"Fang Strategy": Fang Sanwen talked about Wang Guobin, how did professional investors continue to make money

Many years later, when Wang Guobin recalled the experience of Dengli Mazaro, he and the founder of the snowball founder Fang Sanwen opened a discussion on how to face "risks".

Wang Guobin is a mountain climbing enthusiast.

That year, he carried his bag to the south of East Africa Great Rift Valley. The "African roof" in the mouth of the geography scientist stood in front of him. A variety of different types of climate were gathered in one. Unpredictable capital market.

When climbing to the last paragraph, Wang Guobin gave up the summit and turned his head down the mountain. Although the top of the mountain was in front of him, he did not try to conquer it.

In the first investment major of the investment in snowball, the founder of the Quanguo Fund said that when he climbed to the last paragraph, I felt that the risk was too big, so I won't log in. I will not participate in high -risk activities.

"I am an ordinary person."

In "Fang Strategy", Wang Guobin, a "ordinary person" who has not appeared publicly for many years, faced Fang Sanwen, who is also a professional investor, and comprehensively analyzed the reasons behind the long -term maintenance of good performance. This is a dismantling of Wang Guobin's investment concept of Wang Guobin.

Wang Guobin has a lot of names in China's secondary market: the earliest investment veterans in the domestic capital market, the first batch of investment veterans in China, the first to propose and lead the value investment, one of the most successful value investors in A shares ... Now he is, he is now, he is now, he is now, he is now, he is now, he is now. The founder of the highly anticipated personal public fund spring fruit fund.

He seems to be a symbol of long -term performance. Gallowing the capital market for nearly thirty years, experiencing multiple rounds of cycles, is the witness of multiple node events in the A -share market. The management scale has increased from billions to more than 300 billion. At the same time, employment experience span first and second -level markets is a rare professional investor who knows both first and secondary.

In the early 1990s, Wang Guobin graduated from Peking University. At Peking University, he studied at the Department of Chemistry, the Department of Sociology, and the Department of Economic Management. Today, the whole society is pursuing Qingbei. The old -fashioned Peking University is free to come and go in the three ace majors.

"When I was young, I was more passionate than now." Wang Guobin said when he talked about him 30 years ago. When he was in school, he must be "the person who rushed up when fighting."

This description is already difficult to find on Wang Guobin's face. In the video, even if Fang Sanwen's problem is sharp, he laughed calmly and said.

After graduating from Peking University, he entered the secondary market. At that time, my country's capital market was initially opened. Shanghai Wanlong Securities and Shenzhen Southern Securities were just established. The former was China's first securities company, while the latter was one of China's largest securities companies. Wang Guobin has entered Southern Securities and Wancang Securities to engage in investment banking business. Later, entering the China Economic Development Securities Exchange Department engaged in securities investment and had a career conversion from investment banks to investment.

In 1998, Wang Guobin was introduced by Oriental Securities as a core talent. Since 2005, he has served as the vice president of Oriental Securities and deeply cultivated the company's self -operated investment, asset management and securities research institutes. During the period, he created the "Oriental Red" series of asset management plans that made Dongfang Securities' fame in one hand.

In 2010, Oriental Securities Asset Management Corporation (referred to as "Oriental Red Asset Management") was established and upgraded from the business department of Oriental Securities to a subsidiary. This is the first domestic asset management company in China. Wang Guobin also ushered in his career in his career -the chairman of Dongfang Red Asset Management. At that time, the Oriental Red Asset Management was a good talent, including Wang Guobin, Fu Pengbo, Chen Guangming, Rao Gang, Ren Li, etc., all of which were named names in the capital market. Until now, the group of generals at the time were still active in their respective fields.

Chen Guangming and Fu Pengbo founded the Ruiyuan Fund in 2018. Star fund managers such as Rao Gang and Zhao Feng joined later, and every move was the focus of attention in the public offering market. At that time, Wang Guobin, after leaving from Dongfang Red Asset Management, went to the first market and founded Jun and Capital. The former colleagues seemed to part ways.

