Tagged: funds

Looking for partners and funds

Young entrepreneurs in seed and start-up period will face various growth puzzles, financial constraints, or difficult to find a good “mother-in-law” for good projects In order to solve the urgent problems of young people, the “you innovation force” Youth Innovation Service series activities were launched in Chengdu.

Looking for partners and funds
Today (March 12), Red Star News reporter learned from the Chengdu Municipal Committee of the Communist Youth League that in order to promote the implementation of Youth Innovation and entrepreneurship employment dream building project, the CPC Municipal Committee organized and carried out series of Youth Innovation service activities, including “venture capital performing arts hall”, “tutor open class”, “project docking Salon”, and provided financial services, mentors guidance and resource docking for Youth Innovation and entrepreneurship in Chengdu.
Joint Salon of cultural IP Entrepreneurship Project
Among them, the “venture capital studio” is jointly organized with financial venture capital institutions such as honeycomb gold clothing and Guanggu coffee to form a youth entrepreneurship financial support group, focusing on the investment and financing needs of young entrepreneurs in key industries of “5+5+1” in Chengdu, and conducting financial roadshow activities every week to invest in high-quality Youth Innovation and entrepreneurship projects; for young entrepreneurs with capital needs in seed and initial stage, the company will promote the city’s innovation and entrepreneurship projects “Free financing + interest free loan + angel investment + credit loan” financial policy support system, customized financial solutions.
“Tutor open course” is organized by the CPC Municipal Committee in conjunction with the entrepreneurship training camp of Peking University and other domestic well-known entrepreneurship counseling institutions to organize famous entrepreneurs to conduct online live teaching for Chengdu entrepreneurship youth, and provide online guidance courses for public welfare innovation and entrepreneurship, and help young entrepreneurs in seed and start-up period to improve their management and management level.
“Project docking Salon” focuses on the development needs of all kinds of young college students’ entrepreneurship Park and start-up enterprises in the nursery, organizes the industry tycoons to visit, inspect and negotiate the green and creative projects on site, and make it possible to open up the information resources of upstream and downstream enterprises, such as technology, business opportunities, product services and other information resources.
Interested young entrepreneurs can sign up for the “one-stop” service platform of Chengdu Youth Innovation and entrepreneurship through the WeChat official account of “green poly city”.
Red Star News reporter yandantu

Funds are madly demonized, suffering young people

suffering young people

Obviously, we will never be able to guess where the next field that will make young people “not insane, not alive” will be. I have gone through the mythical age of shoe-making riches, and I have also witnessed the deformed consumption trend spawned by blind boxes, but the incomprehension and laughter from the outside have not been able to build the rational nerves of young people. Therefore, when they frequently wander in funds and stock markets, they just add a little uncertainty to this already turbulent circle.

The real mutation of the fund circle starts with the influx of the rice circle culture. This is a common topic for years, but when fund managers are forced to “debut” on social networks, the whole circle is among young people. Surrounded by, gradually drove towards the pathological direction.

According to data from the Mob Research Institute, in the first half of 2020 alone, China’s new Christians exceeded 20 million, and about half of them were born in the 90s under 30. It is unclear how much value this figure can bring. Do those fledglings born in the 95s and 00s really understand investment and financial management? The facts are mostly ridiculous. On Alipay, some people don’t know that there are fees for fund redemption, some are pointing fingers at fund managers, and some even mocking Buffett’s annual return rate of only 20%.

It’s not alarmist. Looking around, young people’s enthusiasm for buying funds has transitioned from star-chasing fund managers to “backfeeding” short video celebrities. Xiaohongshu does not grow lipstick and replants funds. Sina Weibo’s “Novice Buying Fund” topic has 6383w Reading volume. Behind the investment spree, people can’t help but suspect that countless invisible hands are fueling the flames.

This year’s crazy active young people in the fund circle are being harvested as leeks by various forces. When the fund became crazy, no young man was innocent.

Why does the fund frequently “call” with young people?

Forget about when the outside world is keen to talk about young people. Capital likes to cater to the young people’s market. Consumerism, kidnapped by various bubbles, has become an enduring topic. In recent years, blind boxes, sneakers, fashion games, Hanfu, e-sports… countless money-burning projects have not only emptied young people’s wallets, but have further formed pseudo-exquisite consumption traps, feeding the values ​​of advanced consumption.

According to the “Report on China’s Young People’s Indebtedness” released by Nielsen, only 13.4% of young people aged 18 to 29 have zero debt. In other words, compared with the middle-aged group whose economy is stable, young people who excessively pursue consumption upgrades have more financial needs. The survey conducted by iResearch also confirms this point: Fund management can enable post-90s generations to have a certain economic strength to pay for their hobbies.

