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Private celebrity - Zhao Danyang &quot;Private Godfather&quot; Zhao Danyang  He graduated from Xiamen University with a Bachelor of Engineering. Abroad in 1994, engaged in investment and trade, to enter the domestic securities industry in 1996, on risky investments. After joining the Guotai Junan (Hong Kong) Company, responsible for managing the assets entrusted by the client. Zhao Danyang of 2002 began organizing the &quot;Santa Claus China Growth Investment Fund&quot;, in January 16, 2003 and began investment operations official placing. Zhao Danyang also serves as the deep now SDIC Santa Claus (China) Investment Adviser Capital Trust Investment Officer. Zhao Danyang of &quot;Pure Heart China Growth Investment Fund (Pure Heart China Growth Investment Fund)&quot; The founder of the &quot;Godfather of Chinese private equity,&quot; said. Recently, he has zero one hundred U.S. dollars 2.11 million competition to obtain and Warren Buffett (Warren Buffett) lunch opportunities. According to the Associated Press reported that Warren Buffett charity lunch auction by Zhao Danyang bid, bid the highest ever. All doubt Zhao Danyang exactly what kind of people? Most of his time is spent on research on listed companies. He said that he is skeptical eye to study the financial statements of listed companies, hoping to see through things on paper. Actual operating conditions of the listed companies, cash flow and return on capital is the focus of their attention to three. Zhao Danyang of a close friend told financial weekly newspaper reporter, &quot;Old Zhao previously held a company, know the industry is not easy to do, but also to deal with all manner of fraudsters. Invest in him after the performance in judging the true and false aspects of the company, has its own set. &quot;The recall a few close friends on this thing. &quot;In the past, Old Zhao to research this company, the person allowed to enter. He went to Tianjin Tax view the amount of electricity each month this company. When he found such a big company only on the amount of the monthly electricity Baidu when they go home. From this point, he suspected that the company is a liar. &quot;the person said. &quot;Old Zhao value in judging the work of the company has done a very careful: In 2001, in deciding whether to buy shares of a particular Gaosugonglu before, he personally went to the months of toll stations, the number of traffic flow in order to Guancha the listed companies in the real operational situation.&quot; Dongguan Securities chief analyst Lida Xiao and Zhao Danyang a few more side of the edge. Li Daxiao believe that we have the time to establish trust, Zhao Danyang has liquidated all of its A-shares of the trust, courage. Zhao Danyang now too early to draw a conclusion, his future remains great plasticity. &quot;This year&#39;s A shares lifted the market value of shares in circulation in 2007 will account for 35% of the overall decline in valuation is very possible to see space may be an accurate forecast. This market, people who have survived Characteristics: The value investor Warren Buffett that survive, such as frequent operator Soros also survive. Zhao Danyang not a bad idea. &quot; ? Investors on the innocence of a child, this year was a hard year. Compared with any relevant indices, we have lagged far behind. Here, we apologize. Innocence of a child in Hong Kong this year, the weighted rate of return of about 13%, the Hang Seng index rose 38.06 percent year on year, China Enterprises Index rose 54.32%; innocence of a child in Hong Kong over the past five cumulative increase of about 541%; Shenzhen International Trust and Investment ? Santa Claus (China) Capital Trust annual weighted yield of about 48%, year on year increase of 96.7%, the Shanghai index; cumulative increase over the past four years, about 371%; Shenzhen International Trust and Investment ? Santa Claus investment philosophy Capital Trust annual weighted rate of return of 47.37%; Shenzhen International Trust and Investment ? Santa Claus (China) 2 Capital Trust cumulative weighted yield of about 22.12%; China Ping ? PUREHEART grow a cumulative weighted Capital Trust 49.25% yield; Ping ? PUREHEART China Growth Capital Trust II weighted rate of return of 24.54% cumulative. Why is this the case? Time back in 2002, when Hong Kong was not yet out of the 97 financial turmoil, real estate and stock market are very low. The Hang Seng index was about 10000, H share index at around 2000, we have established in Hong Kong Pure Heart China Growth Fund. In early 2003, based on China&#39;s fundamentals, we believe that H shares are expected to challenge the next 10000 years (see related media), all that is joke. In early 2004, the mainland A-share market has fallen by nearly three years, the systemic risks have been released, we and the establishment of Santa Claus deep cooperation with China International Trust and Investment 1. May 25, 2005, A shares of 1060 points, also based on China&#39;s strong fundamentals, we believe that A shares over the next three to five years to reach 3,000 to 5,000 points (see related media). By the end of 2006, in a letter to investors, we talk about &quot;ample liquidity to the market again and again to a higher position. 