I wrote an article "Private Equity" in the last issue. Someone asked me what I should do if I bought a private mine. I will talk about this problem in this issue of the weekly report. The idea here is not only for private placement, but also for buying other wealth management products!

People are knives, I am fish, and wealth management products are the most real situation! Once you buy any wealth management products, you will basically be in a very passive state, because your fate is out of your control.

At this time, you are actually paying for the wrong decision made a year ago or at some point in time. However, the passive degree of different wealth management products is different. Having sufficient transferable collateral may delay time, and powerful financial institutions or administrative departments may also delay time. But if you buy a private product, you may be "boneless".

If there is something wrong with the product, you will immediately regret why you bought the company's products, and you will find that most of the reasons are worthless.

For example:

1. I bought this company's products in recent years, and there is no problem. The large-scale default of private placement occurred on 20 18, which is related to the financial positioning of private placement in the third point below. Before 20 18, many people will find that there is no problem in recent years, and the income is very high, usually exceeding 10%, even higher than P2P. If it's a Ponzi scheme, I made a video and said it would fall in less than four years, so it would be fine three years earlier. Even if it is a formal investment, the projects brought by high returns are the most tense part of the capital chain. In 20 18, the financial policy turned and tightened, and a large number of private placements immediately appeared problems. Just like my obesity in recent years, there will be no major health problems in the short term, but we all know that long-term obesity will eventually lead to major health problems. After each fixed investment expires, even the same company and the same project may have different results.

2. The corresponding company promises to make up the difference and guarantee the principal and interest. I once said that guarantee commitment is the most unreliable risk control measure in finance. I have never found that guarantee plays a role in the substantive breach of private equity in this decade. The reason is simple, if the subject is not at his wit's end, no one will be willing to breach the contract. After all, there are two ways to pay back the money: one is to borrow chickens to lay eggs, and when you make money, you can naturally afford it. The other is to borrow the new and return the old, and breach of contract will break the second road. So this guarantee is actually meaningless. The most untrustworthy thing in the investment process is the mother-child guarantee, and the external guarantee is only the result of wrangling.

This private company is very famous. CITIC Capital should be the most famous fixed-income private placement. However, in recent years, the amount and amount of mine explosions are surprisingly high, and many of them are obviously pits, but they still dare to invest.

I once heard a scholar say that more than 30% of the graduates of China Tsinghua Peking University are engaged in finance, which is the sorrow of the country. But I want to say, do you have to make a good investment if you have a high degree? Private placement license has low gold content. If the brand is gone, you can change your vest to continue. So don't look at the signboard in the process of investing in private placement, because there is no such thing as redemption in private placement funds.

The above three points are the most common situations, and when a local mine explodes, you will find that only collateral is the most reliable in the end.

1. Confirm that the collateral is the first mortgage order, and there are no other problems. The first mortgage order means that if you breach the contract, you have the priority to deal with and compensate this mortgage. Because private financing is usually the last choice of enterprises, it is very likely that relevant enterprises have applied for mortgage loans in banks or trusts. If there is no explanation, then neither the company nor the collateral will be recognized, so we must confirm the right first.

2. Whether the collateral is sufficient for circulation, we want cash, not collateral. So we need to examine whether the mortgage is sufficient and easy to circulate. This is a systematic project, and I will write an article specially when I have the opportunity in the future.

3. Do private enterprises have rich experience in dealing with such problems and ask cases?

Dealing with collateral is a systematic project, and more importantly, whether the relevant private equity firms are reliable can only be proved by past cases. If he says that he has never breached the contract and the collateral has not been disposed of, he must be lying to you.

Tell a short story I made up: If I am the general manager of Wuhan Jiangxia Ai's Real Estate, I want to develop a real estate project worth 65.438+0 billion on the edge of Junyun Village in Jiangxia, but my funding gap has reached 3 billion. What should I do if I want to finish this project?

1.432 standard, preferred by land mortgage banks! 4 certificates are complete, 30% of them have their own funds, and their qualifications are above Grade II. With this standard, it is possible to apply for development loans from banks. However, at present, banks are generally tightening real estate loans, and Jiangxia does not belong to the main urban area within the Third Ring Road of Wuhan, so the qualification will be almost the same, and the possibility of not getting money cannot be ruled out. But banks are the first choice, even if the basic interest rate doubles, it is still the cheapest fund on the market at present. We estimate the financing cost of 9 points.

If possible, I hope to issue bonds through the financial market. Of course, this condition is relatively high, and it is possible for an enterprise like Evergrande to issue tens of billions to pay its debts. This is also one of the lowest ways to obtain funds in the market at present, and the time is longer than that of banks. Generally, coupon rate will not exceed 8 points, even lower for large enterprises, and less than 5 points for Vanke.

3. The national policy is tightened, the qualification is not enough, and trust is sought. Under normal circumstances, it is no problem for me to find a trust for this project, mainly at the interest rate level. Under the current market standard interest rate, the main cost of trust financing of Evergrande, Sunac and Jinmao is about 8.5%+ 1% trust industry deposit+1% sales expenses+trust company profit of 2-3 points, generally about 13%.

