Rebirth: The Financial Giant

Chapter 108 [Only two words in December: run away! (20,000 recommended tickets plus more!)]

On December 16, a heavy piece of news aroused the attention of the global capital market, that is, the Federal Reserve announced that it would raise the federal funds rate by 25 basis points to a level of 0.25% to 0.5%. The interest rate hike is expected to be fulfilled today.

This is also the first rate hike by the Fed in nearly a decade, with the last rate hike in June 2006.

In the first half of this year, Lu Ming was sure that the US dollar would definitely raise interest rates. It was still at the end of May, and he had already accurately predicted the operation of Laomei. After all, the advantage of foresight is there. Butterfly can easily change.

Today's announcement by the Federal Reserve to raise interest rates also allowed Tiansheng Capital to manage the loan of 40 billion US dollars of leveraged funds for the central mother. There is no longer any worries, and it is very decisive.

The Administration of Foreign Exchange not only gave the green light all the way to pass, but also helped to cover, because this is a wild army, and at a critical moment, Tiansheng Capital took the 40 billion US dollars obtained from the foreign exchange reserves and went offshore quickly.

A total of 50 billion US dollars of liquidity is in hand, already dormant offshore, and everything is ready to move.

...

It's Monday, December 21st.

Today, Lu Ming came to work at the company half an hour earlier than usual, because he had to participate in the morning meeting of the major fund management teams today, and several fund managers Li Mingyang and Qi Wei attended the meeting.

At the end of the year, it was very busy with work and an upcoming currency war.

I specially called the big guys to hold this morning meeting this morning. It's very simple. Just one thing. I suggest that all fund varieties under your management start to drop to the minimum position standard today. At the meeting, Lu Ming, who was sitting in the chief executive, opened the meeting. That's what he said.

From a procedural point of view, Lu Ming has no right to interfere with funds managed by other fund managers. Even if the powers of fund managers have been limited many years ago, the fund companies have no right to interfere with funds managed by fund managers. In addition to problems fund managers can dump the blame.

Only when the performance comes out, the company can find a reason to kill the fund manager, but in most cases, the fund manager is really bad at managing a fund and will voluntarily resign.

Obviously, Lu Ming was different, everyone accepted him, and his advice would not fall on deaf ears.

Everyone in the meeting was surprised to hear what he said. Although Lu Ming has the title of Tiansheng Value Growth Mixed Fund Manager, he has not entered the trading room in the past few months.

Value investing, just lie down.

And the fund manager is not the only one named, Li Mingyang is also named, most of the time, Lao Li leads the team to manage the daily operation of the fund.

Li Mingyang couldn't help saying: Mr. Lu, are you not optimistic about the market outlook?

At this time, Lu Ming chose to require all funds under the company to reduce their positions. Obviously, he is not optimistic about the market outlook and reminds everyone to avoid risks. Since the market hit a new low of 2850 at the end of August, the market has reached 3578 points since the close of last Friday. Accumulated up 728 points, out of +25.54% increase.

It is worth mentioning that Lu Ming asked all the funds under the company to start reducing their positions today, including many passive index funds. These funds are not large, and the total of more than a dozen funds is less than 35 billion yuan.

However, there are some differences between passive index funds and active funds. The position changes of passive index funds are not determined by the fund manager, but by the position of the index.

The index is a basket of stocks compiled in accordance with the rules, and it is adjusted regularly every year. Some indexes adjust their positions twice a year, and some indexes adjust their positions once a year. This is stipulated when the index is compiled.

The passive index funds of Tiansheng Fund Company are all used as index adjustment months in June or December each year, and passive index funds can only adjust their positions to 80% at most, that is to say, no matter how to adjust positions , the fund positions must not be less than 80% of the total ratio, even if you know that the market is about to fall sharply, you have to take 80% of the positions to follow.

If these funds can be short positions, the entire market will collapse completely, and they will not be able to pull back.

Lu Ming leaned back against the chair and nodded and said, I am not optimistic about the market environment in the spring of the coming year. Whether it is the domestic capital market or the international capital market, there are many problems, such as the decline in GDP, the continuous depreciation of the RMB against the US dollar, the downturn in the mainland economy and the period of transition pain. The global economy is sluggish and there are signs of anti-globalization, the global climate is sluggish, and the international crude oil continues to fall and continue to find the bottom... In short, it is not optimistic!

These are all factors, but the core factor is the fact that overseas and international hot money jointly launched a financial war. Lu Ming did not say that it was a big deal, and he did not mention it to anyone, including An Yirou.

Several fund managers who attended the meeting silently pondered. What Lu Ming hadn't said was that after the new year, Big A experienced a circuit breaker mechanism. As a result, the circuit breaker was directly triggered by a flash crash on the first trading day of the new year. Mechanism, the inability to trade actually intensified market panic. In the next short month, the big A went from more than 3,600 points to more than 2,600 points, plummeting by more than -27%.

