little useful at the beginning and could make a little money, now, in fact, ...... It is no longer applicable, after all, under the influence of the '28th law', there is no reason to make the vast majority of ordinary people who enter the market make money. ”

"In my opinion, there is no 'bible' in investing at all."

"Because all the investment 'Bible' does not conform to the essential logic of the market's '28 law'."

"What's more, in my opinion, the A-share market does not have the soil for the growth of 'value investment', and all of us, including all investment groups in the market, whether it is institutions, floating capital, or retail investors, its essence is a zero-sum game, making money from the rise and fall of stock prices, rather than corporate dividends and money generated within the company."

"Mr. Xu, you can say that, right?" Before Su Yu and Xie Wanting could react, a middle-aged man in his forties and fifties glanced at Xu Shen lightly, as well as Su Yu and Xie Wanting, who disagreed with the authenticity, "From the perspective of the history of the global financial market, only the road of 'value investment' is the right way. ”

"Moreover, the most successful investor in the world, Mr. Warren Buffett, has followed the concept of 'value investing' all his life."

"Instead, it's speculation......"

"Even a speculative genius like Jesse Livermore ultimately failed."

"I'm not saying 'value investing' isn't going to work." Xu Shen glanced at the other party lightly and responded, "It's that this road is not suitable for A-shares, at least...... Not at the moment. ”

Since he started trading stocks, he has tried all kinds of ways and theories.

Outcome......

After repeated failures, it was only through short-term emotional hype that the road of anticipatory gambling followed the news and fundamentals was successful.

"In my opinion, it's more about the market environment that determines the investment strategy." Su Yu interjected between the two of them, "In the A-share market, if 'value investment' wants to become the mainstream, the companies that are listed first should have the determination and willingness for long-term development, rather than thinking that the completion of the listing will complete the accumulation of wealth, and begin to use the market to quickly cash out and harvest retail investors and follow-up investment institutions in the market." ”

"And the current ......"

Su Yu paused and said: "The vast majority of enterprises in the current market do not have the determination and willingness to develop for a long time, after all, the development of enterprises is difficult, but with the help of market liquidity, quickly cashing out, harvesting market retail investors and follow-up investment institutions, just move your fingers and make an announcement." ”

"Before the investment environment changes, talk about long-term investment and value investment."

"That's the loft in the sky."

"Even if all of you here believe in the path of 'value investment', I am afraid that there are very few people who can firmly hold a stock for three or five years, right?"

"Actually, in my opinion......"

"The so-called 'value investment institutions' that stare at the hype of quarterly, semi-annual and annual reports are no different from funds that use market sentiment to play the game of expectations."

"To put it bluntly, everyone is just doing expectation management and making money from stock price fluctuations."

"I see, there's no need to argue about which path is right and which is wrong." Xu Zhongji of Minghui Capital said with a smile, "It is said that 'all roads lead to Rome', as long as we can make money in the market, as long as we can increase the net value of fund products, we can make investors trust us more, and then in my opinion...... Either way is right. ”

"Black cats, white cats, are they all good cats that catch mice?" Someone retorted, "Mr. Xu, what you said, it's not quite right, the wrong investment concept, will guide the market investment environment in the wrong direction, if the A-share market has been a zero-sum game, emotional speculation, then 10 years, 20 years, I am afraid it will be difficult to cross the 6124 point, ushered in a long bull pattern." ”

"It is said that there is a huge gap between us and foreign financial markets, and there is a huge gap between the investment environment and the gap per share."

"There are also many people who complain that A-share bulls are short and bears are long, and U.S. stocks are bulls and bears are short."

"What is the root cause? Is it China's market potential and corporate growth potential, far inferior to that of U.S. listed companies? Is it China's comprehensive national strength and economic improvement, far inferior to the United States? ”

"It's not ......"

"It is because of the domestic investment environment, from enterprises to market participants, they only think about hyping through market sentiment and short-term expectations, zero-sum games, harvesting each other, and there is no long-term investment philosophy."

