Chapter 111 Position Settings

"Choose the vote with the strongest market expectations, not the vote with the best fundamentals."

After listening to Su Yu's stock selection logic and investment insights, Li Meng murmured this sentence, thought for a while, and said: "What you said makes sense, but here, like Hua Qingbao's check, it comes from the bottom ...Although it has retraced quite a bit recently, it has also increased by 2.5 times.”

"Even if you say..."

"The market expects a ten-fold increase, so build a position here to go up and compare it with the expected expansion of other stocks."

"Actually, there is no advantage."

"My advice……"

"I have no objection to the core five positions of Fenda Technology, Wangsu Technology, LeTV, Flush, and Oriental Fortune. But for Huaqingbao, I think that even if you want to open a position, you must reduce the corresponding position weight."

"It's not that I'm not optimistic about it, I just think it will take a long time for the current market to pick up."

"Before the market fully recovers, even if the performance and scale development expectations of this check are very high, I am afraid that if you want to double the 2.5 times in a few months or half a year, it will be impossible. It’s unrealistic, after all, the market’s fear of heights has always been evident.”

Su Yu knew that she was also afraid of heights, and she didn't quite agree with the logic of Hua Qingbao's check.

Thinking that if he insisted on taking Hua Qingbao as a long-term holding with a high weight, Li Meng would definitely feel uncomfortable, and he would definitely be frightened during the holding period.

So, after thinking for a moment, he nodded and said: "Then reduce some of the weight and hold this check lightly. After all, if the ticket you hold can keep the fund manager awake, then... in the long run If this continues, you will naturally lose your judgment and make more wrong investment decisions.”

"Yes." Li Meng responded and said, "The core holdings have been selected. According to your opinion, what should be the distribution of holdings of each stock? And... the positions of our first fund 'Yuhang No. 1' Where is the initial water level for opening a position? 50%, 60%, or 70% and above?”

Su Yu thought for a while and said: "Since in the initial strategy, the overall position of the market has been judged to be the bottom range, then the overall position setting can be more aggressive."

"For long-term positions, 60% of the total position line, I think is appropriate."

"Then I can use 20% of the total position to short-circuit and smooth the performance curve."

"The remaining 20% ​​of the position funds are used as T funds for day trading and can be used to train new traders."

"As for the position distribution of individual stocks..."

"The target of opening a position in Hua Qingbao is 5% of the total position, and the rest is 11%. How about that?"

"According to the circulation situation of these checks, even if it is 11% of the total position line, 44 million yuan of funds can still be absorbed no matter what, and there will not be any liquidity problems."

"Okay!" Li Meng said, "I think it's quite reasonable."

The position setting mentioned by Su Yu is exactly what she wants. She agrees with the expected logic of the checks of Fenda Technology, Wangsu Technology, LeTV, Flush, and Oriental Fortune. Furthermore, the water mark of 11% of total positions is not High, even if there is a problem with a certain stock, even if the loss is stopped or the position is liquidated, it will not affect the overall net value of the fund too much.

As for Hua Qingbao's total position target, if the target is 5%, even if the stock price falls to the stop loss line after all positions are completed, the impact will naturally be smaller.

This way, she doesn't have to worry...

If the trend of Hua Qingbao, which she is concerned about, falls short of expectations, it will affect the performance of the entire fund.

Seeing that she had no objection, Su Yu couldn't help but smile and said: "If you have no objection...then let Director Zhang of Huashang Securities open a separate account for our fund tomorrow, and separate out 80 million funds. I will use 80 million funds." For short-term emotional investing, you use the remaining funds to build positions according to the position control we just mentioned."

"Okay!" Li Meng responded, "The target is determined, and the rest is to enter the market and choose the right time. Although my operating capital is several times larger than yours, my task seems to be much lighter than yours. It’s also simpler and easier.”

After the target is drawn...

All she needs to do is to control the cost of building a position as much as possible when building a position.

But Su Yu had 80 million in capital, and a series of things such as stock selection, timing, emotional guidance, intraday time-sharing operations, etc. were much more complicated than hers, and naturally more operable.

After all, long-term investment, work comes before choice.

When it comes to trading operations, there is not much technical content. It is nothing more than buying and selling when the expectation is finally fulfilled.

As for intraday operations during the period...

