Rebirth: The Financial Giant

After the market, Jia Changliang glanced at the information on the account, then closed his eyes and turned his head quickly, seeing the blood dripping in his heart, and the rhythm of vomiting blood today.

The whole person slumped back on the chair, his whole body was weak and his consciousness was blurred.

I don't even know him directly.

The market value of the positions before the market was 3.08 million yuan, and only 650,000 yuan was left after the market.

Just a click, 2.422 million yuan, gone!

And the bald yin that came out today shows that it has not fallen completely, and it will collapse tomorrow, and at least one inertial killing kinetic energy has not been released.

Sorry! Regret to the rhythm of slapping the thighs!

It hurts! Pain to the rhythm of colic!

If you had given up in the first place, what would have happened?

In fact, Jia Changliang did not lose money. This time he entered the market again with a principal of 200,000. He originally wanted more than 4 million for Stud last week, but he missed 1 million and did not buy it.

At least the money was saved, it was real money.

But Jia Changliang is not happy even if he earns 1 million, because he is thinking that he has more than 4 million, and he has psychologically anchored at more than 4 million, so he believes that he has lost more than 3 million. Not happy, but more painful.

It really confirms that sentence: I am full of happiness, suffer from greed, and sink into **** again.

At this moment, the comment area of ​​Tiansheng Convertible Bonds is also very popular.

"Decapitated guillotine, this yin thread is really a bull pen on a horse!"

"A drop of -78.64% in one day? The melons in the hands of my friends and I were shocked."

"What kind of fall method is this? Blind Jiba fall method in ancient times?"

"No, this is the latest method of not admitting the fall of six relatives..."

"Are the people inside okay?"

"The group has been destroyed!"

"Look at this big yin K, it looks like Lao Gao's grave with grass and wood... [Funny]"

"I know how to get up and how to get down in the end, but I never dreamed that it would come down like this. Less than 400 million actually hit nearly 80 points. This..."

"There is no volume today, the selling pressure has not been released, and it will continue to collapse tomorrow, it is not over yet!"

"The divine debt is dead, if something happens to burn paper, the spiritual debt will be reborn!"

"Tiansheng Convertible Debt: Wait for me to come out and hack you all to death!"

"It has been killed, there is no living person, no one survives!"

"The slaughtering plate is not so ruthless, see you in a long time!"

"After seeing this yin line, I found out that the securities ETF fell by the limit, and suddenly felt that it was still a bargain... [covering face]."

...

Today, the broader market continued to crash for the third day. The Shanghai Composite Index fell below the 3,100-point integer mark, and plunged -2.79% after the market to close at 3,072.27 points.

The brokerage sector has been out of the limit for three consecutive days, and the three-straight limit of the stock market crash in August 2015 has reappeared.

Basically, everyone knows that the index has gone bad. The high point of 3587 will be a high point to look up to. The next market outlook will either fluctuate sideways or fall and relay, and it is impossible to rise. Even if it rises, it will only be a technical rebound.

The lock plate above was too heavy, and no one dared to touch it. After the plate, all kinds of discussions came in, most of which were afterthoughts.

"There is no suspense that this crash is the flash crash of the blue-chip heavyweight stocks represented by the 50 constituent stocks of the Shanghai Stock Exchange. The heavyweight stocks were speculated too high, and retail investors did not accept the order, because the whole horse has already been trapped at 3587 points, so how can we take it? No? Got the money!"

"This week's flash crash is that some institutions couldn't stand it and chose to flee, causing a stampede, which eventually led to the three-day stock market crash."

"Last year, when Maotai was soaring, I said that the top 50 has always been a ticking time bomb. Retail investors have become accustomed to speculating in concept stocks, small and medium-sized creations, and they are not interested in big blue chips themselves. You can go back and see what was advocated a while ago." With greatness as beauty, the core asset' is how to fool everyone into buying blue chips."

"Most of the funds in the blue-chip heavyweight stocks come from institutions. A group of sub-fund managers are taking the money of Christian Democrats to speculate more and more, and no one comes to take over. There will always be funds that can't stand and want to cash out. If he walks, other agencies see that he has run away, so let me run too, and it will cause panic, stampede, and blood collapse!"

"Don't think that institutions can make a steady profit without losing money. Those fund managers are actually very uncomfortable. They are not like hot money or retail investors. They have little capital. Ten billion, to retreat in batches, it is difficult to avoid the fate of killing more."

"Obviously, the leader of this wave of holding the group is Tiansheng Holdings. The leader fell, and the mud and sand fell, causing thousands of stocks to fall to the limit, and hundreds of stocks to crash. Some people also imagined that the GEM and the newcomers will take over, stop dreaming, the valuation of small and medium-sized enterprises. They haven't been killed yet."

