李蓓“等风来”

Core Viewpoint - The article discusses the response of Li Bei, founder of Hanxia Investment, to a critical piece published by Huxiu, highlighting the strong influence and rapid engagement of her rebuttal in the private equity circle [2][3]. Group 1: Market Risks and Asset Allocation - Li Bei identifies significant risks in current asset allocation, noting that high-net-worth individuals and wealth institutions are heavily concentrated in four main strategies: quantitative enhancement, sci-tech funds, all-weather strategies, and overseas assets, all of which carry notable risk factors [4]. - The risks associated with these strategies include the impact of small-cap factors and non-linear factors on quantitative enhancement, as well as potential downturns in the sci-tech sector due to rising domestic interest rates and the bursting of the AI bubble [4]. - Li Bei's observations on the concentration of wealth management strategies have sparked new discussions in the market, emphasizing the dangers of asset crowding and the potential for significant price volatility if common risk triggers occur [8]. Group 2: Investment Strategy - Hanxia Investment's current portfolio is characterized by a "deep value" approach, focusing on industry leaders with an average PE of 8 times, PB of 0.8 times, and a dividend yield of 5%, with 80% of holdings exhibiting strong cyclical properties [5][6]. - The portfolio also includes strategies to steepen the yield curve by buying medium- to short-term government bonds while shorting long-term bonds, which is expected to mitigate losses during prolonged deflation [7]. - Li Bei categorizes future economic scenarios into two: one where deflation reverses, leading to significant gains for Hanxia Investment, and another where deflation persists, resulting in minor losses or small gains for Hanxia while mainstream strategies continue to rise [7]. Group 3: Market Dynamics and Future Outlook - The article notes that the current market dynamics may not simply follow a "this or that" pattern, as both technology and cyclical sectors could perform well under certain conditions, depending on economic recovery and risk appetite [9]. - The performance of the AI sector, despite recent adjustments, is expected to rebound significantly in the latter half of 2024, indicating that the current asset crowding may not necessarily lead to a market style shift [8][9]. - Li Bei's strategy of waiting for the right economic conditions to capitalize on performance recovery reflects a confident stance, although it requires enduring pressure in a competitive fundraising environment [12].