Li Hui: A Shares Go From Structural Changes To Cattle

Because of the active capital market, many domestic listed companies have begun to consider the opportunity of acquisition and merger, which is also competing with PE and VC.

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The theme of the 2015 Wudaokou global financial forum was held at Tsinghua University.

Li Hui, managing director of the Huaping investment group and President of the Asia Pacific region, attended and expressed the current round.

The bull market is not just a simple cyclical product, but a profound structural change in China's capital market over the past few years.

Li Hui believes that the rapid development of the capital market brings both opportunities and challenges to PE.

On the one hand, with the more abundant financing channels of enterprises, the PE's exit channels have been increased.

It is also considering whether PE investment is needed.

For instance, the soundness of the new three board system has played a role in the past PE investment in the C and D rounds, which has intensified the competition.

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Over the past decade, the price of real estate has continued to rise, and the controversy over bubbles has been heard.

Looking back, we suddenly found that economists who had been criticizing the real estate bubble and repeatedly warned people that they could not buy houses, and those who did not buy houses, were actually the biggest losers.

Because China's real estate price bubble is indeed expanding, there is indeed a risk of collapse, but in the past ten years in China, if your income is the same as other people, then you will not participate in buying houses and buying houses, resulting in the opposite effect of wealth.

People who dance with bubbles are richer, but those who refuse bubbles are relatively poor. Even if the real estate market collapses in the future, there will be more money for the housing families than those without houses.

Of course, China's stock market and the housing market can not be mentioned in the same breath.

No one can guarantee whether the Shanghai and Shenzhen stock markets can grow cattle.

Moreover, the collapse of the stock market is even more frightening than the housing market.

But the common feature of the housing market and the stock market is that all investment targets are asset prices, and there will be some common laws.

In the face of today's stock market bubble, we have three options.

First, in the face of bubbles, we resolutely refuse to stay away from the stock market. Secondly, in the face of bubbles, we do not recognize that the 4000 point is the starting point. The above bull market peak 6100 points are the primary objective. We must see 10000 points and so on. Third, in the face of bubbles, we recognize, but we should also embrace bubbles and actively participate in the stock market pactions.

Of course, this participation is very careful, rational investment, select stocks, strictly control positions, timely withdrawal, is definitely not based on Shanghai Composite Index or gem index height, or the reference department.

I agree with the third choice.

In the age of paper money, the number of paper money increased every year, which means that the established wealth is diluted every year and diluted again.

The original bubble, such as high housing prices, because of the increase in paper money, everyone's income increased, high housing prices are relatively low, the bubble will also fade, evolved into beer.

Only by actively participating in wealth regrouping and popularly speaking financial management can we gain more personal investment benefits in the wealth portfolio.

Dancing with the bubble is to dance with the wolf, we have no choice.

The bull market will come to an end, and the stock price can never rise forever. When the bear market comes, we will know how much assets we have.

On that day, that is, most people exclaim far from the stock market, away from the big bear market of drugs.

People who are really smart and rational will still be active in the investment field of the stock market or the housing market. These people will become the last winners in the big bang era.