"It's not that I can't generate high returns; it's that I deliberately capped them. It's only been ten trading days since the market resumed, and the cumulative net worth has surged by +133.81%, which is excessive," Lu Ming remarked, glancing at Su Xiaoman.
Operating with less than 10 billion in capital meant Lu Ming faced minimal pressure for short-term speculation and high profits. While up to 20 billion increased the challenge slightly, it was still manageable.
Su Xiaoman, puzzled, responded, "Deliberately limiting returns? I've never heard of that. It's not in our favor. If we can make higher returns, why not? Other fund managers would wish for endless profits. Yet, intentional or not, today's subscription funds have notably shrunk compared to the previous trading day. Background data also shows early investors opting to redeem the fund."
Lu Ming, calmly, explained, "Balance is key. Moderation is enlightening."
Su Xiaoman wore a skeptical expression.
To clarify, Lu Ming added, "Do you think Tiansheng's rapid development goes unnoticed? Do you think management isn't paying attention? I can assure you that Tiansheng Pioneer caught management's eye when it achieved a net worth increase of over a dozen points on the second day of market resumption."
After hearing this, Su Xiaoman was briefly stunned, a hint of worry appearing in her eyes. She questioned, "You mean... No, don't overthink it. All of Tiansheng's operations adhere to standards and regulations. As long as we don't breach any red lines, investing in high-tech levels is not a crime, right?"
Smiling, Lu Ming responded, "Not exactly. Unless I reach the point of influencing the capital market, I might be scrutinized. I don't wield such influence now. Management is merely paying attention to me; it's not intolerant. A certain degree of speculation is needed in the capital market; otherwise, it becomes stagnant."
At the current capital level of Tiansheng Pioneer Mixed Fund, around 7 billion yuan, even if it reaches 10 to 20 billion, it's unlikely to significantly impact the entire capital market.
Lu Ming continued, "It's still early for management to intervene for stability. The real influence comes when everyone sees me as a market indicator. That's when management takes a keen interest. This kind of indicator, like Warren Buffett, affects the market immediately upon buying a stock. This influence is the ability to visibly impact the capital market."
Lu Ming concluded, "The reason for cooling down is to avoid excessive attention from the market. I don't want to wield too much influence over the capital market too soon. There are trading models and investment strategies, and, in short, there should be no excessive speculation and arbitrage."
With Tiansheng Fund's fame established and the goal achieved, it was time to scale back. A cumulative net worth increase of over 1.3 times in eleven trading days was an exaggerated rate of return, earning it the nickname "The Enchantress."
Profits gained excessively needed to be returned to the market. Lu Ming devised a unique method: let Christian investors wash themselves. The strategy involved reducing the rate of return, leveraging the weakness and greed in human nature.
Lu Ming didn't retract the fund's net worth; it continued to rise, but at a slower pace. However, human greed remained insatiable. Today's data revealed some investors had started to redeem funds. Comments below complained about the modest increase, believing Lu Ming prevented them from making substantial profits.
Lu Ming couldn't see exactly where the redeemed funds went, but he firmly believed a considerable portion had entered personal trading accounts for individual stock speculation.
These individuals, intoxicated by the current hot market, believed themselves stock gods. Inevitably, they would be humbled by market education due to their greed, returning the profits they made.
When they realized they weren't stock gods but merely leeks, they would return to embrace Tiansheng Pioneer Mixed Fund, calling it a haven.
Lu Ming didn't need to actively intervene. The goal would be achieved when these individuals gradually grew wiser, becoming deserving participants in the capital market's dividends.
Tiansheng Pioneer Hybrid Fund's doors remained open, welcoming investors to come and go as they pleased. The first followers who had unwaveringly adhered to value growth since the market resumed had earned short-term substantial profits, rightfully enjoying the returns they deserved.
Every early investor reaping substantial profits had rightfully earned them. Without their support, Tiansheng Fund wouldn't have achieved its current popularity. Some began to diverge after significant profits, with some choosing to persevere and others leaving in pursuit of greater gains.
Choices varied, leading to diverse outcomes.
After Lu Ming's explanation, Su Xiaoman nodded in understanding, her eyes reflecting admiration. She remarked, "Slowing down the rising speed is indeed a wise move, too good, truly impressive!"
...
On Tuesday, March 31, the broader market initially opened higher but later dipped, closing at 3,747.90 points with a -1.02% decrease. There were 69 stocks hitting the daily limit in both markets, eight less than the previous trading day, resulting in an average profit effect.
In the evening, Tiansheng Pioneer Mixed Fund's net value was updated.
Net worth: 2.3831 (+1.92%)
Compared to the previous day's +2.89% increase, Tiansheng Pioneer Mixed Fund's profitability fell below investors' expectations for three consecutive trading days.
Initially dominating thousands of OTC mixed funds with a substantial lead over the second-place fund, the exaggerated increase had given the impression of a leveraged B-level market. After today's net worth update, dissatisfaction surfaced in forum messages, and on the Zhifubao Fund Platform, some commented, "Handling fees are really expensive; leftovers make a fortune! Good luck!"
"It seems the first brother isn't adept at handling large sums. I'm off to grab money at the venue first, and I'll come back when this base plate is lowered."
"Can't even outperform Hai Futong's mid- and small-cap. This 'genius' has only made ten thousand times in three months? Doesn't live up to the name!"
"Someone deceived me last week, claiming this fund manager is a genius with a daily gain of over ten points. After seeing this, I sold my stocks and came in. And now, it's like this? Regretting it to death; I withdrew the stocks that just entered last week, wasting a great bull market."
"Laughing to death, some comments remind me of the phrase 'doing rice to raise kindness, sharing rice to raise revenge.' If I were the brother, I wouldn't let these ungrateful people make money. Just follow the chief helmsman, play private equity funds, and charge a 10-20% commission on excess performance, making more money."
"I think it's pretty good. Today, the broader market fell by 1 point. Tiansheng Pioneer is still ranked 61st among 3,647 OTC funds today. It has never fallen out since entering the top 100."
"Can't satisfy everyone. Doubled in ten days isn't enough; they want it to rise to the limit every day, right? It's just a bit less than before. If it turns green tomorrow, wouldn't they be scolding the streets?"
"Anyway, I trust the first brother without reservation. As long as he's the fund manager of Tiansheng Pioneer, I won't be redeeming here."