Text | The one who shines in the pen
Edit | The one who shines in the pen
Every like is a sweet encounter with Lady Luck; Every attention is the golden key to open the door to wealth. Let me be your lucky messenger and take you to the Cotai Strip and bring you money!
The confrontation of "one": the undercurrent of private equity is surging
The picture comes from the Internet
"One is red and sometimes black, one is always right, one is firm, one is cautious, one cherishes feathers, and one carries the latter"
These six "ones" are not from the wonderful pen of any writer, but the economist Ren Zeping's evaluation of the private equity boss Dan Bin, but the tone of this evaluation is full of subtle irony
Ren Zeping, former deputy director of the Research Office of the Macroeconomic Research Department of the Development Research Center of the State Council, is known for his outspokenness; Dan Bin, chairman of Oriental Harbor, a figure in the private equity industry, is famous for the concept of value investment, one is an economist from the system, the other is an investment boss in the capital market, the two seem to have no intersection, but because of a Weibo, set off a debate about private equity funds, the undercurrent of private equity rivers and lakes, exposed to the public eye
1. The smoke behind the six "ones": Why did Ren Zeping point at Dan Bin?
On October 13, 2023, Ren Zeping reposted two comments on private equity funds on Weibo, with the text "but not a group", pointing directly at Dan Bin. Several funds have joined forces to "carry the sedan chair" and create one or two high-yield "star funds" to attract investors, while other funds have fallen victim
The picture comes from the Internet
Just two hours later, Ren Zeping reposted a Weibo commenting on Dan Bin again, which described Dan Bin's "success" with six "ones", full of irony between the lines, Ren Zeping directly asked by name: "Is it said but not a group?" Is it talking about huge losses in performance but huge management fees, and singing short on the Chinese market and economy? He also suggested that "the industry needs to be regulated to protect small and medium-sized investors"
Ren Zeping's continuous voice has pushed Dan Bin to the forefront of public opinion, and has also aroused public attention and questions about the private equity industry. Is it just because you can't get used to the chaos of the private equity industry, or is there something else going on?
2. The "fig leaf" of private equity funds: behind the high returns, who is swimming naked?
To answer this question, we need to first understand the operation mode of private funds, which are different from public funds issued to the public, which have a higher investor threshold, more flexible investment strategies, and the pursuit of higher returns
In recent years, with the rapid development of China's capital market, the private equity industry has also grown savagely, and some private equity funds have not hesitated to take risks in order to attract investors, using information asymmetry, packaging "star funds", fictitious performance, and even insider trading, market manipulation and other illegal acts
The picture comes from the Internet
But Bin's Oriental Harbor, founded in 2004, is one of the earliest private equity companies in China, but Bin himself is also known for its value investment concept, known as "China's Warren Buffett", in recent years, Oriental Harbor's performance is not ideal, and even has a huge loss
According to the data of the private placement network, as of October 13, 2023, there are 171 fund products under Oriental Harbor, of which only 43 have a positive rate of return in the past year, accounting for less than 25%, and even more, the cumulative net value of some products has fallen below 0.5 yuan, which means that investors have lost more than half of their principal
It is understood that the management fee of Oriental Harbor is generally more than 2%, which is much higher than the average level of public funds, that is, even if investors lose money, Oriental Harbor can still charge high management fees
This model of "drought and flood protection" is also one of the reasons why the private equity industry has been criticized, some private equity fund managers, even if their investment ability is mediocre, or even a lot of losses, can still rely on high management fees, live a life of fine clothes and food, and those investors attracted by the "high yield" propaganda end up reduced to "lambs to the slaughter"
3. How should investors deal with themselves: how to steer the voyage in the turbulent waves of private equity?
The picture comes from the Internet
As an emerging investment method, private equity funds provide investors with diversified choices and inject new vitality into China's capital market, but the private equity industry also has problems such as lack of supervision, opaque information, and moral hazard, which urgently need to be regulated and rectified
For investors, when choosing private equity funds, they should keep their eyes open and not be confused by the "high yield" publicity.
Rational view of "high returns": investment is not a sure profit and loss of trading, "high returns" are often accompanied by "high risk", do not blindly pursue high returns, but according to their own risk tolerance, choose suitable investment products
Pay attention to the investment ability of the fund manager: The investment ability of the fund manager is the key factor that determines the performance of the fund, and investors can judge their investment ability by checking the past performance, investment philosophy, educational background and other information of the fund manager
Read the fund contract carefully: The fund contract is an agreement signed between the investor and the fund company, which stipulates in detail the rights and obligations of both parties
Diversification: Don't put all your eggs in one basket, to diversify your investments and reduce investment risks, you can choose different types of fund products, or you can choose different fund companies
It is believed that with the strengthening of supervision and the improvement of investors' risk awareness, the private equity industry will develop in a more healthy and orderly manner and contribute more to the development of China's capital market
The purpose of this article is to convey positive values without any bad guiding intentions. If there is any infringement, please contact us to deal with it in a timely manner.