Jiang, 1985 was born in Zengcheng, Guangzhou. 10 began to study stock trading at the age of 0, became a trader at the age of 20, managed more than 100 million yuan at the age of 25, and founded Wanxiang Capital and served as the chairman at the age of 26. After seven years of bull-bear alternation, many traders and fund managers have disappeared. However, at this worst time, Jiang stood at the forefront of the times, founded Wanxiang 1 and became the pioneer of hedge funds in China.
The first thing that caught the attention of CCTV reporters was a Weibo named "Jiang Weibo". Weibo's speech is humorous, stern and mature, criticizes the current disadvantages, and laughs. He has also become a celebrity Weibo sought after by many young people. CCTV reporter interviewed Jiang, the youngest fund manager in China, with a series of questions.
Jiang was born in an ordinary family, and his father was the first generation investor in China. He often talks about stocks and gold with several shareholders. Jiang's childhood was spent in reviewing stock reviews. In 2005, when he was a sophomore, he studied all the books on securities investment in the school library in order to study securities investment comprehensively. In addition, through various channels, I have collected many videos of securities investment, watched and studied them repeatedly. Standing at the starting point of the big bull market in 2005, Jiang won many battles in stock investment and became famous for a while. All kinds of funds poured into him, which made him embark on a career as a trader. In my junior year, I rented an office off campus and set up a securities investment studio. At that time, many investors came here to consult. Jiang wrote a set of stock investment tutorials for this purpose, giving one-on-one guidance to investors. This move is the first in the industry, and Jiang Ye became the first stock mentor in China!
Dreams are the second life of mankind. In the bleak bear market, many sunshine private placements were liquidated, and the relevant fund managers left their jobs, and private equity funds were controversial and questioned by all walks of life. Jiang holds different views on this. He believes that the loss of individual investors represented by retail investors lies in the lack of correct investment ideas, asymmetric information and irregular operation; The reason for the liquidation of institutional investors represented by Sunshine Private Equity lies in the lack of short-selling mechanism, the failure to form a sustainable scientific trading system, and the judgment based on team consciousness.
The emergence of stock index futures and refinancing indicates that China's capital market has entered a two-way trading era of short selling and short selling. This undoubtedly puts forward higher technical requirements for individual and institutional investors. The capital market will also enter the era of inter-agency game! "All this tells us that the broad prospects of private equity funds will set off the third wave of wealth after real estate and the Internet!" Jiang is full of longing for private equity funds. Maybe this is a dream. However, dreams are the second life of mankind!
"Guanxiang No.1" creates a new business card for Dongguan city. When modern finance proves that the financial market has laws to follow and can be expressed by mathematical models, a financial revolution around risks and benefits has quietly begun. And Jiang is the person who brought this revolution to Dongguan!
Guanxiang Capital's innovative financial investment has created a precedent for Dongguan finance and injected new strength into Dongguan's economic transformation and upgrading! "Dongguan is rich in private capital, but it lacks good investment channels in the market environment dominated by processing trade. Guanxiang Capital hopes to promote scientific and technological innovation with financial innovation and contribute to the high-level rise of Dongguan! " When asked why he chose Dongguan, Jiang made the above answer. As the first hedge fund in Dongguan history, "Wanxiang 1No." is known as the new business card of Dongguan!
The transaction of "Guanxiang No.1" is not a value investment in the traditional sense, nor an investment based on fundamental analysis and technical analysis in the simple sense, but a computer mathematical decision-making system transaction based on a large number of transaction samples, and the income comes from the irrational wrong operation of many participants in the market. The core members of Guanxiang Capital are all from financial courses. Using modern financial theory, they designed a quantitative-oriented financial model, made statistical analysis of investment targets and their derivatives, and constructed a rigorous investment portfolio to achieve the goal of long-term, stable and sustainable returns.