In essence, various methods of financial management are actually a combination of current cognition and future demand after the consumption level has developed to a certain level. Affected by the epidemic last year, how many people are in a state of “sitting and eating nothing”. More importantly, as the Internet level penetrates downward, the path of contact with young people tends to be diversified.

It is undeniable that the sinking side of fund sales channels has driven young people to run in. Data show that as early as 2015, the market size of my country’s life financial mobile APP reached 836.87 billion yuan, of which funds accounted for more than half. In 2014, 14 third-party payment institutions were approved to provide corresponding services for fund companies.

Nowadays, the two major payment giants, Alipay and WeChat, have infinitely magnified the concept of financial management. All kinds of red envelopes and activities for buying funds are the boosters for their acceleration of the fund.

Not only that, Weibo, Zhihu, Douban, Station B, Xiaohongshu and other young people gather in the community atmosphere, and even expand to the radiation range of the entire online celebrity group, becoming a springboard for content exporters to make profit, whether it is financial or not. In the field, as long as there is traffic, it can take the opportunity to build momentum.

The income is the white moonlight and cinnabar mole in Xiaobai’s heart, and every set of rhetoric without specific basis can make them eager to move. Of course, we can’t be too harsh on the current overall environment’s pursuit of financial management, but as Buffett said, “Never touch investments outside of your ability.”

But the fact is that young people have a tendency to blindly and passively accept funds under the influence of the general environment, and even the most basic information acquisition and knowledge learning are controlled by intentional people in a commercial way. As a result, we sadly discovered that it is not that young people have a basic plan for the future, but that the temptation is changing and upgrading.

It is worth noting that according to QuestMobile’s survey of post-90s in third-tier cities and below, their income is generally below 6000 yuan, with an average monthly income of about 3938 yuan, of which 36.6% are below 2000 yuan, and 2001-4000 yuan. Is 20.5%. According to a data from the National Bureau of Statistics in 2018, only 16% of people in China have a monthly income of more than 5,000.

These two sets of data are intriguing. On the one hand, the fund circle is madly recruiting new ones, and on the other hand, the assets of young people are not satisfactory. With the sickle waved, it will be the collapse and helplessness of the leeks’ investment rationality.

Don’t need young people in the fund circle?

Today, the fund circle has become a social carnival corner for young people, even under Alipay, an online dating conference spontaneously formed by the new foundation has been born, and various hot stalks and god comments are frequently out of the circle. For this reason, Jack Ma was caught by netizens. The ridicule has achieved years of social dreams in disguise.

In fact, the excitement on the surface does not mean anything. According to the survey, individual fund investors are still dominated by middle-aged people with a certain degree of financial strength, aged 30 to 40, and investors with annual income of more than 150,000 after tax accounted for the majority; 41% of investors have investment experience in 5 Only 26% of newbies who have been in the game for less than one year are more than two years old.

On the other hand, CBNData has investigated and found that young people prefer current and short-term products. Paradoxically, the data released by Ant Fortune in 2020 shows that the actual profit and loss of fund investors is positively correlated with the average holding time, and the profit probability of holding for more than 5 years is nearly 80%.

At present, many wealth management apps only show a curve in the past three years, but looking back over the past few years, excellent funds have long-term compound interest. In 2020, liquor, medicine, and ChiNext index will all enter the structural bull market at the same time. Many new funds, Xiaobai, have tasted the sweetness in a short period of time, which indirectly determines the next explosive situation of the fund. It is precisely because of this that when the fall was so “declining” after that, the people who cut meat and increase positions in the major fund exchange groups looked at each other.

One thing to note is that fund companies have always talked about heroes based on scale, and the importance of sales channels is far greater than the ability of fund investment and research. Under this premise, the idolization behavior of young people who regard star fund managers as their standard has given fund companies a loophole to create explosive funds from a certain angle.

Taking GF Fund as an example, since Liu Gesong became a well-known star manager in the circle, GF Fund has issued 4 new funds in a row within six months, all of which are managed by Liu Gesong.

Every move of the young forces can arouse a wave of capital no matter when and where, as long as there are young groups in various tracks and fields, then the interests will be pervasive. According to statistics from Flush, from January 19 to the end of the month, a total of 81 fund products of 34 fund companies, including E Fund, will start to raise funds.

It is worth noting that the explosive funds seem bright, but they are not. Many APP’s first funds are because they continue to rise, but when newcomers buy, they are likely to be close to the highest level. Once the size of the fund is too large, operating constraints will increase. This is also the key to many experienced fund players deliberately avoiding the explosion of funds.

