Personal life When most people are tortured by the falling stock market and lose confidence, Yaohua Chen is happy to buy in large quantities. He thinks that oversold is a good time to buy, and the more they fall, the more they buy. Successful investors should keep an optimistic attitude.
Grab the first bucket of gold
1993, Yaohua Chen, who was still working in Beijing, set foot in the stock market for the first time. At this time, he was still working in China Nonferrous Metals Industry Company. Yaohua Chen recalled that at that time, in the company, I always wanted to do something with a sense of accomplishment, and I thought that the stock market was a good direction. So I started my investment career with the start-up capital of100000 yuan. I didn't expect to catch up with the stock market crash when I first got involved in the stock market. The Shanghai Composite Index fell from 1044 to 325 points in one breath, and Yaohua Chen's100000 yuan also shrank to more than 30000 yuan. Talking about the first investment, Yaohua Chen is very free and easy, thinking that this is the process of internship in the stock market and paying for tuition.
In the following three years, Yaohua Chen began to consciously read investment books at home and abroad to deepen his understanding of the capital market.
Finally, at 1996, the stock index started at 5 12, and Yaohua Chen quickly judged that the investment opportunity was coming.
At that time, Yaohua Chen found that Hong Kong investors made a lot of money by buying HSBC, and he thought that buying bank stocks could get high returns. HSBC, which began to look for the mainland stock market, cleared all its stocks and made a heavy position in Shenzhen Development because the listed banking stocks only had Shenzhen Development. SDB has brought rich returns to Yaohua Chen. In less than half a year, SDB has increased from 6 yuan to 19 yuan. After gaining three times the income, Yaohua Chen sold SDB.
"Unexpectedly, SDB rose to the highest level in 49 yuan. In this wave of market, I was lucky to find this leading leader. "
Although it failed to keep the high price of SDB 49 yuan, Yaohua Chen was quite satisfied with this investment. Since then, he has successively invested in some other stocks, but Yaohua Chen refused to disclose the specific amount of income: "The income is very high, which is scary, but it is not worth showing off. Because at that time, the whole market lacked investment ideas and was rather gambling, everyone only made technical analysis to adapt to the atmosphere of sitting in the market and speculation, completely divorced from the company's fundamentals. "
Adhere to the concept of value investment
Yaohua Chen's career in investment began when he became attached to Guotai Junan.
At first, Yaohua Chen was only a big customer of Guotai Junan Beijing Sales Department. In 2000, Huang Yu, the general manager of the sales department, found that among more than 50,000 customers in the whole sales department, Yaohua Chen's rate of return ranked first. Huang Yu warmly invited Yaohua Chen to join the team of the sales department to serve as customer guidance. This sales department later became the sales department of Beijing Zhichun Road, which is known as the first rudder of Guotai Junan.
Yaohua Chen took his years here as a turning point in his life. Here, by reading the research reports of top brokers such as Guotai Junan Research Institute and CICC Research Institute, he gradually established the concept of value investment and began to screen stocks through fundamental analysis.
During this period, he found that there were stocks in the United States that had existed for more than 100 years, so he began to dig up enterprises that had existed in China for one hundred years and found Changyu and Yunnan Baiyao. Due to the large price difference between A shares and B shares, Yaohua Chen recommended Changyu B to customers, and gained a lot of income. In the subsequent hot speculation of Changan Automobile, he recommended to buy Changan B, which was based on the price difference between AB shares and achieved high returns.
After 2003, the fund began to grow, and the concept of value investment was recognized by everyone. After that, Yaohua Chen focused on China Merchants Bank, Vanke, Baosteel and other big blue chips. In 2004, when the market was in the lowest ebb, Yaohua Chen officially joined Gaotejia Asset Management Company founded by Huang Yu. His idea at this time was to explore the gold stocks in the past ten years, at least the stocks with clear performance in the last three years.
In the hardest years of the next two years, Yaohua Chen successfully unearthed two big bull stocks-Financial Street and Dashang. After in-depth investigation and careful investigation, Yaohua Chen thinks that the financial street is in a superior position, and the future profit growth of commercial real estate can be expected. In 2004 10, under the macro-control situation, most investors were bearish on real estate, but Yaohua Chen keenly seized the opportunity of the sharp low opening of real estate stocks brought by interest rate increase and increased his holdings in Financial Street, making Gaotejia Group the tenth largest tradable shareholder in Financial Street in 2004. In less than two years, Financial Street earned three times the income for Gao Tejia.