Junhe Capital is a private equity fund invested in the fields of advanced manufacturing, consumption upgrades, health services, and cultural industries. The invested companies include Anqi yeast, BOE A, Enjie Co., Ltd. and other companies.

From 2019 to 2022, Wang Guobin also served as a member of the National Manufacturing Transformation and Upgrade Fund Investment Committee. The fund is funded by the Ministry of Finance and focuses on the growth and mature period of the foundation, strategic, and pilot field of the manufacturing industry.

Although the company investing at this stage is closer to the secondary market he is familiar with. But in fact, the investment of private equity funds and investment in the secondary market are very different in funding strategies. Investment in the first -level market is thinking about "exit". And the fund investor in the secondary market, Wang Guobin sees that one of the demands is not to lose money, and the income can be a little higher than the bank's financial management. The higher demand is to be able to win inflation.

Understanding the customer's demand for risk income ratios is a prerequisite for a fund manager to bring a satisfactory return.

But unfortunately, he saw that most of the holders of public funds did not achieve the goal of income. The reason for the goal is four words: "chasing and killing".

"Various statistical data tells us that in the long run, the risk income ratio is very high." Wang Guobin said in "Fang Strategy".

"Long -term funding" is Wang Guobin's concept. Under this concept, the Oriental Red Asset Management at that time has many closed -stage products. Through the lock -up period, investors avoid "chasing the rise and fall", and finally realize the long -term interests of investors. maximize. After the establishment of the Quanguo Fund, Wang Guobin personally coaches the product "Quanguo Fund Taoyuan Phase I". The initial subscription threshold is 1 million yuan, and the lock -up period is 3 years. Also as a professional investor, Fang Sanwen also had a lot of thinking about "long -term". As the founder of snowball, he once proposed a "twelve -character policy" that understands the fund manager -long -term net worth, performance attribution, and personality cognition.

When an investor with a good performance stands in front of you, he should not only see his good performance curve, but also see if this curve is long -term and the reasons behind the good performance -why can he get this way Performance, how his outlook on life and values ​​reflects investment behavior. The stories behind these are superimposed to answer questions that all investors care about:

"When you want to buy a fund, you must want to know what the fund manager makes money, can he continue to make money?"

"Is he earning strength or luck?"

"Is there any systematic and even values ​​support behind the money he make?"

Fang Sanwen said that most of the time, investors have no way to directly ask the fund manager these questions. I happen to have the opportunity to talk about some fund managers. I hope that through the talks with the fund manager, I will contact the fund managers of different styles and come into contact with different money -making methodology.

"I hope that the discussion with the fund manager can allow investors to have a better decision -making basis when buying funds. In essence, I am an investor as a questioner." Fang Sanwen said that this is his own "doing" to do " The original intention of the strategy.

Fang Sanwen has a dual identity of the founder and professional investor of the enterprise. For the audience, he can understand the appearance of real professional investment from his question.

As a window to understand Wang Guobin and Quanguo Fund, the first video of "Fang Strategy" discusses the relationship between fundamental investment, market game and stock price; the relationship between user needs, market competition, company management, technological innovation and shareholders' return; Investment logic and other topics of popular industries such as medicine, the Internet.

When Chen Guangming's Ruiyuan Fund became popular in the secondary market, many people also turned their attention to Wang Guobin again. From the approval of the Quanguo Fund in January this year, the market has been looking forward to the return of Wang Guobin and Ren Li's partner. This luxury team also includes Jiang Heze, such as "Four Champions" of the public fund "four crowns" and 22 years of securities experience. On July 28, special account products jointly launched by Snowball and Quanguo Fund will be raised on the snowball.

Talking about selection:

Talk about investment concepts:

"I am a fundamental investor"

Fang Sanwen: Please summarize your investment concept in one sentence.

Wang Guobin: My investment philosophy is very simple. I will not enter in the field where I have no competitive advantage. I will only do things within my ability.

Fang Sanwen: What is your competitive advantage?

Wang Guobin: This is relative. Relative to participants, my competitive advantage is that the first point is that I know the market very well, I have undergone the storms of the market, and understand what the investors in the market are thinking; the second point is that I know what I am not good at, me Actions will only be taken within the range that you are good at.

