Long Line Big Bull Stock Is Captured Like This.

If we want to elect China's "longest career" fund manager, Lin Tong Tong is a popular candidate. In 1998, the first group entered the fund company as a fellows, and then became a fund manager in 1999. After more than 6 years, they have been the investment management of front-line funds. Looking around the fund industry, there will be no more than 5 people with such qualifications.

What is even more unusual is that Lin Tong Tong's fund has been famous for its low turnover rate and long term investment growth stocks. He previously managed the two heavily loaded stocks of the fund, a warehouse built in 1999, and a warehouse in 2001. Heavy warehouse stocks take five to six years, which is absolutely uncommon in this industry.

Just the two shares The return to the fund is unprecedented. Stock revaluation statistics show that from June 1999 to early 2006, the 6 largest stocks in the A share market rose, and Lin Tong Tong's two heavily loaded stocks were both selected. G Wanhua ranked fourth and G potash ranked sixth.

"Distant vision"

If we use advertising slogans "how far we can go and how far we can go", the investment of growth stocks should be "how far we can see, how long we can earn". G potash and G Wanhua's long-term performance. This proves the necessity of such "remote vision".

"G potash is a stock that was excavated in 1999. At that time, Golmud, where the company was located, had not yet entered the plane by train. Lin Tongtong is still quite clear about the initial investigation. "At that time, we saw clearly that China is a country with a shortage of potassium, and that the supply of potash fertilizer is highly dependent on imports, and that the state must support domestic production. In addition, the company is located in Chahar lake, which is the largest Saline Lake area in China, and is the only few Saline Lake area with development conditions in China. The company has few competitors and high demand. Such a company continues increase The future is clear. "

G Wanhua is also a company with continuous growth capability. "At that time, the company's products were exclusively produced in China, and foreign competitors were several giants in the world. The vicious price war could not be reached, and the rapid expansion of production capacity could be largely reflected in profits." Lin Tongtong said.

"Retaining walls"

Heavy stock Investment This is a good reflection of Lin Tongtong's investment philosophy. A good listed company should have the capability of continuous growth instead of one time growth. He believes that as long as the company does have the capacity of sustained growth, the growth of intrinsic value will eventually be able to offset the risk of market fluctuations.

The choice of such companies is especially challenging. Lin Tongtong's experience is that such companies must have the competitive advantage that other companies can not reproduce, just like a "wall" that keeps the market's new competitors out of doors. Such advantages may be a brand, an irreplaceable location advantage, a scarce resource, or even a management capability. Of course, it includes the most difficult to grasp.? Such a train of thought will also be applied to his upcoming HSBC Jinxin Longteng fund.

"On the Chinese market capital Too many, no barriers to enter the business, industry competition will change at any time, growth is very difficult to continue. He thought.

It is more difficult to know and difficult to do.

The test of long-term investment in growth stocks is more than that. The real long-term holding will also test fund managers' confidence in investment, perseverance and on-the-spot determination. It's like G potash and G Wanhua.

Lin Tongtong said, the sense of employment in recent years is that the key to the success of fund investment is the research, the second is self-confidence, the third is persistence and patience. "Research is fundamental, and confidence in investment comes from the depth of research. The deeper you research, the more confidence you will have in investing. In the face of the low tide of the stock market test, it is also more able to adhere to the style and concept.

Of course, research can not decide everything. The experience of fund managers is more important to solve the pressure problem. There are too many profit opportunities in the market. Different investment styles can grasp different opportunities. But if we change the investment style because of market pressure or temptation, we often lose badly. As a fund manager, he should have the tolerance and ability to maintain his style and create maximum returns for investors.