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

Uncle Ou pondered, "At present, in terms of our asset allocation, it is a bit too heavy and is too biased towards equity investment. We should increase the investment ratio of fixed assets."

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

"Yes, this is my personal idea, and I haven't received it at the meeting yet."

Yang Cheng couldn't help but remember a joke I saw on the Internet in his previous life. It was a screenshot. Suddenly, it was very popular because the content inside was about Bill, the richest man in the world. It is estimated that most of the screenshots were scammers. It was a typical gloating thing to see the rich suffer the loss and the bad luck, so they forwarded it one after another, hoping that more people would empathize.

What is the screenshot? It actually said that Bill Gai encountered a fraudulent investment expert who sold Microsoft stocks for investment. He would only have a net worth of 90 billion. If he didn't sell it, he should have a net worth of 290 billion now.

Is it ridiculous? Human nature is like this. When others are in trouble, they often feel uncontrollably happy or glad. This is one of the innate natures that everyone is born with - jealousy, which is normal. I forgot which celebrity said: Jealousy will give people a short-term pleasure, so it is also natural for humans to like gossip, and gossip is often embarrassing or unlucky. In the process of gossip, they enjoy the distorted pleasure brought by jealousy.

However, while they were laughing at it, they did not know that once human wealth was accumulated to a certain level in this world, it would be in line with the saying 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 richer and richer.

Just like some waste green, he thought he was doing something earth-shaking, but in fact he was doing nothing but a bastard who was forgetting the clan. He was not to be jealous of death!

In addition to Bill Gai, Jia Paopuo is also a very obvious example. Many people who have a monthly salary of 2,000 will laugh at a rich man who once had a net worth of tens of billions. Are you laughing at?

No matter how bad others are, they are rich. They have married female celebrities and are sought after by countless media. With this alone, they are many times better than you who are self-interested in exposing photos at the female celebrities at home.

Before the people ran away, they had already arranged their way out, and family trust was his trump card. It is probably the first time that many people in Z Country knew about this statement, but in fact, this is a trick that the rich have played, and there is nothing worth promoting.

Anyway, as long as you know, one of the functions of this kind of family trust is that if the entrepreneur goes bankrupt and is recovered from his debts, the family trust assets cannot be recovered because the family trust property has been isolated, and any changes from the principal cannot affect the existence of the trust property.

Of course, let alone these things, Jia Paopao's character is one by one! Don't miss the words, this is the time! Really! There is no character at all.

In short, if your wealth reaches a certain level, it will naturally rise to a higher level. This class divided by wealth is like a pyramid. The higher the number of people, the fewer people, the higher the number, the more people support you, the more people support you. The essence of finance is to serve yourself with other people's money. The richer you are, the more people will contribute money to you. This is an eternal truth.

So it is nonsense to say that Bill Guy encounters a liar expert. By the way, the liar expert is called Michael Larson. Not to mention, those who have seen the photos know that they look like a fraudster.

The ranking list of whether to accept or not has been born has only been thirty years. Half of it, the boss's position was occupied by classmates. Except for him, there is no one in the world who can be the richest man for so long.

To unlock such a great achievement, it is obvious that Microsoft's stock alone is not enough.

Because Microsoft's stock price fell straight to halves during the millennium Internet bubble crisis, and it did not recover until more than a decade later and hit a new high.

Bill Gay has remained the richest man for so long, and it is absolutely not enough to rely solely on the 3% of Microsoft stocks. In other words, Larson is the hero behind his richest man.

Moreover, the US capital market does not allow individuals to hold too many Microsoft stocks, because the most prominent feature of American companies is that their equity is highly fragmented and individual shareholders occupy an advantageous position.

The coverage rate of individual shareholders in the United States is extremely high, and it has basically reached the state of mass holdings. So in such a country with extremely scattered equity, if Bill Gates has maintained a 45% stake, Microsoft will be considered a company with a high risk factor, and large institutions will recognize this as an investment target with a high risk factor. Without the support of large institutions, Microsoft's stock price will be difficult to soar to its current height.

