Chapter 1452 Return to the peak of 100 billion

“If we take the subprime mortgage crisis ending on March 9, 2009 as a reference, as of last month’s delivery, the Dow Jones Index rose 67.19%, the S&P 500 rose 63%, and the Nasdaq rose 83.82%. %.

   For investment in individual stocks, our team mainly focuses on Nasdaq constituent stocks, especially Internet stocks and technology stocks. "

  Xia Jingxing asked with a smile, "Why didn't you choose heavy bank stocks?"

   Zhao Peng smiled confidently, "Dalun, please look here."

   After that, Zhao Peng manipulated the controller in his hand and released two sets of pictures.

   "Here's a chart of Morgan Stanley and Google.

   During the stock price trough in March last year, the stock prices of Morgan Stanley and Google fell to $16.48 and $289.74, respectively, and last month rose to $33.27 and $630.14 respectively.

Within nine months, Morgan Stanley’s stock price rose 101.88%, and Google’s stock price rose 117.48%.

   This is the comparison of large banks and large Internet companies, let’s look at the comparison of small and medium-sized companies…”

  Xia Jingxing nodded secretly, this guy has a really good sense of market smell and is also good at stock analysis, maybe he is more suitable to be the head of the stock team than Liu Hai.

   In the past, Liu Hai often asked him for tactical guidance, and Zhao Peng was very independent, and perhaps he didn’t know how sensitive the boss’s “market smell” was. Apart from routine work reports, he did not receive any help from Xia Jingxing.

   Relying entirely on himself, he has created today's investment results.

   After showing and introducing several sets of pictures, Zhao Peng finally began to answer Xia Jingxing's question directly.

   "Many institutions think that bank stocks are the biggest gainers from this retaliatory rebound in U.S. stocks, but this is not the case.

   Except for Morgan Stanley and Goldman Sachs, where the stock prices of large banks more than doubled, the performance of other bank stocks was not as bright as the Internet and technology sectors.

   Seven of the top 10 losers in the S&P 500 in 2009 were banking stocks.

   Citibank, the worst-hit bank in the financial crisis, once fell below $1.

  Many people thought Citibank was going to stage a big rally, but it fell 51% in 2009, making it the second-worst performer among the 500 stocks in the S&P 500 last year.

The reason is that in order to make up for the huge losses in the financial crisis and meet the minimum capital adequacy ratio requirements stipulated by the US government, major banks have adopted the method of selling preferred shares to the government and ordinary shares to ordinary investors. way of financing.

   And this, to a large extent, reduces the attractiveness of bank stocks.

   On the other hand, Internet and technology stocks staged a one-time, two- or three-times stock price rebound last year.

   This is because they were not really hit as hard by the financial crisis as banks, and their share price declines were also dragged down by broader market declines.

   And they don't need to dilute shareholders' equity in order to meet capital adequacy ratio desperately like bank stocks.

  Comparing the two, Internet and technology stocks naturally gained greater share price gains, and the Nasdaq also outperformed the S&P 500 and the Dow. "

  Xia Jingxing clapped his hands, "The analysis is good, many institutions went to buy bank stocks at the bottom, but left Internet and technology stocks to the side, typically losing watermelons to pick up sesame seeds.

   The stock team has achieved a lot this time, and you should take the lead! "

   Being praised by Xia Jingxing, Zhao Peng smiled happily.

   Zhao Peng then continued to report: "Last year, our entire stock team achieved a total net income of 14.5 billion US dollars. At present, most of the stocks have chosen to liquidate, and a small number of stocks are planned to be held for a long time."

  Xia Jingxing nodded, "No problem, you are now the head of the stock team, everything is up to you."

  Jiang Ping looked at Zhao Peng's excessively young face, rubbed his chin, how could he feel that his status as the first brother was not guaranteed!

  Are today's young people so fierce?

   He has a more easy-going nature, but he is not jealous of this young man with better investment performance than him last year. He just has a little sense of crisis.