Leave it to traders to use small positions to go back and forth. If they can do it, they can do it. If they can't, it won't have much impact.

Su Yu chuckled and said: "It is easy to open a position, but it is difficult to hold a position. What's more, the remaining 20% ​​of the funds set aside will be used to train and cultivate new traders. Your task is also very heavy."

"Except for Wang Can, there are no other traders in our company." Li Meng said, "If we want to form a trading team, what kind of people do you think is best to recruit?"

Su Yu said: "People who have a basic understanding of the financial trading market but no trading experience."

"People with no trading experience?" Li Meng asked in confusion, "Recruiting people with no trading experience...won't they have to start training from scratch, so it won't be useful?"

Su Yu nodded and replied with a smile: "At present, in the company's fund trading, it is enough for the two of us to control the general direction. There is no need for traders with excellent skills or traders with a deep understanding of market investment. "

"What we need now..."

"He is a trader who can execute trading instructions to the letter and buy according to the instructions."

"Of course, basic intraday timing and intraday trading... these are still the decisions of traders themselves."

"In my opinion, novices, even though they are like a blank piece of paper, will learn how we teach them. Relatively speaking, they don't have as many self-righteous bad habits as veterans. They will be relatively more effective in executing instructions. Don’t worry.”

"Moreover, there are only key members who have been trained by themselves."

"They are often the most trustworthy."

"The company has just started, the funds we operate are not large, and the demand for traders is not particularly tight. At this time... it is just the time to cultivate talents."

"According to my idea, recruit three or five people first and train them slowly."

"It's far more worry-free and reassuring than recruiting some guys who are 'half full of water'."

"After all, people who have received market education but have not formed their own trading system and trading principles often have some wrong trading methods. After their self-awareness has been formed, it will be difficult to change them. If you recruit them, there will be no problems for a while. , but at critical moments, their subconscious operating habits may cause losses to the account.”

"And, training new people."

"Although it is a little troublesome for the time being, once they are trained and mature, their value to the company and their sense of identification with the company will be greatly enhanced by those directly recruited."

"Such an important task..." Li Meng heard that Su Yu still had such thoughts, paused, and said, "According to what you said, I am also a half-full person, I'm afraid I can't train him!"

"It's okay." Su Yu said, "I'll teach you the initial trading principles for entering the market and the basic skills of day-to-day operations. After you teach them, you can teach them."

Gu Nao

"That's almost it!" Li Meng said with a smile, "By the way... I can also learn from it."

Learn more, step by step...

She increasingly felt that Su Yu's understanding of the domestic financial market was much better than she had imagined, and it was not an exaggeration to say that he was even a top investment trader.

At least, I used to work in the sales department.

None of the sales department analysts, investment consultants, or even those in the self-operated fund investment department she had come into contact with had Su Yu's ability to understand the market as thoroughly as she did.

Naturally, not to mention investment capabilities.

"Why are you... looking at me like that?" Su Yu couldn't help but ask when he saw Li Meng's bright eyes looking at him with a smile and not saying anything for a long time.

"Who's looking at you?"

Li Meng came back to his senses and realized that he seemed like a fool. He blushed and turned his head away.

"Oh, by the way..." Su Yu coughed slightly, relieved his somewhat awkward mood, and said, "The company has given you a brand new laptop. I think you can retire your old one. Of course, the new ones are still on the way, and Mr. Gao said that the latest batch is out of stock at the store she purchased from, so she has to transfer the goods from other warehouses."

"Everyone?" Li Meng asked.

Su Yu smiled and replied: "Everyone in the trading department, of course, I already have it in my hands, so naturally I am omitted."

"Isn't the company already equipped with a desktop?" Li Meng didn't understand.

"You have to have one with you, right?" Su Yu said, "If you want to do your job well, you must first sharpen your tools. I'm not a stingy boss. I can still afford this little money."

"Of course, the main thing is that I'm looking at your computer. It takes a long time to open a web page."

"It's too easy to miss the market and important information."

"Thank you very much, Boss Su." Although Li Meng felt that Su Yu was a little too rough in terms of the company's operating costs, he was still very happy.

"Small problem." Su Yu said with a smile, "I still have to rely on Miss Li to create billions or tens of billions of profits for me in the future. Investing in a laptop for you first is not a big deal."