At the end of the interview, Jiang was deeply moved. He told CCTV reporter: "Private equity funds in China are still in the early stage of development and need the support of relevant departments in policies and laws! In addition, China's financial industry needs more young people to pass on! " CCTV reporter wishes Wanxiang Capital to thrive and "Wanxiang No.1" will win! Abstract: In 20 12 years, China's wealth management market developed rapidly, and the scale of private funds absorbed by the asset management market reached 10 trillion yuan. The domestic wealth management market is in a competitive state, and private equity funds are the main battlefield of this river and lake. Jiang, the name is no stranger to investors; He is always high-spirited and resolute. A 27-year-old young man can't help being different in the high-risk industry of private placement. Jiang Guodong, Chairman of the Board of Directors of Guanxiang Capital, is an outstanding representative of the post-80s dialogue in CCTV's Struggle column.
The following is an excerpt from the interview:
Moderator: Please briefly summarize your experience. Also, if a goal is set, will it be adjusted frequently?
Jiang: In 2005, I entered the securities and futures industry and experienced the alternation of bulls and bears. So far, I have been working hard in this industry unswervingly. Since childhood, I have been a small retail investor, lecturer in stock review, trader and founder of Wanxiang Capital. My identity has changed along the way, but my goal of taking root in the financial industry has never wavered!
Moderator: Can you sum up, what is the biggest gain and loss of your business in recent years? Give some advice to people who are ready to start a business or are starting a business?
Jiang: Starting a business allows me not to waste time, which is the biggest gain. Living in peacetime, I think nothing can be called "lost". Summarizing the road I have traveled, I can give the following suggestions: First, don't be afraid; Second, unite all forces that can be United!
Moderator: Do you think your success stems from luck or strength? What is your biggest difficulty?
Jiang: Accidental success is bound to die of necessity! Success is a series of attempts, and no one can reach the sky in one step. I don't think I have met the biggest difficulty. The biggest difficulty is always in the future, because we survived yesterday and today.
Moderator: How do you understand adventure?
Jiang: I'm willing to take a risk with good reason. Trying without a plan is not an adventure, but a chance. My career runs through adventure, and people who are timid and not good at adventure are not suitable for the financial industry at all.
Moderator: What do you think of network resources?
Jiang: In a human society like China, human resources often become the primary productive force. But I don't approve of paying too much attention to pleasing and loving others. Only when your own strength is strong will someone value you and trust you.
Moderator: What do you think of opportunities and opportunities?
Jiang: There has never been a savior! One can't say that there are no so-called opportunities and opportunities in one's life. Everyone's cognition and grasp of opportunities are different, and the final result is different. When you make up your mind to succeed, the world will open the door for you.
Compere: Compared with your peers, what is your biggest difference?
Jiang: I just walk fast, not far. If I were fifty years old, people wouldn't think I was any different. If there is anything different between me and my peers, it is that I insist on studying! Many peers stopped studying after graduation. I pay more attention to studying in society. I have always thought that "the university is a small society, and the society is the real university".
Compere: Do you have any hobbies after work?
Jiang: Weibo, playing chess, running and thinking are my usual hobbies, and even negotiation at work is my hobby.
Moderator: What is the biggest mistake made by the generation after 1980s?
Jiang: For various reasons, the post-80s generation pursued a stable life prematurely and bought a house for the whole family. The living conditions of "house slaves" restrict their innovative thinking, so they dare not make much changes in their work and life. Of course, this is not a post-80s case, but a mistake that all young people are prone to make.
Moderator: Some netizens commented on your high-profile works online. How did you respond?
Jiang: The so-called high profile is just others' comments on my way of doing things, not my original intention. I will do my work according to my own style, and I can't control others' comments. Besides, I don't think there is anything wrong with "high-profile". No matter what "tone", doing a good job is "good tone"!
Moderator: Please talk about your outlook for the future.
