The topic of this meeting is a cliché, and the content of An Kang's speech is also a cliché, but it does not mean that what An Kang said is all nonsense. Because then he threw out a plan for a joint venture capital fund by a financial company.

Why not the financial companies set up funds but jointly set up, this is because Ankang has already done market research. These days, he took the opportunity of visiting and having dinner together to communicate with the investment managers of some financial companies in Lujiazui to understand the conditions and logic of their selection projects. In the end, we came to the conclusion that everyone values the asset portfolio more seriously.

The so-called asset portfolio is to put a number of projects with different risks and different expected returns into an asset pool, so that the risk-return curve becomes smoother, so that the overall return can be increased under the premise of controlling the risk, or the risk caused by the negative impact of one or several projects can be reduced while keeping the overall return unchanged.

This approach is the opposite of Warren Buffett's approach of "putting all your eggs in one basket and then looking at that basket".

Almost everyone worships Warren Buffett, the god of stocks, as a teacher, but why should they do it against the god of stocks when they are actually trading?

There are two reasons for this.

First, the god of stocks is the god of stocks, and I am me. If I can never beat chickens and eggs, then I won't be a god.

Second, putting all your eggs in one basket goes against the theory of using a portfolio of assets to reduce risk. For the investment manager, he thinks more about the benefits of the project than about the benefits he gets. In both cases, if something goes wrong, the person who is held accountable is different. If he builds a portfolio, his boss will ask, "What the hell is going on with this portfolio?" ”。 If he puts all his eggs in one basket, the boss will ask, "What's wrong with you?" ”

This is similar to what Peter Lynch said. As another stock god and one of Wall Street's greatest fund managers, he mentioned that he was successful because he had more freedom. He can be confident and bold to buy undervalued stocks that are overlooked, while the average fund manager would not dare to do so.

Why? If a fund manager buys IBM stock and loses money, his boss asks, "What's going on with IBM?" ”。 If the fund manager buys shares in a company that everyone is not familiar with, instead of IBM, his boss will ask, "What the hell is going on with you?" ”

Because of this, even financial companies specializing in venture capital would rather invest in companies that have already made a name for themselves than easily touch companies that he personally thinks have good prospects but are not well-known. This is also the reason why companies that are not short of money are never short of money, and companies that are short of money are never hungry.

Ankang proposes to set up a co-investment fund, which is actually to create a cross-company asset portfolio. Turn the question of the fund manager's individual fund manager into a question about the asset portfolio. Each company only accounts for a portion of the fund, and the risk is controllable. But for startups, it's easier for them to get funding. After all, one or two hundred yuan is nothing to a financial company, but it is the key to survival for a start-up company. If one or two hundred yuan is placed in a cross-company fund, the corresponding funds of each financial company may only be one or two hundred thousand yuan.

Ankang's proposal received a positive response from most of the financial companies present. Although this plan is simple, it dissolves their knots. On the one hand, these financial companies want a piece of the pie from the rapid growth of high-tech companies in Zhangjiang; On the other hand, they fear that they are taking on too much responsibility.

"Mr. An, if we come together to set up a joint investment fund, how should the management of the fund be determined?" This question was raised by a delegate from a financial company.

This is a core issue that relates to the right to use the fund and the interests of each financial company in the fund.

Ankang showed the next PPT, which is two organizational charts.

He explains, "I've designed two options that you can discuss together. The first option is based on United Nations procedures. The companies with the highest amount of capital contribute to the permanent directors, and then select a few of the remaining companies as ordinary directors, so as to form a decision-making group. Make decisions on project selection, price negotiation, post-investment management, fund management, etc. The second option is collective decision-making.

There are pros and cons to both options. The first option is more time-consuming and tongue-in-cheek in selecting a decision-maker, but the decision is quick. The second option is more equitable, but the decision-making is slow. ”

In the course of the discussion, another participant asked a question about project selection.

"Every company has the right to recommend projects, and it does not object to companies outside the fund recommending projects," Ankang said. For project pools, all projects can be threshold-free. This allows us to build a more comprehensive pool of projects. This pool of projects can be used not only by the fund itself, but also shared with the companies in the fund. I think it's also a means to help startups promote it. Therefore, the selection of projects is carried out step by step. To paraphrase a phrase commonly used now, it is 'casting a wide net, focusing on training, and selecting the best'.

There is no need for project selection at the beginning. Because the projects we selected for the project pool are all entrepreneurial projects. These projects are just getting started. It's also not realistic to make these projects look great from the start. However, we can still include the project in our project pool for tracking and observation. Wait until the time is right to consider whether to engage further. In this way, the information we obtain is complete and has a historical basis. It is also helpful for the project company and our investors.

Of course, there are many projects in the project pool, and we also have to put corresponding requirements on the staff who manage the project pool. It is necessary not only to classify and manage each project according to the way of document management, but also to be able to issue a project management report, so as to facilitate the selection of mature plans suitable for investment from the project pool for your reference. ”

Ankang issued a project document report from Commosi for everyone to see: "I believe that all companies have similar reports. Although the format and focus are different, it is very helpful to have a report on the entire project pool to make decisions. ”

In fact, Ankang is here to participate in this meeting today with two purposes. On the one hand, it is the education of the person in charge of the start-up company, and on the other hand, the education of investors.

He not only pointed out a shortcut to financing for startups, but also helped them build a convenient financing platform. For investors, he provides a convenient solution for everyone to operate. It is necessary to use joint efforts to achieve the expectations put forward by the Zhangjiang Hi-Tech Management Committee - to solve the financing problem for start-ups.

Ankang, who has participated in many similar meetings, understands a truth. It makes sense to discuss a question, but it doesn't make much sense to discuss the same question four or five times. The way to break the game is to come up with a concrete action plan. If you agree, buy a ticket and get on the bus now, and if you don't agree, please get off the bus and wait for the next one. It's as simple as that.