2007, the most important thing we still risk control, some at the right time valuation of high stock, we will consider cash. &quot;to today, H shares and A shares have been over the scope of our understanding, we have 10,000 points in H shares, A shares of 3500 points to achieve our earnings. Looking back, we prematurely out. Index of top and bottom will always be a mystery. Today, on our ability to invest, has been found not only meet our investment criteria and has sufficient margin of safety of investment targets. The near future, the market may be strong for so long, after careful consideration and communication, and two trust companies, the innocence of a child as a consultant for all trust will be wound up as soon as possible. Investment amount will be returned to investors, to facilitate future investment opportunities for investors to grasp freedom. Recalling the innocence of a child&#39;s performance over the past five years, we do not have an investor losses. Santa Claus is a hedge fund in Hong Kong, our investment is not a reference index. Our goal is simple, long-term to achieve HIGH AND HIGH. Not appropriate to make an analogy, is to the end of each year than the previous year with positive returns. Long term investment, this is a challenging task. In the premise of avoiding risks, made some positive returns, as the number of returns, we can only thankful state of mind, decided by God. Hong Kong Fund established in 2003, our first part of this booklet was written: Investment philosophy - the art of survival First of all the advantages of the Fund is not reflected in the period of time, how much money a stock, but also at the continuing ability to control risk. Quantify the degree of risk is a measure of fund managers sign of the degree of specialization. In the investment community, &quot;live&quot; is always first. But for professional investors, the discussion of the risks of unilateral measure is meaningless. The core investment is to determine the risks and benefits of symmetry. Any investment in risky assets are available, as long as there is sufficient income compensation. Investment Research&#39;s core purpose is to identify the risk - benefit relations between the symmetry. Around the symmetry can be extended to all areas of investment: equity risk and pricing risk and compensation insurance assets, the pricing of mortgage bonds, futures, options, derivatives pricing. A major aim of professional investors is to find the risk - benefit relationship of the deviation, when the market due to various reasons why our research subject at risk - benefit when the Fei symmetry Dingjia relations, that we obtain above-market profit opportunities . The most common example, look below the market average price-earnings ratio below the stock - the average price-earnings ratio according to the level of trading positions to protect, is to use the principle that the simplest approach. But as the Fund, as professional investors, we need a greater range of considerations: 1, the current average price-earnings ratio of the market&#39;s overall level of reasonable? 2, the level of the company&#39;s stock price-earnings ratio reasonable? 3, PE indicators to reflect the company&#39;s internal risk? 4, is there a better risk - earnings measure means? We will always adhere to our philosophy of existence. After 2007, Santa Claus will be more understanding: What kind of company is worth a long-standing, what kind of company can only hold phase; self-fear and greed, macroeconomic and inflation. We Xuyong a lifetime to perfect the system of self-investment theory. Santa Claus, frank with you. Zhao Danyang, general manager of Santa Claus End of the year 2007 Zhao Danyang a letter to investors A share in the farewell year later, on Jan. 16, 2009, Zhao Danyang site in the innocence of a child has issued &quot;a letter to investors.&quot; Different from a year ago, in this letter, Zhao Danyang of the Chinese stock market showed an unprecedented confidence. He believes that in time this year, A-share market is experiencing dramatic decline is rare, but the stock market bubble has basically washed. Dear Investor: Hello! 2008, China has too many things, finally passed in 2009 will be a year full of hope. Here, Santa Claus wishes to all investors: Happy New Year! Good health! Good luck! 2008 Santa Claus Fund investment return of Hong Kong, -18.84%, the Hang Seng Index fell 48.3% over the same period, China Enterprises Index down 51%. Absolute returns of view, we apologize. Back to the stock market, the Shanghai index up 07 places from 6124 fell to the lowest point of 1664 points, down 72.83 percent, the highest state-owned enterprises fell from 07 points down to the lowest bit position 20 609 4792 points, down 76.75 percent. Historically, mainstream market in a year&#39;s time, produce such a huge drop is rare. On today&#39;s market, the stock market bubble has basically washed, the stock market will depend on the future trend of future economic expectations. 1980, former Federal Reserve Chairman Volcker to raise interest rates to 20%, the world&#39;s hyperinflation has finally been returned to the magic bottle plug, the global economy has entered a period of 20 years of low inflation and high growth period, especially into the nineties, the Internet greatly improves the efficiency of the global human society, labor productivity, so that more people around the world share of global economic growth. United States, Europe, Japan, China, Russia, India is no longer a separate economy, interaction between the global economy into the era of integration. 