Jiang: China's economy is in a transitional period, and many emerging industries provide us with broad development space. In the future, I hope to do more valuable and meaningful things as much as I can. After 80s, private equity fund managers kept coming onto the stage, watering the fertile soil of asset management with their courage, passion, self-confidence, diligence and innovation, hoping to make their own contribution to the hedge fund industry in China. Jiang, 1985, a native of Zengcheng, Guangzhou, with the first multi-strategy hedge fund "Vientiane 1" in China, hopes to take root in Dongguan where the rich gather.
Become famous at a young age
The name Jiang first caught my attention because of an article by CCTV, "Private Young Xia Jiang: Don't be President, Be a Trader". The young man's confident personality aroused my great interest.
However, after meeting Jiang, my preconceived view was subverted: Jiang is not the kind of flamboyant personality I expected, but pragmatic and calm, not impatient, with his own judgment on his own advantages and disadvantages and a sound plan for the future.
Jiang was born in an ordinary family in Zengcheng, Guangzhou. His father is the first generation stockholder in China, and he often talks about stocks and gold with several stockholders. Jiang's childhood was spent in reviewing stock reviews.
At the end of 20 10, with the downturn of the stock market, most of Jiang's energy was transferred to commodity futures and stock index futures. At the age of 26, he founded Wanxiang Capital and served as the chairman, and began to issue the first hedge fund in Dongguan.
Being famous at a young age may make many people get carried away and lose their way. Jiang is very aware of his current situation. He believes that as long as he does a good job in technology, he will try his best to make more strategies that can stand the test of the market and make his performance grow steadily. As long as the performance can grow steadily and perform well, and cater to the characteristics that local rich people in Dongguan do not require high returns and high risks, there is no shortage of funds.
At the same time, Jiang also clearly realized that since his team is basically born in the 1980s, he is very young in the private equity field, and his advantage lies in concentration and innovation. I believe that as long as he concentrates on one thing, he will get very good grades. On the contrary, it is precisely because they are young, have little social experience, and are still at a disadvantage in social communication and personal connections. Therefore, their markets are outsourced in the form of outsourcing to investment companies, chambers of commerce, banks and so on. , and achieved good results. Innovation is another feature of the young Jiang team. When the traditional sunshine private placement faced difficulties, Jiang's Wanxiang 1 adopted a brand-new quantitative hedging model and took the lead in introducing the concept of "multi-strategy hedge fund".
Multiple strategies refer to the fund manager's ability to allocate funds in different investment strategies according to expectations, including but not limited to convertible bond arbitrage, stock hedging, statistical arbitrage, M&A arbitrage, and adopting unique strategies that are not in line with the above strategies. The advantage of capital diversification is that it can reduce risks, smooth profits, reduce fluctuations, and reduce the risks of asset classes and single strategies.
The fund managers of Wanxiang Capital will switch between different strategies and seize the opportunities brought about by market cycle changes. The computer mathematical decision-making model adopted by Wanxiang 1 is to trade according to quantitative hedging and trend trading. Its theoretical basis is: (1) The price fluctuation is not completely random, and its non-random part (trend) exists, which can be tracked and identified; (2) There is a trading strategy to achieve positive expectations at a given risk level; (3) Quantitative trading can overcome human weakness and achieve sustained and stable profits at a given risk/return level.
Jiang believes that although there is still a "talent shortage" in the development of hedge fund industry in China; Single investor structure, immature investment concept and limited marketing channels; Policy constraints and other bottlenecks. However, he believes that with the rapid development of China's financial market, the bottleneck restricting the development of China's hedge funds is quietly changing, and China's hedge fund industry has a huge future development space and bright prospects.
Investment is a job that needs experience accumulation, but with the arrival of quantitative investment, the factor of age experience is gradually weakening. The end of hedge funds in China has also increased the vitality of this industry. With some post-80s private equity fund managers on the stage, it has also injected a fresh air into the industry.