It is not difficult to see that the status of young people in the fund circle is negligible, whether it is asset strength or investment ability. The avant-garde action to idolize fund managers makes a lot of old investors almost vomit blood and call “dark smoke”, but Does the fund circle really need young people? It’s not certain to look into it carefully.

The myth of creating wealth in the Internet age has given birth to young people’s desire for excessive possession of wealth, and various forces are making unlimited use of this psychology. In the past 70 years, the proportion of retail investors in the United States has dropped from 93% to 11%. In China, the opposite is true. Nearly 90% of A-share trading volume is contributed by retail investors, among which young people cannot be underestimated. After all, without those young people who are inexperienced in the world, the leek field will inevitably be deserted.

The proliferation of leeks vs the talent gap

On February 25, the “Fund Practice Qualification Examination Registration” took advantage of the wind to board the hot search on Weibo. Up to now, the reading volume of topics has reached 32.244 million. Although there is no specific data to prove the scale of the exam, looking at the response of social platforms, the official registration website is on the verge of paralysis, and some netizens laugh at themselves that registration is more difficult than the exam.

From fried shoes to blind boxes, Hanfu to JK, the craze spawned by young forces is always endless. While the market is changing horizontally, only the scale of leeks has only increased. But what’s interesting is that funds are different from other industries. The rapid expansion of the scale is also the acute growth of the industry’s demand for talents.

In particular, the financial sector naturally has great supervision and strict compliance systems. Fund practitioners who can meet the standards are often in short supply in terms of quantity and quality. Recently, because star fund managers have moved out of the circle strongly with the help of young people, mainstream public opinion has gradually shifted their attention from funds to managers.

Earlier, some media made a fuss about the age of fund managers, bluntly saying that this investment PK is like entering an entertainment talent show. It is reported that the average age of fund managers in the United States is 54.9 years old, while in China it is 39 years old. Compared with Wall Street’s seniority ranking, domestic fund talents do tend to be younger.

This does not involve the so-called contempt chain of age. After all, only one has served more than 15 years among the top-ranking members, and the rest are under 10 years.

In fact, the rejuvenation of fund managers is a reflection of the talent gap in the final analysis. Statistics show that under the background of a normal mature market, it takes about 10 years to train a fund manager. Today, this number has become 5 years or less amid increasing demand. There are rumors that the minimum entry period for domestic fund managers is only 0.02 years.

With the influx of post-90s or post-00s into the workplace, the overall employment trend of all walks of life is showing a younger development, and the entrepreneurial market has also taken the opportunity to set off a wave. There is nothing worth discussing about youthfulness in the workplace, but for the fund circle, age may mean many key factors.

For example, have you experienced a complete market cycle, have experienced several market bull-bear transitions, or have sufficient in-depth understanding of risks… These worries have made the Citizens have a natural stereotype of young fund managers.

Obviously, we cannot eliminate this age contempt chain in a short period of time, but we can only be alert to the potential impact of the talent gap.

Explosive funds have retraced 20% a week!

The recent rise in global commodities and the surge in U.S. bond yields, and market concerns about rising inflation have further pushed up interest rates, which in turn led to compression of individual stock valuations and significant market volatility.

Explosive funds have retraced 20% a week!

Underlying asset changes, the funds that were originally touted as the top, the net value of the fund has seen a sharp retracement, and it is frequently on the hot search. After the Spring Festival this year, the small losses that rushed into the market were huge, and some funds had retraced more than 20% in just a few trading days. Recently, Alipay’s wealth management think tank has issued warnings repeatedly, reminding investors to invest rationally.

Fund companies have prepared for the fall

At the end of last year, although many fund managers suggested that the investment in 2021 may increase, the unilateral rise may not exist. For example, the Hai Fortis Fund stated in the previously released investment strategy for 2021 that the market as a whole can be seen throughout the year and there are structural opportunities, but the overall rate of return is expected to need to be lowered. We are optimistic about pro-cyclical restoration in the short term, and we are optimistic about technology and consumption in the medium and long term.

Yuan Duowu, fund manager of the Strategic Investment Department of Jiutai Fund, believes that the future will be a combination of tight currencies, weaker credit margins, and economic recovery. Although the stock market has been volatile for a period of time since September, the risk has been partially released but it may not be sufficient. The performance of the equity market depends on the strength of the economic recovery, so structural choices become very important. From a structural point of view, value stocks have had negative betas since the beginning of the year, and emerging growth stocks have had positive betas. With the subsequent economic recovery, the macro environment that relied solely on sustained valuation increases may no longer exist, or more towards two main lines. : One is performance driven by economic recovery, and the other is industries with high prosperity and relatively high certainty of performance growth.

