Chapter 1807： Asset allocation issues

Yang Cheng tapped his fingers on the table, and did not rush to express his thoughts, "Do you have any suggestions?"

Uncle Ou groaned, "As far as our asset allocation is concerned, it is a bit top-heavy. It is too biased towards equity investment. We should increase the proportion of fixed assets investment."

"You mean to continue to sell stocks and then switch to investing in fixed assets?"

"Yes, this is my personal idea, and it 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, which suddenly became very popular because the content was about the cover of the world's richest man Bill. It is estimated that most of the people who spread the screenshot are diaosi, typical A kind of gloat that sees the rich suffer bad luck, so it has been reposted, wanting more people to empathize.

What does the screenshot say? He actually said that Bill Lid met a liar investment expert who sold Microsoft stock for investment. This would only have a net worth of 90 billion. If he did not sell it, he would now have a net worth of 290 billion.

Ridiculous, right? This is the nature of human beings. When others are unlucky, I often can’t help laughing or rejoicing in my heart. This is one of the innate natures of everyone-jealousy and normal, forget which celebrity said : Jealousy will give people a short-term pleasure. Therefore, it is also natural for humans to like gossip, and gossip is often the embarrassment or bad luck of others. In the process of gossip, enjoy the twisted pleasure brought by jealousy.

But while they laughed, they didn't know that in this world, once people's wealth had accumulated to a certain level, they should have said that, poverty limits your imagination.

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

Just like some waste youths, they think they are doing something earth-shattering, but in fact they are doing the bastard's activities of counting the ancestors and forgetting the codes. It is not a pity to die!

In addition to Bill Lid, Jia Pao Pao is also an obvious example. Many people who have a monthly salary of 2,000 go to laugh at a rich man who was once worth tens of billions. Are you laughing at it?

No matter how bad they are, they have been rich, have married female stars, and have been sought after by countless media. This alone is a lot more powerful than your self-confidence to female stars at home.

Before others ran away, he had arranged the back road. The family trust was his hole card. It is estimated that this is the first time that many people in Country Z have known this statement, but the fact is that this is a stinky trick played by the rich. Worthy of promotion.

Anyway, as long as you know, one of the functions of this kind of family trust is that if the entrepreneur goes bankrupt and the debt is recovered, the family trust assets cannot be recovered, because the family trust property has achieved property isolation, and any changes in the trustor will be It cannot affect the existence of trust property.

Of course, aside from mentioning these things, Jia Paolao’s character is one of the best! Don't miss the word, this time! Really! There is no reputation at all.

In short, if your wealth reaches a certain level, you will naturally rise to a higher class. This class divided by wealth is like a pyramid. The higher you are, the fewer people will be, and the higher you are, the more people will support you. 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.

Therefore, it is nonsense to say that Bill Lid met a liar expert. By the way, the liar expert is called Mike Clarsson. Let alone anyone who has seen the photos know that he looks really in line with the temperament of a scammer.

It has only been thirty years since the birth of the Fufu ranking list. Half of the time, the position of the boss was occupied by Li's classmates. Except for him, no one in the world could be the richest man for so long.

To unlock such a great achievement, it is clear that Microsoft stock is not enough.

Because Microsoft's stock price cut right in the middle of the Internet bubble crisis in the millennium, and did not recover until today, more than a decade later, and hit a new high.

For so long, Bill Lid has maintained his position as the richest man. The 3% of Microsoft stock is definitely not enough. In other words, Larson is behind his position as the richest man.

Moreover, the U.S. capital market does not allow individuals to hold too many shares of Microsoft, because the most prominent feature of U.S. companies is that their equity 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 ownership. Then in such a country with extremely dispersed equity, if Bill Gates has maintained 45% of the shares, Microsoft will be considered as a high risk factor. Companies and large institutions will recognize this as an investment target with a high risk factor. Without the support of large institutions, it is difficult for Microsoft's stock price to soar to its current height.

When Microsoft first went public that year, Lid had close to 45% of the shares, accounting for 99% of his total wealth. At the time, Gates’ wealth was US$310 million.

