Chapter 1807 Asset Allocation Issues

Yang Cheng tapped his fingers on the table without rushing to express his thoughts, "What suggestions do you have?"

Uncle Ou pondered, "Our current asset allocation is a bit top-heavy and too biased towards equity investment. We should increase the proportion of investment in fixed assets."

"You mean to continue selling stocks and then invest in fixed assets?"

"Yes, this is my personal idea and has not yet been discussed at the meeting."

Yang Cheng couldn't help but think of a joke he saw on the Internet in his previous life. It was a screenshot. It suddenly became popular for no reason because the content was about the world's richest man, Bill Gai. It is estimated that most of the people who spread the screenshot were diaosi. Typical A kind of schadenfreude at seeing rich people suffer misfortune, so they reposted it one after another, hoping that more people would feel the same way.

What does the screenshot say? He actually said that Bill Gai met a liar investment expert and sold Microsoft shares for investment. Then his net worth would be 90 billion. If he hadn't sold it, his net worth would be 290 billion now.

Ridiculous, right? Human nature is like this. When others are unlucky, you often can't help but feel happy or lucky in your heart. This is one of the innate natures of everyone - jealousy, which is normal. I forgot which celebrity said it. : Jealousy can give people short-term pleasure. Therefore, it is human nature to like gossip, and gossip is often about other people’s embarrassments or unlucky things. In the process of gossiping, one can enjoy the twisted pleasure brought by jealousy.

But while they were laughing, they didn't know that in this world, once a person's wealth reaches a certain level, poverty limits your imagination.

Even if they do nothing, there will be countless private banks or top investment institutions to help you preserve your wealth and even make you richer and richer.

Just like some losers, they think they are doing something earth-shattering, but in fact they are just doing a bastard thing that has been forgotten by their ancestors. It is not a pity to die!

In addition to Bill Gai, Jia Paopao is also an obvious example. Many people with a monthly salary of 2,000 are laughing at a rich man who once had a net worth of tens of billions. Are you laughing at it?

No matter how poor you are, you are still rich. You have married a female star and you are a popular figure in the media. This alone is many times better than having fun at home with the naked photos of female stars.

Before he ran away, he had already arranged a way out, and family trust was his trump card. This is probably the first time that many people in country Z know this statement, but in fact it is a dirty trick played by the rich, and it doesn't matter. Worth promoting.

Anyway, as long as you know that one of the functions of this kind of family trust,

That is, if the entrepreneur goes bankrupt and is required to repay debts, the family trust assets cannot be recovered, because the family trust property has achieved property isolation, and any changes in the trustor cannot affect the existence of the trust property.

Of course, putting all these aside, Jia Paopao's character is second to none! Don't miss the words, this is the time! Really! There is no character at all.

In short, when your wealth reaches a certain level, you will naturally rise to a higher level. This level divided by wealth is like a pyramid. The higher you go, the fewer people there are. The higher you go, the more people below you will support and support you. Financially, The essence is to use other people's money to serve yourself. The richer you are, the more people will pay for you. This is an eternal truth.

So it is nonsense to say that Bill Gai met a liar expert. By the way, that liar expert is named Michael Larson. Not to mention, anyone who has seen the photos knows that he looks like a scammer.

It has only been 30 years since the Confucius ranking list was born. In half of that time, the position of the boss has been occupied by Gai's classmate. Except for him, no one in the world can be the richest man for such a long time.

To unlock such great achievements, it's clear that Microsoft stock alone isn't enough.

Because Microsoft's stock price plummeted in half during the millennium Internet bubble crisis, and it did not recover until today more than ten years later and hit a new high.

Bill Gates has still maintained his position as the richest man for such a long time. Just relying on the 3% of Microsoft stocks is definitely not enough. In other words, Larson is the man behind his position as the richest man.

Moreover, the U.S. capital market does not allow individuals to hold too many Microsoft stocks, because the most prominent feature of American companies is that their ownership is highly dispersed, and individual shareholders occupy a dominant position.

The coverage rate of individual shareholders in the United States is extremely high, basically reaching the state of public shareholding. In such a country with extremely dispersed equity, if Bill Gates had maintained 45% of the shares, Microsoft would be considered to be extremely dangerous. For companies, large institutions will regard this as an investment object with a high risk factor. Without the support of large institutions, it will be difficult for Microsoft's stock price to soar to its current height.

When Microsoft first went public, Gates owned nearly 45% of the shares, accounting for 99% of his total wealth. Calculated at $28 per share at the time, Gates' wealth was $310 million.

