Unlimited one-yuan instant kill new skills at the start

It turned out that Li Shan had revised and printed out the report submitted by Chen Yi.

Chen Yi hurriedly said: "Brother Li, I'm not busy. If you are free, let's talk now?"

Li Shan nodded and got up first and walked towards the conference room. Chen Yi knew that this was to prevent disturbing the normal work of other colleagues, so he followed.

Sitting opposite each other in the conference room, Li Shan flipped through the research report in his hand and said: "I read it, and the structure of the report you wrote is relatively complete, whether it is the industry situation, profit model, or the situation of the upstream and downstream industries. , The bargaining power of the company's upstream and downstream, or the company's own position in the industry or the company's own situation, management, ownership structure, financial situation and other factors, all should be there, and the writing is relatively comprehensive."

Hearing what Li Shan said, Chen Yi smiled unconsciously.

This is when Li Shan changed the subject: "But as fund practitioners and you as fund researchers, this report is missing something very important."

Chen Yi was slightly taken aback when he heard the words, and asked, "What is it?"

Li Shan said: "What is the purpose of your research report?" Just as Chen Yi was about to speak, Li Shan asked himself and replied: "You wrote this research report to provide to the fund manager, that is, to me. The report is for making decisions. Your current report is very comprehensive, but it is closer to a summary of information than a research report. Look at the report you wrote, which has more than 70 pages and introduces the company in detail. In all aspects, you are suitable for someone who doesn’t know this company at all. It’s a waste of time to write this in actual work. You just need to know that what we do is securities investment. To put it bluntly, we are professional stock speculators. You are responsible for choosing the company whose stock price you think will rise, and tell me the reasons for the possible rise through the analysis report, how long it will take for the stock price to rise, and where it can rise. This is actually all right, and you don’t need to write It is so troublesome. You have to remember that in the future, you should not just do things simply, but you must first understand why you do this and what effect you want to achieve, so that you can know what is the main thing when doing things and what is secondary In order to save time and avoid unnecessary consumption, only in this way can we achieve twice the result with half the effort."

Chen Yi nodded when he heard the words. He knew that Li Shan was teaching him these things.These are also the contents that play a vital role in the improvement of his ability.

Li Shan continued: "Investment should still focus on value investing, that is, the target of investment is valuable. We will only buy stocks of valuable listed companies."

Chen Yi asked: "Brother Li, what is valuable?"

Li Shan continued: "Value is generally reflected in two aspects, divided into current value and future value, and current value can be divided into two aspects, one is absolute value, and the other is relative value. "

Chen Yi listened with a dazed expression, and became more and more confused.

Li Shan frowned when he saw the blank gaze in Chen Yi's eyes, but he still explained: "The absolute value of the current value means that the market value of the stock price is lower than the net value, that is to say, even if the company goes bankrupt and liquidated immediately, If the business fails, it goes bankrupt, and after selling the company’s assets, distribute the remaining money to the shareholders. You will earn money, and the money you get will be more than the money you spent on buying stocks.

The relative value in the current value means that the valuation of a company is far lower than the valuation he should enjoy. There may be many reasons for this situation, but this situation generally does not last for too long. The actual valuation The value will return to the normal range of valuation that he should enjoy.We call this process value regression, which means that a company was originally undervalued, we bought it, and then we sold it after it returned to a normal valuation level, so that we can make money. "

Chen Yi nodded and asked: "Brother Li, I understand what you said, but how should we value a company? By what method? I often heard "valuation" before, but I I also checked a lot of information and there is no formula for how to calculate the valuation?"

Hearing Chen Yi's words, Li Shan smiled: "Yi, it may be because you have just started working, and a lot of thoughts have not yet changed. It's not like you were reading books and doing questions at school. Each question has a certain algorithm, and there are related problems. Theorems, definitions or concepts, formulas. Since you have checked the information, you should know that there are many formulas, methods, and models for calculating value, but they all have certain defects. Valuation, valuation, the focus is on the word "estimate", since it is How can there be an accurate answer if it is estimated? For example, a very important stage in the valuation process is to estimate and imagine the future of the company. Just talking about this point of thought between people How can you come up with a formula, method or model to accurately calculate the valuation?"

Chen Yi nodded half-understood, and felt that what Li Shan said made sense, but then he had a new question: "Brother Li, if this is the case, how did this valuation come about? You can't imagine it out of thin air. , talking nonsense, right?"