Fang Sanwen: What is your understanding of the market?

Wang Guobin: Many investors in China now have two factors, one is noise, and the other is narrative.

Fang Sanwen: Can that say that, do you think the short -term price trend of the market or the fluctuation of the market is mainly driven by noise and narrative?

Wang Guobin: Right.

Fang Sanwen: Is your investment behavior usually reversed with noise or narrative, or is it along?

Wang Guobin: Both of them can be, followed by a completely game; it is based on another game.

Fang Sanwen: Your past investment career and your future investment are mainly made by the money or the money that comes against?

Wang Guobin: I think I will make money against it. The money you come can be achieved by quantifying.

Fang Sanwen: Do you mainly earn money? Can you say that?

Wang Guobin: This is not exactly like this. In China, there is also the simplest way to make money, because no one wants to take long -term action, so you can make money as long as you have long -term. This has nothing to do with any game.

Fang Sanwen: Is the money you made in the past mainly the money of the game or the reverse money?

Wang Guobin: It is neither a game nor reverse. I still have this view. The money I make comes from a long -term perspective. In China, very few people are willing to watch the problem for a long time.

Fang Sanwen: We divided the money we made into two categories, one is to earn money for corporate growth, and the other is to make money. Which type of money do you make in the past?

Wang Guobin: In the past, the most money we earned was not from the money that increased the PE multiple, but from the money of its own cash flow.

Fang Sanwen: Are you sure of this? Wang Guobin: Make sure this.

Fang Sanwen: The growth of free cash flow of enterprises is actually about the same as ROE? Or the same order?

Wang Guobin: No. Most of China's real enterprise growth comes from exogenous, not endogenous.

Fang Sanwen: Is the expansion from the market size?

Wang Guobin: One is from the expansion of the market, and the other comes from its constant financing. We look back at the US company. There are two parts of it every year, and one is that it wants to financing; the other is that it requires stock repurchase and dividends. The total amount of stock repurchase and dividends exceeds financing almost every year. The entire market in the United States has endogenous growth. How much does our company integrate from the market every year? The key of these fusion money does not create too much benefits.

Fang Sanwen: In addition, financing diluted the rights and interests of shareholders.

Wang Guobin: Right. Fewer ROE improved. For a few years, as long as the issue is added, the stock will rise. As long as financing, the stock will rise. This is very unreasonable.

Fang Sanwen: The growth rate of corporate cash flow is generally affected by the gravity of the ground, is there a certain limit, right?

Wang Guobin: There is an upper limit.

Fang Sanwen: But there is no upper limit to earning market games? Why don't you earn the former, you have to earn the latter?

Wang Guobin: Don't assume that he has the ability of superman in the game.

Fang Sanwen: What do you think yourself?

Wang Guobin: I am also an ordinary person.

Fang Sanwen: You don't think you can get excess returns in the game, or continue to obtain excess returns, right?

Wang Guobin: I won't assume. I do it and I will attribute it to luck.

Fang Sanwen: Do you don't want to go to Bo?

Wang Guobin: No. Investment capabilities are important, and luck is also important.

Fang Sanwen: Is the money that earns corporate cash flow, is it called value investment?

Wang Guobin: Not exactly. It should be called fundamental investment. In fact, it is difficult for value investors to distinguish from non -value investors, but it is easier to distinguish as fundamental investors. When you buy a company, do you really consider the problem from the perspective of the owner of a company. This perspective is more biased towards fundamental investment.

Talk about the market:

"I am a market validist"

Fang Sanwen: China's current GDP is several times more than ten years ago, but the Shanghai Stock Exchange Index is almost the same as ten years ago. How to explain the fundamentals?

Wang Guobin: There are two factors that have not been added. One factor is that I have done a statistics in 2013 and 2014. The index is different to add up the stocks of China stocks and Chinese companies listed in Hong Kong in China. Our listed company has expanded, and the speed is fast, surpassing everyone's imagination.

Fang Sanwen: But the stock price has not risen. What do you think is the reason why the stock price does not rise?

