Recast youth

Chapter 2017: Higher and lower
Dixon chatted with Ye Feng for two hours about the five investment hotspots of chain companies. He also produced comprehensive market investment reports on catering, hotels, medical and health, education and clothing in the past three years to compare data with Ye Feng. .

Ye Feng has been taking the Internet route in the past few years and rarely pays attention to offline physical chain businesses. However, he also knows that in the next ten years, whether it is catering, hotels or health care, there will be great potential and tension. investment area.

For example, in education there is New Oriental.

Ye Feng once read a report. It is said that there is 100 billion cash flow lying on the account of New Oriental. According to New Oriental founder Yu Hongmin, he will not touch this 100 billion cash flow no matter what, just in case one day There is a problem in the general environment. The 100 billion cash can be given to the students and teachers under the institution as a guarantee. As for what the 100 billion cash is used for, Ye Feng can't tell clearly, but he knows one thing. New Oriental's company account does have There is a real cash flow of 100 billion.

As for medical health, it goes without saying.

There is a long-standing saying in foreign countries that there is a gym within a few steps, and in China there is a pharmacy within a few steps.

So after Ye Feng chatted with Dixon for a while, he confirmed his investment idea. It would not be a bad thing to use part of the cash flow to invest in entities.

But one thing Ye Feng is curious about is that when Dickson was at Citibank, he was the head of global capital markets at Citibank. Originally, Ye Feng thought that Dickson would focus on funds or capital markets after he came over, but he didn’t expect that his first step would be to The steps target offline entities.

Ye Feng also asked Dixon about his curiosity.

After hearing this, Dixon explained to Ye Feng: "The investment environment in each country is different, and the rules are also different. Therefore, in the past six months, we will take a safe route first and focus on offline entities. As for the capital market, , I will contact you, but not now."

At this point, Dixon smiled and said, "You have an old saying in China that I think is quite reasonable, which is that sharpening the knife will keep you from chopping wood."

Dixon said these words in Chinese, and he spoke them very fluently, which shows how much he likes these words.

However, Dixon is not completely unconcerned about the capital market. For example, he just said that he chose to be cautious after researching domestic financial products and capital markets from the beginning of the year to the present.

This year is a year for chain enterprise financing, and it is also a year for the rapid expansion of the financial management market. Dixon produced a piece of information. In January 2007, the deposits of Chinese domestic residents were 1 trillion.

From January to the end of September, 1 Chinese and foreign banks issued a total of more than 9 bank financial products, with an issuance scale of nearly one trillion. As for the securities market, it is also very prosperous. The total index of the Shanghai and Shenzhen markets exceeded 36 trillion, becoming the world's largest. As a major emerging market, the annual new stock financing amount reached 2000 billion, ranking first in the world.

Prosperity must decline.

Due to the outbreak of the subprime mortgage crisis in the United States, Dixon attached great importance to the incentives and rise and fall lines behind the stock market boom. He singled out several major events in the stock market this year for Ye Feng to see.

On February 2, Shanghai and Shenzhen A-shares recorded their largest single-day decline in ten years. More than 7 stocks in the two cities fell by more than 800%. The plummeting range in the two cities reached 10%. More than 8 stocks were locked at the lower limit, setting a record The biggest one-day drop since December 700.

On March 3, in the "Hangxiao Steel Structure" case, Hangxiao Steel Structure hit the daily limit for 6 consecutive times. On April 10, in less than a month, trading opened and was suspended. The China Securities Regulatory Commission opened a case to investigate Hangxiao Steel Structure's stock price changes for suspected stock price manipulation and insider information. trade.

It's been investigated.

Someone also came in and took responsibility for this transaction, but the question is where did the money go?No more, many investment institutions and investors have lost their money.

This reminded Ye Feng of two years ago when Chen Yiming and Yang Yanhui used Zhang Lan's father's Qingshan Group to short the stock market. At that time, the stock market was also very good. In the end, Chen Yiming and Yang Yanhui sealed their pockets. The stock price of Qingshan Group plummeted like a cliff. Likewise, Countless investors were cut off, and even many sophisticated investment institutions were deceived and fell into Chen Yiming's trick of putting new wine in old bottles.In addition, as recently as August 8th.

Jintai raised 42 daily limits, and Huang Xing's personal book wealth, which held 56 billion shares after the additional issuance, reached 1417 billion at that time. Subsequently, Jintai also experienced continuous daily limit drops and was suspended indefinitely.

Where did the more than 1000 billion in money go?

The same is gone.

Dixon raised his head and sighed to Ye Feng: "The water in your domestic stock market is really too deep. If you are not careful, you may suffer a big fall, so you can only choose some long-term investments."

More than just Dixon?

Ye Feng himself felt that the water in the stock market was too deep. The most important thing was that Ye Feng also saw the darkest side of the stock market from Chen Yiming. In one game, hundreds of millions or billions were taken away, and then it was not painful to push it. If someone comes out to take the blame, the money will never be recovered.

Therefore, Ye Feng and Dixon also reached a consensus that in the short term, Lanshan Strategic Investment Department will not touch the capital market for the time being, and will instead contact chain enterprises.

"Well, I can't touch the capital market for the time being. After I become familiar with China's capital market rules and environment, I will see if there are any potential projects suitable for investment."

Dixon nodded, then asked Ye Feng to look at the securities index on the computer, and finally pointed to one of the stocks and said: "For example, this stock is now reaching 185 yuan per share. I researched the background of this company, and it seems It is a wine-making company in Guizhou with a market value of 1746 billion. It is hard to imagine that a company that only sells wine can have such a high market value. It is simply crazy."

Ye Feng took a look and saw that it was Maotai Liquor's stock.

The market value is 1746 billion yuan, 185 yuan per share.

Ye Feng never expected that Dixon would show him Maotai's stock separately. Dixon said that he also suspected that there might be something wrong with this stock, and that such a high stock price would plummet later.

Ye Feng was dumbfounded for a while, and really didn't know how to explain to Dixon, a foreigner, that in fact, Maotai's stock price really didn't mean that someone had set up a scheme to push up the stock price to cut leeks.

Because the market value of Maotai has always been very high.

Especially now, 182 yuan per share can be said to be low. You must know that in 2016, Maotai could sell nearly 400 billion in sales every year, with a gross profit of 91%, and its market value exceeded 4000 billion.

I don’t know how many people regret not investing in Maotai stocks.

Of course, you can still cut leeks.

As Guang Yefeng knew, Maotai's stock price fell sharply soon. In the past, Ye Feng might not have understood it and thought that it was normal for the stock price to rise and fall. Anyway, Maotai's stock price would eventually go up, but now Ye Feng is also at the top of the pyramid. He has a lot of exposure and knows a lot. He knows that the rise and fall of stock prices also involves the operation of going high and low.

(End of this chapter)