Li Shan nodded: "There must be a certain basis. For example, you can refer to what kind of valuation the market usually gives to similar companies at a similar stage in history. After comparing the current overall economic environment and Based on the differences at that time, make certain adjustments to the company’s valuation, refer to a few more companies, and then there will be a relatively reasonable valuation.”

Chen Yi nodded and continued: "I understand. Brother Li, I understand both the absolute value and the relative value of the current value, so what does it mean to be valuable in the future? How to find it?" Li Shan heard the words. : "The future is valuable, which naturally means literally, the company's future is valuable, as for how to find it? There are many ways."

Li Shan drank his saliva while speaking, and continued: "The future is valuable, and this is very simple, that is to say, the future is valuable." After speaking, he looked at Chen Yi with a smile on his lips.

Chapter 245

Chen Yi frowned and thought: "Isn't this nonsense, what I want to ask is how to see value in the future." Of course, he dared to think about this in his heart, but he never dared to say it.After pondering for a while, Chen Yi said, "Brother Li, how do you see if a company has value in the future?"

Li Shan laughed: "Okay, I won't tease you anymore. The value of a company in the future means that the company will develop in the future, and the performance of this company will be better in the future than it is now. There are many reasons for this result. For example, the state has introduced policies that are beneficial to a certain industry. For example, if a certain industry needs to increase its efforts in construction, the state will provide support for tax cuts and fee reductions, or appropriately relax restrictions on the approval of some projects. This will not be profitable. Did you get more money? If a company makes more money, its stock price won’t go up, so as long as we buy before then and sell after the stock price goes up, wouldn’t we be able to make money.”

Chen Yiwen said: "Brother Li, I understand what you said, but the truth is simple to say, but it is really complicated to do. How do we do this? That is, how do we know the performance of a certain industry or a certain company?" Want to get better? Just look at the policies issued by the country? Shouldn’t that work? After all, even if we are professional investors, we won’t get the news much faster than others. Everyone will know the news once it’s released. , other people are not fools, they will also buy. Do we have to compete with them? Who buys faster? It can’t be that simple, right?”

Li Shan laughed: "Of course it's not that simple. Of course you have to watch the news, but you just said that everyone will know the news as soon as it is released. How can you just watch the news?"

Li Shan paused when he said this, and said in a low voice: "Is it possible to know before some relevant news comes out? Isn't it good to buy at this time?" Li Shan looked at Chen Yi after finishing speaking, The corners of the mouth curled up.

Chen Yi opened his eyes wide, and his pupils shrank immediately, then he looked around and said in a low voice: "Brother Li, do we have a channel to get the news before it is announced to the public? It’s not considered insider information, isn’t it illegal? It’s not good to do so.”

When Chen Yi spoke, he leaned forward and lowered his voice as much as possible, for fear that the conversation between the two would be heard by other people. Even Chen Yi knew that if he really did this, then the other people in the company must have more or less At least he knew or even participated in it. He thought a lot of things in his mind for a moment. If this is the case, should he collect evidence to report Ruiming Investment.

He doesn't know if everyone in the industry does it more or less, but if every company in the industry does it more or less, will his future career be ruined?

Moreover, if this situation is a common practice in the industry, will it be possible to be so arrogant in some regulatory agencies? Some people will accept bribes. If you report it yourself, it is very likely I failed to report successfully, but was arrested as a false accusation, and then I was likely to be locked up in a small dark room without seeing the light of day, or I knew the secrets of these people, and I was not with them, and I might even be killed silence.

Chen Yi thought more and more, and his brain turned quickly: "So that's how people in this industry make money. I've always wondered why there are so many tutors and professors who teach economics and finance. There are so many powerful people, but few people can make a lot of money in this market. It is difficult to treat investment as a career. Why are these professional and academic abilities obviously inferior to those of tutors and professors? Such means."

The more Chen Yi thought about it, the more frightened he became, and his face became paler and paler. After all, Chen Yi is still a college student who has just graduated, to be precise, he has not yet graduated. Wherever he has experienced such scenes, these are all seen in movies and TV shows. He didn't know how to cover up and hide his emotions, and his increasingly flustered eyes had already betrayed him.

At this moment, Chen Yicai suddenly remembered that the person sitting across from him was one of these people, and carefully aimed his eyes at Li Shan who was sitting across from him.It doesn't matter if you don't look at it, but after looking at it, it turns out that Li Shan has been staring at him intently.