Wang Guobin: The most important reason for the rise in stock prices is the change in supply and demand.

Fang Sanwen: Do you think the probability of the market is wrong today, or ten years ago?

Wang Guobin: In fact, the probability of incorrect bidding is more than before, and the probability of pushing to extremes now is much higher than before.

Fang Sanwen: There is an index called KWEB, which probably covers Chinese stocks listed in Hong Kong and the United States. The free cash flow of these companies has risen five times. This index has not increased from seven years ago. What do you think?

Wang Guobin: This involves some industrial changes.

Fang Sanwen: What is the relationship between industrial changes and free cash flow?

Wang Guobin: Value. We have to make mistakes that others make mistakes, but don't think that the market is wrong. These are two concepts. I think the performance of the capital market at any time has its principles, which are right.

Fang Sanwen: It is right, then there is no error. How can I earn money from others to make mistakes?

Wang Guobin: Structural. I don't think the market is wrong. Only when I involve micro -stocks, I think there may be errors.

Fang Sanwen: Do you think the market is effective, right?

Wang Guobin: I am a market validist.

Fang Sanwen: If the market is valid, is it difficult for you to earn excess returns?

Wang Guobin: This view is wrong. The validity of the market refers to its final result. It must have a process that is ineffective. Excess revenue exists in the process.

Fang Sanwen: Do you mean that you may be able to seize the possibility of development in different directions in the future, or trends?

Wang Guobin: You need this insight. People without such insights cannot survive in this market.

Fang Sanwen: Can you explain how this insight is formed?

Wang Guobin: First, you have to have a wide range of knowledge. Why should you continue to learn, because your ability circle must be expanded, and there is no other way for the expansion ability circle. One is more learning, and the other is more practice. Second, there are many tools now. I said a few years ago. Quantitativeness can improve insight. Another one, human nature has not changed.

Fang Sanwen: What do you think of the future market trend is very different from the present?

Wang Guobin: There will be no new things in the world, but its form is different. Nowadays, scientific and technological progress is not the same as before. It used to be only a single line index increased, but now it is multi -line, so now the change is faster than the past.

Fang Sanwen: It seems that it is difficult to catch it. Wang Guobin: It's not difficult, you must learn to use the index to grow this thing.

Talk about the understanding of the enterprise:

"Lucky+capable"

Fang Sanwen: How is your analysis ability for the fundamental aspect of the enterprise?

Wang Guobin: Over time.

Fang Sanwen: What is the accumulation of accumulation?

Wang Guobin: Through learning and visiting, we will increase their understanding of the industry, the company's understanding, and the management of management. Under the circumstances of the epidemic last year, I just flew twice a week on average, excluding high -speed rail.

Fang Sanwen: For a company, do you think it is good or bad after seeing the chairman?

Wang Guobin: Compared with five years ago and ten years ago, there are more and more good entrepreneurs now.

Fang Sanwen: Do you think the probability of affirming a company by meeting with the chairman is higher than the probability of denying a company?

Wang Guobin: From the perspective of the company itself, this is definitely the case. But the valuation is another concept. I am not saying that the valuation of a company is particularly high, so I will not investigate. I am very patient.

Fang Sanwen: Can you summarize, what is the essence of these outstanding entrepreneurs?

Wang Guobin: Some companies are only in a state of survival, no greater dreams, and no greater dreams. And some companies also have ambitions. This is directly distinguished. In recent years, I want to find those outstanding entrepreneurs. The most important feature of outstanding entrepreneurs is still a relatively large idea, and then it can be down -to -earth.

Fang Sanwen: Do you think the ambition of entrepreneurs is the most important feature. Is this like this?

Wang Guobin: Outstanding entrepreneurs must have ambitions.

Fang Sanwen: Is that the main feature of his?

Wang Guobin: If you remove other factors, it should be one of the most important features.

Fang Sanwen: The chairman you have ever seen is much more than the selected?

Wang Guobin: This is not exactly the case. The most important existence of an organization is to resolve contradictions. There are no perfect companies. In this process, it is not necessary to sieve this or that, because there is no perfect beauty.