Later, through continuous reduction of holdings, Li Li had cashed out more than 50 billion U.S. dollars. During this period, he still had nearly 10 billion stock dividends. That is to say, he has not done anything for decades, and can earn more than 60 billion by selling stocks for dividends. Dollar.

Excluding the wealth transferred to the foundation, the net worth of the lid may only be more than 10 billion and less than 20 billion US dollars. In addition to the 3% Microsoft stock, the total is more than 40 billion. Then the estimation of dissatisfaction is wrong. ?

cant! No matter how wrong it is, there will be more than half the difference.

From 300 million in that year to nearly 100 billion now, assets have doubled hundreds of times. The family fund that Larson is in charge of, Waterfall Investment, has definitely made great efforts.

It can be said that waterfall investment is so low-key that it can no longer be low-key. Countless people and organizations tried to figure out the situation of waterfall investment, but finally failed.

Of course, I don’t want to figure it out to grab money. I still want to follow the footsteps of waterfall investment. People eat meat and drink soup.

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

The asset allocation of Waterfall Investment can be said to be top-notch. Larson has reduced the risk of Bill Caps being too concentrated in the technology industry.

When Larson was dug into the lid back then, Lid’s requirements for him were very simple. As long as Microsoft keeps growing, the assets of Waterfall Investment must also keep growing, and it is necessary to invest in stocks in a fairly wide area and hold those Stocks of companies that are not high-tech but can provide long-term value.

The investment caps of the technology industry are responsible for themselves, while Larson is responsible for reducing asset risks, investing in traditional corporate stocks, bonds, railways, and real estate.

Those who can achieve the position of the person in charge of a family fund will not have bad ability, because this is often the last stop in their careers chosen by many financial industry leaders. It can basically be called the existence of the top of the financial industry chain. How can the ability be so bad The point of being laughed at?

Judging by Yang Cheng's understanding of Larson, his combination of investment philosophy and bias is in a sense close to the investment model of the old stock god.

This is a typical risk aversion. One of his criteria for stock selection is that the company's market performance has nothing to do with Microsoft stock.

It sounds ridiculous, but the fact is that the investments initiated by Waterfall Investment have basically nothing to do with Microsoft.

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

In waterfall investment, 70% of the investment is in U.S. short-term Treasury bonds and corporate bonds, and has some positions in emerging country bond markets. Among the remaining 30%, 50% are PE funds and 33% are not related to Microsoft, Even the counter-cyclical stock composition of technology stocks, such as energy, food, apparel, and the last 17% are made up of physical objects, fixed assets, gold, real estate and the like.

In Larson's view, national debt is the safest and most stable investment direction. Only 30% of the capital is used to invest in high-risk stocks, and 50% of these 30% are placed in PE funds. This kind of private equity A major feature of funds is that they are more inclined to formed 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 proves once again that the richer you are, the more risk-averse you are, the more you like to seek stability, and tend to maintain value first.

Never put eggs in one basket is their criterion. Investment must be diversified, and the allocation must be in a reasonable proportion. A large amount of funds and a high proportion of a single asset may be lucky, but it may also make you return overnight. Before the liberation, if anyone is full of LeTV, he should go back to his hometown and have a look. Maybe the ancestral tomb has been shaved off by someone who is wicked.

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

They can all see the uncertainty of the assets they currently own and require more robust investment to ensure that the fundamentals remain unshakable.

Yang Cheng retracted his thoughts and said, “Don’t move the Coca-Cola and Nike stocks, and increase your holdings if possible.”

There may be no more stable stocks in the world than these two stocks, and it is absolutely impossible to sell under special circumstances.

Of course Uncle Ou has no opinion, "I understand~"

"Wells Fargo's stock can look for high points and gradually reduce its holdings in the next year."

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

"That's not the case. I'm just worried that Wells Fargo will have a vengeance. They will always fight the Fed from time to time. The stock price is already high now. You can reduce your holdings and wait for the future to fall back."

This reason is somewhat reluctant, but it is not unacceptable. Wells Fargo is in the financial industry and is affected too much by all aspects. If there is a wrong wind direction, the stock price will fall immediately. From the perspective of insurance, it is indeed not a good one. If you hold the object for a long time, the holding will also be reduced. There is nothing to miss.

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