"Now that the three-word limit has been hit, there is no sign of stopping the decline. It will continue to fall tomorrow, and wait until the index breaks down to the 3,000-point integer tomorrow!"

...

On Thursday, February 8, Tiansheng Capital headquarters, morning meeting.

In the conference room, Li Mingyang looked at Lu Ming and said, "Mr. Lu, Tiansheng Value Growth Hybrid Fund is facing huge redemption pressure today. I am afraid that the cash on paper is not enough, and the stock assets cannot be sold now."

Because of the concerted action agreement, and because the Tiansheng Value Growth Mixed Fund is a representative of the blue-chip heavyweight stocks such as "Haitian An's Maowulu", it only announced the reduction announcement last week, and it will take 15 trading days to sell. , the specified date is not yet reached.

And the fund is in a state of full position, and it is difficult to cope with the current redemption pressure with only 5% of the cash assets of the position.

The market has crashed recently, and the constituent stocks headed by "Haitian An's Maowulu" have fallen. Tiansheng Value Growth Hybrid Fund's drawdown during this period is also very large, with a drawdown of -22.69% from the highest point. , this year's earnings have fallen below.

During the flash crash of blue-chip heavyweight stocks, Tiansheng Value Growth Mixed Fund suffered the decline along with the market.

But having said that, none of the Christians in it actually lost their principal, because there was enough profit to bottom out, so it was only a retracement of profits.

Even if it is now the least profitable Jimin, it still has a +28% return. The reason is that the fund has suspended external purchases in the second acceleration stage of this wave of market prices, and those who want to chase the increase have no chance to chase the increase.

But the general Christian people have an anchor in their hearts. Those who retreat from the high point think that it is a real loss of money. In addition, the decline has been too severe during this period, and there is news on the Internet that it will continue to plummet. It says The good ones will take three years, five years, or even ten years, and they can't bear it.

Tiansheng Value Growth Hybrid Fund has suspended subscriptions so far, but redemption has always been open, and Christian Democrats can leave anytime they want.

Lu Ming turned his head to look at Li Mingyang and asked, "How much pressure is expected to be redeemed?"

Li Mingyang immediately replied: "About 45 billion!"

so much?

Other attendees were surprised.

Tiansheng Value Growth Hybrid Fund is still facing such great redemption pressure, and other public funds participating in this grouping market are definitely not much better, or even worse.

This wave of accelerated top market in January is actually a market driven by a large influx of irrational Christians as the main force.

Christians are frantically increasing their positions, and other public fund managers do not have the courage to thank customers behind closed doors like Tiansheng Value Growth Hybrid Fund. In the final analysis, they are reluctant to manage fees.

For the fund company, anyway, it is a guarantee of income during drought and flood, and they dare to receive as much as they come. The more Christians buy, the more management fees they will charge.

However, after receiving these funds, they will be sent out, otherwise the net worth will not go up~www.novelmt.com~ The performance is not good. These Christians who come in will definitely leave in the end, and they will not receive management fees.

In desperation, fund managers had no choice but to chase up the blue-chip heavyweight stocks, keep the stock price up, and topped out the income to satisfy Christians, the fund company made money, and everyone was fine.

Don't those fund managers know that doing this is risky? Of course I know, but I still turn a blind eye.

The biggest reason for them to dare to be so bold is that they will lose money from Christian Democrats anyway, and they will be scolded and not fined if they are a big deal. The subscription fee and the redemption fee are at least earned.

So fund managers have no reason not to.

Now that the market has collapsed, Christian Democrats can’t bear it and start to cut the meat. Fund managers are forced to sell constituent stocks to cope with the redemption pressure. Once the constituent stocks are sold, the stock price plummets, and the fund’s net value plummets, prompting Christian Democrats to further sell the fund, and the vicious circle eventually triggers the market. After continuous flash collapse, the group collapsed like this.

At the meeting, Lu Ming thought for a moment, then looked at Su Xiaoman and instructed: "The company buys Tiansheng Value Growth Hybrid Fund with 50 billion, no, 100 billion liquidity, in order to deal with the redemption pressure and control the withdrawal. Today I will Let's run."

This is equivalent to the company paying for its own fund. If the fund has more cash on the book, there is no need to sell stocks to cash out to deal with the redemption pressure. After this wave has passed, the company's funds can be released.

Tiansheng Capital actually has trillions of liquid cash at its disposal. Of course, the company's own liquid cash is only about 200 billion yuan, and most of it belongs to the funds of its LP institutions.

For example, if a new baseman buys 100 million yuan, the company will hedge 100 million yuan if it temporarily undertakes funds. The original 100 billion yuan of temporary acceptance funds can be reduced to 99.9 billion yuan, and so on. How much, the upper limit is to finish 100 billion.

...