Rebirth: The Financial Giant

Frankly speaking, as a member of financial capital, we have to do things that go against the nature of capital. This road is destined to be an extraordinary road full of difficulties and obstacles. Lu Ming at the meeting sat in his seat, with With a faint smile, he said: When capital not only does not do evil, but also requires a conscience, it is actually a very painful and lonely thing.

The crowd also fell into deep thought.

This is indeed a painful and difficult business.

On the one hand, ordinary people here cannot understand, or even believe, they will think that you are the tears of a crocodile, because your identity is capital;

On the other hand, other capitals will draw a clear line with you and even wish you, a traitor, to evaporate from the earth immediately, because Tiansheng Capital must have a conscience, which means that more resources must be allocated to the poor. Where does the growth point come from? ?

There is no doubt that it is killing the rich to help the poor. Isn't it killing the rich and helping the poor by not cutting the small but the big rich, and cutting the leeks of other capital institutions?

Take Tiansheng Value Growth Hybrid as an example. The main force of the 100-billion-scale super plate is the ordinary people. According to the normal situation, 80% of the fund should be super rich. Funds, but in fact it is tens of millions of Christians.

This side may not be understood by the public, and the other side is not welcomed by capital, so it is lonely.

However, Lu Ming is not a dead brain. He knows the essence of the golden mean to win over a group of people. Therefore, among the LP members are Chaoyun Trust, Wanxiang Group and other private institutions, and they also took over the invisible rich Qiao Jingping. Please ask for funds.

In this way, Tiansheng Capital has risen, and now it has grown into a behemoth. It has gained a firm foothold and has passed the most dangerous stage of being strangled in the cradle.

The main reason is that the speed of growth is too fast, and the opponent simply gets up before he can react. When he reacts, he finds that Tiansheng Capital is already a super behemoth, and now it is not that anyone dares to come up and offend easily.

There is no doubt that the best way to kill the rich and help the poor is of course to harvest the rich overseas. This can also relatively ease the relationship with domestic capital, transfer the conflict to foreign capital, and then give itself a greater home field advantage.

Because the best investment market in the world is now the Greater China region. In the future, with the internationalization of the Big A, more foreign capital will flow in. At this time, uniting more domestic capital will undoubtedly expand the home field advantage. A good thing that kills two birds with one stone.

Lu Ming is not worried at all about the relationship with other mainland capital, how bad it can be, how good it is. In the world of capital, friends and enemies are temporary, only interests are eternal, and now they are all with Goldman Sachs again. Happy boating, let alone the capital of the mainland?

After the episode, Lu Ming continued to return to the previous topic and deconstructed: ...the so-called peak of the asset bubble is the maximum deviation of debt leverage and income, that is, his income is no longer enough to cover his debts, this time again A small model can be derived where debt can be equal to your income as a function of time t.

Lu Ming turned a page of slides, glanced at the projection screen, then turned to look at the people present and said, Actually, it's the same as our stocks, for example, what is the simplest stock price? The cash flow is discounted back. Corresponding to it is actually the discount of life. For example, if I give you more and more debts, it means that I will discount your future time more and more.

Discount you for 20 years first, and give me back your youth. Well, I found that house prices are still rising, and asset prices are still rising, but I found that your income has not grown much, so it is very clear that the total amount is in Increase, your single income does not increase, you can only increase the 'time function' by which it is multiplied.

So from twenty years to forty years, eighty years is not enough. After eighty years, I found out that maybe you, a young man, can't work until he is eighty years old, and it's not enough to pay my debts. What to do? Your son pays, your grandson pays, but if you don’t have children and grandchildren, it’s over, and the result of unsustainable debt is debt collapse.”

Lu Ming continued: ...Of course there are people who say that the final problem of debt is the population problem. This sentence is true. This is the current situation in Europe, America, Japan and South Korea. In the final analysis, when all the debts collapse, there is a problem of no one. It’s just the result of people taking over. There is no population, there is no time function of the population to undertake, it is very simple, the debt is unsustainable, and asset prices will remain low for a long time, so the key lies in structural issues.”

At this time, a young man present couldn't help but ask, What is the structural problem?

Lu Ming said without hesitation: The sustainability of wealth, income, population, and debt is as simple as that. Of course, this is a big problem at the macro level. Every problem is not a simple problem, and it can be deconstructed in ten and a half days. It’s been a month. In fact, it is also applicable at the micro level. For example, if a stock is imagined as a society, it involves value creation, value expansion, and value distribution.”

In this way, you will find that this set of things is placed below to generate a stock price, which corresponds to our macroeconomic growth. The rise in stock price is economic growth and efficiency improvement. As long as your company continues to make profits, technological progress, production progress, and dividends, Just like economic growth.”

At this time, Lu Ming pressed the keyboard of the work computer, flipped the screen and turned a page, showing the daily K-line chart of Tiansheng Holdings, and additionally marked the stable upward trend channel with the slope of the previous 50-degree angle on it. The mark is the main rising wave part of the stock price surge this year.

Lu Ming looked at the K-line chart on the projection screen and said: ...it should have a slope, for example, our Tiansheng Holdings is rising at a slope of almost 55 degrees, and the rise and fall in the middle are ignored. Then look at the skyrocketing and falling during the period. Then you will find that the two influencing variables of the stock price are actually the same, profit, dividends, dividends and speculative fluctuations, don’t they correspond to income growth and debt leverage?”

Said Lu Ming turned his head and looked at the people present: Many people are talking about value investment, whether your company can create returns for me, and the discussion is about the slope, which corresponds to the rising channel trend of Tiansheng Holdings? But speculation is also a value, it’s just a matter of how the value is used.”

Tiansheng Holdings' main rise and fall is a short-term violent fluctuation of speculative nature. Its value lies in starting the market, trapping foreign capital, and ending the market, etc. Of course, this is also a kind of value.

Lu Ming continued: To put it bluntly, it is just a fluctuation of value plus a speculative part. The 'value' of Tiansheng Holdings is the slope of the upward trend, and the surge is the fluctuation of 'speculative', and it will continue to follow the slope when it falls. , because the company is still creating value. Therefore, the relationship between the revenue growth brought by the division of labor and the debt leverage is easy to understand when you put it in the stock market. When your debt leverage is pushed up, the stock price has already deviates significantly. When your long-term growth income is overvalued, it is a bubble.

Why didn't the Norwegian Wealth Sovereign Fund buy Tiansheng's stock price when the stock price was 30,000? Some time ago, it started to increase its holdings when it fell to 30,000? The reason is that 30,000 yuan in the first quarter was overvalued at the time, and now it is 30,000 yuan. The valuation is reasonable, and time is used to exchange space. Recently, the funds that have just fallen near this slope have increased significantly.”

It is worth mentioning that the Norwegian Wealth Sovereign Fund did not increase its holdings when it recently fell to around 26,000 yuan. It is not that they do not want to increase their holdings, but they have completed the phased position building plan.

For these medium and long-term institutional investors who trade on the left side, their logic is that as long as the valuation reaches a reasonable value range they think at the corresponding time node, the increase in holdings and buying is done, and the opening of positions is ignored. , and will not care about short-term fluctuations.

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