Rebirth 79: I opened a bank in the United States

Chapter 604 Busy Time

After chatting for a while, Carter got up and wrote keywords such as BIT, optical fiber, and TCP/IP protocol into his small notebook.

The trip to Chicago is obviously impossible right now, not to mention the increase in academic pressure. The second half of 82 was originally a busy year.
After the leisurely freshman year passed, Carter counted down the things he had to do now:

1. The establishment of the New Haven branch of the Black Flag Commercial Bank; and the establishment of a small loan company, you need to keep your attention; 2. In terms of the amount of securities underwriting, you also need to go to New York or Boston to find some "sources"; 3. , about the panda house, it's time to go to the consulate to inquire about the progress
And this does not include the subsequent sale of land.
And
"Gift Crab! Rick! Rick!"

"What's wrong?!"

"Can you help me talk to that Adams guy and ask him to sell me this violin!"

When he caught sight of the Guarneri on the table, Carter finally broke the defense
"I originally planned to go to Cremona to find a Guarneri or Stravadi of similar quality during the summer vacation in Italy, but... God, you let me get used to the sound of this violin, To listen to those pianos worth thousands of dollars is no less than raping my ears!"

"Rick, you don't want to be tainted by my horse-killing sound, do you?"

"The key depends on how much you plan to pay? He's not stupid, can he not know the value of Guarneri? If you want to pay at a fair price, it may be difficult."

"But if it's not a fair price, why should I stare at him?"

Carter hit the nail on the head.
The appreciation of guarneri is inevitable.But Carter always feels that he doesn't know how to hang Mao Adams, and it's useless except for selling pianos or being arty.Like Gates back then, Carter loved this violin, but he didn't want to spend too much for it
After all, the current me is not the kind of giant who has too much money to spend
While pursuing quality, it is not too much to pursue cost performance, right? !

"Then you're not robbing?! I don't think you can buy this violin for [-] yuan this year. You still want [-] yuan?"

"I can accept [-] yuan, but it's too much"

"But you have to pay something. Don't make things difficult for me, okay? At most, I will ask him out for you, and then I will call you to cooperate. How to deal with him, you have to figure out a way!"

"Okay, let's do this first, if it's a big deal, I'll drag it anyway, anyway, I'll use it."

"Then you are not afraid that the value of this piano will be higher in the future?"

"It seems to be right. But, who is making our money tight now?"

"Bah, speaking of money, didn't you sell a lot of your land? When will we pay back our family's money?"

"Why are you in a hurry, the contract period hasn't arrived yet!"

Carter slapped his forehead in pain, adding one to the trouble
"Looking for securities products makes me think about it. In fact, I don't need to think about it. I first recommend Mr. Bogle's Vanguard S&P 500 Index Fund. Normally, the shares of this fund are the most suitable for long-term holding, especially in the form of In your current situation"

"You lack professional traders, market analysts, and even as you said, there are not even a few suitable stock market leeks in your capital. Facing such a poor land, instead of spending a lot of energy on research Individual stocks, to screen out a few stocks that are not necessarily correct, and sell them to your local customers, it is better to take a package deal!"

After a busy week of school, Carter came to New York.

In the Tiger Asset Management office in Manhattan, Julian, another little old man whom he hadn’t seen for a long time, suggested to Carter in high spirits:

"The index fund founded by Mr. Bogle is based on the entire market. The income will not be too exaggerated, but it is the safest. Even if one of the stocks loses money, as long as there are more individual stocks that increase more than the loss, you will still make money. And The broader market reflects the industrial production capacity and economic development level of our country."

"From a historical point of view, the market will always go up! Even if there is a short-term decline or fluctuation, as long as our country is not alive or dying, or when the wind and rain are in turmoil, betting on the market is definitely safer than betting on individual stocks. Moreover, betting Dapan, you don’t need to spend much energy on this.”

"After you buy it, just throw it there. You only need to focus on finding customers, but the key problem is that Mr. Bogle doesn't want underwriters to raise his fund transaction threshold. In controlling the transaction In terms of cost, Bogle has gone to extremes.”

"What if I lower the transaction commission? Our bank takes a little less transaction commission."

It wasn't the first time Carter had heard about John Bogle's Vanguard S&P 500 Index Fund.Almost every time the issue is brought up, Julian's suggestion is to underwrite the fund's shares.

Logically speaking, betting on the ups and downs of the market is indeed more suitable for the current self:
First of all, this fund does not require constant attention. Perhaps, it also needs to adjust its investment portfolio from time to time, but compared to screening targets from a vast number of individual stocks, the adjustment of this index fund’s investment portfolio is nothing more than which individual stocks are more A little, whichever is less, that's all.

Even if you want to be lazy, you can wait and see.For example, all S&P 500 stocks are bought on average to keep the total amount consistent.In this way, the income may be lower, but still the same sentence, as long as the market eventually rises, then this investment has a high probability of making money!

It is nothing more than the exaggerated rate of return of the Magellan Fund, including the tiger side, which is particularly inconspicuous.People make more than 60% of Nima’s income in a year, and I may only get [-]% to [-]%. Maybe it will be higher in occasional years when the economy is developing well.
Nothing more
From a self-holding perspective, investing in Vanguard may not be an option for maximizing capital gains.But if you look at it from the perspective of an underwriter, that is, a so-called middleman, Vanguard's index fund can minimize its own management costs.
Because, this investment, what kind of management do you need?

You don't even have to hire professional traders, analysts, etc., and the marketing and sales team can even let the tellers do part-time jobs.When customers come to the bank to do business, they will sell them
John Bogle, that stubborn little old man, Carter didn't have the confidence to change his mind.Then, if you want to get the underwriting rights of Vanguard Fund, you must cooperate with the other party's low-cost operation strategy and reduce the profit margin of yourself as a middleman
The profit margin has been compressed, and it is unrealistic to hire those professionals again, good guy, and not lose money in the end!

And thinking of this, a new problem came up
(End of this chapter)