4. If there is still a funding gap, individuals and enterprises guarantee to find private placement. Under normal circumstances, I will only consider private placement when the amount of bank and trust financing is insufficient and there is still a funding gap. Because the capital cost of private placement is too high: the customer income is between 10%- 12%+ sales commission 2%-3%+ private placement profit 3%-5%, and the total will be very close to 18%-20%. However, from 2065438 to 2008, the average profit rate of the top five real estate projects in China remained between 20% and 24%. So if I use a lot of private equity funds, I have no profit at all. Besides, large funding gaps must be passed through banks and trusts, and land and projects under construction are usually mortgaged. The purpose of borrowing money from private equity is only to fill a small funding gap and guarantee it with company credit.

If the company eventually has problems and the project is unfinished, the bank is the first creditor to deal with the assets first, and the private placement with the highest interest rate ranks last. The company went bankrupt, so did I, and the guarantee was meaningless.

In fact, it is not difficult to see from this small example that you buy private equity because of the high interest rate, and people who run businesses normally will give priority to low-interest funds. Only when there is no way can we think of a higher interest channel. Trust is already a substitute. Let's arrange our own private placement. And because of the high interest rate, both the right to dispose of mortgages and the order of repayment are behind. However, high-quality collateral is definitely the first choice for institutions offering low interest rates. This is also the basic iron law of investment: risk is directly proportional to income!

We talked so much before we got to the point, because we must first recognize our own situation and not have illusions. After default:

1. Don't be in a hurry, collecting evidence is the first priority. At this time, the financial management Committee of the private equity firm tells you a lot to calm your emotions and not get excited. Because they can't help it without asking you. Instead, you should record conversations and ask them to repeat the promises they made to you when selling your products. There will be many exciting sales words in private sales, which will make you make an impulsive decision.

Pay attention to the salesman who sold your products at that time. The salesman took at least 2-3 points of commission in this transaction, which is one of the direct beneficiaries. So keep an eye on him, and you'd better get the identity information. If there is a legal dispute in the future, it is very important to force him to be your main witness, because it is an inevitable result to shirk.

3. Pay attention to whether the legal person of the relevant company has changed. Before and after some problems in private placement, the change of legal person is a very bad signal, which usually means that the relevant principal wants to get rid of the golden cicada. Once this happens, you can't wait for a moment, you need to deal with it immediately. At present, spending some money to find a "black" top package is the most common means of black finance.

4. Don't trust the repayment promise. Many private equity firms will promise to repay money again and again after problems in private placement, but it takes time, that is, a decision. At this time, many investors will be silly and wait until one day the salesman who sold your products resigned, the company legal person changed, and the project assets were disposed of, only to find that it was too late. When a project breaks the contract, it means that the management is out of control of the project management. At this time, it must not wait.

1. Don't wait passively, prepare to ask a professional lawyer to confirm your legal rights. Before this process, we must collect relevant evidence, find evidence of excessive commitment of business personnel, find evidence of irregular asset management, identify relevant responsible persons, and seize the time to go through legal procedures.

2. Contact the investors who buy the corresponding products and report to the Group for handling. After all, not every investor is a 500 million investor in Zhongtai Securities and the only buyer of products, so it is necessary to agree that most investors act in concert. In order to prevent the asset management from rejecting your direct involvement and in-depth understanding of the project on this ground.

3. Accelerate and completely control the progress of mortgage loan processing. The core of dealing with private equity products is to speed up the mastery of collateral. Even if it cannot be handled directly, it is necessary to participate in and understand the relevant situation at the first time. If the collateral is valuable, there is still the possibility of recovery. If there is no value or collateral at all, there is too little to do. And through the process of understanding and dealing with collateral, you will find the internal risk control level and problems of private equity companies in the whole project process, and provide support for rights protection.

When people are unlucky, drinking water always fills their teeth. This is because either your tooth is cracked or there is something in the water! There is something wrong with investment because of your choice thinking and mode. If you can't sum up the relevant reasons clearly, it will be very foolish to continue to invest rashly.

A few years ago, I went to the official WeChat account to tell you what financial fraud is. Later, I found a particularly interesting phenomenon: there are a large number of scammers hidden in the rights protection groups of various investment victims. For example, there are salesmen of major stock exchanges in the postal currency card group, and there are also victims of various equity scams. Why is this happening? Actually, it's easy to think about it. The person who bought the postal currency card shows that he believed it at first, but now he has lost money, and all he can think about is turning over books. At this time, he has two elements of the transaction: the first is the product demand, and the second is the impulsive emotion brought by the consciousness of turning over one's own income. Therefore, when an investor has just bought a high-yield private placement product, he is more likely to make more serious mistakes than before if he meets a "master". This may be human nature.

So when there is something wrong with your investment, it is the right choice to stop and rest, adjust your mentality, avoid it for a while, and then look forward.

Summary: Private investment is not suitable for ordinary people, this is a jungle world! No matter what kind of private equity products, there is no threshold, that is, all kinds of ghosts and gods who yearn for money will come here. Even the Tang priest riding a white horse came here, and it was hard to get away without the protection of the discerning monkey.