Early in the morning of February 21, Lingjun Investment issued an announcement to apologize, which attracted widespread attention!
Sold 2.5 billion in less than a minute
The reason is that during the opening of the market on the morning of February 19, a large number of Shanghai and Shenzhen were sold by the ** account of Lingjun Investment Management.
According to the announcement, its management products on the same day were net as a whole throughout the day8.7 billion yuan, but the trading volume was large within one minute of the opening of the day.
How big is it? In less than a minute, sell *** for a total of 137.2 billion yuan and Shanghai market ** total 119.5 billion yuan, a total of 256.7 billion!
As a result, the two major indices fell rapidly during the period, with the Shenzhen Component Index falling from 8,957 points** to around 8,875 points, and the Shanghai Composite Index falling from 2,886 points to around 2,868 points.
This was known by the Shenzhen Stock ExchangeImmediately restricted Lingjun Investment's trading from February 20 to February 22, and initiated a public censure process. After being punished, Lingjun Investment's customer base also exploded.
It is worth noting that, according to the announcement of the Shenzhen Stock Exchange, since the beginning of this year, the ** account under the name of Ningbo Lingjun has been repeatedly taken written warnings and other regulatory measures due to abnormal trading behaviors, but it has not yet been corrected.
You must know that before the Spring Festival, the national team started to make a good start.
On February 19, the first trading day of the Year of the Dragon, the Shanghai Composite Index began with 156% gain**, standing above 2900 points; SZSE Component Index**093%, GEM refers to **113%。There are 4253 *** and more than 270 ** in the whole market.
During the period, Lingjun Investment also came to smash the market, which can be said to be working against the national team.
In the apology announcement this time, Lingjun Investment said that it had learned a deep lesson, strictly controlled the transaction progress, transaction constraints, and controlled the transaction rhythm by improving the trading model, so as to ensure smooth and balanced trading in the whole process of trading.
One of the "Four Heavenly Kings" in the quantitative circle
Founded in June 2014, Lingjun Investment is a private equity management institution focusing on quantitative investment.
Its management scale exceeded 10 billion yuan in 2018 and exceeded 60 billion yuan in 2022Together with Jiukun, Magic Quadrant, and Mingtun, it is known as the "Four Heavenly Kings" of the quantitative circle, and has also won the "Golden Bull Award", "Yinghua Award" and other honors for many years.
Its founder and chairman is Cai Meijie, a master of economics and management from Zhejiang University, and has worked in Zhejiang Insigma, Zheshang**, Penghua**, and CICC.
The company's investment and research level is mainly controlled by Ma Zhiyu, the chief investment officer. Ma Zhiyu studied electronics from Peking University and received a master's degree in electrical engineering and financial mathematics from Stanford University.
It is worth mentioning that last year's quantitative trading was controversial, and Wang Chen, the founding partner and CEO of Jiukun Investment, once wrote an article "Smashing your X's disk, quantification is the backbone of Big A!" and postscript"China's quantification has endured too much unwarranted malice, and it is pure ignorance to say that quantification is smashing, which is either stupid or bad. The sinicization of the forever full warehouse ** is the backbone of the big A. ”
Then Cai Meijie also said the same content mentioned above, expressing his attitude towards quantification.
According to the data, as of November 2023, the company has more than 400 products in operation.
However, since 2024, its performance has not been satisfactory, and many of its top strategic products have retreated by more than 20%. As of February 8, the loss rate of "Lingjun Zhongtai Quantitative 30 Exclusive Pilot No. 8" this year is 2983%。
Previously, Lingjun Investment was also exposed in November last year"Employee infidelity incident".
A netizen with the ID of "a little junior of a Lingjun investment boss" posted a post to break the news that "I cheated on me in marriage with a financial tycoon". This was countered by a netizen, pointing out the fact of his marriage to this investment tycoon.
The follow-up "actor" responded that he was in the process of divorce, and the content was to slander and frame himself. Lingjun Investment stated that the parties involved were only ordinary employees and had taken the initiative to apply to the company for resignation.
Warren Buffett and Munger, on the other hand, do not approve of quantification.
Quantitative trading has always been controversial in China, and it was once labeled as "the culprit of smashing the market", "helping the rise and killing the fall", "cutting leeks" and so on.
Although quantification made a lot of money on A-shares last year,But Warren Buffett and Munger don't agree with quantification.
Charlie Munger has a passage about quantification:
When there was an economic crisis and others panicked and sold off, my great-grandfather rented more land at a low price, and he rented the land to hard-working and thrifty Germans, so he didn't have to worry about not being able to recover the rent. He just got a few things right.
People are like this in this life, there can't be a million good opportunities waiting for you, some people engage in high-frequency trading, they use computer algorithms to capture small changes in the market to make a profit.
They make money in a similar way to panning for gold in the sand. The essence of high-frequency trading is to scrape countless tiny spreadsThe more people who do high-frequency trading, the more people compete for the spread, and the harder it is to make money.
Engaging in high-frequency trading, using computer algorithms to scavenge profits from all transactions, is not a fair way to make money. Such people do nothing to society, and I often compare them to rats in a barn.
If you want me to say,The money they earn is ill-gotten gainsIf you earn it, you must donate it. Many young people want to do high-frequency trading to make money, which is not a good social atmosphere. We don't understand computers, we don't do high-frequency trading. It's really harder to make an investment now than it used to be.
"Warren Buffett also thinks,"Quantitative investing is not a rational approach to investing. ”said that he didn't know how to quantify and couldn't do it. In his view, quantitative trading is mainly to make money in short-term trading, relying on short-term ability.