2000, the U.S. economy into the peak of the Internet bubble burst in the United States into recession. Greenspan to save the U.S. economy in 2001 drastically cut interest rates again after 9.11, so in 2003 fell to 45-year U.S. interest rates low, the location of the 1% spent a year and a half, causing the U.S. housing bubble, buried Under the sub-debt crisis of the seed. The United States today, the real question is, over the past 20 years a large number of manufacturing and services transferred to China, India, Internet and telecommunications bubble after the U.S. innovation is not yet keep up, for the time being did not become a new industry, while real estate and finance only in the low interest rates for the time being and prosperity, can not serve as long-term support for leading industry throughout the country. Today, the U.S. government and the family&#39;s assets are liabilities on the balance sheet too much, need &quot;to leverage&quot; cuts debt ratio, more importantly, industrial hollowing-out Zaocheng the business profit and loss and family frequent damage. If the balance sheet of the financial turmoil is the amendment, that the recession is the consumer business and family income statement of the amendment. Unless the United States shortly to form a huge new industry total, or such amendment will be a long process. Looking back, Greenspan is just bad luck, if not the United States in recent years, innovation has not kept up, the world will be another evolution. China joined the WTO in 2001 productivity has been greatly after the release of the popularity of Internet communications technology to China to undertake the process of benefit transfer of global manufacturing. As the renminbi and the U.S. dollar in real terms in the category linking patterns  (Note: Class hook shape: the yuan against the U.S. dollar exchange rate fluctuations in a certain range, but is still of the linked exchange rate), in export industries account for an increasing proportion of GDP is high, click &quot;Mundell triangle&quot; theory  (Note: &quot;Mundell triangle&quot; theory: the independence of monetary policy, free capital flows and exchange rate stability in the three policy goals can not simultaneously achieve), the difficulties of China&#39;s central bank operations degree increase. In 2005, the RMB appreciation is expected to gradually become a global consensus that Japan&#39;s history as a mirror of the U.S. dollar&#39;s low interest rates and the depreciation of the pressures that have driven the global capital wants to get into China, the share of China growth. With the rapid growth of exports, more foreign exchange reserves soaring performance. So much money into China, the main outlet for that real estate and stock market, form a perfect bubble formation in China. If the above reasons caused the increase in the quantity of money, that the Olympic Games birth of national confidence and pride that brought about the formation of the money multiplier, multiplying the two results is human madness. History is always a striking similarity to the pain of China today is in the process towards market economy required a lesson, like 97 for most people in Hong Kong will no longer be bought over-overdraft buy shares. As the former Bank of Japan governor said, looking back the economic bubble in Japan in 1985-1989, even if the re-interpretation, it is difficult to completely avoid. Compared to the United States, China, much better fundamentals, first of all liabilities of the Government and the families Shuaibu Gao, especially domestic part, the high savings rate to the balance sheet with ample cash Dongtian approaching, have cash to spend the winter. More importantly, China is still the world&#39;s most competitive industry in the region, that China&#39;s future profit and loss account is still the most strong in. Back to the A shares and H shares, we believe that in 2009 China&#39;s stock market will form an important bottom. Our task today is to look for the next ten to twenty years in China to represent China in the global competition of enterprises, the nature of investment capital is allocated, we have the core of the capital allocated to the most competitive, most efficient companies, thereby contributing to the community development. Interest rate seasons of nature with students, each a harsh winter will be eliminated for those within physical survival of the species is not unhealthy, fallen trees around each tree will give birth to more powerful Emerging Artists - Nature Select (Natural Selection) is to promote social progress and the eternal nature and power. Who is the future of Wal-Mart, Toyota, Microsoft, Procter &amp; Gamble ... ... Peter Lynch to find life a lot Tenbaggers  (Note: Tenbaggers: this concept is by investment guru Peter. Lynch suggested that the price is up 10 to times the stock), who are our future can earn ten times the company? Everyone&#39;s life, there is always a number of significant opportunities and challenges in these important turning point, how to deal with and face will have a decisive impact on their lives, together we share Sir John Templeton investment experience. Bull market because of pessimism born, to grow because of doubts Cross, because of optimism and mature as excited ecstasy death. When filled with extreme pessimism is the best buying opportunity, but when filled with great optimism, it is the best opportunity to sell. When the market was extremely depressed, do not waste time worrying about your position or contraction losses increase. Do not only know how everyone else on the market defense, the contrary, you should take the attack to find one after another was defeated in the value of shares. January 2, 2008 A stock liquidation on the eve of the trust, we addressed a letter to investors, raised several questions: What kind of company is worth a long-standing, what kind of company can only hold stage; fear and self- greed, macroeconomic and inflation. The end of 2008, we have found most of the answers, the other part is still confusing, and we look forward to in 2009 and investment guru Warren Buffett meet, get confirmation. We will use a lifetime to perfect our investment theories. ? ? ?
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