Zhou Zengjun: The Hard Journey To Search For "Absolute Return"

2011/6/18 9:28:00 61

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"Absolute Return" Journey Asset Management

The so-called "asset management" aims at obtaining "absolute return" for investors, that is, the real purchasing power represented by management assets.

This has nothing to do with the way the assets are raised.

From this perspective, over the past twenty years in China's securities market, including

Public offering fund

None of the asset management types, such as sunshine private placement, securities brokerage, individual pactions, has yet to produce a "paradigm" of "absolute return to stable performance".

This is somewhat disappointing.

Of course, there are also some "distinctive" asset managers in the process. These "characteristics" have had a "dazzling" performance at some point, but at least from now on, excessive volatility has exposed their "gilding" characteristics.

The performance of asset managers who are very "very stable" can not stand the scrutiny of "absolute return".

What I call "stable"

Absolute return

The proof of one's own paradigm needs to meet three conditions: first, in the period of observable operation, the annual compound growth rate of net unit value should not be lower than the growth rate of GDP, for example, 10%; secondly, when the market rises, the net value of the unit rises no less than the market's rising degree; when the market falls, the decline of the unit net value is much less than the market decline; thirdly, the investment strategy can be made public, allowing the market to copy freely.

This is certainly not an easy task.

Current in China

asset management

In the industry, I can not see any asset manager has formed a "paradigm" that meets the above three conditions simultaneously.

Wang Yawei?

Maybe.

I have also heard the admiration of "Wang Yawei is not a human being, but a God", but Wang Yawei's premature closure of his fund has diluted the persuasion of the Wang Yawei paradigm.

But anyway, I still believe that in the next thirty years, Buffett's "China paradigm" will be able to emerge.

And this paradigm is likely to be nurtured in the brain and practice of the current asset managers.

Abandoning the rat's eyes and giving up the illegal activities of insider trading, is committed to creating a "Chinese Paradigm" of its own asset management.