My Age of Investment

  Chapter 717 The value of top talent

  "The Xiaoman Fund has been investing in the foreign exchange, index, Latin American foreign exchange, bonds and European credit of the Group of Seven countries from last year to this year."

  When Liu Hai finished his report, Jiang Ping immediately started to report.

  He also produced a group of detailed data PPT, which was played on the electronic screen.

   Jiang Ping stood next to the electronic screen, like a teacher in class, pointing to various data, and giving Xia Jingxing a detailed introduction.

  As a trader, Jiang Ping is usually reticent, but once the topic comes to his old line, he can immediately become eloquent.

  Xia Jingxing listened very carefully. Compared with the Lixia hedge fund that invests in stocks, the Xiaoman hedge fund traded by Jiang Ping is much more complicated and obscure.

  The most headache is all short-term transactions. Looking at the densely numbered delivery orders, Xia Jingxing’s eyes are a little swollen.

  He hardly pays attention to Jiang Ping who bought Japanese foreign exchange today and shorted the Italian index tomorrow. He only checked whether the fund's asset management scale has risen after a while.

  Stocks He also knows the general trend of some giants, and financial derivatives are completely blinded, because gods can't remember so many things.

  Moreover, after reading a master’s degree in finance in his previous life, he unfortunately did not go to Wall Street for gilding. Instead, he went to a startup company and later started his own business. In the trading of financial derivatives, he was very tender.

  In this case, he dare not "micro-manage" Xiaoman Fund indiscriminately.

  Jiang Ping also knows that the boss's level is limited, so he slowed down some speech speed, and from time to time he explained basic things like a teacher giving lectures to students.

  Xiaoman Fund is not like Lixia Fund, which has high transaction frequency and pays attention to fast in and out, and the income obtained is almost accumulated every day.

  "From last year to this year, our annualized rate of return was 55%, and the scale of fund management increased from US$600 million to US$930 million."

  Xia Jingxing feels that the rate of return is already very good. Who knows that Jiang Ping is not very satisfied with this performance, and he also added: "The performance return is not very satisfactory. If there is no black swan this year, I am very confident that it will surpass last year."

  Jiang Ping is not dressed like a full of elite bangs. He is very restrained. With a small flat head and frame glasses, a very ordinary blue Polo is put on a thin upper body, which looks a little empty.

  Looks more like a college teacher than a Wall Street elite.

  At this time, this bookish man said the most aggressive words-more than last year.

  Xia Jingxing knew that the other party was not joking, and it was impossible to use this kind of thing to please the boss.

  Either the team has been run-in and the confidence is bursting; or it is adapting to a high degree of freedom in charge of a fund.

   Last year, when Jiang Ping first started trading, he still lost seven or eight million US dollars, because he did not adapt to the change of identity and he had a certain psychological burden.

  According to Xia Jingxing’s observation, now the other party should have fully adapted to the new company and new fund.

  Xia Jingxing didn't feel too surprised by Jiang Ping's achievements.

   During the ten years when the other party worked at Lehman Brothers, he relied on a fund of only one or two billion US dollars each year to create hundreds of millions of dollars in profits for the company, with annual returns ranging from 30 to 40% to more than double.

  Unfortunately, Lehman Brothers still exploits this kind of money-making machine, and only gives a commission of one-third of the normal level.

  Even if the company is so unfair, Jiang Ping worked at Lehman for ten years and helped Lehman make a unicorn company full of money.

  Xia Jingxing felt that he had dug the other party over, and he was dug right. He did not live up to his $12 million onboarding bonus and 20% of the company’s profit commission.

  Finally, you can figure out Jiang Ping’s salary this year.

  Xiaoman Fund earned 330 million U.S. dollars, and the excess income share was 10% higher than Lixia Fund, reaching 30%, and the company could share 99 million U.S. dollars of it.

  20% of this part of the money, which is nearly 20 million U.S. dollars, will be paid to Jiang Ping as part of the salary.

  At the same time, Jiang Ping subscribed for a 2% share of the fund with an entry bonus of 12 million US dollars, and can get nearly 5 million US dollars.

  Finally, with the basic salary and entry bonus, the annual income has almost reached 40 million US dollars.

  This is the price of top talent, is it expensive? Xia Jingxing didn't think it was expensive.

  "Very good, what I admire the most is your gentle temperament, which is an essential quality for every top trader."

  Faced with Xia Jingxing’s praise, Jiang Ping smiled and said modestly: “Dai Lun, you’re overwhelmed!”

Seeing Xia Jingxing, Jiang Ping pondered for a moment, and suddenly said in a sincere tone: "To be honest, thank you very much Darren for giving me such a big stage, so that I can have full authority to control a scale of close to 1 billion US dollars. fund.

  It’s the first time I have managed such a large fund after having lived for 40 years. It has helped me fulfill my dream.

  Although I will be very tired, I feel endless energy every day. "

  This is what Jiang Ping said in his heart, is Wall Street fair to the Chinese? His experience over the past ten years speaks for itself.

  Only here in Xia Jingxing did he feel that he was living what he wanted, without discrimination, without whites’ compliance and risk control, he would trade whatever he wanted, and give full play to all his talents.