"There are reasons for the investment environment for the short bull and the long bear, but if the basic logical conditions for the market to be long bullish are also the investment environment, it is a little inappropriate, right?" Su Yu responded with a smile, "The basic conditions that promote the rise of market stock prices are incremental funds, which are caused by the supply and demand relationship between buyers and sellers. ”

"The basic conditions that support the entry of incremental funds into the market, as well as the transformation of the relationship between supply and demand between buyers and sellers."

"It's the money-making effect of the market."

That is to say...... Only when the market has a money-making effect, investors will continue to enter the market when they see that they can make money in the market. ”

"Analogy......

Su Yu paused and said: "In the current market, stocks in banks, securities, infrastructure, real estate, liquor consumption, white electricity consumption and other industries, whether it is valuation or stock price, are cheap enough, right?" Eligible for value investing, right? But who of you, whether you are a member of a private or public offering institution, does anyone hesitate to increase their positions in these areas and pick up these cheap chips? ”

"Nope! They didn't do that. ”

"On the contrary, the eyes are still focused on the hot 'new economy' field of the market."

"Moreover, why have the valuations of these industry stocks reached historical extremes, but they just didn't rise?"

"Because of the continuous stampede effect, as well as the lack of liquidity effect, the money-making effect of these industries is extremely poor, and the common expectation is that it is extremely difficult to make money by investing in these stocks, so under the influence of human emotions, the relationship between supply and demand between buying and selling cannot be changed, and there is not enough incremental funds to enter the market to support stock prices and liquidity, so ...... Naturally, it is difficult for the stock price to rise. ”

"In the market, there is no convergence between value and stock price."

"Even if there is a statement of value returning, but when will value return, in one year, two years, three years, five years, or even ten years, who can say clearly?"

"Rather than chasing the ever-changing, ethereal value."

"It's better to embrace expectations and emotions, and invest in human greed and fear."

Su Yu talked eloquently, expressing his investment and trading opinions, and at the same time ...... It also refutes the old investment philosophy of some institutional members.

For a time, it can be described as sharp.

Xu Shen listened to Su Yu's words with the other party, and listened to his opinions on the A-share market, and even the entire domestic and foreign financial markets, and his heart was quite shocked, and at the same time, he ...... also faintly gave birth to a feeling of sympathy, after all, the other party's investment philosophy has a lot in common with him.

Xie Wanting looked at Su Yu and talked eloquently, looking high-spirited.

Listening to his investment insights that are not very orthodox, but definitely insightful and enlightening to her.

In the bright eyes, there was also a touch of excitement, and there was a lot of touch in my heart, and I had a lot of good feelings for this young man who was about the same age as her, but far more powerful than her.

Xu Zhongji of Minghui Capital, looking at Su Yu's 'tongue battle group of Confucianism', also smiled and bowed, feeling quite honored.

After all, in his opinion......

Su Yu is from the 'Yuhang financial circle', at this moment, when the elites in the entire industry gather and start a big debate, Su Yu represents not only Su Yu himself, but also the face of the entire 'Yuhang financial circle'.

In addition to Xu Shen, Xie Wanting, Xu Zhongji, Gao Tian and these industry insiders who already know Su Yu.

Others, either just arrived, or have already arrived, and do not know Su Yu, are shocked and shocked when they see such a young man who is sharp, debating with many famous fund managers without showing weakness, and sharing some of the skills and theories that are very suitable for the domestic financial market.

"The name of Fortune Road is indeed worthy of its name!"

Among the follow-up industry insiders, Tu Yuanhua, general manager of the proprietary investment department of CEFC Securities, saw Su Yu's high-spirited appearance, and said with a smile: "Sure enough, the famous people are not lucky, this young man ...... The future is promising! ”

"Mr. Tu is so optimistic?" Zhou Bangyao, vice president of the Asset Management Association and former general manager of the investment strategy department of Huajin Company, said with a smile, "If you don't go through five or ten years on this road of investment, it is difficult to distinguish real gold, this young man...... It seems that the talent is good, but how far you can go in the future is not certain. ”

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