Also based on the affirmation of the company's fundamentals, Dashang shares entered Yaohua Chen's field of vision. Yaohua Chen believes that in 2004, the safety margin of consumer companies was relatively high, the sales volume of Dashang shares was large, there were a large number of commercial properties, and they were known as the king of Northeast China. In addition, there were few listed consumer companies at that time, and the P/E ratio was low. In the two years after Gao Tejia bought it, the price of Dashang shares soared five times, which also made Gao Tejia's self-operated business always in a state of substantial profit.
Volatile markets need optimism.
With the start of a magnificent bull market in China stock market, the investment team of Gao Tejia led by Yaohua Chen began to go to Sunshine Private Equity. Gao Tejia's first trust product-Xiamen Trust Gao Tejia Securities Investment Trust Project has a cumulative return of 254.63%, which ended at 5500 when Yaohua Chen thought the market lacked a margin of safety. In addition, its Huabao Trust-Qianjinhuajia Structured Securities Investment Trust Scheme has a cumulative return of 93.77%, while the Shanghai Composite Index increased by 57.88% in the same period. The cumulative return of the SZITIC-Gaotejia structured securities investment collective fund trust scheme, which was established late, was 1 1.5 1%, while the Shanghai Composite Index fell by 12.9% in the same period.
The remarkable achievements are due to Yaohua Chen's exploration of several leading stocks.
At the beginning of 2006, Yaohua Chen had a soft spot for banking stocks, and selected Minsheng Bank and China Merchants Bank. Yaohua Chen thinks that the profit margin of Minsheng Bank may be larger than that of China Merchants Bank, and its valuation is even lower, so he decides to buy Minsheng Bank. On the first day of 2006, China Merchants Bank opened at the daily limit, and the opening price of Minsheng Bank was determined by the big bill of Gaotejia Asset Management Company. Yaohua Chen was very proud when he talked about buying Minsheng Bank on the first day of 2006. Later, it was proved that his judgment of Minsheng Bank was very accurate. In 2006, China Merchants Bank rose by 235.40%, Minsheng Bank reached 256.09%, and the Shanghai Composite Index rose by 130.43%.
The pattern of bull market has become more and more clear, and Yaohua Chen began to buy CITIC Securities. Although the market was worried about the competitiveness, profit model and the sustainability of performance growth of the securities industry in early 2005, Yaohua Chen believed that brokers were the biggest beneficiaries of the bull market, and the stock market of brokerage stocks would run through the bull market. Facts have proved that CITIC Securities rose by 2 16.23% in 2005, much higher than the 82.96% increase of Shanghai Composite Index in the same period.
Before the start of the volatile market, Yaohua Chen had been aware of the future overdraft of China stock market. He noticed the arrival of the global bull market for agricultural products, and speculated that the demand for glyphosate in the bull market for agricultural products increased and the price continued to rise due to the shortage of domestic supply. Yaohua Chen began to lay out Xin 'an shares, and in the end of the third quarter of 2005, it increased its position at the beginning of the accelerated increase in product prices, and achieved an excess return of nearly 100% beyond the market.
"Investment needs an optimistic attitude, especially under the fluctuating market conditions." Yaohua Chen has made no secret of the great challenges it has faced recently, and it needs to control risks most when the market fluctuates. He believes that there is an excessive panic factor in the decline of the market, and investors overreact to future concerns. Yaohua Chen frankly said that the fear of a hard landing should only be staged. Successful investors must be optimists, and he is full of confidence in China's economy.
"Ten times in ten years" is Yaohua Chen's investment philosophy. He thinks that the first wave of increase in the previous two years is too large, and it has increased by five or six times in the past two years, which overdraws the future market. After the callback, the market should be more attractive, which is a good time to open a position.
"Don't look at the long-term development with short-term gains. The stock market is spiraling up, and high-quality stocks can certainly achieve the expectation of ten times in ten years." Yaohua Chen is always so confident in the face of the depressed market.