   Next, Abel reported on the investment performance of PE funds, real estate funds, private credit funds, hedge funds of funds, and S funds last year.

  Compared to several great people in the company, Abel is the tail of the crane every year due to the nature of the fund management.

   But this year was special, and Abel shivered all of a sudden.

“The PE fund holds 100% of Marvel’s equity. Thanks to the halo of the two big-selling superhero movies in the previous year, the valuation of this company that integrates comics, film and television and peripheral businesses has skyrocketed, and some people have already shouted 6 billion US dollars. The offer is for acquisition, and the size of the fund, which originally had an asset management scale of US$5 billion, has grown to US$7 billion, including other industries it has invested in.”

   "The U.S. Real Estate Recovery Fund holds 80% of the equity of Vision Home Rental Company. As the real estate industry begins to recover, this part of the equity has been valued at US$1.2 billion, an increase of US$200 million over the original asset management scale of US$1 billion."

   "China's real estate fund invested US$1 billion in Hengtai Group in two installments, holding a total of 43.33% of Hengtai's equity (the previous article was wrong, it was written as 25%, please fix the bug).

   With the listing of Hengtai last year and the issuance of new shares accounting for 10.8% of the total share capital after the issuance, our shareholding in Hengtai dropped to 38.65%.

   Based on Hengtai’s current market value of HK$60 billion, our holdings have a market value of HK$23.19 billion, or about US$2.987 billion in US dollars.

   In other words, the investment has roughly tripled in value, and the size of the fund has ballooned from $1 billion to about $3 billion.

   We haven't sold Hengtai's stock for now. I think Mr. Xu Tingyin is an amazing entrepreneur, he can lead Hengtai to become... um..."

  Abel thought for a moment before adding: "By the way, becoming a trillion-dollar real estate company, an analyst surnamed Ren in the Macroeconomic Research Department of the Chinese Government Council predicted that."

  Xia Jingxing smiled, "Trillion-dollar real estate companies, let's do his spring and autumn dream, Facebook doesn't even have a trillion-dollar market value!"

   "You still have to have dreams!" Abel said, spreading his hands.

   "Okay, listen to you, if you still have a dream, then hold it for a few more years."

   Xia Jingxing had his own ideas on the disposal of Hengtai stocks. Since the entire fund was his own funds, he could sell Hengtai stocks as long as he wanted.

   He thought, why should it rise to a market value of hundreds of billions before selling it!

   Xu Belt still has two brushes for real estate, and he can work for Vision Capital for a few more years.

  Abel continued to report: "The scale of hedge funds of funds investing in several sub-funds such as Gao Ling Capital, Snow Lake Capital, and Global Investment has expanded from US$1 billion last year to US$1.5 billion."

  Xia Jingxing nodded slightly, it seems that several sub-funds have performed well, with an average return of 50%.

   "The US$1.5 billion private credit fund issued several US dollar bonds to Chinese real estate companies such as Hengtai, Sunac, and Longfor, with principal and interest, and the scale has expanded to US$1.8 billion."

"Liqiu No. 2 Fund and S1 and S2 Funds hold 17.77% of Facebook, 16% of YouTube, 20% of Ali's parent company, and 16% of Domestic Holdings. The total asset management scale is about 260%. billion, an increase of $6 billion from the $20 billion reported at the beginning of last year.”

  Xia Jingxing nodded slightly, S1 is the S fund jointly funded and established by dozens of blue-blooded nobles, and S2 is the latter S fund funded and established by China Investment Group.

  S1 Fund (Blue Blood Aristocrats) subscribed for 35% of the Liqiu No. 2 Fund at a price of US$3 billion, and the value of these fund shares has grown to US$9.1 billion, indirectly holding 6.22% of Facebook shares;

  S2 Fund (China Investment Group) subscribed for 15% of the Liqiu No. 2 Fund at a price of US$1.5 billion. At present, the value of these funds has grown to US$3.9 billion, and indirectly holds 2.67% of Facebook’s equity.

