Chapter 244：

Time passed unconsciously, and it was time for the close of 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 is natural, he will no longer look around as strangely as when he first came to the company when he got used to it.

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, what shall we say now?"

Li Shan nodded and 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 status of the company itself 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 corner 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 was written for fund managers, that is, for me. I wrote it based on yours. The report makes the decision. 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 you wrote, which is more than 70 pages, and introduces the company in detail. You are suitable for someone who doesn’t know the company at all. It’s a waste of time in actual work. You just need to know that what we do is securities investment. To put it bluntly, it’s 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. This is actually fine, you don’t need you It’s so troublesome to write. You have to remember that in the future, don’t just do things, but first understand why you are doing this and what effects you want to achieve, so that you can know what is the main thing and what is the second thing when you do something. 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 also the 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 even more confused.

Li Shan saw the blank look in Chen Yi’s eyes and Zou frowned, but still explained: “The absolute value of the 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, you’ve closed down. After you sell the company’s property, you will distribute the remaining money to the shareholders.

The relative value of the current value refers to the valuation of a company that is far lower than 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 valuations 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 have often heard "valuation" before, but I 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 the thoughts between people. 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 that time, the company’s valuation was adjusted to a certain 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. This is naturally a literal meaning. The company's future is valuable. As for how to find it? There are many ways."

Li Shan drank his mouth 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.