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This article is from the public number: span> Care about you-Tencent News (ID: caiyueni2016) span> < span class = "text-remarks">, author: Yang Xi, title figure from: vision China span> p>
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Chen Zhiwu, a professor of finance, does not always win in the investment market. p>
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In the late autumn season of Nanjing, this scholar who has been advocating for financial general knowledge and financial inclusiveness on various occasions, recalls the ups and downs of his investment career to Cai You. p>
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The stock of the Chicago Futures Exchange is one of the stocks held by Chen Zhiwu for a long time. p>
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“The growth rate of oligopoly companies in traditional industries may not be very high, but it will be very reliable and sustainable. This is why I have always held stocks of the Chicago Futures Exchange because it is a very traditional industry in the global futures market. It has a very high oligopoly status and high pricing power. Especially the Chicago Futures Exchange and the New York Stock Exchange, their biggest feature is that the more the world is turbulent, the more the risk and the more uncertainty, the more everyone trades. The more they receive, the more commissions they receive, and the stronger their ability to counter cycle and resist risks. This is why in the investment portfolio, the stocks of some oligopoly companies are still very important. “ P>
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Another Chen Zhiwu’s stock investment that has the deepest feelings and the most multiples he has earned is to buy Facebook: go in at 26 dollars, and ship in more than 150 dollars. p>
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Certainly, Chen Zhiwu also misses his investment: he once invested in a hedge fund that focuses on emerging markets, because that fund allocated 80% of its assets to bonds and stocks in Argentina a few years ago. In 2017, the entire Argentine market collapsed, bringing him a loss of about 50%. p>
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Of course, compared to investing, Chen Zhiwu is more concerned about self-positioning and is still a scholar. p>
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As a result, he later faded out of business and investment, focusing his time and energy on academic research, writing books, and writing articles, and continued to promote the annual quantitative history conference for the past 7 years. p>
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The probability of meeting Chen Zhiwu in various economic and financial forums in mainland China in the past ten years is not too low. p>
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The former Yale professor of finance, most of the time in public, is a suit and slacks, and speeches and debates are always gentle and elegant. laughing out loud. p>
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However, Chen Zhiwu is a latecomer among the group of economists shining with the rise of China’s reform and opening up. p>
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In the early and mid-1980s, when a group of young economists rushed into the temple, participated in China’s economic reform decision-making consultation, and flung Fang Chen, this young man from the Chaling countryside in Hunan was still in the defense technology of Changsha. On the university campus, mathematical tools were used to solve engineering problems, fascinated by the sensational “Towards the Future Series”, and was deeply shocked by Friedman’s “Free Choice”. p>
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But since the beginning of this century, Chen Zhiwu began to study finance as part of the “big society” and paid close attention to the Chinese economy. He has worked tirelessly to write columns and books in mainland China for more than ten years. The longest-lasting, most productive and most impressive financial enlightenment has continuously refreshed the financial concept of the Chinese people. p>
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