Our style is also slowly formed. In his early days, he also studied basic analysis and insomnia, and was also the chief strategist of Guotai Junan Research Institute. Later, I went to do asset management, responsible for Shanghai social security, Shenzhen social security, enterprise annuity and so on. At that time, it managed billions of funds. I made it myself in 2003. In 2004, I established Oriental Harbor, with a management scale of about 5 billion. Generally speaking, I personally have been advancing all the way in the capital market, and I am one of the participants in the market like everyone else.
Today, I would also like to share with you some views on the capital market from the perspective of participants, including some views on the future pattern, but everyone's understanding and knowledge are different and only represent my personal thoughts.
I will share this picture with you. I think it's quite interesting. I arrived in Shenzhen on 1992, which happened to be a stock storm. At that time, the lottery table was crazy. Many friends spread lottery tables all over the country with sacks of money, and many people hugged each other to buy lottery tables. I arrived in Shenzhen after a week of stock market turmoil. I think this event is a microcosm of China's future economy. What do these people hug each other for? To make money.
In the Northern Song Dynasty, China's economy accounted for 70% of the world. As long as China is a stable country, China has great opportunities, because there are1300 million people in China who are pursuing wealth. Like all of you here, it's rare to attend a lecture on Saturday. I believe it's China people who make money all over the world. In such a country, there are great opportunities for investment, because there will always be social wealth bearing the evolution of society. I once watched a football match in America. On Saturday and Sunday, the ticket is 65438 yuan+0,000 yuan. There are many top entrepreneurs in it. They are doing this all Saturday and Sunday. I also took part in rafting there. The drifting guide there is a real estate developer. He spends two months a year boating on this side of Colorado Island, completely ignoring business. This is their way of life, but China people, no matter what class, will talk about wealth. Including myself, of course, because of my profession, everyone is talking about mergers and acquisitions or investment opportunities there. It won't be that way of life. Of course, I like marathons myself now, but I will also discuss some wealth issues when I run. So I think this country has great opportunities. I think China is likely to surpass the United States to become the largest economy in the world. Because people in no country are like China, including when I went to the South Pole and passed by Argentina, people there said that the efficiency of a China is equivalent to three to five Argentines.
In addition, I also want to share some other information about this picture. For example, how to evaluate these things when encountering economic difficulties. Just like today's China, Shenzhen's housing prices doubled last year. The tax revenue increased by 50% in the first few months of this year, but once in the northeast, the population could not flow out. What you see is another result.
What's China's password? Many people feel like a blind man touching an elephant. Touching ears is ears, touching tails is tails. But what is the overall situation? I think this picture has been reflected. China people, no matter what kind of people, are very interested in making money, which is the core, so I think there are many opportunities to make money in such a country. But my experience tells me that the bottom of the policy is not the bottom, but the bottom of the market is the real bottom.
If you are interested, you can read the book The Future of Investors. The book begins by comparing Standard Oil (now ExxonMobil) with IBM. According to your choice, if these two stocks were placed in front of you 70 years ago, I estimate that you 100% would choose IBM as an investment, because IBM never had a sexier company 70 years ago. The profit, growth rate and location of the industry are all in line with the best theme, but if you hold it for 70 years, which stock will have more returns? This is standard oil. Why? Because IBM's valuation at that time overdrawn its profits in the next 70 years or even 100. The profit of standard oil in that year was 10 times, and it is still 10 times now. Dividends are paid every year for 70 years, and the return far exceeds IBM. Even if IBM becomes the greatest enterprise, we can see how terrible overestimation is. At present, the holding period of our A-share market is very short, only a few days, weeks and months, so we don't have to consider so much. Anyway, the funds are constantly circulating, and everyone rushes in when a hot spot comes together. It quits, everyone quits, such as unmanned driving. We don't know how much profit it will generate. It's an imagination anyway. After this round of hotspots, there will be new hotspots, such as a charging pile. However, how much profit was generated in the end was not calculated.
Investment is a very serious matter. I'm talking to you today, and my opinion may not be right.