Jiao Fangyan finally understood and felt awe-struck.

Liu Minghao handles all economic cases, which are highly related to the financial industry.

The case was brought out to discuss the matter, which was obviously a reminder and even more of a confession.

Confess to Han Lie: I have professional ethics, I can control my own desires, and I can correctly distinguish between official business and personal feelings.

So cautious...

What magic power does Han Lie have that allows Liu Minghao to treat him so seriously?

Jiao Fangyan was puzzled and curious, and at the same time she reaffirmed her professional precepts.

The trading manager of a large fund is a very sensitive position, with hundreds of millions or even billions of funds involved in each operation.

However, the money they manage does not belong to them. No matter how much they earn, they only get commissions within the scope.

Earn more, take less, and your mentality can easily become unbalanced.

If greed cannot be controlled, it is extremely easy to lead to risky behavior.

Although there is surveillance in the trading room, communication equipment is not allowed, and no documents are allowed to be taken out, but stock trading is different from foreign exchange trading and futures trading. Large-capital stock trading is a very long process, and it is impossible to operate in a closed manner all the time.

So there are many opportunities to do things.

For example, if you want to make a North-South train next year, the trading manager has the position information of all accounts and can determine Han Lie's determination. He also knows the approximate target price, and the information is almost transparent to him.

So when I got home from get off work, I discussed it with my relatives and found an unrelated account to follow the operation. Whatever I made was my pure profit.

This kind of thing is almost inevitable, and we can only rely on the professional ethics and awe of the trading manager.

It doesn't matter if it's a small fight, but if it turns out to be a rat warehouse worth tens of millions or hundreds of millions, it will be equivalent to Han Lie working for others in vain, and it may even affect his own profits.

Liu Minghao is rich and powerful, Jiao Fangyan is in a key position, and they have a personal relationship, so they must always be at odds with each other.

A wise man never uses money to test human nature.

Confusingly saying hello, hello, hello, everyone, is irresponsible to everyone.

You act like a fool, but you expect others to be honest with you and turn a blind eye to the huge profits at your fingertips. Is this realistic?!

If you are easy to bully, someone will definitely bully you, there will be no accidents.

Show that you are not easy to mess with, beat them all the time, and sound the alarm bell.

In this way, if someone starts to mess around with their thoughts, it will be purely because they have lost their wits. If they are sent directly in and pulled down, no one will be dissatisfied.

…

The next three of them mostly chatted. Han Lie would not tell Liu Minghao about operational matters, nor would he ask.

Then, we can only work hard to expand the topic and find a common language.

In fact, it is quite difficult. There are three people in three age groups, with very different experiences, personalities and hobbies. In the end, we can only talk about the market.

Liu Minghao chatted with Han Lie and asked about value investing.

Jiao Fangyan took the initiative to pour tea for Han Lie, then held her chin up and waited, looking forward to Han Lie's opinion.

“All the value investing theories on the market now are nonsense.”

Brother Lie came up and started firing, and he continued to die without saying anything shocking.

But he has a reason, which is the insights he gained repeatedly in 16, 18, 20, 22, and 25 years.

“Real value investing does not look at performance, industry prospects, CITIC research reports, or the advocacy of experts on various indicators.

There is only one true value investment - wait.

The market goes through cycles again and again, nothing is new.

A true value investment master does not need to be too professional at all, no matter how powerful he is, but he must be able to endure loneliness.

Hold a large amount of cash and wait for three, five, or eight years. At the end of the cycle, when the market falls to the point where the leeks collapse and cry, and all blue-chip white horses are wrongly killed, the real opportunity for value investment will come.

I feel that the secondary market is not enough, so I go directly to buy companies, houses, antique jade and jade...

At that time, there were bargains everywhere, and countless greedy people would lose everything in the crisis because of their adventurousness.

Not to mention, during the 2008 economic crisis, how many people sold all their assets at a 30% discount?

Economic crises never depend on personal will.

Likewise, every crisis also contains huge opportunities.

When the entire industry is booming, what value investments do you and I advocate?

You are the only smart person in the world. Are you the only one who sees the value of Paixin, Google, and Apple?

When the tide is high, no one, no matter how smart, can make excess profits. Only when the tide goes out, and we find someone swimming naked, can we loot his belongings on the shore.

So what is true value investing?

It is better to leave the market at the peak, hold cash and wait patiently, and laugh at the indiscriminate destruction of the crisis.

Wait five years, hold shares for one year, and then wait for the next reincarnation.

For people who are not smart enough and cannot make money in the market all the time, the only way to get rich is to quadruple their assets every six to eight years."
Chapter completed!