ngtbigpit|杨德龙：为什么巴菲特出手两次中国股票就有这么大的收益
Special topicNgtbigpitBuffett shareholders' meeting 2024 Sino-American investor reception
On the afternoon of May 4, local time, the 9th Buffett shareholders' meeting hosted by Sina Finance was held at the Marriott Hotel in downtown Omaha. The reception was the largest and most influential investor exchange event during Buffett's shareholders' meeting. Investment elites, leaders of Chinese public and private equity funds and securities firms, and executives of listed companies attended the meeting, which opened a high-quality dialogue.
Yang Delong, Executive General Manager of Qianhai Open Source Fund, attended the meeting and delivered a speech. 'a lot of people complain that they can't make money in A-shares and Hong Kong stocks, but if you think about it, Buffett only did it twice, once in Hong Kong, once in PetroChina and once in BYD,'he said. The former held for 10 years and made a tenfold profit of HK $20 billion. The latter held it for 13 years and earned 30 times. Can you still complain that A shares and Hong Kong stocks are not suitable for value investment?
The following is a transcript of some of Yang Delong's speeches.Ngtbigpit:
Many people look at their investments with rearview mirrors, looking at the performance in the past three years, thus leaving an impression that investing in A shares and Hong Kong stocks does not make money. Buffett said that if there is no investment in research and technology, it is like driving behind closed doors, that is, we have to move on. Although Buffett did not specify his views on China's economy and stock market this time, his successor, Greg Abel, made it clear that many companies in China are grossly undervalued. Will he increase his investment in the Chinese market in the future? I think it's possible. But his main investments must be in U. S. stocks, because he knows the rules of the U. S. market. But it's still possible for him to do it at a critical moment. Many people complain that they can't make money in A shares and Hong Kong stocks, but if you think about it, Buffett only made two moves, both in Hong Kong stocks, once in PetroChina and once in BYD. The former held for 10 years and made a tenfold profit of HK $20 billion. The latter held it for 13 years and earned 30 times. Can you still complain that A shares and Hong Kong stocks are not suitable for value investment? Why is it that Buffett can make such a big profit with two shots, and the company he buys is not a minority company, but a company that everyone knows, just because you have really made a good value investment? do you buy these good companies that represent the direction of the economy when the stock price is seriously undervalued, and when the bubble is big, you still have to sell, because the A-share market is very different from the US stock market? Because US stocks have a history of more than 100 years, A shares have a history of only more than 30 years. In other words, the US stock market is more mature, there are more institutional investors, and the A-share market is dominated by retail investors, and there are often opportunities for mispricing, and good companies can make you doubt your life; bad companies can also be fried into the sky. But it is precisely because of this characteristic of A shares, if you do value investment in A shares, if you can do the right operation, the right direction, you will achieve more excess returns.
