My Age of Investment

   Chapter 938 Chinese are united

Jiang Ping didn’t care too much about the reaction of the audience, and continued calmly: “On Wall Street, there are no philanthropists, and all institutions are profit-making. The buy-sell ratings recommended by various institutions are often based on their own It depends on the benefit.

  They usually declare publicly on promising investment targets: it is not worth the investment.

  For example, in the past, some institutions on Wall Street released various analysis reports to depress the value of China's banking industry, but secretly built a large number of Chinese banking stocks, and finally made huge profits.

  In addition, Wall Street can change its position at any time for its own benefit. For example, it used to be bearish on the Chinese oil industry, but some time ago after the stock **** Buffett sold more than US$4 billion in PetroChina stocks to brokers on Wall Street, some institutions, uncharacteristically, began to strongly recommend China's energy industry.

  So, I remind investors that it is important to maintain their own independent judgment. "

  The senior executives of funds, banks, and China Securities Regulatory Commission from China nodded. They understood the tricks of Lao Mei, but they were expensive and paid a lot of tuition.

  Executives from Moody's Ratings, Standard & Poor's Ratings, and major investment banks smiled, and did not get angry at all because of Jiang Ping's words.

  Because Jiang Ping was right, that’s how they did it! How much is morality worth? Was it mixed on Wall Street on the first day?

After some preparations, Jiang Ping finally talked about the theme of today's speech: "Today I will talk about the hot topic of the recent financial market-the risk of subprime mortgages.

  Some subprime mortgage bonds were packaged by institutions and were rated as “AAA-rated bonds” and then sold to investors all over the world.

  As far as I know, in the past two years, many investors in mainland China, Hong Kong and Taiwan have bought some subprime mortgage bonds, and they have suffered heavy losses! In order to quickly recover blood, a certain star who is known as the **** of song began to shoot commercials and hold concerts everywhere. "

   Hearing this, Zhang Sanshi in the audience smiled knowingly. He was working in Hong Kong and knew who Jiang Ping was talking about.

  Everyone is still curious, how did the long-lost singer come back? He even turned into a model worker uncharacteristically. It turns out that the root is here!

  A star who can make money but not manage money is like this. At most, it is a large leek.

Briefly talking about subprime mortgage bonds, Jiang Ping suddenly raised his voice and said: "Vision Capital's research has found that the risk exposure formed by subprime loans is expanding and rapidly forming greater and unexposed risks in the entire financial system. Risks may break out at any time and threaten the real economy!"

  Nowadays, most people are relatively optimistic about the risks caused by subprime mortgages and subsequent market trends. They believe that since the state machinery has already taken action, then the risk is controllable;

  Another small group of people are staunch supporters of the view that a serious financial crisis is about to break out.

  In this way, Envision Capital is on the side of a few people.

  This is a bit interesting!

  Thousands of people in the audience raised their spirits, ready to listen to the star fund manager’s advice.

  "Due to the fading confidence in the subprime loan market, the prices of subprime loans and related structured products are continuing to fall. A large proportion of banks and other financial institutions holding such products are eagerly like ants on the hot pot.

  Over time, the destructive nature of this toxic asset will be fully revealed and reflected in the financial reports of major financial institutions.

  Investor confidence will be hit a second time, leading to a second wave of large-scale financial market liquidity problems..."

   Jiang Ping stood on the stage and talked eloquently, sharing some of Vision Capital's views on the market outlook.

  At present, the major central banks led by the Federal Reserve are actively rescuing the market, and have achieved certain results. The stock market has stopped falling and rebounded, and the previous decline has been repaired. The storm looks like it has temporarily come to an end.

   Jiang Ping's throwing out this view at this time is equivalent to looking down on the capital market.

  In China, this kind of anti-corruption behavior with the regulatory authorities will have to pay a price.

  But the United States is not about freedom of speech. If you say whatever you want, then Envision Capital will be welcome. It will come out to brush up its reputation, and at the same time, it will build up momentum and momentum for the next wave of financial actions.

  "Winter is coming! This winter in New York may be colder than it has been in the past few decades. Everyone should pay more attention to cold and warm."

   Jiang Ping ended his speech with a witty remark, and there was a warm applause from the audience.