  As for income, not to mention, it is nearly ten times higher than at Lehman.

  So, he is not dissatisfied with his current job. He only hates that he made less money last year and didn't usher in his first billion fund sooner.

  Xia Jingxing smiled and nodded, giving Jiang Ping a positive look. He knew how important the things he gave to Jiang Ping, and the other party clearly knew these, so there was no need to say too much.

  "Daren, this year I plan to focus on Chinese stocks, Asian stocks, and global oil and energy stocks."

Jiang Ping explained: "Take China's largest oil company, PetroChina, which is listed on the Hong Kong Stock Exchange, as an example. Its P/E ratio is only 8 times and a dividend payout ratio of 11%, while the U.S. largest oil company Mobil Petroleum has a P/E ratio of 19 times and pays dividends. The rate is only 2.5%."

  Xia Jingxing did not restrict the financial products that Jiang Ping can invest in, and he also ordered that as long as there is a suitable opportunity, he will go there.

   "No problem, you decide for yourself, just let me know before you formally invest."

  Jiang Ping nodded, did not say much, just remembered this feeling of trust in his heart.

  Compared with the previous two bigwigs whose asset management scale is close to one billion, Ricky, who is the last to report, has much less momentum.

  He also gave Xia Jingxing a PPT to show the results of his work through data.

  Ricky currently manages three VC funds, the US$27.44 million Lichun Fund under management, the US$50 million Rainwater Fund and the US$100 million Equinox Fund.

  Lichun Fund completed its investment last year and fully switched to post-investment management. The investment targets in the United States are Tesla and LinkedIn.

The rainwater fund also ran out of basic funds, because last year Xia Jingxing invested nearly 30 million US dollars on his own. The remaining 20 million US dollars was also squandered by Ricky and invested in seven companies.

  Before investing, Ricky also reported to Xia Jinghang.

  Except for one company called Palantir and Slide, Xia Jingxing is not familiar with the rest of the companies, or is called completely unimpressed.

Palantir is a big data analysis company founded by Peter Thiel, the founder of PayPal and an investor in Facebook. Its main customers are government agencies and financial institutions. The most famous case in the previous life is to help the US military with big data technology. Successfully located and killed Al-Qaida leader Ben.

After learning that Peter Thiel had participated in the founding of this company, Xia Jingxing immediately called this old friend, and made Peter Thiel, who did not want to raise external funds, forced him to open a back door due to favors.

  As for Slide, the company that does slide social networking, the founder Marx was once the CTO and think tank of PayPal, and at the same time an angel investor in Yelp, and he is an old acquaintance with Xia Jingxing.

   After learning that Slide was planning to start developing third-party tools for Facebook, Xia Jingxing said nothing, and instructed Ricky to invest.

  It is compelling. The PayPal gang is too good at starting a business. Xia Jingxing and this group also have a very big intersection.

The founders of Tesla and Tuan, who were intercepted by him, were all employees of PayPal. The founders of Palantir, Slide, Yelp, LinkedIn and other companies that he invested in were also trained by PayPal. Talent.

  In addition to these two companies, Ricky also chose to invest in five companies.

  The amount was only a few million US dollars. Xia Jingxing didn't pay much attention to it, and he might not allow Ricky to invest. He left it to the other party to handle it.

  The Equinox Co-investment Fund, except for the investment of more than 10 million U.S. dollars in Tesla last year, has little use this year.

In view of this situation, Ricky suggested: "Dalun, the other two funds are out of money. It is better to use the Equinox Fund as the first round of the lead investment fund, and follow up with the investment fund... We have too few projects, and I feel that it is temporarily No need to set up."

  Xia Jingxing nodded. After he returned to China, Envision Capital's US VC business almost stagnated.

  Compared with Envision Capital's vertical and horizontal struggling in China, in the United States, it can only be said to be a small scene. It only invested in seven companies in a year and the investment amount was less than 20 million US dollars. It is indeed not necessary to set up a special follow-up investment fund.

  At the same time, in his opinion, the development of VC business in the United States is indeed a bit slow. He has to think of a way to speed it up.

   "Oh, yes, Andrew is building an incubator recently. Go and help.

  Also take a look at it. When we encounter projects with potential, we will select them and cultivate them vigorously.

  If all goes well, I plan to set up a large-scale VC fund next year to expand Envision Capital’s venture capital business in the United States. "

  As soon as Xia Jingxing's words were heard, Ricky instantly became excited.

  I just heard two colleagues talk about hundreds of millions of dollars and billions of dollars, saying that they are not envious at all. That is false.

  Now that the boss has the idea of ​​expanding the VC business, how could Ricky not be excited.

   "Okay, Darren, I'll talk to Andrew tomorrow."

  Xia Jingxing nodded and glanced at the three teams. They are all the strength of Envision Capital in the United States.

  If you only consider the scale of asset management, the US branch is stronger than the Chinese branch, but in terms of business layout, it is far inferior to China.

  This is also determined by the technological strength and industrial volume of the two countries.

  In the country, he can be the king and hegemony, but in the United States, it really is not very important.

  After the meeting was over, Xia Jingxing went home, along with Liu Hai and Jiang Ping.

  (End of this chapter)