Rebirth: The Financial Giant

As early as 2016, when Lu Ming studied new energy, the market was looking down, and he felt that he was going to follow in the footsteps of Boss Jia.

Looking back now, I realize that the two are completely incomparable.

At the same time, Tiansheng Capital has now completed the layout in the entire new energy field, regardless of its layout depth, breadth and height, it is difficult for other investment institutions to match.

The so-called Tiansheng Department will become the uncrowned king in this field.

You must know that Tiansheng Capital deploys new energy, not only new energy vehicles that the general public thinks, but also photovoltaic new energy, wind power new energy and so on.

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Three hours and 25 minutes have passed since the question-and-answer session, and there are still five minutes left. At this time, Lu Ming and other five directors of Tiansheng Capital have answered a total of 49 questions.

Next is the last question, a media reporter from China was selected.

I saw the reporter took the microphone and said, It's an honor to have the opportunity to ask questions at the end. In the second half of this month, Berkshire Hathaway's annual shareholder meeting will be held. Investment masters, Mungo and Buffett also have a lot of fans in our country to chase their ideas. My question is, Mr. Lu, what role do you think the macro or long-term trends play in their value investing? ?

This last question is a bit of a conspiracy. After all, everyone is now competing with Berkshire Hathaway that day. Judging from the market value of the two companies, it is the back waves of the Yangtze River that push the front waves, and the east wind has been suppressed to West wind.

This question was answered by Lu Ming at the end: Your question is actually a matter of one sentence. Before answering, I want to ask you, where does your asset value come from?

The reporter who asked the question smiled awkwardly, unable to answer...

After a while, Lu Ming saw this and said again: That is, the asset value is constantly lacking in currency credit. Do you know why holding stocks can always have positive returns? It's very simple, if it is in your entire macroscopic framework. , Just remember one thing, that your asset value is always generated by the falling cost of capital, the essence of this sentence is the flaw of modern monetary policy.”

That is to say, the credit is constantly decreasing. As long as you enter the banknote system and the credit under the seedling system is constantly decreasing, that is, the credit of the banknotes and the cost of the banknotes are constantly decreasing. In other words, assets are always positive returns, a very simple truth. Right.

The question-and-answer session of the shareholders meeting lasted for nearly three and a half hours, and the audience in the online live broadcast room had already reached a death rate of more than 70%. Can you understand?

At this time, Lu Ming said eloquently: ...In other words, you must not hold cash, because the actual cost of cash, that is, the risk-free rate of return, has been declining, so of course you are holding assets, and you will need to hold them later. All that is done is to choose which type of assets to hold and how to allocate them, and that's another story, because of time constraints, we won't expand on it here.

As mentioned earlier, why does the capital market in North America have a long-term rate of return? Apart from market management, company operations, technological innovation or corporate value creation, these are actually relatively microscopic links.

“If you put it in a larger macro pattern, it is actually very simple. It is the answer to the target after the paper money credit system and the cost continues to drop, and another answer can be obtained from here, why it has been suggested that gold is a major category since last year. A good allocation of assets, including today, remains the same bullish view, because the target of gold is that your paper currency credit is constantly missing, and on the other hand, gold will always rise.”

Of course, this is definitely not enough for traders, and it needs to be refined. It just means that when you study the problem at the most macro level, you can understand it in a simplified way, which is no problem.

Having said this, Lu Ming smiled and added: When talking about gold with retail investors, there is really no need to analyze such a professional thing with retail investors, because it is very simple, and even if you analyze it, he will not understand. The important thing is that the answers that retail investors want are not these, but the question of buying or selling. The intermediate process can be ignored. My point of view is to open long now, buy, and ignore short-term fluctuations. The short-term here is at least more than one year. !

The retail investors watching the live broadcast immediately felt offended when they heard this, and then they were speechless and could not refute.

Indeed, if you say a lot, it's better to tell me directly whether I can buy it now.

Lu Ming finally said: As for selling, as long as you can make a profit, you can sell it anytime. Now more and more young people are entering the wave of securities investment, but I still want to say that this is not a blind one. In this era, the requirements for professionalism will be higher and higher. My suggestion is that, including those of us who take advantage of some opportunities to share publicly, we also try to share with you professionally, which may be more benefit society as a whole.”

The question-and-answer session has finally ended. The whole session lasted for three and a half hours, and also chatted for three and a half hours. The five directors of Tiansheng Capital, including the founder and chairman Lu Ming, answered a total of 50 questions. A variety of issues are involved, ranging from investment philosophy, attitudes towards life, macro-forms, corporate governance to international relations.

After the annual general meeting, the local time is approaching the evening, and a grand dinner is also routinely held.

The content of the shareholders meeting was also reported through various media.

Topics in the investment community are basically focused on Tiansheng Capital's annual general meeting. We-media people in finance and economics are also rushing to participate. The dozens of questions Lu Ming answered at the shareholders' meeting were split and interpreted. , a question can be written in a self-media article, anyway, it is right to catch up with the popularity.

Many investors and fans of Lu Ming's die-hards are also discussing in their respective exchange groups or Taoba and other platforms.

The logic is clear, absolutely full of dry goods, big guy!

Although I didn't understand it all, I still got a glimpse of some underlying logic.

The level of the first brother has properly slapped most fund managers, and he explained professional things in an easy-to-understand manner.

Dude, do you look down on the first brother, or do you look down on those fund managers too much?

The first brother is the only player in the first class, and he does not accept refutation!

A lot of problems are taking US stocks as an example. It's really hard to describe an immature market like my big A... [covers face]

You can think of Big A as a growth stock in the global market, and U.S. stocks as a value stock in the global market, and then make transactions based on this big logical framework. Of course, the specifics have to be refined.

The big A is not immature, but the income of the big A cannot be significantly higher than the real income, otherwise we will not have the world hegemony like the beautiful country to harvest the world. If we still lose the real development, how can we live?

Big A is just a relatively high volatility. It has a unique growth stage and is universal.

The first brother is really good. The key is that people are okay.

One thing I don't understand, Yi Ge said that the risk-free rate of return of holding cash has been declining, so you should hold assets to maintain and increase the value, but Tiansheng's own price LP, that is, the actual disposable cash flow holds 27,600 A billion is equal to 410 billion US dollars, why does the first brother still hold so much cash?

Maybe it's to ensure liquidity security, but so much cash flow is indeed a bit too much, it's too scary, and the depreciation every day is an astronomical figure.

But then again, the profitability of Tiansheng Capital is enough to offset the loss caused by holding cash. The first brother must have his own considerations for doing this, so don't worry about the world's richest man, and take a look at yourself. stock account...

It's absolutely full of dry goods, and you have to digest it well when you look back, and watch more even if you play back the video.

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