  When Jiang Ping walked back to his seat, the bankers on the side looked at him.

  These bankers were touched a lot by the content of Jiang Ping’s speech, and at this time they all wanted to exchange views with this famous fund manager.

   Soon, the host took the stage to announce the end of the morning meeting, and reminded the participants that they can go to the nearby hotel to have a meal, and continue to hold the branch venue activities in the afternoon.

  Xia Jingxing, Jiang Ping, and Liu Hai were preparing to get up and leave. Chinese bankers Wu Jianmin, Zheng Jiafa, and Sun Qicheng surrounded them.

   "President Xia, President Jiang, President Liu, are you free to have a potluck together?"

  Wu Jianmin was the first to speak, and several bankers behind him also invited.

   "There is still a meeting to be held in the afternoon. The meal time is too short. I will invite a few bosses next day!" Xia Jingxing replied with a smile.

  East West Bank is the largest Chinese bank in the United States, with total assets of more than tens of billions of dollars, so Wu Jianmin naturally became the representative of this group.

In fact, he and Xia Jingxing have known each other for several years, but they don’t have a deep friendship. Now that the other person’s rejection is obvious, he can’t pull this face down to continue the stalker, so he has to ask Liu Jinhang for help. He knows that Liu Jinhang and Xia Jingxing are dating. not bad.

   "Jingxing, let's talk together, everyone is very interested in the outlook on the future put forward by President Jiang."

  Xia Jingxing still wants to give Liu Jinhang’s face, so he said, "Well, let’s find a good place in the evening, and everyone sits and chats together."

  Wu Jianmin said happily: "Okay, then let's make a deal!"

  …………

  …………

  In the afternoon, after the TCFA annual meeting ended, Xia Jingxing, Liu Hai, and Jiang Ping were not in a hurry to go to the banquet, and first went to the reception organized by the organizer.

  The cocktail party was set up in the hotel next door, and the number of people was much smaller than during the day. There were only less than a hundred people. The invited participants were all of a certain level on Wall Street or in China.

As soon as the three of Xia Jingxing appeared at the reception, they immediately became the focus of the audience.

  The environment is noisy during the day, and it is not convenient to get together to get a familiar face, but the space is more private at the moment, and many people come up with wine glasses to meet Xia Jingxing.

  Tang Xiaodong, the rotating chairman of TCFA, played the role of an intermediary and kept introducing people who had come to Xia Jingxing.

  "This is Li Yanxiu, CEO of Frontier Fund. He is in charge of a US$2 billion hedge fund. Like Mr. Xia, he is also a financial leader among our Chinese."

  Li Yanxiu is about fifty years old, combs her head, wears a pair of gold-rimmed glasses, and looks a lot like a university professor.

   Following Tang Xiaodong’s introduction, Li Yanxiu smiled and shook hands with Xia Jingxing, “In front of Mr. Xia, I dare not be the leader! Mr. Xia is the light of our Chinese, and has broken a lot of Wall Street’s inherent prejudice against us Chinese.”

  After some commercial exaggerations with Xia Jingxing, Li Yanxiu left with a smile.

  Next, Tang Xiaodong introduced to Xia Jingxing a few good Chinese who mixed on Wall Street.

  Li Shanquan, one of the 14 core managers of Oppenheimer, a well-known mutual fund company, and the fund under his management who has received the top rating in the United States;

  Chu Gang, the managing director of Citigroup’s Alternative Investment Department and in charge of the US$2 billion U.S. local government bond arbitrage hedge fund, later served as the COO of CICC after returning to China;

Deng Kun, executive director and partner of Lazard Asset Management, was selected as one of the world's top ten fund managers by the Financial Times. The global investment fund he manages has been among hundreds of similar funds around the world for three consecutive years Ranked first in yield.

After a round of contact, Xia Jingxing found that Chinese people in the mainstream financial industry in the United States are actually not very good.

  In investment banking, hedge funds, commercial banks and other fields, almost all of them are wage earners. They are not as good as the Internet industry on the West Coast. Only Li Yanxiu, who founded the frontier fund, is a slightly larger entrepreneur, or a real boss.