Fang Sanwen: Without a full ten -beauty enterprise, we analyze the company's different perspectives. Some companies may have a very strong personal ability, and some companies are born to make money. Some companies are easier to make money. Some companies are in the industry with fierce competition, but management is very efficient, and some companies have strong innovation capabilities. These things are mixed together. What do you think is higher?

Wang Guobin: We have a framework that can be simply classified: lucky+capable. We are the most important or most hoped to find, lucky and capable. If we can't find it, we are willing to find some lucky ones.

Fang Sanwen: How do you define luck?

Wang Guobin: Fortunately, it is difficult to be defined. It can be analyzed for correlation, that is, the macro situation and the needs of corporate micro -needs match.

Fang Sanwen: Do you think lucky is a probability or a non -probability event?

Wang Guobin: In the short term is accidental, long -term is a probability event.

Many factors in investment should be linked to probability. There is a statistics from abroad. The rise and fall of the entire market will have the most powerful increase in a few days in the year. If it is removed in the few days, the entire return is zero or even negative income. There are two types of strategies, one is holding, waiting for that critical day; the other strategy is that I do n’t want to do anything, just wait for the pie on the day. Take a plate to pick it up. Overall, I hope my strategy is to wait through long -term holding and wait for the key few days.

Fang Sanwen: We are simple and rough to divide luck. First, your dad is particularly rich. You are born in a wealthy family. This is born. Essence Do you think the luck of the company is mainly the former or the latter?

Wang Guobin: It has nothing to do with these two. The true luck of the enterprise lies in persistence. You want to wait until that lucky point, except for persistence, there is no other better recipe.

Fang Sanwen: All the companies are insisting, you see if you do not take the initiative to delist.

Wang Guobin: That's wrong. Some companies had done a good job in their main business. They found that real estate is very profitable, so they have to take the money as much as possible to engage in real estate. This company is finished in the end. Such companies are quite a lot ten years ago.

Fang Sanwen: Is this kind of company that can't do it, or is he unlucky?

Wang Guobin: Can't do it.

Fang Sanwen: Do you think the company you insist on can do it?

Wang Guobin: Persistent companies or companies they are willing to persist know where the direction is. These companies are at least capable.

Fang Sanwen: Then there seems to be no way to explain the luck I just said. What is the luck? As for investors, what can we do?

Wang Guobin: Judgment of long -term trends. It is actually lucky to make a long -term trend. I actually did a lot of predictions in my book ("Investment China"). For example Who is lucky? Just care about these companies environmental protection. Many small companies do not care about environmental protection. He was unfortunate and was removed.

Fang Sanwen: How can I define it?

Wang Guobin: Enterprise management has done a good job and high efficiency. Efficiency is different from benefits, high efficiency, but not necessarily beneficial. Fang Sanwen: Can it be useful?

Wang Guobin: If your direction is wrong, there is no use at all. Many of you can do it, but if the values ​​are wrong, it is even more troublesome.

Fang Sanwen: Is the core of ability high efficiency or judgment?

Wang Guobin: This is too absolute. Both are required. We are a vague framework. You have to quantify this thing.

Fang Sanwen: Enterprises with efficient and efficient enterprises should create value for shareholders, right? For example, many companies are in the need for technology upgrades and need to be innovative. Is this innovation in the end that can bring good returns to shareholders?

Wang Guobin: It only brings benefits to consumers and is the worst to investors.

Fang Sanwen: Can that be pushed back? Maybe an industry that does not need any technological innovation instead creates higher returns to investors?

Wang Guobin: Of course, the longer the product life cycle, the better. Why do we use too much noise and narrative in our current market? A big factor behind it is that the product must be continuously innovative and running, the investment is getting bigger and bigger, and the ROE generated is not visible at all.

Fang Sanwen: The long product cycle and the dependence on technological innovation may be a good return, but it may create a good return for investors?

Wang Guobin: Of course, the longer the product life cycle, the better.

Fang Sanwen: For example, what product or industry?

Wang Guobin: Coca -Cola is the most typical, and its product innovation does not need to be so frequent.

