“What is a market economy?”

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“What is a dominant economy?”

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"The so-called stocks are ownership certificates issued by joint-stock companies in the market economy environment. The so-called stock investors are individual investors who aim to obtain dividends and dividends."

...

Chen Qiaoshan sat in the classroom, listening to the old professor talking on the podium, but thinking about the domestic stock market in his heart.

Today he came to the School of Economics and Management to take a class, and he was attending the course in securities investment in the Department of Finance.

At Peking University, it is easy to get a class. Almost every printing shop has courses for sale from all departments of the school. If you need it, you can pay a few dollars to print one. Of course, you can't get a class. Many courses taught in small classes are just one carrot and one pit.

The first semester of the financial experimental class is arranged in basic courses, such as English, computer, mathematics, etc., and the rest are a large number of public-selected courses.

Chen Qiaoshan was helpless about this. He was not interested in public-choice courses at all. He just occasionally went to the Mao, and the rest was to take classes everywhere. Most of the time he spent between Guanghua and the School of Economics and Management, and sometimes he also went to the School of International Relations to take classes in economics.

He is now familiar with several colleges, but most of his energy is still focused on English in finance.

Chen Qiaoshan no longer regards qualification certification as a fool, but really devotes himself to studying. Many professional economics courses need to read the original English works. It is not easy to find a reliable Chinese translation now.

For example, consideration, the Chinese translation is consideration, which is an important concept in the British and American contract law, and this concept has not been introduced in China.

The roughly means that the interests have conflicts of demand and do not accept the other party's conditions. When the legal relationship conflicts due to economic interests, multiple parties make necessary compromises on a fair basis to reach an agreement.

The concept of consideration has not been introduced in China at present, but Chen Qiaoshan knows this word and is deeply impressed. The concept of consideration is used in a very important securities law issued in 2005, which has also caused a strong backlash from many foreign investors.

The domestic stock market is currently in a long bear market. Chen Qiaoshan knows better than anyone that this wave of bear market will last until 2005 before it can be removed. He also knows that the fundamental reason for this wave of bear market is the blind intervention of the government.

Although the domestic market economy is currently a market economy, it will eventually be subject to macro-control by the government from time to time. Of course, the starting point of regulation is good, but the final result is often counterproductive.

The root of this bear market is the 519 market in 1999. On May 16 that year, the government introduced six policies to revitalize the securities market. The effect was obvious, which directly promoted the market's rise and of course also laid huge hidden dangers.

From May 19 to June 30 of that year, the Shanghai Composite Index rose directly from 1059 points to 1756 points. This bull market continued until 2245 points in 2001, more than doubled.

As the market situation improves, the government has issued a decision to reduce its holdings of state-owned shares to raise social security funds. To put it bluntly, the government-owned shares held by the state-owned shares were reduced and cashed out, and the domestic stock market was suddenly filled with grief.

As of 2001, state-owned shares, accounting for less than one-fifth of the total number of listed companies, accounted for 60% of the total market value, most of which were non-circulating shares.

The market will definitely not accept the sudden large-scale entry of state-owned stocks. Many investors have lost confidence. For a moment, the market took a sharp turn for the worse, ushering in a long four-year bear market.

Faced with the great collapse of the Shanghai and Shenzhen stock markets, the government also intervened in the rescue of the market, and first revoked the notice of reducing holdings of state-owned shares, but the market did not buy it.

In desperation, in 2003, the government opened the market entry permits for overseas institutions and insurance funds, but unfortunately the effect was not obvious. This bear market continued until 2005, and the government completed the transformation of state-owned shares and was completely over.

In order to complete the stock reform, many measures have been taken, and the outcomes are both good and bad.

Around 2000, most state-owned shares and legal person shares were unable to enter the market for circulation. In order to complete the transformation of state-owned shares, various attempts were made.

A reduction in state-owned shares is a kind of thing, but it has caused a four-year great recession in the securities market.

In addition, there were also legal person shares auctions. At that time, most people were on the sidelines because the risks were too great. Only those with vision and courage dared to take action. In the end, these people also received considerable returns. For example, Liu Yiqian, who spent 300 million to buy the Mingchenghua Doucai Chicken Cup, was one of them.