The road of asset management is very long, and it needs to go through a lot of tempering and bumps. Young, with unlimited possibilities, is capital and needs to be honed. Perhaps the road to investment will not be smooth sailing, but after setting sail, I wish this young and confident force can go further and better, bringing an alternative atmosphere and more young hopes to China's asset management.
Dialogue:
The Bottleneck of China Hedge Fund Industry
Private placement network: What bottlenecks do you think exist in the development of hedge fund industry in China?
Jiang: First of all, there is a "talent shortage". In China market, the reality faced by the development of hedge fund industry is that the wealthy class in China is very open and enthusiastic about hedge funds. However, there are very few professional institutions and talents with real hedge fund management ability in China, and professional absolute return investment management talents are even less.
Second, the investor structure is single, the investment concept is immature and the marketing channels are limited. Investors of overseas hedge funds mainly come from insurance companies, pension funds, university endowment funds, banks, high-net-worth individuals and senior family management funds. At present, most institutional investors in China, such as social security funds, are not allowed to invest in hedge funds. The main sources of private equity funds are some enterprises and high net worth people. As a result, a large part of private equity funds basically do not control risks when operating.
Third, the limitations of the policy. First of all, the tax is too high, and the state's tax burden on fund investment is too high, which makes the development of hedge funds difficult; In addition, the relevant laws on investor protection also need to be improved.
Futures trading is more systematic and the technology is well done.
Private placement network: What do you think is the difference between doing stocks and futures?
Jiang: When you make quantitative investments and look back at stocks, you will find many differences. Doing stocks is mainly a perceptual knowledge. When to buy, when to sell, how much to buy and how long to hold positions, there is no system at all. All are summarized by traders, or decided by a team and investment Committee. I think it is sloppy compared with futures.
Like futures, when to open positions, when to close positions and when to stop losses are systematic. In the process of trading, we don't participate in any artificial thoughts, and all ideological decisions are made after hours. For example, at 3: 30, we will get together to discuss what the trend will be like tomorrow, but we will not discuss it during the transaction, and it will be automatically executed by the computer.
Private placement network: how many people are there in the quantitative team?
Jiang: the whole structure of our company is divided into three parts: first, in terms of technology and transaction, the transaction is mainly in Guangzhou, with three people; Second, I am responsible for management. In Dongguan, there are eight people in the management. Third, the market, our specialty is not to do the market, our specialty is to do a good job in technology and management. Whose market? All our markets are outsourced to others, investment companies, chambers of commerce, banks and so on. Let them help me do the marketing. We just need to do a good job in technology and management.
Private placement network: there must be many strategies to write for quantitative investment. How many people are involved in strategy formulation?
Jiang: There are five investment decision-making committees, all of which are full-time and very devoted. Dongguan is very different from Shanghai and Shenzhen. I went to Shanghai and Shenzhen to communicate with some colleagues. There will be many peer meetings and exchanges in Shanghai and Shenzhen, but not in Dongguan. This may lead to short-sightedness and narrow-mindedness, but the advantage is that you can reduce many activities and specialize in technology.
Do technology, we don't want to be rough. We would rather not take over the business than do a good job in technology. First, practice basic skills in a down-to-earth manner and formulate more strategies to lay a solid foundation for sustained profitability.
Private placement network: How many strategies are you running?
Jiang: We have formulated the 12 strategy, but not every strategy is suitable for different markets every day. There are four strategies used every day. As for which four strategies are used every day, it depends on the specific market situation. If we use these four strategies today, we may not use them tomorrow.
The research strategy is divided into two parts, one is the shock market, the other is the trend market. We adjust our strategy dynamically, instead of using the original strategy every day. Strategically, commodity futures and stock index futures are the main ones, especially stock index futures, which are mainly the main contracts.
Private placement network: quantitative investment needs to constantly update its strategy to adapt to the market. Will you be under pressure in this regard?
Jiang: The market is changing, and the strategy should be changing all the time, so as to meet the market demand. The market is not good, the pressure is high, the market is good, and the pressure is coming. There will always be pressure, but this pressure is not deliberately exaggerated. It is quite difficult to invest and do business.