Talk about medical investment:

Long tail effect is a new feature of the industry

Fang Sanwen: Is the pharmaceutical industry that is constantly innovating?

Wang Guobin: Right.

Fang Sanwen: It always has better medicine to replace the old medicine, right?

Wang Guobin: You can't think so. It has only changed in the past ten years. The development cycle of a previous medicine was very long, and the pharmaceutical cycle is now shortened.

Fang Sanwen: The long -term product in the pharmaceutical company determines the core investment value of the company. Is this like this?

Wang Guobin: It is determined by the basic market.

Fang Sanwen: If it currently does not have any long -term products, it is mainly invested in the research and development of innovative drugs, but it is not sure that a long -term product can be successfully developed in the future. Does such a company meet what you said?

Wang Guobin: In the middle state, it is not the most ideal investment target. But after a new medicine comes out, its investment returns are still very fast.

Fang Sanwen: This industry needs to keep developing products, will its long -term nature be offset?

Wang Guobin: No. Because after it develops, the return cycle will be fast. After the R & D investment of many other industries has been invested, there is no return.

Fang Sanwen: Can we think so, the success rate of its research and development or the durability of the product is the main criterion for measuring their return on investment.

Wang Guobin: Not a single factor.

Fang Sanwen: How do you think of the comprehensive factors to analyze?

Wang Guobin: The overall factors are that your entire capital budget is cost -effective after a product comes out. For example, how much money the entire product is invested and how much money can be paid in the end, then there is no problem. Many companies now make up their capital and have no return in investment. Many investors buy today and sell it tomorrow. No matter how your company is. But I am not such an investor.

Fang Sanwen: Is it easier for investors to judge the success rate of a company with research and development as the core company?

Wang Guobin: It's not easy. The threshold of the investment field of medicine is very high, and the professional requirements are very high.

Fang Sanwen: Are you interested in this industry?

Wang Guobin: I am very interested.

Fang Sanwen: What are the core methods of investing in such companies in the secondary market?

Wang Guobin: There is a characteristic of the pharmaceutical industry, and only large companies can survive.

Fang Sanwen: scale effect?

Wang Guobin: No. Pharmaceutical research and development is the "Zero -One Incident". You invested 10 billion US dollars. As a result, the "Zero -One Incident" is different from the building. It may lose 800 million dollars and there may be left. Zero or one, there is no intermediate state.

Fang Sanwen: Does the big company have many "zero" combinations?

Wang Guobin: Right. Why is it impossible for small companies to survive? The reason is very simple. After the first phase of the second phase and the clinic, it may not dare to do the third phase. The overseas pharmaceutical field is very mature and has a very clear market price. How many prices do you complete in the first phase, how many prices of the second phase of the clinical clinical, and how much the price of the third phase is clinically, it is very clear. Small companies basically sell them to large companies at a certain stage. So in this field, big companies will only get bigger and bigger.

Fang Sanwen: Then do you think that investing in the pharmaceutical industry, the most important thing is to make decisions based on scale?

Wang Guobin: Right.

Fang Sanwen: Based on the scale because it has a scale effect and probability, is it?

Wang Guobin: There is a scale effect, and at the same time, he has the ability to fail in innovation. It is faulty, and it allows failure.

Fang Sanwen: If someone has the ability to judge the success rate of a small company's single product, can it be made more?

Wang Guobin: Of course. But this is a small probability event.

Fang Sanwen: Do you think you can build this ability?

Wang Guobin: It's difficult.

Fang Sanwen: Do you think you have?

Wang Guobin: I didn't.

Fang Sanwen: That concluding that you will invest in a large pharmaceutical company with an advantage?

Wang Guobin: Right. The pattern of these major domestic factories today is related to logical analysis like me. When these companies were not affordable that year, I told them that only large companies could survive. However, after biomedicine came out, there was a change in, and there were many long -tail effects, which gave the small company's investment in research and development. There was also a chance to run out. It turned out that the research and development of a medicine was too long and the cost was too high. A medicine cost almost one billion US dollars. It took ten years. No small institution could persist. Now it is not needed. This is the new industry characteristics- Long tail effect.