On the surface, the management saw that the circuit breaker mechanism could not be played in the mainland, and immediately stopped it.

It seems that it was because the circuit breaker mechanism was out of order that the big A was hit to more than 2,600 points. The deeper reason is that everyone is not optimistic about the prospects of the domestic economy.

All of these are not wrong, but they are not the core focus. Ordinary people know that this operation is stupid. Will the market system builders know? There must be other logic behind it that is not known to outsiders.

Lu Ming couldn't tell the people under his command about the fact that Big A was beaten below 3000 points. He would not talk about it until it was decrypted three years later.

Qi Wei, who attended the meeting, said, Is Mr. Lu so optimistic about the prospect of domestic economic transformation?

Everyone couldn't help but look at the boss. Lu Ming shook his head and said, Wrong, I'm quite optimistic. At this stage of my country's economic development, it is necessary to end the transformation from extensive growth in the past to high-quality growth, and I am very optimistic!

Li Mingyang: Then...

Lu Ming smiled, looked around and spread his hands and said, I'm optimistic, it doesn't mean others are optimistic, there are more kills in the market, so I'll avoid the limelight first, and I'll go in and pick up the chips on the floor after they've killed them, okay? ?

Seeing Lu Ming's confidence, Qi Wei's heart moved, and he quickly said, Mr. Lu, can we choose to short stock index futures with a short order next?

Lu Ming rejected the proposal without hesitation, and said, No! Remember, remember, even if we know we can make a lot of money, but if we don't make it, we must stop and resist the temptation, such as Shorting the domestic capital market, Tiansheng Capital will never short the domestic stock market, others and other institutions have nothing to do with us, we have already run away, no matter if there is no support for the market, don’t go to the management.”

When everyone heard this, they couldn't help but nodded in agreement. After a little thought, they realized that the boss's layout and considerations were still higher than everyone present.

...

After the morning meeting, with today's opening time approaching, several fund managers of the company also chose to trust Lu Ming and reduced the positions of the funds they managed to avoid market risks. This month happened to be the month of position adjustment. Although passive index funds It reduces the position by 15%, but it is better than the full position being dried up.

Although index funds must hold at least 80% of their positions with the market, they must not underestimate the 15% reduction. This means that once the market outlook plummets, other similar index funds do not avoid risks in time. Full warehouse was messed up.

Then, when the performance ranking is reached, the passive index fund under Tiansheng Fund Co., Ltd. has adjusted its position by 15% in time, and the performance ranking at the end of the year can lead the same kind of fund. After one year, it will obviously lead the same kind of fund in N years. , the longer the time span, the more obvious it is.

As for some investors who are index funds, if they are also index funds, Tiansheng Fund has risen a lot and is relatively resistant to declines, so it will definitely be able to attract index investors better.

Today's market is quite good. The broader market opened lower and moved higher. After the close, it reported 3642.47 points, an increase of +1.77%. There are 72 stocks with daily limit in the two cities.

At around 9:30 p.m., the net worth of the major funds was updated today. Tiansheng’s mixed value growth was +3.93%, ranking 15th on the list of fund gainers today. The OTC fund that rose the most was Zhaoshangzhong According to the China Liquor Index, the net worth increased by nearly 6 percentage points.

Today is the drinking market, the liquor concept sector has risen by 5.16%, and the liquor three Musketeers Mao Wulu has risen sharply today.

It did not outperform the Zhaoshang CSI Baijiu Index because it was dragged down by new energy. 4 of the top ten holdings were targets of the new energy sector. After the end of the year, new energy began to trade sideways and gradually weakened.

However, this does not obviate the contribution of the new energy sector to Tiansheng's value growth in the fourth quarter. From the date of opening the position to today, BYD has increased by +56.22%, and Yiwei Lithium has increased by +111. %, Huayou Cobalt has increased by +142.5%, and Ganfeng Lithium has increased by 246.2%.

Today, the targets of these four major new energy sectors all closed in green and fell, and the decline was quite large. This is also related to the gradual reduction and selling of Tiansheng Value Growth Hybrid Fund today. The market value of these tickets is not high, and it will definitely not go away in one day. Finished, otherwise the sentiment of the whole plate will collapse in minutes.

Tiansheng Value Growth Mix has only reduced its position by about 16% in one day today, and its stock holdings still account for 79%. In the next few days, it will gradually reduce the position to the minimum position standard line of 30%.

The last few trading days at the end of the year are dominated by relocation and shipment.

...

(Ps: First brother adjusted the position, I may blow out, this time most of the time I have overturned... Gan! In this chapter, the 20,000 recommended tickets have been redeemed, the monthly pass has been..., I'm already very fast, really fast , I also want to throw out all the manuscripts in one go, but the manuscripts are all first drafts, there are many typos, and they have to be reviewed and edited before they can be released. I didn’t expect this to happen. I was blown over, I thought I was in the atmosphere, but I didn't expect to be in the basement... The production team's donkey was foaming at the mouth...)

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