China's first multi-strategy hedge fund
Private placement network: you have been doing stocks. When did you start to do commodity futures?
Jiang: Stock index futures will be made in the second half of 20 10, and commodity futures will be made earlier, but on a small scale. The system for commodity futures should end at 20 10.
Private placement network: the future direction of your company is to quantify investment and hedge this piece? If the market improves in the future, how to allocate funds?
Jiang: The investment scope of Guanxiang 1 includes commodity futures, stock index futures, bonds, securities and TOT. Once the market is good and we feel that the stock can be invested, we will enlarge our position. We have this strategy.
Private placement network: Do you invest in A-shares through quantitative hedging strategy or simply do more traditional strategies?
Jiang: We have three conditions for stock selection: small plate, low price and high quality. Meet these three conditions, and we will invest. When investing, we choose stocks in the stock pool, and we will sell some of them when they go up. We should know the stocks very well. These are not our mainstream businesses.
Theoretically, Wanxiang 1 is the first multi-strategy hedge fund in China. This kind of fund exists in Sweden, but not in China. We introduced him. What is a multi-strategy hedge fund? For example, Wanxiang 1, capital 1 billion, I divide it into10100000. Every 10 yuan has a set of strategies, and each set of strategies has a trader in charge. 10 sets of strategies, there may be three or four sets of strategies that are wrong, so the profit results under multi-strategy trading will be more stable. Everyone who does futures knows that it is not difficult for futures to make money for a while, but it is more difficult to control the retreat after making money.
Homeopathic grading, dynamic take profit and stop loss.
Private placement network: what is the investment concept of your company's overall investment system?
Jiang: Going with the trend, we will not predict and judge how the future market will go, but divide the market into several categories: shock market, trend market, first shock then trend, first trend then shock and so on. We will use quantitative technical indicators to identify whether the market is in a volatile market or a trend market, and adopt corresponding strategies.
Private placement network: what indicators do your company value in quantitative investment?
Jiang: In stock index futures, we pay attention to price, quantity and shape. Do commodity futures, value fundamentals.
Private placement network: What is the risk control of your company?
Jiang: First, the biggest advantage of the multi-strategy mentioned just now is risk control, because 1 billion can be distributed to 10 traders, and 10 strategies can be managed. Every team sometimes makes mistakes. 10, three or four people may make mistakes, which is equivalent to diversifying investment, that is, smoothing risks.
Second, in terms of stop loss, we stipulate that 80 points and 70 points will be forced to close the position, and 3 million will be entered by ourselves. Risk control is very strict, because your own money is in it, can you take the risk? Impossible, risk control will cater to the investment style of local bosses in Dongguan.
Private placement network: there should be some hard indicators in terms of take profit and stop loss, right?
Jiang: Yes. There are many ways to make a profit. Some strategic profits are profitable when they reach any index, such as volume and price. The other is grading take profit and dynamic take profit. Buy one hand and earn 5000 yuan. When you withdraw to 4000 yuan, you will make a profit. Do not retreat, continue to rise to 10000 yuan, and then retreat to 8000 yuan, take profit.
Stop loss indicators are similar, including hard index stop loss and dynamic graded stop loss.
The youngest private equity team in China.
Private placement network: What is the background of your team members?
Jiang: The background of the team members is mainly centered on me, and some of them are trading stocks with me. In terms of age, they are basically post-80 s. Among the private equity firms in China, the members of our company are the youngest. Our members have never worked in financial institutions such as brokers and banks.
Private placement network: Do your team members have programming skills?
Jiang: Yes, Mr. Liu, the investment director, majored in engineering. He worked as a database administrator in his previous unit for more than ten years, and he likes stock trading and futures. He combined the two aspects, and finally we made an investment together.
Private placement network: the employees in your company are still relatively young. What do you think are the strengths and weaknesses of your company?
