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But if you can't do it yourself, others can do it.Chen Yi is the person closest to the client in the company. He should have communicated with the client or account manager no matter directly or indirectly. His thinking and thinking should be the most similar to the client.

Now tell Chen Yi the result of the matter, and the basic methodology mentioned before, let him infer the reasonable reason, or explain the reason, and then find out the loopholes based on Chen Yi's expression based on experience , and be improved, so that the final result is not acceptable to the customer, reasonable, and logical?

If Chen Yi couldn't figure it out, then he would just ramble and talk nonsense, and then in the name of exercising Chen Yi to improve his investment research ability, let Chen Yi go back and think about it. Shan himself regained his composure and gained enough time to re-study the company in depth.

I have to say that Li Shan's handling method is very clever. Afterwards, Song Hao and Zhang Yan asked Chen Yi what Li Shan had talked with him, and when they were going to explain to the client, Chen Yi put him and Li Shan in the meeting After the conversation in the room was completely uttered, both Song Hao and Zhang Yan were silent for a long time.

Song Hao and Zhang Yan, as veteran fund managers, naturally knew the elegant meaning by hearing the strings. After hearing what Chen Yi said about Li Shan's actions, they naturally understood Li Shan's intentions in doing so.

Although he didn't say anything on the surface, he still admired Li Shan's handling in his heart.

Now that the sell stop loss of the part that does not buy long has been made, it is obviously more appropriate to use this as a tactic to delay the attack and change from passive to active when responding to customer inquiries.

It was only then that Song Hao and Zhang Yan realized that Li Shan became a fund manager not only because of flattery to the chairman, but because he was a man of real ability.

Of course, that's all for later.In the conference room at this time, Li Shan and Chen Yi were sitting silently.

The time set by Li Shan has already passed, but seeing that Chen Yi was thinking so seriously, Li Shan didn't bother him. From the bottom of his heart, he still hoped that Chen Yi could come to a conclusion.

Another 5 minutes passed, Chen Yi slowly raised his head and looked at Li Shan.

Seeing this, Li Shan asked, "What? Think it over? Have you reached a conclusion?" Although he asked this question, Li Shan had already seen the answer he wanted from Chen Yi's confident eyes.

Chen Yi nodded and said: "I have a preliminary and immature idea, and I hope Brother Li can give me some pointers. I hope Brother Li can point it out for me, so that I can correct it."

Although Li Shan had already guessed from Chen Yi's gaze that Chen Yi had come up with the result, he was still very excited to hear what Chen Yi said. Although Li Shan was very excited in his heart, on the surface he still maintained Looks as calm as water.

Li Shan smiled and said: "This is natural. Your ability has improved, and it will be more helpful to the road show when the product is sold in the future. Besides, I was the one who led your research. Your ability to research and analyze It's getting stronger and stronger, and there's light on my face too, right?"

Chen Yi also smiled slightly when he heard the words, pondered for a moment, sorted out his words, and then said: "Actually, after the call from the account manager in the street at the beginning, I specifically checked this company, and I have a simple understanding of this company. "

Li Shan nodded in satisfaction. Although Li Xiuran only briefly understood it, since he had understood it, then the reason he said would be much better than not understanding it both logically and reliably.

Originally, Li Shan thought that Chen Yi didn't know much before, so he could only talk about some methodological things. Now that he knew that Chen Yi had some understanding of this company, Li Shan felt much more relaxed.

Because Li Shan knows Chen Yi's character very well, since he said that there is a result, even if the result is not perfect, it is still a result, at least it can provide him with a way of thinking.

Li Shan looked at Chen Yi, his eyes were full of encouragement, encouraging him to say what he wanted to say, he was afraid that Chen Yi would think it was wrong, so he dared not say it.

For Li Shan, he now needs various ideas from other people to help him. Even though these ideas are flawed and incomplete on the other side, Li Shan still needs them, because in the eyes of others, they are not perfect. Where there is perfection and where there are loopholes, it is possible that Li Shan can improve and fill the loopholes through his own ability and experience.

Under Li Shan's encouraging gaze, Chen Yi slowly opened his mouth and continued his words

Chapter 273

Chen Yi organized his language, and said: "We are doing value investing, so we must buy this company because it is valuable, and we have bought so much, so it must not be of ordinary value.