Talk about the Internet and new energy:

"The return brought by all technological innovation is for consumers"

Fang Sanwen: I ask another industry. The market has two completely different views on the Internet. One is that the product technology update iteration in this industry is very fast. It is very difficult for enterprises to establish a long -term competitive advantage; the other is that there are many product forms in this industry, with network effects, and enterprises can establish strong barriers. What do you think of this problem?

Wang Guobin: Both ideas make sense. But the most reasonable point is that these two models are not said. The most important thing on the Internet is to really consider problems from the perspective of users. This is its true barriers.

Fang Sanwen: Can it create a good return for investors?

Wang Guobin: If you consider the problem from the perspective of users, it will bring good returns. In this world, a few companies are so -called to consider problems from the perspective of users, but they are deceiving users. You have to identify this part of the company. Just like snowballs, it is impossible to survive without standing from the perspective of users. This is your biggest advantage.

Fang Sanwen: Is it a kind of attitude or ability to consider the problem from the perspective of the user?

Wang Guobin: It is both an attitude and ability. People who are not capable will use this attitude to deceive others.

Fang Sanwen: Do you think that as investors, can we judge whether this company has the ability or attitude to consider problems from the perspective of users?

Wang Guobin: If you experience it, you will count it. In this era, all users can experience it.

Fang Sanwen: Let's talk about an industry, new energy, which is more in line with the product technology we just said that it is constantly upgrading iteration. What is the relationship between the innovation of the new energy industry and the long -term shareholders' return?

Wang Guobin: The final return of most of these products is to consumers, not shareholders.

Fang Sanwen: Will you invest in such an industry?

Wang Guobin: Three or five years is different from three or fifty years.

Fang Sanwen: You mean that you may invest in three or five years, and you will not invest in three or fifty years?

Wang Guobin: Of course.

Fang Sanwen: Do you have a way to determine whether it is the first year or the third year, or the fifth year?

Wang Guobin: It has just begun now.

Fang Sanwen: Isn't it the fifth year now?

Wang Guobin: Never. Many things will be twists and turns.

Fang Sanwen: Do you think this industry has no investment value from three or fifty years. Does this mean?

Wang Guobin: Three or fifty years, I can't judge the first one. Because the return brought by a industry to the last technological innovation is for consumers. This is the fact that the market economy has really promoted the progress of human society.

Fang Sanwen: What kind of money do you make in these companies?

Wang Guobin: Now some of these high -tech enterprises may be brought by free cash flow, and maybe some come from the game, but I just said that I did not do things based on the game.

Fang Sanwen: But the possible benefit comes from the game? For example, someone will pay a higher price to buy this asset in the future.

Wang Guobin: Right. Just like Buffett bought oil, he bought it based on value investment, but the money he earned was the money of the game because he sold it that year.

Fang Sanwen: If he holds it until now, is actually a very average return?

Wang Guobin: Right.

Fang Sanwen: Maybe the game can be used to enhance the income?

Wang Guobin: It is not used to enhance income, but is very important. The first one for Buffett's choice of successors is to have a clear understanding of market rules, that is, people who are very clear to game rules.

Risk reminder: The information in this document is for reference only, does not constitute investment suggestions or investment basis, does not constitute any legal binding product investment offer or invited invitations, and cannot be used to evaluate investment. The information contained in this document does not constitute any guarantee for the future income of this product, and does not represent any commitment and expectations of the investment strategy, return on investment, and operating performance of this product. There is a greater risk of volatility investing in equity funds. In the past, performance is not the same as future investment results, and may even have significant differences with future results. In the future, investment may be carried out under the different economic situation, and any difference in economic conditions may have a significant impact on the decision -making of investment results, investment portfolios and fund managers. Before investor investment funds, we should carefully read the "Fund Contract", "Recruitment Manual", "Risk Democracy" and other legal documents to comprehensively understand the product conditions, rate structures, all sales channel charges, and listening to the appropriate opinions of the sales institution. On the basis, select investment varieties suitable for their own risk tolerance and investment goals for investment. (CIS)

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