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澳门网络真人赌博:Huang Ming's interpretation of the "wind-up" transformation path

时间:2018/4/28 16:15:46  作者:  来源:  浏览:0  评论:0
内容摘要: In recent days, Beijing Ruice Investment Management Co., Ltd. (hereinafter referred to as Ruice Investment), headed by renowned finance pro...

In recent days, Beijing Ruice Investment Management Co., Ltd. (hereinafter referred to as Ruice Investment), headed by renowned finance professor Huang Ming, disclosed a “liquidation” announcement that triggered market concern.

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According to the 21st Century Business Herald reporter, Ruice Investment pointed out in the announcement that the company will adopt a quantitative hedging investment strategy in the future due to the need for development and investment strategy transformation. However, the investment scope and configuration structure of existing products cannot meet future quantitative requirements. The investment operation requirements of the hedging strategy are adjusted according to the company's investment management model, and the core product of the company is planned to terminate the product in the near future.

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“Our announcement was issued on April 13. We have already communicated with the investors in the early stage.” On April 26, Chairman Huang Cheng of Ruice Investment told the 21st Century Business Herald reporter.

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On April 26th, the reporter found in Ruice Investment's office in the first building of No. 6 Chaoyangmen North Street, Dongcheng District, Beijing, that Ruice Investment was still operating normally, and the public opinion did not cause much impact on the company.

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Behind the "bizarre" decision

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According to the China Fund Industry Association, Ruice Investment was established in 2010 with a registered capital of RMB 10 million. The legal representative is Zhang Yu. At present, Zhang Yu is in the position of quantitative investment director in Ruice Investment.

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From the performance point of view, the previous year's multi-strategic actively managed investment product of Ruize Investment focused on its performance was not bad. The wealth data on the grid shows that there are 45 funds under the management of Ruice Investment, and the total revenue of its representative product “Ruice Phase 1” has reached 218.02%, and that of the previous month was 1.45%.

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In the first quarter earnings rankings of equity-based sunshine private equity in Beijing on the grid, Ruice Investment ranked tenth, and its equity fund 2018 had an average return of 0.16% in the first quarter.

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Because of this, the huge change in liquidation has caused many questions from the outside world. In addition, from the long-term strategy of stocks to quantitative strategies, the accumulation of experience in human resources, technology, and whether or not the experience is adequately matched will also allow the market to focus on the transformation path of the investment strategy.

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However, in Huang Ming’s view, Rui Cheng’s investment behind this transformation has actually been accumulated for 7 years.

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“The original intention of the company was to quantify. I have a dedicated quantification team. I started research in 2011 and started quantifying products in 2013. However, the performance was not very stable at that time. Later I decided to use quantification as part of a multi-strategy. In recent years, quantification has been more or less contributing to our different products, but it is not a protagonist, but my quantification team has also continued to expand in recent years, constantly researching, and finally I now feel that the product model is mature. The timing of the transition has arrived, Huang Ming explained.

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“The long strategy is to study the stocks and it is getting more and more difficult to choose the time. It takes a lot of energy. Using a long strategy to make a robust product means that it takes a lot of effort and I’ve spent many sleepless nights. Huang Ming said slightly tired.

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On April 26th, when a senior public fund senior executive appraised the matter, he also expressed his deep understanding. He said to reporters in the 21st Century Business Herald: “It's not easy to do long, it's really scary.”

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In fact, the quantitative quantification may have found the “excitement point” for Huang Ming.

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“The focus of quantification will completely integrate my physical background, financial theory background, and actual combat experience. It is also my pleasure to think about the quantitative strategy model, so this transition is very natural to me.” Huang Ming believes.

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According to statistics, Huang Ming holds a Bachelor of Science degree in Physics from Peking University, a Ph.D. in Finance from Stanford University and a Ph.D. in Physics from Cornell University. He is currently a tenured professor of finance at Cornell University and a professor of finance at China Europe International Business School. Huang Ming is also known as the "academic school" in the private sector.

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“A good quantitative model cannot be 'monlocked' out of data. There must be a theoretical basis behind it,” said Huang Ming.

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Quantitative Strategies Revealed

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In the eyes of people in the industry, Huang Ming's sudden turnaround is a bit out of place, but it is rather out of place.

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In fact, the 2017 that has just passed is almost the most difficult time for quantitative strategies.

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Overall, because the CTA strategy and the quantitative hedging strategy are relatively sluggish, the benefits of the quantitative compound strategy mainly come from the configuration of the index enhancement strategy and the configuration of alternative strategies. Some institutions use individual options or even off-exchange options in the strategy. Strategies to increase revenue.

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The data from the research center showed that the 2017 quantified composite strategy achieved an average return of 8.79%, which is in the middle of all strategies.

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However, compared to the previous two years, the performance of the quantitative strategy has already begun to emerge. In the first quarter of this year, the private equity industry’s average revenue was -0.6%, of which the average gain of 3.2% programmatic futures and the average alpha income 3.14%, respectively, won the championship.

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"The advantage of quantitative strategy relative to active management lies in its robustness. On the one hand, it is because positions are scattered, and on the other hand, hedging tools can also be fully utilized." Huang Ming stated that "the bottleneck of domestic quantitative strategies still exists, mainly hedging tools and hedging. Environmental and transactional restrictions. For example, trading of stock index futures also has problems with quota limits, excessive margins, and excessive funds utilisation. It is not enough to loosen up."

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However, Huang Ming also admitted that the biggest drawback of the quantitative strategy is that it is difficult to generate high returns. Therefore, in communicating with investors, Huang Ming also constantly stressed the risks of quantitative strategies, and at the same time told investors that the expectations of returns must be simple.

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Wealthy researcher Lei Lei told the 21st Century Business Herald reporter that “relatively overseas, there are currently limited types of derivative products that can be used in China, and the space available for quantitative investment is limited. In addition, the length of various types of domestic transaction data is currently available. And there is a certain degree of difference in precision and overseas."

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“On the other hand, policy adjustments also pose challenges to the stable development of the strategy. For example, the adjustment of the exchange fee will have a certain impact on the CTA strategy. At the same time, after the stock index futures are constrained, the Alpha strategy and the anaphora of the futures index will be affected. Strategies have been affected. For example, the Alpha strategy that occupies a relatively large part in the quantitative strategy is limited by the stock index futures, its strategic capacity is limited, and the investment cost is high, making the overall strategy more difficult to make profit, Lei Lei pointed out.


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