Interview｜Investment does not need to be complicated. Zhongyuan Boli Red Monkey, Larry: Buy the stocks and make a go!

Special interview

Written by: Ou Jiajun

2020-10-31 07:00

Last update date: 2020-10-31 10:04

Growth stocks have extremely high volatility, rising and falling sharply. Investors who cannot hold onto it often release stocks early and miss the long-term upward trend.

Michael Jian, Investment Director of Centaline Asset Management, said that the portfolio he manages "will not be short-term." He said that the rise and fall of stock prices is just a kind of noise, and he emphasized that it is impossible for a company to rise forever and there will always be fluctuations in the process. , "Investment is so simple. In fact, it does not need to be complicated. It is a really good stock. I keep holding it all the way until it is not good."

Jian Zhijian said that no matter how good the company is, including Tencent (0700) or Amazon (US: AMZN), which has been listed hundreds of times, it is impossible for them to rise forever. "In the middle of a callback of 20 or 30% of meddling, even if it is not a stock market crash or A financial crisis will drop by 20% for no reason. The investment is so simple, buy good stocks, and hold on to it. In the process, you must continue to have faith in the company. The belief comes from the understanding of the company and the recognition of its growth, rather than buying It’s OK if you finish it.”

He continued to point out that the stock prices of Tencent and Amazon have also fluctuated greatly in the past, and there was a lot of noise in the middle. "How to get through? Depending on your understanding of the company, the stock price fluctuates. If you understand the performance and news, will it affect the company’s performance? Fundamentally, the growth system has not changed to as high as expected, and the competitive advantage is not as sharp as expected. If you lose your (advantage), you will sell first. Otherwise, the stock price fluctuates and I basically don’t care.

Zhongyuan Asset Management Investment Director Jian Zhijian (Michael) said that investment is very simple, you only need to hold good stocks.

(Photo by Ou Jiajun)

Stick to the ability circle without making technical analysis

In addition to not doing short-term operations, the two did not make technical analysis.

Hong Longquan (Larry), Investment Director of Centaline Asset Management, pointed out that he did not spend time researching technical analysis. "I want to clarify that I don’t think it’s work, but we are not familiar with it. This is also the competence circle that Buffett is talking about. Investment World Like Kung Fu, everyone has their own set. Our ability is to observe the company's development for a long time."

He also revealed his daily work flow. He got up at 6 a.m. every morning (Jian Zhijian earlier), started to watch market news, and returned to the company around 8 a.m., he would hold a morning meeting and report to his colleagues the announcements and events of their respective tracking companies. The Hong Kong stock market opens at half past three. After a brief inspection, daily research work will begin.

He said that even when he returned home, he would continue to study and read, "Sungri’s wife is too focused and spends so much time every day that I don’t know how to describe it."

Larry Hong, Investment Director of Centaline Asset Management, pointed out that the two do not do short-term operations or technical analysis, and stick to the long-term observation of the company's ability circle.

(Photo by Ou Jiajun)

Lazy management of short-term reversals to enrich investment ideas

However, growth stocks have gone up and down. Seeing that they have earned 50% of the return, they only made 20% in the blink of an eye, and even collapsed. How should investment sentiment be handled?

Hong Longquan said that the mission statement of "Central Plains Boli" is to "connect investors with high-quality stocks." When the stock price fluctuates, he will remind himself of his original intention, "It is not a reason, but it is like Daily. (Daily) The stock price affects the mid- to long-term judgment of the company. Sometimes the market reverses and deliberately does not look at the stock price. Spend time to continue to read more, enrich your ideas and find new opportunities."

The direction of the US general election has become the focus of the stock market in the near future, but the two have implemented a lazy investment attitude of noise.

Jian Zhijian clearly stated that he has never changed any investment strategy due to the general election. "There may be turbulence in the general election. If you watch for a few weeks, it’s best if you don’t participate in the business, but if you look at one thing every year, what? Does it affect the investment market in a week or two? I don’t think it is necessarily."

He reiterated that the most difficult process of investing in growth stocks is to keep looking at different information. "But there is no way to do it. There is no need to buy, sell or sell. It is not important to look at the picture. If you get good management, Any difficulties will be overcome. The U.S. election may bring short-term shocks, but the management will know how to move, so that the company will continue to succeed."

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