The book "Buying Bank Stocks" is full of ten chapters, which is actually to explore a core issue: the total market value of A-shares exceeds about 9 trillion yuan, and the net assets are about 19 trillion yuan, of which the difference of 10 trillion yuan is equivalent to a giant gray rhinoceros worth 10 trillion yuan.
Of course, the "gray rhino" here is a bit of a "makeup" taste. After all, according to Guggenheim Scholar winner Michelle Walker's book "Grey Rhinoceros: How to Deal with a High-Probability Crisis," the "gray rhino" is a metaphor for a potential crisis with high probability and huge impact.
Obviously, Ding Chang's gray rhino here does not refer to a potential crisis, but a huge opportunity.
In fact, everyone knows that bank stocks have low valuations and solid growth. As for the gap between bulls and bears, it is more about pessimism or optimism about the undercurrent outside the statements of the entire banking system.
Goldman Sachs' recent research report on urban investment bonds is undoubtedly a typical pessimist view, and there are many people who agree with it.
In this regard, the book "Buying Bank Stocks", in Chapter 8 "The Bad Debt Problem", has a formulation that I think is good: its essence is not a technical problem, but a trust problem.
Of course, based on trust, he made a worst-case scenario assumption and pointed out that even so, bank stocks are still a good investment.