The moment Chen Yi's eyes met Li Shan's, Chen Yi panicked completely. He even saw a smile on the corner of Li Shan's mouth. The originally peaceful smile seemed to be mocking in his eyes. Smiling, the curve of the corner of his mouth was like a scythe of death, and Chen Yi's whole body trembled unconsciously.

If what researcher Niu Lei told him at noon can be regarded as a relatively minor mistake, and the punishment is not too serious, and it is even the practice of many companies to avoid taxes, then what Li Shan told him now is a very serious mistake. This is a very serious matter, and the punishment for violating relevant laws and regulations is also very serious.

Chen Yi is not afraid of others doing illegal things, but what he is afraid of is that others will tell him the illegal things openly, so that his end will be very miserable.

Thinking of this, Chen Yi's legs under the table couldn't help but tremble.

Li Shan leaned back on the chair, with his hands resting on the armrests of the chair and drooping naturally, watching Chen Yi intently, the curve of the corner of his mouth getting bigger and bigger.

And it was this growing smile, in Chen Yi's eyes, that seemed to be a talisman that was getting closer and closer, like the scythe of death, and the invitation of Hades.

From Chen Yi's point of view, Li Shan's normal sitting posture also seemed to be the energy stored up before the tiger preyed on it, as if it would explode and hurt people in the next second.Chen Yi's back was wet with cold sweat, he didn't know what to do at this moment.Li Shan has been watching Chen Yi's every move. He can see every expression and demeanor of Chen Yi, and the curvature of the corner of his mouth is getting bigger and bigger.

Just when Chen Yi was at a loss and really didn't know what to do.Li Shan couldn't hold back anymore, put his hand on his forehead, and laughed heartily: "Hahahaha." He put his hand on his forehead and the other on his stomach.Laughing is called a carefree dripping.

Chen Yi was stunned by Li Shan's reaction, and sat there in a daze, his previous nervousness was completely wiped out by Li Shan's smile, and he sat there in a daze to watch Li Shan laugh.

Li Shan smiled for a while, but he couldn't hide the smile in his eyes: "Yi, you are so interesting, what were you thinking just now? Did you think that we were doing insider trading in violation of laws and regulations? Now you Knowing that we may be against you?"

Chen Yi nodded blankly.

Li Shan smiled for a while and said: "You silly boy, you are really exactly the same as me back then, I really saw you right."

Li Shan paused and continued: "Who told you that it must be insider information before it is announced? Did I say that we are doing insider trading through insider information?"

Chen Yi still looked blank, and asked: "Then how?"

Li Shan is serious, but there is still a smile in his eyes: "Of course it depends on research. This is your job as a researcher. You need to study the development of various industries. According to market conditions, macroeconomics, national Policies, etc. predict the future development trend of the steel industry or the policy that the country may introduce. When this possibility is very high, we will do it. Do you understand? You really laughed at me, you are so interesting gone."

Hearing this, Chen Yi also understood that he had made a big oolong, but what Li Shan said just now made various details, such as deliberately lowering his voice.His pause, tone, and demeanor really seemed to be saying something that could not be seen.

Li Shan seemed to understand what Chen Yi was thinking, but he continued without explaining: "Basically, we are not [-]% sure when we invest. Everything is a high probability. As long as the possibility is large enough, we can To try, even if the possibility is very small, we can try it in a small way. Do you understand now?"

Chen Yi nodded, so that was the case.

Li Shan continued: "This is value investing. Think about what I said first, and see if there is anything you don't understand. I'll go back and get a glass of water and come back later."

Chen Yi nodded, he was still in a state of bewilderment, and forgot to get up to see Li Shan off for a while.

Li Shan didn't care, he got up with a smile and went out, and closed the door of the meeting room. The moment the door closed, Li Shan's hearty laughter sounded outside the door.

Although the room was well soundproofed, Chen Yi could still hear it vaguely.

Li Shan returned to the office with a smile. Seeing Li Shan come back alone, and smiling so happily, the people in the room seemed to be used to it, and there was nothing strange about it. Everyone looked different, some were helpless, some were contemptuous. , but without exception seemed to understand what had just happened.

Chapter 246

Zhang Yan said: "Li Shan, are you bullying the newcomer again? Yi is a good kid, don't be frightened by you." Although Zhang Yan said so, she didn't look worried at all, her eyes were full of anger just like Li Shan's. smile.

Li Shandao: "It's okay, sister Yan, don't worry, I know it well, this kid has a strong psychological endurance, besides, he doesn't have a certain mental endurance to how to do stocks."