Yang Guang, a native of Chengdu, Sichuan, is a doctor of medicine from Australian National University, an MBA from Harvard Business School, a famous investor and the founder of Rongyuan Capital. He used to be vice president of global equity management and a number of global fund managers of Franklin Templeton Fund Group. He is one of the few China investors who hold important positions in global fund companies.

Franklin Templeton Fund Group is one of the largest listed investment funds in the world, and the performance of funds managed by Yang Guang has been in front of Lipper's global peers for four consecutive years 10%.

1July 2, 997, the day after the return of Hong Kong, my family and I were on vacation. At the moment of gathering, I was suddenly told by many phone calls that there may be a major crisis in the financial market in Southeast Asia, and the Thai baht has begun to depreciate sharply, with the depreciation rate approaching 30%. Our investment in Thailand has also been hit hard, and the decline continues.

At that time, I had just participated in Templeton's Asian business for three months, and I was ambitious to make some achievements. Thailand is one of the markets I am responsible for. Although we had a premonition that something was going to happen and took some measures, we didn't expect things to come so quickly and violently. The joy of the holiday suddenly turned into anxiety at a loss.

From what I know, I'm really going to do something big. It's like getting on a stalled train, being hit all over, and having to make a dilemma between life and death: you will be seriously injured if you jump; If you don't jump, the car may fall into the abyss. At the same time, you will be lucky that the car may land safely and everything will return to normal soon. But in any case, you can't get away with it. You were put in a carriage.

Now that I think about it, I'm glad my panic didn't last At the critical moment, Templeton's culture and teamwork saved me, kept us calm and changed the situation. In the crisis, the words of Sir Templeton, the founder, echoed in our ears: Don't panic, stay optimistic. And his comment on this sentence: even if everyone around you is selling, you don't have to follow, because the best time to sell is before the stock market crash, not after it. Instead, you should look at your portfolio. The only reason to sell existing stocks is to have more attractive stocks. If not, you should continue to hold your stock.

Under this guidance, we accept the reality, calmly deal with adversity, forget irreparable losses, change our thinking from panicking the market situation to grasping market opportunities, change passivity into initiative, and re-examine and allocate assets according to market changes.

We are still proud that through these measures, we have suffered a lot during this period, but actually earned more and more. At that time, the international community was generally pessimistic about the economies of Hong Kong and the Mainland after the reunification, and the news of the depreciation of the RMB and the Chinese yuan was overwhelming. After careful analysis, we believe that in the long run, there is no doubt that the American economy is improving. In the precipice-like decline, it has been the second largest investor in the Hong Kong stock market after the Hong Kong government by increasing its holdings of China blue-chip stocks. Later, these investments made me get very, very rich returns, and even became an important support for my continuous performance in the top 10% of the global peers.

In this sense, I would also like to thank Storm for getting so many cheap chips. I think this is what we often say. Crisis and danger are one of the best examples of opportunities.

Of course, I am very grateful to Sir john templeton. Although Sir Templeton has been retired for eight years since he joined Templeton from 1995, I really joined the company because I admire him very much. When I entered Harvard University, I went to medical school first, and then to business school. The medical background makes me pay more attention to the pursuit of logical success and inevitable success. In the field of investment, Templeton is undoubtedly one of the top masters in the world, which is why I admire him.

As one of the greatest investors in history, Templeton has followers all over the world. This is not only because of his outstanding performance, but also because of his experience, investment philosophy and his personality. Born in poverty, he obtained a first-class degree in economics from Yale University and a master's degree in law from Oxford University by scholarship. 1939, at the age of 26, he borrowed 1000 dollars and bought 100 shares of 104 companies, among which 100 companies doubled his income. Later, he founded his own fund and developed it into the most successful mutual fund company in the world at that time. Before his death in 2008, Templeton Fund was the largest listed fund company in the world.

Many of Sir Templeton's investment ideas, such as "modesty and eagerness to learn is the magic weapon for success", "learning from mistakes", "investing is not gambling", "doing your homework", "value investment method", "buying high-quality stocks", "taking advantage of low profits", "don't panic", "paying attention to actual returns" and "don't put all your eggs in one basket". I have worked in Templeton for 15 years. Looking back on this 15 year, what I hope and think is most worth sharing with you are Sir Templeton's core investment ideas and some stories about our practice of these ideas.