Jiang: The advantage of our company lies in its concentration and technology. We outsourced this part of the market, and I didn't go to any activities with the technical team. We believe that as long as the technology is done well, our market is there. When we do something with great concentration, the effect will definitely be very good.
The company's disadvantage lies in the market. Company members are young, social experience may not be enough, and there are shortcomings in entertainment. After all, social experience needs years of accumulation. Since the introduction of stock index futures in A shares, quantification and hedging have gradually become the new favorites of professional investment institutions. In fact, hedge funds have appeared as early as the last century, and the most famous one is the quantum fund of the well-known financial giant Soros. But for ordinary investors, "quantification" and "hedging" are still mysterious technical terms. What can hedge funds bring to investment? What are the risks in China? The financial fund channel was fortunate to invite Jiang, chairman of Guanxiang Capital, to share his experience and experience in the field of hedge funds with investors.
Jiang, chairman of Guanxiang Capital, is known as "Private Young Xia". He first met Jiang in a private forum, when he was young and calm. This is my first impression. When it comes to hedge funds, it is even more rare. Goodbye Jiang is in Dongguan, and I have a deeper impression of Jiang. I am good at thinking and have excellent execution. I can call it the representative of the post-80s generation, which has brought a fresh wind to the financial circles in China and made everyone realize that the post-80s generation is also rising as the backbone of China.
It is no accident that Jiang has achieved today. Like most post-80s generation, Jiang has no prominent family background, and everything depends on his own efforts. When I was in college, I began to contact the securities market and made some gains in the secondary market. For the secondary market that is difficult to grasp, hedging has brought new inspiration to Jiang. In order to truly grasp the pulse of the market, Jiang established Dongguan's first hedge fund "Wan" at the end of 20 12. The sword refers to the chivalrous man, and the hedge fund has become a sharp weapon for Jiang to cross the securities market.
"Quantitative hedging" is a term that has emerged in recent two years. It is an investment strategy and tool. Compared with traditional directional equity products, it has great advantages in controlling product withdrawal and obtaining stable income. Unlike the primary market, which needs to wait for a long time, and there is no need to worry about the gains and losses of individual stocks in the secondary market, hedge funds are more like calm swordsman. If the enemy does not move and I do not move, it may not be a brilliant idea to be a latecomer. Just like the Nine Swords of Dugu, I have my own way to defeat the enemy. In view of the market situation, I made an accurate response with a subtle investment strategy, which is more like "inadvertently looking at the clouds and clouds outside the window." With the introduction of stock index futures, margin financing and refinancing, hedge funds, as an important means of quantitative investment, can take root and grow in China. According to the incomplete statistics of good buy funds, by the end of April 20 13, there were more than 130 hedge funds in operation in China, of which no more than 20 adopted quantitative investment. So what are quantitative investment and hedge funds? How do investors make profits through these advanced trading methods? The financial fund channel is honored to invite Jiang, CEO of Guanxiang Capital, to visit the financial network to tell the story of quantitative investment for investors.
In an interview with a reporter from Caijing.com, Jiang said that quantitative investment is a process of using scientific analysis methods and adopting certain mathematical models to realize investment ideas and strategies, and quantitative investment is in its infancy in China.
Regarding the prospect of quantitative investment in China, Jiang pointed out that "quantitative investment will open the door to the era of big asset management, and China is in its infancy and embryonic stage. Many investors know little about quantitative investment. Future quantification is bound to be a hot investment spot in the market. Because of its scientific and systematic nature, it is an irreplaceable advantage of other investment methods. "
The following is a record of the dialogue:
Financial Fund: With the enrichment of domestic trading tools, more and more unfamiliar investment terms enter ordinary investors. So what is quantitative investment?
Jiang: With the development of science and technology, more and more investment methods have shifted from manual operation to computer operation, and from subjective experience judgment to scientific statistical analysis for investment direction judgment. Quantitative investment is a process of applying scientific analysis methods and adopting certain mathematical models to realize investment ideas and strategies.
