Ding Feng·guan | Tian Chao invited to send investment policy talks
Ding Feng Asset Fund Manager and Deputy Director of Investment Tian Chao was invited on April 15th to attend the “2017 Macroeconomic Outlook and Investment Strategy Meeting” organized by Fujian Investment Group in Chengdu and shared the investment strategy choices at the forum. The perspective of the investment method, the main content we share here to readers friends.
The future secondary market, value investment and quantitative investment who is the king?
Tian Chao: Private equity offers private equity products, which have the characteristics of yield risk. Regardless of value investment or quantitative investment, the strategy itself is not good or bad. Each strategy will have its scope of application. The same strategy will result in differences in the investment results of different institutions. Also very big, the key to choosing a private equity product is to see who is managing it.
The volatility of A shares is very large and rare in the world. Whether you follow value investment or growth investment, if you can achieve a compound profit of more than 20% over a long period of time, the maximum retracement is controlled within 10%. This is a very good product. Quantitative investment The risk-to-earnings ratio is more clear, with a return of 10%+. With a retracement of less than 5%, customers need to choose what kind of product they want based on their own risk preferences or personal asset allocation conditions.
How to make money in an ordinary market?
Tian Chao: First of all, for different markets, the scope of application of investment strategies is different. At the bottom of a bear market, value investment may benefit even more; in a shock market, growth investment in stages will be more appropriate; once it enters the bull market, the trend investment will be Such as fish water.
In the ordinary market, I think more is in the shock market, relatively speaking, the growth stock investment method is more suitable.
Judging from past experience, 2002-2004, 2012-2013 and the current market are all the best periods for the performance of significant growth stocks. The economy is declining, and some structural opportunities in the boom industry will be highlighted.
The market always believes that the Growth Enterprise Board is a growth stock, which is actually a misunderstanding of the relatively large growth stocks. Since 2013, more light asset companies, such as the media and Internet industries, have expanded their market value through outreach and acquisitions and market value management. Many of these companies' real income and net profits may not match the current market value of “bigger”. The weight of such GEM stocks will face a lot of downward pressure. However, there are also a number of GEM companies. Through excellent management and relying on entrepreneurial spirit, they have grown and their income and net profit have grown rapidly. Therefore, I think there will be a split in the number of heavyweight stocks. For some time in the future, A-shares will be in the process of value reconstruction, value return, and value-mining. There will be some stocks that come to the fore and the weighting stocks of the GEM will switch.
I have always believed that the Chinese people have two characteristics. The first is the sensitivity to money. This is a characteristic of the people of China and the United States. It has significant advantages over other regions. The second is that the Chinese are more diligent and look at the length of our work. It is not possible abroad. On the other hand, labor costs are much lower, especially for high-end talents, such as engineer bonuses.
So I believe that more and more emerging industries will be born private giants in the next five years and become the new leader in A shares.
How to avoid the capital cleanup caused by the disaster?
Tian Chao: This issue is essentially how to identify major risks.
I think a good fund manager needs 3 capabilities:
The first is the ability to obtain income, which is the core;
The second is the ability to identify huge risks, which is the key to compound interest;
The third is the ability to control the fluctuation of net value. This is process management.
Therefore, how to perceive risk is the key when great risks come. This requires long-term understanding of the market and understanding of their own human weaknesses to reach a certain level.
However, there are still some ways to avoid the substantial losses from the stock market disaster. There are several suggestions:
First, it is best not to increase leverage at the market level. Many people lose money and suffer from greed. Losses fall into two categories. One is the loss caused by volatility, and the second is a permanent loss. With high leverage, many fluctuations become permanent losses, and permanent losses should be avoided.
Second, we must achieve appropriate earnings. Clean up your own ideas for a period of time, adjust your mentality, and start better.
Third, pay attention to the risk-to-income ratio. Each decision to make a purchase must consider how much you might earn in this position, how much you lose, and whether the cost-effectiveness of each decision is high or not.
Fund Manager Introduction
Mr. Tian Chao
Ding Feng Asset Manager, Deputy Director of Investment
Master of Engineering in Communication Engineering, Shanghai University, 9 years of investment experience in the securities industry.
He joined Ding Feng Assets in 2010 and has served as a researcher and head of TMT industry research. He is currently the Ding Feng Asset Fund Manager and Deputy Director of Investment.
Mr. Tian Chao has long been engaged in research and investment in emerging industries, and is familiar with TMT industries such as electronic semiconductors, communications technology, advertising media, the Internet, and computer hardware and software industries. He has a deep understanding of the emerging industry's industry development and industrial changes, and is good at tapping high-speed growth companies and has in-depth insights into the growth stock investment.
Mr. Tian Chao's stable growth stock investment system is applicable to all types of market styles. Investment style advocates super growth and superb stock selection is an absolute earner. Currently managing multiple stocks of active management products, the product is both offensive, but also pay attention to the control of downside risks. Its secondary market representative product, Dingfeng Growth, has continued to stabilize for five consecutive years since its takeover in 2012.