  After selling 35% and 15% of the fund shares successively, Xia Jingxing also held 50% of the fund shares of Liqiu No. 2 through Daxia Capital, which is equivalent to an equity value of 13 billion US dollars.

  Abel said in concluding remarks: "The above is the situation of several funds under my management, which have made a total of 11 billion US dollars in a few years, and the total asset management scale has reached 40.5 billion US dollars.

  With the listing of various holding companies and the rapid development, the scale of asset management will further increase in the next few years, and it should not be too late to break through 100 billion US dollars. "

  Xia Jingxing smiled, and after complimenting Abel, his eyes turned to Jiang Ping and asked, "I almost forgot, how was the investment performance of the two foreign exchange funds, Xiaoman No. 1 and Xiaoman No. 2, last year?"

Jiang Ping replied calmly: "Last year, the volatility of the foreign exchange market was not as big as the previous year. The asset management scale of Xiaoman No. 1 increased from 4 billion US dollars to 5.12 billion US dollars, and the asset management scale of Xiaoman No. 2 increased from 2.5 billion US dollars to 3.66 billion US dollars. U.S. dollars, yields were 28% and 46.4%, respectively.”

   "Not bad, big fat years don't come every year."

After    finished speaking, Xia Jingxing stopped talking and started to count in his mind.

   The year-end investment performance report of the London team led by Li Yaozu has been submitted, and the net income is US$200 million more than the original estimate of US$11 billion, reaching a huge US$11.2 billion.

  Li Yaozu, Jiang Ping, and Zhao Peng, the three teams each managing a principal of 10 billion US dollars, compared the performance, the fledgling Zhao Peng is even better.

  Although he is the youngest, his rank in the company is also the lowest. Compared with a group of EDs and MDs, Zhao Peng is only D.

   But after today's meeting, Zhao Peng can be promoted to ED, and at the same time remove the word "agent" from his head.

Strictly speaking, this young man should have created the fastest promotion record in Vision Capital. After joining Vision Capital, he became one of the highest-ranking people in the company within two or three years. 100 million dollar working emperor!

  Although the tens of billions of dollars investment platform provided by Xia Jingxing is an important factor for him to reach the peak of his life, his financial talent is also worthy of recognition and reward.

   In addition, the Ye Shuhui team in Hong Kong also submitted the year-end summary report.

   Last year, the team bought the bottom of Hong Kong stocks with US$5 billion, and also tested the waters of the Bangzi country and the Japanese market, and finally handed over the answer sheet with a net income of US$3.23 billion, creating a return rate of 64.6%.

   Although this rate of return is not high and lower than that of other teams, it is actually quite good, outperforming the 52.02% increase of the Hang Seng Index in 2009.

  A fund manager who can outperform the market is considered a good fund manager.

   Over time, hedge funds gradually lost their halo, and more and more hedge funds began to fail to beat the three major indexes.

   Buying a hedge fund is better than buying an index - Buffett said.

  Xia Jingxing waved to Liu Xiaoduo who was sitting in the corner taking notes, who immediately got up and brought a file bag.

  Xia Jingxing opened the file bag and said with a smile, "I'm here to tell you some good news!

Excluding VC funds and mainland securities investment funds, our PE funds, funds of funds, S funds, hedge funds, and real estate funds are all added together, and the scale of assets under management has returned to the peak of 100 billion US dollars, and it has even gone further. $113.03 billion! "

   Hearing this news, everyone was shocked, and immediately fell into ecstasy.

   "Last year when we reluctantly liquidated most of the hedge funds, I said that the day when the return of the king was staged would not be too far away."

   Speaking of this, Xia Jingxing said with emotion: "But I didn't expect it to be so fast."

  Everyone laughed, Xia Jingxing also laughed, "You guys have worked hard, you contributed a total of 48.53 billion US dollars in net income last year.

   In addition to the long-term and slow-liquidating funds managed by Abel, the four hedge fund teams generated a total of $37.53 billion in net income. "

   Hearing this string of numbers, everyone was overjoyed, including Abel, who had the most chores on his hands.