"Do your homework when investing" is emphasized by Sir Templeton, and it is also the basic premise to practice his other ideas. Every time I talk about this, I always think of a story about my recent employment.

At that time, I was arranged to invest and cooperate with a European pharmaceutical factory. My boss gave me a "small task" to call Dr. 10 to find out about the sales of this medicine in the hospital. I don't think it is difficult. I prepared the phone number of 15 doctor and started to work. But the result is not as easy as I thought. A doctor told me directly and made some supplementary explanations for me. Some doctors will say, why should I tell you this? Other doctors just hung up. I talked with seven or eight doctors on the phone, and I thought it was almost over, so I simply counted the situation and reported it to my boss. He asked me how many, and I said, about seven or eight. He was very, very strict at once, completely like a different person, and ordered me to go back and do it again. Tell me that I must finish the last item, and emphasize that as long as he tells me, I will definitely carry it out without discount.

This matter has a great influence on me. I learned later that investing is like digging for treasure. You must find and study it in great detail. To be more successful than others, the first thing is to understand, analyze and study more comprehensively and carefully than others.

There is no special way to study a company. The difference is that you are really looking for the truth and judging independently. Like any ordinary investor, we will also study the market through public information. We will carefully read the annual report and brokerage report, including market intelligence and information. However, we will only look for facts from these, analyze and study ourselves, and then draw our own conclusions. We don't care about other people's conclusions, and we will never act on them. For example, rating the company, business advice and so on.

It may be interesting that we also evaluate a company from some small places. There used to be a saying in America that when a company planted tall palm trees indoors, you should sell its shares. Because once the company starts to do this, it means that its chairman thinks that he should enjoy it and the company will naturally go downhill. So when investigating the company, we all go directly to the company and don't talk in the hotel. When what you see is not necessarily true, you must go deep into the truth.

How to stay optimistic and not panic when there is a problem, in fact, the foreshadowing has been laid here when doing homework. Only by doing your own research, knowing what you are doing and believing in yourself can you be calm when you encounter problems. When investing in buying, you should think about how to sell it and foresee possible opportunities and risks in advance. Moreover, we must do what we can bear after calculating all kinds of risks.

It may be very different from some investors. When we start to buy a company optimistically, we prefer it to go down rather than up. This is also the implementation of Sir Templeton's "taking advantage of low suction".

I once led the investment in Suez, France. When it entered my stock selection, the share price had dropped from more than 30 euros to 16 euros. At that time, Tsinghua University invited me to return to China for exchange, and I provided its information for discussion. Many domestic fund managers say they should sell because they are worried about bad news. But in the long run, it is still worth buying now, and I did buy a lot at that time. In the next six months, its share price dropped from 16 euros to 13 euros. During the decline, I kept adding positions. It stopped falling after falling to 13 yuan, and then rose to nearly 50 euros per share.

If you want to get a certain high return, you must take a long-term view, turn time into a winning chip and exchange time for space. If you decide to hold it for a long time, you should pay attention to the future trend, not the current price of one piece and two pieces. This is my experience. In addition, not being greedy is also the key to a good attitude. Some people may say, 13 won't make more money if you buy it. My answer is that I am not a fairy, and it is enough to earn what I should. Don't expect to sell to the highest, buy the lowest, or even higher, just think you can.

Long-term experience tells me that only rationality and optimism can win the long term. But it is not easy to do this, because the market is often irrational. Before the Internet bubble in 2000, I was in charge of the Internet investment of Templeton Fund. There was a rule of 10 at that time. Writing 65,438+00 slides can raise 654.38+million dollars (654.38+million dollars) to build an Internet. After 65,438+0 years, the listing price of the company will be 65,438+00 times higher than the funds raised 65,438+0 years ago. I am optimistic about the Internet, but I don't think it can be such a myth. I firmly believe that madness will be washed away badly, so I adopted a strategy of not following the trend and refused to invest in high-valued stocks online, but the prices of these stocks have been rising.

This makes it difficult for me to do it. We all have to announce our achievements. If we don't follow suit, we will fall behind in a certain period of time. For a while, I was constantly questioned. Are you behind? We also have internal reflection and discussion, but the conclusion is always an absolute bubble, and investors' money cannot be thrown in.