When Microsoft first went public, Gaizi owned nearly 45% of his shares, accounting for 99% of his total wealth. Based on a share of $28 at that time, Gates' wealth was $310 million.

After that, Guizi continued to reduce his holdings and cashed out more than 50 billion US dollars in total, and there were nearly 10 billion US dollars in stock dividends during this period. In other words, he did nothing in the past few decades, and he could earn more than 60 billion US dollars by selling stocks to get dividends.

If we look at the wealth transferred to the foundation, the open net worth of the lid may be more than 10 billion or less than 20 billion US dollars. In addition, the 3% of Microsoft stocks will be more than 40 billion. So is the estimate of whether you agree or not?

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

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

Waterfall Investment can be said to be so low-key that it cannot be as low-key as it is. Countless people and institutions tried to understand the situation of Waterfall Investment, but in the end they all returned in vain.

Of course, I want to find out that it is not just for grabbing money, but I still want to follow the footsteps of investment in the waterfall. People just eat meat and drink soup behind them.

Will Larson's ability be questioned if he can be recognized by so many professionals?

The asset allocation of Waterfall Investment can be said to be top-notch, and Larson reduces the risks that Bill Gay has due to its over-concentration of assets in the technology industry.

When Larson was dug to Lien, Lien had a simple requirement for him. As long as Microsoft maintained growth, the assets of Waterfall Investment must also be increased, and stock investments must be made in a very wide field, holding stocks that have nothing to do with high technology but can provide long-term value.

The investment lids in the technology industry are themselves responsible for reducing asset risks, investing in traditional corporate stocks, bonds and railways, real estate, etc.

Those who can be the head of a family fund will not have bad abilities, because this is often the last stop of career choices chosen by many financial industry giants. It can basically be called the existence at the top of the financial industry chain. How can the ability be so poor that it is ridiculed?

Based on Yang Cheng and his understanding of Larson, the combination of investment philosophy and bias is very similar to the investment model of the old stock god in a sense.

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

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

What you have to say is that these companies are using Microsoft's system?

In Waterfall Investment, 70% of the investment is in US short-term Treasury bonds and corporate bonds, and has some positions in emerging countries' bond markets. Of the remaining 30%, 50% are PE funds, and 33% are composed of stocks that have no correlation with Microsoft and even counter-cyclical technology stocks, such as energy, food, clothing, and the last 17% are composed of physical, fixed assets, gold, real estate, etc.

In Larson's view, Treasury bonds are the safest and most stable investment direction. They only take out 30% of the funds to invest in high-risk stocks, and 50% of these 30% are placed in PE funds. A major feature of this kind of private equity fund is that it is more inclined to form companies that have formed a certain scale and generate stable cash flow, with much lower risks than VC investment.

The asset distribution model created by Larson is a classic, and it once again proves that the richer you are, the more you hate risks, the more you like to seek stability, and tend to be the first priority in value preservation.

It is their rule that eggs should never be placed in a basket. Investment must be diversified and allocation must be in a reasonable proportion, large amount of funds, and high proportion of single assets. Maybe luck is good and huge returns, but it may also allow you to return to the pre-liberation before liberation. If anyone has a full house of LeTV, then hurry back to your hometown and see if the ancestral grave may have been dug by an unethical 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 is consistent with Yang Cheng's previous idea of ​​wanting to store physical gold.

They can all see the uncertainty of the assets they currently own and need more stable investment to ensure that the basic market remains unshakable.

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

There may be no more stable stocks in the world than these two. You must not sell them without special circumstances.

Uncle Ou certainly won’t have any objection, “I understand ~”

"Wells Fargo's stock can gradually reduce its holdings in the next year, looking for highs."

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

"That's not. I'm just worried that Wells Fargo will get frustrated. They will always fight against the Federal Reserve from time to time. The stock price is already very high now. You can reduce your holdings and wait for the future to fall before buying at the bottom."
Chapter completed!