  Although the growth of the funds he managed was relatively slow, he finally got results, and he could be proud of himself for a while.

  Xia Jingxing's face was also filled with joy of a bumper harvest. This time, Vision Capital has truly broken through the scale of US$100 billion.

   Last year, he broke through the 100 billion US dollars, and his own funds accounted for a large proportion.

   Now his own funds in Vision Capital are very small, limited to several categories of funds such as VC funds, mainland securities investment funds, real estate funds and S funds.

  Except for the larger S fund, the other funds are very small, adding them all together, it is less than 20 billion US dollars.

   Today's Vision Capital can be said to be a financial giant in the true sense, not a pseudo-giant that he decorated with his own money.

   In sum, Vision Capital has become the second billion-dollar company founded by him after Facebook, and its profitability far exceeds that of Facebook.

  According to the 40-60 share agreed with the LP, and the annual 2% fund management fee, he can get 15 billion US dollars in the hedge fund alone.

   Of course, this kind of fat year cannot be passed every year, and it is also necessary to give some rewards to executives and employees.

  Thinking of this, Xia Jingxing said: "Last year, the company's performance was very good, and everyone has made great contributions.

  I decided not to wait for the fund to be liquidated, and I personally offered a bonus of $1 billion to reward all executives and outstanding employees. "

   Just when everyone was happy about the good news, Liu Hai suddenly reminded: "Let's keep a low profile! I heard that several Wall Street giants have been sued and investigated."

  Abel said nonchalantly: "What are you afraid of, we didn't get the government's aid."

   Jiang Ping pondered for a moment and said, "The bonus should be postponed, there is no need to cause trouble."

  Xia Jingxing shook his head and laughed, "Everyone has posted it, we don't post it, doesn't it seem a little stingy?"

"mean?"

  Liu Hai said, "Goldman Sachs is so majestic! With a wave of Blankfein's hand, the $22 billion year-end bonus has gone out, and the whole United States is now condemning them.

   took the state's tens of billions of dollars in aid, but ended up using it to give bonuses to executives.

  Someone has calculated that Goldman Sachs has nearly 30,000 employees, with an average year-end bonus of $770,000 per person. "

Abel said: "It was made up by the media. Goldman Sachs has already repaid the state's bailout money, so it doesn't matter what the state looks like. Goldman Sachs' performance last year was very good, and the second quarter net profit reached a record 3.44 billion US dollars, so Give high bonuses to employees.

   As for the average year-end bonus of $770,000, it is nonsense. The employees are all averaged, and the big bonuses are taken by the middle and senior management.

   And the $22 billion includes part of the salary of employees, not all bonuses, a large number deliberately made by the media to attract attention. "

  Liu Hai smiled lightly, "What about JP Morgan? They announced that they will spend $14 billion to reward 229,000 employees of commercial banking, and another $6 billion to reward 26,000 employees of investment banking.

   Now the bottom of the United States is living a hard life. Goldman Sachs and JP Morgan's behavior of giving out bonuses is to sprinkle salt on the wounds of the bottom people.

   And LP is also angry, the US Police and Firefighters Retirement Fund has filed a lawsuit to the New York Supreme Court.

   Now Goldman Sachs has a bad reputation. "

   "That doesn't prevent them from continuing to dominate Wall Street and go their own way!"

  Abel's Chinese is good, and he has begun to learn to use idioms.

   Seeing that the two of them were about to quarrel, Xia Jingxing said with a worried expression: "Don't talk about it, the bonus will be delayed until the limelight passes."

   Seeing that the big boss had spoken, Abel was completely silent, while Liu Hai showed a relieved smile.

   "That's it for today! The meeting is over! Abel, you stay."

   Hearing that the boss called him to stay, Abel just left his seat and sat back again.

   He was a little uneasy, and he swore to God, he really didn't do it for that bonus.

   (end of this chapter)