Chen Qiaoshan didn't understand Wang Feng's background and didn't care.

He was thinking about Professor Yan's intentions in his mind, but he couldn't think of any reason for a while.

The man named Wang Feng stood up and scared Chen Qiaoshan. Who would have thought that the guy was sitting nearby and was sitting in a row behind him.

Chen Qiaoshan looked back and saw that the tall guy looked just like that. Of course, this is his usual statement to evaluate male compatriots who are more handsome than him, and often aroused Yan Xiaoqin's ridicule.

Wang Feng is worthy of being a top student in the scholastic school and gave a standard answer casually: "The premise of the effective market hypothesis is that investors are rational, can quickly make reasonable judgments on information, and adjust their investment structure accordingly."

Chen Qiaoshan smiled and did not comment on Wang Feng's answer, but asked directly: "Professor Yan, how can we determine whether investors are rational?"

Professor Yan still didn't speak, but just nodded to Wang Feng, and he would answer the answer.

Chen Qiaoshan finally understood that Professor Yan didn't want to bully the young by virtue of the big, so he simply assigned a student to debate with him.

That's true, and Chen Qiaoshan was not polite anymore.

He simply left his seat and turned his back to the podium, and came face to face with the students below, which made Yan Xiaoqin, who was sitting next to him, unable to help but cover her face and sigh.

This situation is so familiar, just like the situation of Guanghua’s last lecture. Yan Xiaoqin knew that Chen Qiaoshan was obviously fighting with someone again, so she had to secretly complain in her heart that she was such a big person, why didn’t she know to keep a low profile!

"Senior Brother Wang, how do you determine that investors must be rational?" Chen Qiaoshan repeated the question again.

Wang Feng has been studying systematically for three or four years, so he will naturally not be easily shaken, and he can easily see through the trap in his words.

"Rationality is relative, and all investors cannot be required to be rational. Only through systematic theoretical study can rational judgment be made."

Chen Qiaoshan sighed in his heart that this senior senior is really simple. Can't he be able to trade stocks without systematically studying economics? He actually understood in his heart that it was no wonder that Wang Feng. Perhaps only by truly experiencing the cruelty of capital can he mature completely.

"It turns out that investors' rationality must be cultivated after the day. Brother Wang, do you think I'm rational?" Chen Qiaoshan asked jokingly.

Wang Feng was stunned, wondering why he suddenly asked such an unresponsive question.

Chen Qiaoshan said self-deprecatingly without waiting for his answer: "Of course I am irrational. A freshman dared to question Professor Yan. This is too overestimating his ability."

His self-deprecating caused laughter from the audience. Yan Xiaoqin couldn't help rolling her eyes at him a few times. This guy was arrogant again and his face was too thick-skinned.

Chen Qiaoshan didn't care at all. When the laughter subsided, he suggested: "In this way, just talk about it and not practice fake styles. Brother Wang, let's make a simple financial model and have a face-to-face competition. What do you think?"

Everyone in the audience was stunned. No one expected Chen Qiaoshan to make such a proposal, but no one took a freshman in his eyes and cheered: "Wang Feng, why are you procrastinating? Promise him, don't embarrass us!"

Professor Yan was a little surprised. He didn't expect that things would develop to this point, but he did not object, but just paid silence to the development of the situation.

Yan Xiaoqin was a little worried. She didn't know what Chen Qiaoshan was going to do. She had no idea what to say in public, so she had to stare at him frownly.

Wang Feng is naturally familiar with various financial models, not afraid of Chen Qiaoshan's challenges at all, and said confidently: "No problem, just ask questions!"

Chen Qiaoshan asked Professor Yan for his opinion. After he agreed, he opened his school email in the teaching computer on the podium and downloaded an attachment from it.

This is all the information from St. Zhongyan so far. It contains the trend chart of the last year, the financial reports of the past two years, the news briefings of major media, and records of corporate equity transactions over the years.

Everyone didn't know what Chen Qiaoshan was going to do, but just stared at the scattered messages on the big screen in a daze.

Chen Qiaoshan picked up chalk and wrote down the st-middle Yan on the blackboard, and then explained the situation of the st-middle Yan in detail without any reservation. Finally, he introduced the actual situation currently facing the st-middle Yan.

After everything was finished, the bell rang and Chen Qiaoshan was stunned.

Professor Yan said: "Everyone can move freely. If you two are fine, continue your competition, don't worry about anything else." After that, he walked down the podium and found an empty seat below and sat down.

When everyone in the audience saw this situation, except for some who ran out in a hurry, none of the rest said, and they all quietly followed the two people on the stage.

Chen Qiaoshan asked: "Senior Brother Wang, this is the case with st Zhongyan. It has been losing money for two consecutive years. This year's losses have become a foregone conclusion, and forced delisting is near."

After saying that, Chen Qiaoshan clicked on a picture with his mouse. He pointed to the curtain and explained: "This is the K-line chart and stock price trend of st Zhongyan in the past month. It can be seen that the stock price has plummeted recently. Unfortunately, I am not a rational investor. Last Wednesday, I bought st Zhongyan stocks of 50,000 yuan at a unit price of 6 yuan per 1 yuan."