Brother Li, you told me before that value can be divided into value now and value in the future. Value now is the so-called underestimation. The current market price is lower than the price he should have, and value in the future is simpler. It has the potential for growth and development.

And now value can be divided into absolute value and relative value.Absolute value means absolute underestimation, that is to say, the market value of this company is lower than the company’s net assets. In other words, even if the company goes bankrupt and liquidated immediately after buying, we will eventually make some money. , and relative value is the so-called relative undervaluation, which means that the valuation of this company is lower than the average level of similar companies in the same industry. In this case, there is a high probability that the valuation of this company will be improved, that is, It is said that the company's stock price is likely to rise. "

Li Shan nodded with a smile when he heard the words. After Chen Yi finished speaking, he stopped and looked at Li Shan. Seeing Li Shan nod slightly, his inner confidence increased a bit, so he continued: "Now there is value and Compared with the future value of the two, it must be that the future value of the value will have a larger upside. The reason why you can support Brother Li to buy so much must not be as simple as underestimating, or it is not just as simple as underestimating.

So I preliminarily judge that one of the reasons why you bought this company, Brother Li, must be that you think this company will be valuable in the future, otherwise you may buy it, but in the current market situation, there is no need to buy a company. The stock has such a large volume, I don’t know if I’m right? "

Li Shan nodded when he heard the words, and said gratifiedly: "Yes, reverse reasoning, the analysis is very reasonable, if the current value is really not enough as a reason to buy such a large amount, or put all your eggs in one basket, even if you say that, then It’s too far-fetched, and your analysis is right. When I bought it, I really considered that this company has great potential in the future, so you continue to say.”

Chen Yi was very happy to be recognized by Li Shan. He paused and continued: "What I said just now is that this company will be valuable in the future, so now let's talk about the value of this company now. I have read about this company's The total market value is greater than the net asset value, that is to say, there is no absolute underestimation of this company, this is obvious, objective data can be seen, no analysis is required.”

Li Shan nodded and took a sip of water.

Chen Yi also took a sip of water, and continued: "As for the relative underestimation, it probably doesn't exist. I took a look. In terms of the market share ranking of this company in the architectural decoration industry, although I dare not say that it is the number one. , but at least it is among the best.

Compared with similar companies in the industry, the valuation is not low, but rather high.So since absolute underestimation and relative underestimation do not exist, the so-called value now does not exist.Based on what I said before, the logic of buying is only valuable in the future.

Only if there is value in the future, or if there is growth, then the reason that can support buying so much must not be ordinary growth, but must have strong growth, or have a lot of room for growth.

The purpose of a listed company is to make money. If it has a strong growth potential, it means that the listed company is expected to make a lot of money in the future. "

Chen Yi talked on his own, he organized his thoughts while talking, and thought while talking.Chen Yi has completely fallen into his own world. He never looked at Li Shan again. His eyes stayed on the table without focusing. The advantages and disadvantages of each reason, so as to find a reasonable and logical reason to buy.

Listening to Chen Yi's words, the smile on the corner of Li Shan's mouth became bigger and bigger, and his eyes became more and more energetic. He heard it very clearly. There was no problem with Chen Yi's logic at all. He felt that if he continued to let Chen Yi speak, he would face , the problem of how to explain to the customer is likely to be solved. Now that Chen Yi is so focused, it seems that he has forgotten his existence and has not disturbed him. Li Shan hopes that Chen Yi can come up with a reasonable answer, so that Li Shan Mountains can save a lot of trouble.

Chen Yi continued: "Generally speaking, the profit of an industry is like a cake. Many listed companies are like the people who divide the cake. If they want to eat more cake, either the cake becomes bigger, or they themselves The proportion of eating has increased. Since Brother Li, you judge that this company will eat more cakes in the future, there are only three possible situations.

The first situation: the cake itself has become larger, so even if the proportion of eating has increased or slightly decreased, in terms of the absolute amount of eating, the cake eaten is still more than in the past.

The second situation: the proportion of the portion eaten in the whole cake becomes larger, so even if the size of the cake itself remains the same, or the size of the cake itself shrinks slightly, then in terms of the absolute amount eaten, the There are still more cakes than in the past.