Liu Yiqian was known as the king of legal person stocks at that time, and attacked everywhere in the auction of state-owned stocks. His capital increased by more than four times in just one year, which can be said to have made a fortune.

Chen Qiaoshan was a little regretful, but unfortunately he was born at the wrong time. If he had been here three or four years earlier, he might not have had to work so hard. But when he thought about it, he felt a bit ridiculous. There was no shortage of opportunities in any era, and all he lacked was the courage and vision to seize opportunities.

Chen Qiaoshan also thought in his heart that if he was in that era, without the memory of later generations, and had tens of millions of dollars in his hand, would he take the risk and try it? The answer was no.

He couldn't help but smile bitterly in his heart. This might be the achievement of great wealth.

There is no simple character who can succeed, and he doesn't have the attitude of fighting for his life, and he really doesn't dare to fight in the capital market.

Chen Qiaoshan was a little confused. This was an era of pursuing interests. What role should he play in it?

In my heart, he is a person who is at ease with a small wealth. He doesn't seek any wealth and honor. He can do it as long as he lives freely. But he is very unwilling to accept it. Seeing the opportunity, he can't help but pounce on Delong and stab him a few times.

After thinking about it for a long time, a word suddenly popped up in Chen Qiaoshan's mind, greed means greed.

It is very simple to live a comfortable life. According to the current trend, it is slowly accumulating in the stock market. It takes only a few years to make the rest of his life feel comfortable. But because of this, he has a bigger goal, and the reason for all this is greed.

Chen Qiaoshan understood Tang Wanxin's idea in a trance. The biggest driving force behind the Delong Group he led was his greed for capital. Unfortunately, greed made him lose his direction in the middle and through various illegal means to raise funds, which finally led to the Delong Group's destruction.

Chen Qiaoshan secretly reminded that greed is not the original sin. The most important thing is to keep a clear mind, otherwise he would have to repeat the mistakes of the Delong system in the end.

"Whatever we bet on our lives must be the most exciting one."

Chen Qiaoshan was thinking about what Tang Wanxin said in his mind. He thought that maybe it was time to go to the gambling table by himself.

"That classmate, the classmate sitting in the penultimate row!"

Chen Qiaoshan's thoughts were suddenly interrupted. When he came to his senses, he found that a person in the classroom was staring at him, and he was suddenly at a loss.

This is a small classroom with a small area and less than fifty seats in front and behind.

Chen Qiaoshan developed a habit in the past. No matter where he went to class, he always liked to sit in a corner with no one behind. It was suitable for sleeping and was convenient to run away halfway through. It was very common in the past, but after coming to Peking University, it seemed a bit alternative.

Students at Peking University like to sit in the front row, so his position is a bit awkward.

"That classmate, please answer a question."

The teacher on the podium repeated it again, and then Chen Qiaoshan reacted and stood up immediately.

The teacher in this class is an old professor, and it is nothing strange. There are many old professors who are still in the front-line teacher position in Peking University in their 70s and 80s.

"This classmate, based on your personal understanding, what is the motivation for investors to pursue capital?"

The old professor on the podium slowly told the question, and then waited for Chen Qiaoshan's answer.

The students in the front row all looked back at Chen Qiaoshan, and dozens of eyes were staring at him. The whole classroom was so quiet that it was sensational.

Chen Qiaoshan didn't care much about the situation in front of him. He had also seen big scenes. He didn't pay attention to the few dozen people. He thought about the problem just now and subconsciously said a word popped up in his mouth: "Greed!"

The old professor on the podium was obviously stunned and asked, "Greed?"

"Greed!" Chen Qiaoshan repeated it with certainty without hesitation.

Chen Qiaoshan felt that there were obviously a few more rapid breaths around him, and the quiet atmosphere was instantly broken. As a boy in the front row couldn't help laughing out loud, a burst of laughter suddenly erupted in the entire classroom.

Chen Qiaoshan was not surprised at all. He didn't think there was anything ridiculous about his answer. This was what he thought in his heart and the biggest gain of his class.