"Uh... one billion, tens of billions!" Li Meng laughed, "You really dare to think about it."

Su Yu chuckled and said, "What's not to think about? As long as you follow the right path, the rate of compound interest accumulation of capital is very fast, let alone billions or tens of billions. Maybe in a few years, you will be transformed. She has become a 100-billion-dollar star fund manager and the number one private equity figure in China."

"Hopefully that day will come!"

Li Meng responded. Although he knew that the probability was about the same as winning 10 million in lottery tickets, he still felt a little hopeful.

After the two of them decided on the investment strategy, drafted the investment targets, and decided on the position control for opening a position, they continued chatting for a while, then washed up and went to bed.

The next day, I woke up early, had breakfast, and came to the company.

Su Yu called everyone together, held a short meeting, set some work goals, and was not in a hurry to build a position.

Instead, they met with Director Zhang of the Fortune Road Sales Department of Huashang Securities, borrowed 400 million yuan to settle in, and discussed some preferential commission strategies, asking the other party to give the company some commission rebates to make up for some of the company's operating costs. losses, and ten separate sub-accounts were opened at the same time.

After the account was opened, Su Yu transferred the 400 million in funds according to his previous plan.

I transferred 80 million to the fund sub-account I operated.

Then, just as he was about to return to the stock market and try to establish a bottom position here, Huang Yu suddenly called him.

"Hey, Brother Su, are you free tonight?" the other party asked carefully.

Su Yu thought about the arrangements for the evening and replied, "What, what can I do?"

"It's nothing." Huang Yu said with a smile, "I just want to treat you to a meal and apologize for accidentally stepping on you at the restaurant that day."

"Uh..." Su Yu replied, "Our relationship is not like this."

He had long forgotten what happened that day. He really didn't expect that the other party would still care so much.

Of course... He thought about it carefully and felt that the other party's special call to invite him to dinner was definitely not just for such a trivial matter.

"It's my problem, so naturally I should apologize to Brother Su," Huang Yu said.

"For this matter, it's really not necessary." Su Yu said, "Of course, if Brother Huang has other matters, you might as well tell him directly. You also know that I don't like to beat around the bush, and naturally I don't like others to beat around the bush. "

When Huang Yu heard Su Yu's words, he paused for a long time and then said, "Brother Su is an upright person. I know this. In fact... I have something to ask Brother Su."

"About bank deposits?" Su Yu roughly guessed it and asked.

"Well, yes..." Seeing that Su Yu had brought it up directly, Huang Yu couldn't keep it in a roundabout way, so he smiled awkwardly, "It is indeed a matter of bank deposits. The deposit tasks assigned to us by our leaders recently are very heavy. I would like to ask Brother Su for a favor, let the funds in your hand pass through our bank."

"Crossing the road?" Su Yu said in surprise.

"It only takes a week at most." Huang Yu said, "I can calculate the daily interest for Brother Su at an annual interest rate of 10%. This is the limit of what I can do."

"10% annual interest rate." Su Yu was shocked, "Your bank's funds are tight, has it reached this point?"

With that said, without waiting for Huang Yu's reply, he immediately opened the computer interface and took a look at the current interbank lending rate and overnight repurchase rate.

I saw that these two major interest rate indicators have risen to an average of 4.5%.

It has completely crossed the risk line and is obviously out of control.

Moreover, the two major indicators he could see at the moment were only superficial data. He had no way of knowing to what extent the inter-bank lending and interest rates had soared.

However, even if he does not know the real-time lending rate data within the bank.

But from now on, Huang Yu can say that the bridging interest rate of 10% is enough to prove that the interbank lending rate within the bank, between local banks and small banks, must be greater than this number.

"No!" Huang Yu still wanted to hide it, "This is one of our internal benefits..."

"How did you know that I have some idle funds in my hand?" Su Yu continued to ask without waiting for him to finish.

Whether the 'money shortage' within the bank was serious or not, market interest rates would not lie, and there was no need for him to listen to Huang Yu's excuses to cover up the situation.

"I heard something about Brother Su from our Director Wang." Huang Yu said, "If Brother Su is willing to help me, in addition to the internal interest, I can personally subsidize Brother Su by 1% The interest income, and... if you have anything to do in the future, I, Huang Yu, will definitely be at your call."