It was also a very depressing time for me, and I was even ridiculed as an antique. Shuttling through Wall Street, I often feel like a lonely walker. Almost everyone is going up the mountain, and I am at the foot of the mountain. But I didn't waver. I think there is a great risk buried under that mountain peak, but everyone who goes up the mountain is wrong. Just like before the Asian financial crisis, many people went down the mountain and I was going up the mountain. I think everyone who went down the mountain was wrong.

It turned out that our judgment was correct. The internet bubble soon burst, and what was described as outdated before became a compliment: ginger is still old and spicy.

So, for me, optimism is not optimism and pessimism about the market as a whole. More importantly, look after yourself. No matter how good the market is, some people lose money. No matter how bad the market is, some people make money. To make an investment, you must be an optimistic person, and your eyes must always see the light. Only by constantly seeing the bright side will we persist.

Being the best of ourselves and not expecting the best market is what we should practice.

As long as you don't want to say goodbye, you should always look after yourself, especially when the market plummets, especially for those who have just entered the market. Falling is actually the best gift the market gives you. It can make you realize what the risk is as soon as possible and make you strong in the risk. Only by standing firm in the risk can we stand higher and longer, and only by seeing bright optimism in the risk can we be truly optimistic.

"The market is always born in despair, grows with a grain of salt, matures with desire, and destroys with hope." This is Sir Templeton's famous sentence, which he once gave me.

I'll forward it to you.

Attachment: Templeton Investment Rules 15

1, faith helps investment: a person with faith will have clearer and sharper thinking, thus reducing the chance of making mistakes. To be calm and firm, not influenced by the market environment, and to be open-minded and eager to learn is the magic weapon for success: those who seem to know everything actually don't know the questions they really want to answer. In investment, arrogance and self-confidence bring disaster and disappointment. Smart investors should know that success is a process of continuous exploration.

2. Learn from mistakes: The only way to avoid investment mistakes is not to invest, but this is the biggest mistake you can make. Don't worry about investment mistakes, let alone put all your eggs in one basket to make up for the last loss, but find out the reasons and avoid repeating the same mistakes.

3. Investment is not gambling: If you keep going in and out of the stock market, seeking profits at only a few price points, or selling short, trading options or futures, the stock market will become a casino for you, and you will be like a gambler, and eventually you will lose everything.

4. Don't listen to "tips": Gossip sounds like you can make quick money, but you should know that "there is no such thing as a free lunch".

Do your homework when investing: Before buying stocks, you should at least know what makes this company stand out. If you can't do it, please ask an expert for help.

6. Beat professional institutional investors: To beat the market, we must not only beat ordinary investors, but also beat professional fund managers, and be smarter than big households. This is the biggest challenge.

7. Value investment method: buy things with value for money, not market trends or economic prospects.

8. Buy high-quality stocks: high-quality companies are superior to similar companies, such as companies with leading market sales, companies with leading technology in technological innovation industries, companies with excellent operating records, effective cost control, taking the lead in entering new markets, producing high-profit consumer goods and excellent reputation.

9. Use low suction: "Buy low and sell high" is an easy rule to say, because when everyone buys, you also buy, resulting in an investment that "the goods are not worth the price". On the contrary, if the stock price is low and investors retreat, you will follow suit and eventually become "buy high and sell low".

10, don't panic: even if everyone around you is selling, you don't have to follow, because the best time to sell is before the stock market crash, not after it. Instead, you should look at your portfolio. The only reason to sell existing stocks is to have more attractive stocks. If not, you should continue to hold your stock.

1 1. Pay attention to the actual return: when calculating the return on investment, don't forget to include taxes and inflation, which is especially important for long-term investors.

12. Don't put all your eggs in one basket: spread your investment among different companies, industries and countries, or among stocks and bonds, because no matter how smart you are, you can't predict or control the future.

13. Be open to different investment categories: accepting investment projects of different types and regions, the proportion of cash in the portfolio is not fixed, and no portfolio is always the best.

14. Monitor your own investment: no investment is eternal. You should respond appropriately to the expected changes. You can't buy a stock and leave it there forever. It is euphemistically called "long-term investment".

15. Take a positive attitude towards investment: Although the stock market will fall back, or even crash, don't lose confidence in the stock market, because in the long run, the stock market will always pick up. Only optimistic investors can win in the stock market.