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Time passed unknowingly, and it was time to close in the afternoon.The office has changed from the original tense and serious atmosphere to a relaxed and happy atmosphere. After a week of work and life, Chen Yi has adapted very well.

As the so-called habit becomes natural, he will no longer look around as strangely as he was when he first arrived at the company.

At this moment, Li Shan's voice rang out: "Yi, are you busy? It's closed. If you are not busy, I will tell you about your research report?" A report in hand.

It turned out that Li Shan had revised the report submitted by Chen Yi and printed it out.

Chen Yi hurriedly said: "Brother Li, I'm not busy. If you are okay, let's talk now?"

Li Shan nodded and then took the lead to get up and walk towards the conference room. Chen Yi knew that this was to prevent disturbing other colleagues' normal work, so he followed.

Sitting opposite each other in the conference room, Li Shan flipped through the research report in his hand and said: "I took a look. The structure of the report you wrote is relatively complete, whether it is industry conditions, profit models, and upstream and downstream industries. The bargaining power of the company in the upstream and downstream, or the company's own status in the industry or the company's own situation, management, equity structure, financial situation and other factors, there should be some, and the writing is more comprehensive."

When Chen Yi heard Li Shan say this, the corners of his mouth raised a smile unconsciously.

This is Li Shan's change of words: "But as a fund practitioner and you as a fund researcher, this report lacks something very important."

Chen Yi was taken aback when he heard the words, and asked, "What is it?"

Li Shan said, "What is your research report for?" Chen Yigang wanted to speak, and Li Shan asked and replied: "Your research report is for fund managers, that is, to me. I wrote it based on yours. The report makes decisions. The report you are writing is very comprehensive, but compared to the research report, it is closer to a summary of information. Look at the report that you wrote is more than 70 pages, which introduces the company in detail. In all aspects, you are suitable for someone who does not know the company at all. It is a waste of time in actual work. You only need to know that what we are doing is securities investment. To put it bluntly, it is professional stock trading. Yes. You are responsible for selecting the company that you think the stock price will rise, and tell me the reason for the possible rise through the analysis report, about how long the stock price will rise, and what position it can rise to. In fact, it is fine. It’s so troublesome to write. You have to remember that you should not just do things in the future, you must first understand why you are doing this and what effects you want to achieve, so that you can know what is the main thing when you are doing things, and what is the secondary If necessary, time can be saved and unnecessary consumption can be avoided, so that we can achieve twice the result with half the effort."

Chen Yi nodded when he heard the words. He knew that Li Shan was teaching him.These are all content that plays a vital role in improving his ability.

Li Shan continued: "Investment should still be based on value investment, that is, the value of the investment target. We will only buy the stocks of valuable listed companies."

Chen Yi asked, "Brother Li, what is valuable then?"

Li Shan continued: "Value is generally embodied in two aspects, divided into present value and future value. Among them, present value can be divided into two aspects, one is absolute value, the other is relative value. "

Chen Yi listened with a dazed expression and became more confused.

Li Shan saw the blank look in Chen Yi's eyes and Zou frowned, but still explained: "The absolute value of value now means that the market value of the stock price is lower than the net value, which means that even if the company is now bankrupt and liquidated, If you can’t continue your business anymore, you’ve closed down. After you sell the company’s property, you will distribute the remaining money to the shareholders. You will make a profit. The money you get is more than the money you spend on stocks.

The relative value of the current value means that the valuation of a company is far below the valuation that it should enjoy. There may be many reasons for this situation, but this situation generally does not last for too long. The actual valuation The value will return to the normal range of valuation he should enjoy.This process is called value regression, which means that a company was originally undervalued, we bought it, and then we sold it when it returned to a normal valuation level, so that we could make money."

Chen Yi nodded and asked: "I understand what you said, Brother Li, but how should we value a company? How do we calculate it? I often heard "valuation" before. I have checked a lot of information and there is no formula for how to calculate the valuation?"

Hearing Chen Yi’s words, Li Shan smiled: "Yi, you may have just joined work, and many of your thoughts have not been transformed. It’s not like you are reading books and doing problems in school. Each problem has a certain algorithm and is related. The theorems, definitions, concepts, and formulas of. Since you have checked the information, you should know that there are many formulas, methods, and models for calculating value, but they all have certain flaws. Valuation, valuation, the focus is on the word "estimate", since it is How can there be an accurate answer to the estimate. For example, a very important stage in the valuation process is to estimate and imagine the future of this company. Just talk about this interpersonal thinking It's not the same. How can you come up with a formula, method or model to accurately calculate the valuation?"

Chen Yi nodded without understanding, feeling that what Li Shan said was reasonable, but then he had a new question: "Brother Li, in this case, how did this valuation come from? I can't imagine it out of thin air. , Nonsense, right?"

Li Shan nodded: "There must be a certain basis. For example, you can refer to what kind of valuation the market usually gives to similar companies at similar stages in history. In comparison with the current overall economic environment and At the time, the company’s valuation was adjusted to some extent based on the difference, and a few more companies were referred to. Wouldn’t there be a relatively reasonable valuation."

Chen Yi nodded when he heard the words, and continued: "I understand. Brother Li, I understand both the absolute value and the relative value of the current value. Then what does the future value sometimes mean? How to find it?" Li Shan heard the words. : "The future is valuable, which naturally means literally. The future of the company is valuable. As for how to find it? There are many ways."

Speaking of Li Shan, he drank, and continued: "The future is valuable, this is also very simple, that is, the future is valuable." After speaking, he looked at Chen Yi with a smile on his lips.