In 1965, the chairman of the company's board of directors retired due to old age, but he strongly opposed handing over the position to the popular Cai Zhiyong.

Cai Zhiyong was quite indignant and immediately resigned from the company and set up his own business - Cai's Management and Research Company with US$2.2 million in capital, operating mutual funds and investment research and consulting businesses, and started his own business.

‘☆How did Cai Zhiyong gain the reputation of “having the Midas touch”?

In February 1967, Cai Zhiyong, who had just established his own business on Wall Street, saw that people were no longer satisfied with depositing money in the bank and earning meager interest, and launched five funds in one go, surprising the investment giants on Wall Street.

It should be said that even for a strong old company, it is not easy to successfully launch so many funds at once.

On the first day of trading, Cai's company's "Manhattan Mutual Fund" raised 270 million yuan, setting a new record on Wall Street, the home of the American financial community.

This earned him the reputation of having the Midas touch.

It is said that this record has not yet been broken.