Its computer operation is fully automatic, which avoids the weakness of human greed and fear and attracts more and more investors' attention. However, compared with the 30-year development history of quantitative overseas financial management, China's quantitative investment is in the initial stage.
Financial management fund: how to make a profit by quantitative investment?
Jiang: Quantitative investment includes quantitative stock selection, quantitative timing, stock index futures arbitrage, commodity futures arbitrage and option arbitrage. The establishment of its strategy must be tested, revised and summarized through long-term actual transactions, and manual intervention is needed in issues such as transaction liquidity, position fund allocation and network interruption to achieve long-term stable income.
In the rapidly changing market, only by adjusting the trading mode in time can we realize the long-term stable income of products. In addition, the fund manager can adjust the matching of trading strategies according to the judgment of market changes. This kind of artificial intelligence operation can make up for the deficiency that quantitative trading can not make accurate judgment on market conditions in time. In addition, different trading strategies can make up for each other and truly achieve quantitative hedging. The fund manager's adjustment of trading strategy collocation is an important part of realizing income.
Financial Fund: What are the tools to quantify investment?
Jiang: Quantitative investment is to make a complete trading strategy through programming after statistical analysis of historical data and invest in secondary market, commodity futures market and stock index futures market. Commonly used computer software includes Mandarin trading software and trading pioneer.
Although human intervention is not involved in the trading process, the trading strategy and R&D thinking of R&D personnel are the soul of forming the trading procedure.
Financial management fund: quantitative investment It is understood that there are many investment ideas in China. What exactly are there? What are the advantages and disadvantages?
Jiang: In China, the securities market is an immature market. Each investor's different understanding and definition of the market will lead to different investment ideas, thus forming different trading strategies. Among them, the most popular investment ideas are high-frequency trading, shock trading, trend trading, intraday short-term trading and overnight trading. Each trading mode has its own advantages and disadvantages. Comparing shock trading with trend trading, the advantage of the former is that it can capture market conditions in a short time and obtain high returns. The disadvantage is that when the big trend market comes, the shock trade will be judged too early and easily missed. On the contrary, trend trading is lagging behind in judging the rise and fall of the market, and it can grasp the market in time when the big trend comes, but it is slow to respond when it encounters a volatile market. Therefore, fund managers who adopt trend trading will try their best to reduce transactions in volatile markets when formulating trading strategies.
Investment concept determines the formulation of investment strategy, and the quality of fund managers is a weapon for military strategists to win.
Financial Fund: What Problems Does Quantitative Investment Face in China?
Jiang: Quantitative investment is still in its infancy in China. First of all, talent is the bottleneck restricting its development. In the China market, the affluent class in China is very open and enthusiastic about quantitative hedging, but there are very few professional institutions and talents with real hedge fund management ability in China, and there is a serious shortage of professional investment management talents. Secondly, investors have a single structure, immature investment ideas and limited marketing channels. Finally, policy restrictions, high taxes, and the high tax burden of the state on fund investment formed in the form of limited partnership make it difficult to develop quantitative hedging; In addition, the relevant laws on investor protection also need to be improved.
Financial Fund: What suggestions do you have on how to improve the quantitative investment market?
Jiang: Quantitative investment market is bound to become the mainstream of future investment, but it is still in a passive state. The most important thing to improve the investment market is to get government support. The government should relax the marketing channels of private equity companies. The sales channels of the banking system are not open to related products, and the government does not give preferential policies. The high issuance cost hinders the development of quantitative investment in China. Secondly, strengthen investor education, investors have not really understood quantitative investment, and they are in a state of little knowledge. However, investors want to find new ways to invest, but they can't understand. Therefore, broadening investor education channels is an effective way to develop quantitative investment. Finally, to develop quantitative investment talents, R&D innovative talents are extremely scarce in China. Only a sound talent pool can make the whole industry develop healthily.