Only when inequality arises greed, only when it cannot be obtained can it be greed. Greed causes desire, and only when it has desire can there be motivation to move forward. He has never understood why he has so much unwillingness before, but now he has finally realized it.

"The monk can touch it, why can't I touch it?"

In Lu Xun's writing, Ah Q is desperate, but dares to tease the little nun in the street and says this with righteous words. Perhaps this is the greatest resistance to fate and the covetousness of the monk's status.

Chen Qiaoshan couldn't help but think, "Boss, why can't I do it?"

The classmates in the audience laughed unscrupulously, and many people were so happy that they couldn't breathe.

Chen Qiaoshan saw that several girls were lying on the desk, with their backs slumped together, and he couldn't help but worry that if he laughed, it would be difficult to solve.

The old professor stood on the podium and did not stop the restlessness below. He just stared at Chen Qiaoshan, with a few more questions and inquiries in his eyes.

After a while, after the lower part calmed down again, the old professor cleared his throat and asked, "Student, what's your name? Which major is the student?"

Chen Qiaoshan was stunned and couldn't help but wonder, could this old man want to find a debt, but he was not worried, and said directly: "My name is Chen Qiaoshan, from the Department of Finance."

The old professor was holding a pen and remembering something on the lesson plan. A girl from the audience suddenly interrupted and said, "You are not a student of our finance."

Chen Qiaoshan was stunned and explained: "I am not a business manager, I am from Guanghua School of Management."

The classroom suddenly became quiet, and many people looked back at him frequently, their eyes were unclear, and they were a little curious and a little ridiculous.

Chen Qiaoshan didn't care either. Guanghua had a deep connection with the School of Economics and Management, and Guanghua went independently from the School of Economics and Management.

Guanghua's president advocated shareholding reform back then, and was considered a reformist faction. In the early days, he was criticized and criticized by many economists, and there were many of his own people.

Of course, history is always not transferred by human will. Nowadays, the shareholding and market economy have been deeply rooted in people's hearts, and it is no point in calculating the past.

The old professor stood on the podium, saw everything that happened below, and nodded slightly. He looked at Chen Qiaoshan who was standing there with no humility and arrogance, couldn't help but sigh, pressed his palm down to signal him to sit down.

After Chen Qiaoshan sat down, the old professor said: "Studying is a process of mutual learning. I hope everyone can humbly accept other people's opinions and should not laugh at them regardless of right or wrong."

Chen Qiaoshan was very surprised. Unexpectedly, the old professor was quite interesting. Not only did he not blame him for being distracted in class, he instead criticized the laughing students below, which made him look at him with admiration.

Everyone in the audience was a little embarrassed, obviously a little embarrassed. The old professor didn't continue to go deeper on this topic. He changed his mind and said on the stage: "Class Chen Qiaoshan answered this question just now very well."

The audience was restless again at this time, obviously feeling that the old professor was partial to Chen Qiaoshan.

"When we do research, we must calm down, not learn for the sake of learning, learn to think independently, and not follow the crowd."

The old professor is a discerning person who can see through most people's thoughts at a glance. He directly explained: "What is greed? Greed is the result of human genetic selection and the driving force for the development of human society."

"In the financial market, capital is the soul of the market economy, and chasing profits is the fundamental purpose of the market economy."

"What is investment? Investing is chasing profits, and greed is the root of all investments."

...

"Spencer's theory of social evolution said that greed is an expectation of business behavior and is the basic condition for human beings to survive in business competition."

"Marx also said that greed is the driving force that promotes the development of social productivity."

"At the end of the day, economics is based on greed, so for human business civilization, greed is the origin of all investment behaviors!"

Everyone in the audience was stunned. No one expected that what Chen Qiaoshan gave was the correct answer. They were vain and they laughed at each other just now. The atmosphere was very strange for a moment.

At this moment, the bell for the end of get out of class rang, and the old professor said on the stage: "This is the end of this class. Next time we will discuss specific cases. After you go down, you will collect information about the Delong Department, which is currently in the hottest position."
To be continued...