As soon as he finished speaking, the classroom was filled with an uproar. Chen Qiaoshan spent 50,000 yuan to buy stocks? The news was too incredible.

Securities investment includes stock investment, and the K-line chart is a must-learn content, so they naturally know the meaning of Chen Qiaoshan’s words.

Wang Feng asked unexpectedly: "You really bought 50,000 yuan of St. Yan?"

Chen Qiaoshan smiled and nodded, "This is of course true. I'm very irrational, right?"

Everyone was speechless. They dared to buy stocks that were facing forced delisting after consecutive limit downs. This is no longer irrational, is this stupid, right?

Even Professor Yan frowned, but Yan Xiaoqin was not sure about it, so she just stared at the two people on the stage.

Wang Feng said: "The last two trading days of last week were the limit down. So you have lost 10,000 yuan?"

The classroom suddenly became three minutes quieter. Ten thousand yuan is not a small amount these years. Everyone was curiously waiting for the answers on the stage.

Yan Xiaoqin's heart suddenly tugged. Although she didn't understand stocks, she knew very well about Chen Qiaoshan. He said that it was definitely not a joke if he bought it. It seemed that he was really losing money. Thinking of this, he couldn't help but feel up and down.

She had no choice but to continue staring at Chen Qiaoshan with a frown, and was anxious alone.

Chen Qiaoshan corrected: "Senior Brother Wang, st Zhongyan is a stock with hats, with a rise and fall of only 5% per day. To be precise, my loss is less than 5,000 yuan."

Wang Feng touched his nose awkwardly, but he couldn't help but complain in his heart. When is it time to show off, and if you don't clear your position, you won't even have 50 cents left.

Chen Qiaoshan continued: "We don't need to discuss what has passed. Today is the first trading day of this week. Brother Wang, please rationally analyze how I should do it now?"

"Clear the stock." Wang Feng's answer was simple and straightforward.

"Okay, there is a new problem now. Sina Finance published a news this morning. St. Yan's equity has changed and Tunhe Co., Ltd. has become the absolute controlling shareholder. If you analyze it rationally, how should I do it now when facing this news?"

Everyone was stunned. Everyone has analyzed the case countless times, but this is the first time they have come into contact with real stock operations. Everyone can't help but think about it. However, everyone has not figured out what substantial effect will the equity transfer of a listed company that is about to be forced to delist?

After a long time, Wang Feng said: "I still chose to clear the position. Even after completing the asset restructuring, St. Zhongyan has been losing money for several years and there is no way to see any value worth investing in."

Chen Qiaoshan felt a little disappointed. After all, he was still a student in the ivory tower. The operation of capital was not as simple as it seemed on the surface.

He was also a little excited and used known results to test these students who had not left school, which was a bit bullying, but now that things have come to this point, it still has to be a break.

"Xiao Qin, please use my cell phone to dial it, and call the account manager. Please ask the current stock price of st Zhongyan and open a hands-free one." Chen Qiaoshan said.

Yan Xiaoqin acted according to her words and dialed the phone quickly. Before she could speak here, a surprise voice came from the microphone: "Mr. Chen, congratulations, now the Delong Group has control over the situation. St. Zhongyan directly hit the daily limit at the opening. You have won..."

The quality of Nokia is very good. When it is turned on, the speakerphone is clear. Many people around him heard the call content and suddenly fell into silence. The same thought popped up in everyone's minds. How could this be the result?

Chen Qiaoshan winked at Yan Xiaoqin. She immediately understood, turned off the hands-free and said thanks and hung up. However, the expression on her face was no longer a frown. She had already smiled and heard it. But she heard it really, this stock would rise sharply!

Wang Feng was very frustrated. The conclusion he gave was wrong after careful measurement, which made him a little unacceptable. Has the hard study been in vain? He couldn't help but stay there for a long time without moving.

Professor Yan walked up, patted Wang Feng on the shoulder and said, "Don't be depressed, you are still in the learning stage, and right or wrong can't explain anything."

Wang Feng nodded, but he was still very upset.

Chen Qiaoshan felt a little disgusted, but he didn't want to say much, so he could only watch Professor Yan laugh dryly.

Professor Yan said calmly: "Chen Qiaoshan, your case does not explain anything."

"The rationality that Wang Feng mentioned is only a narrow concept. True rationality refers to the degree of tolerance of investors for losses. For example, you lost 5,000 yuan in stock trading last week, which essentially means that you are a rational investor."

Chen Qiaoshan felt very helpless. Professor Yan was obviously arguing and was too skilled in reversing black and white skills. He deserved to be the dean of the scholastic institute for so many years.

After a pause, Professor Yan continued, "It's better to do this. Since Wang Feng has lost, let's just communicate with each other. Try to overturn my argument. What do you think?"

Chen Qiaoshan was so shocked that he couldn't help but curse himself. As soon as he beat his apprentice away, his master came up to find a place himself. This was shameless!

Professor Yan spoke, but he had no choice but to calm down and think of countermeasures.

After thinking about it, Chen Qiaoshan became a little excited and nodded in response with a smile.

In terms of professionalism, he is not as good as Professor Yan, but it is not too easy to refute the effective market hypothesis, because he is holding a big killer weapon in his hand.
Chapter completed!