But in the face of the red-eye fund “fanners”, as long as they can make money, the risk is not a problem, but soon the holders are “burst hammered”. As the U.S. Treasury yields soared, the adjustment came as scheduled. After the Spring Festival, the Shanghai Stock Exchange Index fell 4%, and the ChiNext Index fell 15%.

The holder suffered a huge loss, and all kinds of jokes walked up, “You copy his bottom, he wants your life”; “I originally wanted to be a friend of wealth, but I slowly discovered that I can only be a friend of time.” I think it’s good to buy the fund. I bought 10,000 and left 8,000, otherwise I would have spent it a long time ago. Although the fund did not make me money, my temper has improved and I will not be happy with things or sad.”

“The temporary redemption is not obvious, but based on past experience, if the decline continues, the redemption is certain. In fact, the company is now also very worried about this happening. After all, when the stocks continued to fall in 2015, the funds with high positions not only adjusted It’s horrible, and also faces the pressure of loss of liquidity, life is very difficult. Now when the morning meeting is opened, there are reminders of the risks, mainly in two aspects, one is to remind the fund manager to grasp the risk of position, and the other is to estimate the investment variety. Value risk. Although some stocks are of good quality, good companies do not mean good stocks. Excessive valuations inevitably mean risks.” A fund manager of a fund company in Shanghai said in an interview with a reporter from 21st Century Business Herald.

Newly established equity shares fell by an average of 3.3%

The reason why the market has such a huge volatility is that the yield of the US 10-year Treasury bond is a globally recognized anchor for the pricing of risky assets. Based on past historical experience, the yield of the US 10-year Treasury bond has reached 1.5%, which is common in an international financial market. At this critical point, the market has already formed a consensus expectation of inflation. Hedge funds have begun to short Treasury bond futures, 10-year Treasury bond yields have soared, and the global asset squeeze bubble has begun to squeeze the bubble. This process will be extremely painful.

Before this, Wang Hongyuan, co-chairman of Qianhai Kaiyuan Fund, once again said: To be alert to the spillover effect of the end of the US stock bull market on Chinese assets, investors must do what they can. Wang Hongyuan believes that the bubble formed by large-scale monetary easing in many economies around the world has gradually ushered in an inflection point. It will be inflation (including inflation in the traditional sense and inflation brought about by rising asset prices) that will pierce this bubble, as well as inflation expectations.

At the same time, as the market adjusts, the newly established funds have undergone significant adjustments. The 211 active partial stock funds established during the year fell by an average of 3.3%. The issuance of new funds has also cooled down significantly. On March 1, a total of 25 new funds opened for subscription, but no explosives appeared. Among them, the largest subscription fund that day did not exceed 3 billion, which formed a huge contrast with the hot scene before.

Alipay financial management think tank believes that short-term market volatility will increase, but it does not need to be overly pessimistic. “On the whole, when the global liquidity margin tightens, investors can appropriately lower their income expectations, allocate fixed income plus products in a balanced way, and do a good job of risk control. At present, under the background of the global economic resonant recovery and the accelerated improvement of corporate profits, investors In the face of market fluctuations, we must calm down and be more rational. In investment, prices will always fluctuate around the value. The decline driven by the panic in the external market will always pass, and the price will eventually return to value.”

 

CEIBS Fund Manager Zhou Weiwen said that for ordinary investors, buying public funds and holding them for a long time will have a high probability of getting better returns. However, long-term investment is not necessarily as long as possible. When there is a clear bubble, you can consider the staged pockets to be safe. He also pointed out, “The return rate of fund holders in 2021 is not necessarily high. At present, some core tracks in the market are already relatively crowded, and valuations are relatively high. There may be greater volatility in the future. Therefore, investors are still recommended Diversify investment, long-term investment, do not blindly pursue hot funds, you can choose multiple long-term stable performance, long-term holding of products managed by different fund managers; or use fixed investment to buy, small multiple investments, without occupying too much capital Under the circumstances, the impact of volatility can also be reduced.”

E Fund Manager Yang Jiawen said that there are many funds and even “Niuji” in the market. Christians must first take time to do some research on fund managers and the funds that may invest in them, such as fund managers’ investment philosophy, investment style, The product contract, risk level, etc., just like we do a lot of homework before buying a house or car, we must choose the most suitable one according to our investment needs. Don’t follow blindly. Only the fund manager with the most recognized values ​​can be long-term. hold.

Qu Quanru, manager of Lion’s Fund, also suggested that, especially in the face of “Niuji” and “explosive” products, Christians should rationally screen and study whether “Niuji” conforms to their own values. A rational view of the brand effect of hot funds, let hot funds truly return to the market, return to performance, return to investors, scientific investment, value investment, and rational investment.