As for bankers such as Wu Jianmin and Sun Qicheng, many of them are second or third generations of immigrants, and they are all from Hong Kong and Taiwan. They are not in the same circle with Chinese and overseas Chinese from mainland China, such as Tang Xiaodong and Li Yanxiu, and attending the meetings during the day is even a shame. , Did not come to the evening reception.

  This can be regarded as a true portrayal of the Chinese society in the United States, fragmented, with countless small circles.

  Not staying too long, Xia Jingxing, Liu Hai, and Jiang Ping left the reception very quickly and came to a high-end Chinese restaurant in Manhattan-Sichuan and Shanghai Feast.

  Just listen to the name of the store, and you know that several bankers used their minds to cater to Xia Jingxing’s taste.

In the   box, a group of people sat around a large round table, and the table was full of spicy dishes such as Dongpo meat, spicy saliva chicken, and spicy chicken.

  Xia Jingxing feels good after eating, not the kind of Chinese food that has been castrated.

  The bankers felt a little bit at a loss, and they all only sandwiched the few dishes in front of them that were fairly light.

   "Mr. Xia, it suits your taste? I have inquired that the Sichuan cuisine chef of this restaurant was invited from the Magic City Jinjiang Hotel, or you are from Sichuan and Sichuan."

  Xia Jingxing spoke to Wu Jianmin and smiled, "Wu always has a heart, the taste is very good, I like it very much."

   "That's good, President Xia, eat vegetables." Wu Jianmin greeted with a smile.

  After waiting for three rounds of wine and five flavors of food, Wu Jianmin finally got into the topic and asked: "Mr. Xia, do you think the U.S. banking industry will risk another outbreak?"

  Xia Jingxing smiled and said: "In fact, I believe you should have an answer to this question. The real situation of subprime loans should be clearer than me, a layman."

   "Mr. Xia, you are humble."

  Speaking is Zheng Jiafa, the CEO of Cathay Bank, a thin old man in his sixties.

  The banker is still a disciple of Yang Zhenning and a PhD in Applied Physics. His dream was to win the Nobel Prize, but then Yang Zhenning said that he had no talent, so he had to go home to inherit his father’s investment and become a shareholder of Cathay Bank.

  Cathay Pacific Bank is very well run by Zheng Jiafa. It was listed on Nasdaq more than ten years ago, with total assets of more than 6 billion U.S. dollars and nearly 40 branches in the United States, which is slightly weaker than East West Bank.

  Tsinghua University established the "Yang Zhenning Lecture Fund" in 2004. The first donor of the fund was Zheng Jiafa, who donated US$1 million.

  At the same time, Zheng Jiafa also set up scholarships in Los Angeles to award six outstanding Chinese students studying in Southern California with USD 5000 each.

  Zheng Jiafa lightly said: “Our Chinese Bank is actually okay. Because of its small scale, the investment in CDO is not much. Even if the value is completely cleared, it will not hurt the bones.”

  Eating people's mouth is short, Xia Jingxing has no habit of white prostitution. He thought for a few seconds and gave a suggestion: "In my opinion, the risk of CDO is better to clear out earlier. The pain now is far smaller than the loss in the future."

  Zheng Jiafa nodded lightly and thought about it seriously.

   "Thank President Xia for this kind suggestion today. If it is useful in the future, please let me know."

  Guobao Bank’s Sun Qicheng said with a smile, this old man is older than Zheng Jiafa, 72 years old, and still struggling on the front line of work.

  Perhaps because he was born in China, this old man still has feelings for his motherland. During the Asian financial crisis in 1997, he wrote to Tiexiang and offered suggestions.

  Wu Jianmin nodded in agreement: "Yes, after all, we are all descendants of Yan and Huang. It is not easy for the Chinese to work hard in the United States and should be united.

  Last year there was an outbreak of Old Qiao’s discrimination against Chinese Americans. After Zhiyuan contacted me, I was furious at the time. I immediately gathered the residents of the Chinese community in Los Angeles to collectively publish the newspaper to oppose discrimination..."

  Xia Jingxing laughed and listened to Wu Jianmin’s narration that the other party and Yang Zhiyuan are both members of the American Council of 100, and they have some fame and appeal among the Chinese.

  After eating and talking with several Chinese bankers, Xia Jingxing left with Jiang Ping and Liu Hai.

  (End of this chapter)