The third situation: This situation is a combination of the first two situations, that is to say, the cake itself is getting bigger and bigger, and at the same time, the proportion of the part eaten in the whole cake is also getting bigger.The two are superimposed and complement each other. The amount of cake this company eats, that is, the amount of money it may earn in the future will be much more than before. "

Li Shan was overjoyed when he heard the words. He naturally understood what Chen Yi meant. In the first case, the cake itself has become bigger, which means that the market itself has expanded, and more and more people have begun to pay attention to decoration design. The user group If it is expanded, the profits that the industry can earn will make the cake of this industry bigger.

The second situation is that the company’s market share has increased. Originally, only a small part of the business in this industry belonged to him. Now this proportion has increased, and it may have increased to a large part.So even if there is no change in the industry itself, the company can make a lot more money than before.

The third situation is that both of the above are available. The industry itself has developed, and the company's market share has also been improved. The two complement each other, and the future prospects of this company must be more perfect.

While listening to Chen Yi's words, Li Shan thought about the company's various situations and related data.

Think about those that can be explained based on the current objective data, and how to explain can be recognized by customers.

Just when Li Shan was pondering, Chen Yi continued to speak. Chen Yi said: "I think it should be the third situation when buying such a large amount of stocks in this company, that is to say, the cake itself has become bigger. The proportion of the cake eaten by each company in the whole cake has also increased.

I don't know much about this industry, but I think people are paying more and more attention to the decoration and design of their homes and companies. Many people who rent houses will also design it, or they are used to living in their own homes and want to change the decoration style. It's normal to have a change of heart.

I think this is a trend. With the development of technology in the future, all kinds of things will become more convenient, so changing the decoration of the house may be as common as changing the screen saver of the mobile phone.So if you look at it this way, the future cake of this industry will definitely expand. The future of this industry is limitless, after all, our country has a large population.

Chapter 274

Once the decorative design of homes, companies and other places really becomes popular, the future of this industry is limitless. "The smoother Chen Yi said, the clearer his thinking became, as if the fog in front of him was gradually dissipating, and he could see the original situation immediately. The more Li Shan listened, the happier he became.

Chen Yi took a sip of water and continued: "As for why this company's market share is expected to increase in the future, that's what I think. I took a look at the situation of this company and the industry before. The market share of the company is among the best, but even so, the company's market share in the entire industry is less than [-]%.

That is to say, there is a lot of room for growth. Once the company's market share is increased, the benefits will be self-evident. Not only can there be more orders, more income, and more profits. More profits, as the market share increases, the impact on the market will also increase. Once it reaches a certain level, it means that you have a certain right to raise prices, so that you can increase prices appropriately. The growth of the company's profits is also very favorable. "

After Chen Yi finished speaking, he looked at Li Shan, scratched his head embarrassingly, smiled and said: "For the time being, I have thought of so much, and many things may not be perfect. Brother Li laughed at me, I don't know what I said is right. No? Brother Li, do you think there is anything I need to improve and improve?"

Seeing that Chen Yi had finished speaking, Li Shan nodded and said, "It's very rare for you to think of these things. Considering your working time, it's already very good, very good, very good. My words back then were not as good as yours. , in the future, your achievements or in this industry, you must go farther than me, which is great!" After speaking, Li Shan gave Chen Yi a thumbs up.

Then he said cheekily: "What you said was what I thought of during my research. I didn't expect your thinking to be so similar to mine. It's great. You are very talented. You may consider developing in the direction of a fund manager in the future. "

Chen Yi laughed foolishly when he heard Li Shan's words, and he was not at all calm and calm when he was concentrating on the analysis just now.

Li Shan smiled when he saw Chen Yi smiling, but then Li Shan changed the subject and continued: "However, you are still a little young after all. When you think about problems, there are some places where you don't think very comprehensively. You need to pay more attention in the future."

Hearing this, Chen Yi put away the smile on his face, looked at Li Shan very seriously, and said, "Brother Li, can you tell me more about the specific difference? I will think about it later, and I will also analyze it later. A lot."

Li Shan looked at Chen Yi's modest attitude, and the old man nodded generally: "Never arrogant or impetuous, modest and eager to learn, that's right. There are no problems with your analysis framework and thinking, but you need to improve the details.