Dacheng Fund Xu Yan: What do I talk about when I talk about investment

Discovering the network reporter Luo Xuefeng

Haruki Murakami wrote a book "What I talked about when I talked about running". As a writer, he no longer created the plot for the first time and turned to record his long -distance running. The process is meaningful. It is to highlight the meaning of this thing cheaper, or to the metaphor of its limitation in the corner of the corner, and then set a one at a certain place. It is quite philosophical. "Running is his metaphor; writing is writing; writing is his metaphor; writing is his metaphor; Following running has become his philosophy.

In the long -distance running of value investment, Xu Yan, who has persisted for 16 years, has been talking about what he talked about when investing. See that the player is running this marathon -although we all love to watch a hundred meters flying people, there is no doubt that investment and even life are more like a long -distance running instead of a short run. "Running is his metaphor for his metaphor for his metaphor for his metaphor. ; Investment has become philosophy.

Value Investment: Judgment is incompatible with the market.

The earliest value investment comes from Graham. Simply put, when buying, you value low price -earnings ratio, low -city net ratio, and high dividend rate. After Buffett's use and excess revenue, this strategy is highly respected in the financial market.

As a model of value investment in the industry award, the annual income period of the products of Dacheng Fund Xu Yan's products is positive, and the total revenue since the establishment of Dacheng Ruixiang was 45.19%, and the annualized income reached 16.05%. (Data source: Dacheng Fund, the custody bank has reviewed, as of 2022/06/30.) This is the fruit that he insists on the "steady value investment".

When investing, Xu Yan thought that he needed to pay attention to the company instead of the market too much. Although his performance is not necessarily the most prominent when the market is good or time -like, his performance is not necessarily the most prominent.

Data show that Xu Yan's current products that are in charge of over a year have a large number of rewards exceeding the basis of the same period of performance. Since 2021, Xu Yan's three funds have more than 23%. It is 1/2 of the similar and each index.

Image data source: Wind; the interval is 2021/02/18-2021/12/31, since 2021 to 2021/12/31

The "value investment" in Xu Yan's eyes has also changed with the accumulation of experience and the change of the times.

Xu Yan has summarized his understanding of value investment, based on the understanding of society and the times, and buy a good company and a good team at a suitable price. Recently, he said, "Maybe five years ago, I said that it was more combined with the words of the times. My understanding has changed now. The value I understand now is more closely combined with creation. Together. "In Xu Yan's view, value investment is not complicated. The complexity is the theories from natural sciences to social sciences behind it, and how to combine these theories with Chinese society, rather than the practice of Chinese stock markets.

Because the focus is not limited to the Chinese stock market, in Xu Yan, he will not even go out.

"For a long time, I try to avoid looking forward to the market. For me, the prospect means a judgment, and the judgment is not compatible with the market. The judgment is based on a strict system to make logic in inferring, which is more rational; and it is more rational; and it is more rational; and it is more rational; and it is more rational; and it is more rational; and it is more rational; and it is more rational; and it is more rational; and it is more rational; and it is more rational; and it is more rational; and it is more rational; and it is more rational; and it is more rational; and it is more rational; and it is more rational; and it is more rational. The market is the market for all participants' trading behaviors, full of emotions. Many times, I am afraid that the market can only be an emotional experience rather than a rational judgment. Shogging instead of experienced market emotions. There is an old saying about the stock market. In the short term, it is a voter and a long -term weighing machine: the former is instinct and emotion, and the latter is rational and law. "

Perseverance: Based on the truth and seeking truth, what is the final role is the law rather than hope.

Xu Yan is also consistent.

In the 2021 report, he said that he did not participate in the "bubble". Xu Yan believes that during the epidemic stage, many familiar companies have "significantly exceeded the actual value", but he confirmed that "only greatness can finally integrate rationality and instinct", so he adheres to the judgment of corporate value at a suitable price at a suitable price. Buy high -quality companies.

In the 2022 interim, he further stated that "Economy is one of the most important social practice areas -when analyzing from top to bottom, today's globally, inflation data and monetary policy have become the only protagonist remaining in the macroeconomic analysis. I can't help but think of a master of investment masters "the history of world economic history is a series based on illusion and lies". Economic activities are composed of human activities -when analyzing from bottom to top, vocabulary such as space, track, and prosperity is simple. A strong experience implies emotional experience, but when these words and time are combined, the final role is the law rather than hope. "

Although it does not look forward to the market outlook, Xu Yan clarified his judgment on the development of future investment: this year will be a year when the whole society is expected to return to normal asset yields in the future. In this context, any concept is facing a huge challenge. We must go to creation, and valuable creation is based on the understanding of existing laws and some parts of human nature, and seeking truth and demand is the basis of all this.

Long -term stability: investment, and even life are more like a long -distance running. In addition to standing on the shoulders of the giant to learn to create, and judging from a rational perspective, the model that Xu Yan used the most in value investment is: long -term free cash flow.

"I think this model is a truth for a long time to discount this model. Although many times we say that the truth is meaningless, the truth is always the right thing. Its significance is: understanding the meaning of truth. "Xu Yan said.

Xu Yan believes that the truth exists objectively and understands the difference. Sometimes the avenue is simple, but it is very difficult to go to the complexity and go to Wu Cunjing. Many people will be trapped in the distorted and even wrong understanding of the truth.

Therefore, his understanding of the discounts of long -term free cash flow is: compared with the discount rate, the time dimension represented by the word "long -term" word is more important; the time dimension's test of value is more critical.

"If these three words are discounted together for a long -term free cash flow together, I want to say that whether it is from the perspective of complexity or importance, it is finally time. The rate is more complicated and important; then the words "discount rate" are far more complicated and important than the three words 'cash flow'. "Xu Yan said.

For long -termism, Xu Yan understands that there are two levels: the first floor is the fund manager, and the fund manager must do his own things based on long -term; the second floor is the citizen, buy and hold it for a long time.

Here, Xu Yan shows his difference. He believes that the long -termism of the fund manager is the inevitable of professionalism, and the fund manager should continue to polish the ability of investment; and for the long -termism of fund investors, Xu Yan believes that Xu Yan believes that It is not necessary. He believes that fund investors have the power to apply for redemption at any time. The real ability of the foundation should be to choose the excellent fund manager who suits them. The pressure of civilian foot voting.

Therefore, in the long -term value investment practice, there are two principles that Xu Yan has always adhered to: holders' interests first and professional creation value.

Sixteen years of investment long -distance running, Xu Yan always insisted on his choice.

"They don't know how cool the faithful wind blowing from the northeast to the northeast has made Hawaii; they don't know that they are studying in the cool trees in the cold trees of avocado trees. Swimming in the Gulf of the Pacific Ocean, how happy this life makes people feel. "If you also want to experience the deep flow of the static water in the fluctuation, then you can pay attention to this model of value investment that is always worthwhile -Xu Yan.

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