After that, Gai continued to reduce his holdings and cashed out more than 50 billion US dollars in total. During this period, he also received nearly 10 billion in stock dividends. In other words, he has made more than 60 billion by doing nothing in the past few decades and just selling stocks to get dividends. Dollar.

Excluding the wealth transferred to the foundation, Gai's apparent net worth may only be more than 10 billion and less than 20 billion US dollars. Add in the 3% of Microsoft stock, and the total will be more than 40 billion. So the estimate is wrong. ?

cant! No matter how wrong you are, it won't be more than half the difference.

From 300 million back then to nearly 100 billion now, assets have increased hundreds of times. The family fund Larson is responsible for, Waterfall Investment, has definitely made great efforts.

It can be said that waterfall investment is extremely low-key. Countless people and institutions have tried to figure out the situation of waterfall investment, but in the end they have failed.

Of course, if you want to find out, you are not trying to grab money. You still want to follow the footsteps of waterfall investment. People eat meat and follow behind to drink soup.

With recognition from so many professionals, will Larson's ability still be questioned?

The asset allocation of waterfall investment can be said to be top-notch. Larson reduces the risk of Bill Gates' assets being too concentrated in the technology industry.

When Larson was poached by Gai, Gai's requirements for him were very simple. As long as Microsoft keeps growing, Waterfall Investment's assets must also keep growing, and they must invest in stocks in a fairly broad area and hold those companies that are related to the company. Stocks in companies that are not high-tech but can provide long-term value.

He is responsible for the investment in the technology industry, while Larson is responsible for reducing asset risks and investing in traditional corporate stocks, bonds, railways, real estate, etc.

Anyone who can reach the position of the person in charge of a family fund will not be poor in ability, because this is often the last stop of their career chosen by many financial industry bosses. It can basically be called the existence at the top of the financial industry chain. How can the ability be so poor? To the point of being laughed at?

Based on what Yang Cheng and others know about Larson, his investment philosophy and combination of preferences are in a sense very close to the investment model of the old stock god.

This is a typical risk-averse person. One of his criteria for stock selection is that the company's market performance has no relationship with Microsoft stock.

It sounds ridiculous, but it is true. The investments initiated by Waterfall Investment basically have nothing to do with Microsoft.

If I have to say it, maybe these companies are using Microsoft systems?

Among waterfall investments, 70% are invested in short-term U.S. Treasury bonds and corporate bonds, and have partial positions in emerging country bond markets. Of the remaining 30%, 50% are PE funds, and 33% are made up of funds that have no correlation with Microsoft. Even for the counter-cyclical stocks of technology stocks, such as energy, food, and apparel, the last 17% is composed of physical and fixed assets, such as gold and real estate.

In Larson's view, government bonds are the safest and most stable investment direction. Only 30% of the funds are invested in high-risk stocks, and 50% of this 30% is placed in PE funds. This kind of private equity One of the characteristics of the fund is that it prefers established companies that have formed a certain scale and generate stable cash flow. The risk is much lower than that of VC investment.

This asset allocation model created by Larson is a classic, and it once again proves that the richer you are, the more risk-averse you are, the more you like stability, and the need to preserve value first.

Their principle is that eggs should never be placed in one basket. Investments must be diversified, and allocations must be in reasonable proportions. A large amount of funds and a high proportion of a single asset may make huge profits if you are lucky, but it may also bring you back overnight. Before liberation, if anyone had a lot of LeTV, they should go back to their hometown to see if their ancestral graves might have been dug up by some unscrupulous person.

What Uncle Ou is doing is to optimize asset allocation as much as possible. His suggestion to increase the proportion of fixed asset investment coincides with Yang Cheng's previous idea of ​​storing physical gold.

They all can see the uncertainty of the assets they currently own and need more stable investments to ensure that the fundamentals remain unchanged.

Yang Cheng retracted his thoughts and said, "Don't move the stocks of Coca-Cola and Nike, and increase your holdings appropriately if possible."

There may be no more stable stocks in the world than these two, and they should never be sold without extremely special circumstances.

Of course Uncle Ou would have no objection, "I understand~"

"Wells Fargo stock can look for highs and gradually reduce its holdings over the next year."

Uncle Ou hesitated for a moment, "Wells Fargo? Have you received any news?"

"That's not the case. I'm just worried that Wells Fargo will go crazy. They will always go against the Fed from time to time. The current stock price is already very high. You can reduce your holdings and wait for the dip in the future to buy the bottom."

This reason is a bit reluctant, but it is not unacceptable. Wells Fargo is in the financial industry and is greatly affected by all aspects. If the trend is slightly wrong, the stock price will immediately fall. From an insurance perspective, it is indeed not a very good one. If you hold an object for a long time, you will reduce your holdings. There is nothing to miss.

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