Beta of the Times

The fourteen years from 2009 to 2023 will be a magnificent fifteen years for China's modern finance and real economy. From the emergence of new energy industry investment, the vigorous development of the era of big asset management, to the standardized transformation of finance back to its roots, it is accompanied by the surge of global cutting-edge technology and emerging alternative investments. Every turn of the cycle profoundly writes the development trajectory of the industry and the fate of individuals involved in it. Lin Yuan, who majored in finance at a prestigious school, stepped into the tide of the times with great ambitions. He started with direct equity investment in wind power listed private enterprises, and then joined the frontline business of large asset management and bond underwriting. He witnessed the deep integration of real industry and capital market, and also experienced the ups and downs of close friends in the industry amid the changes in the industry. When global digital technology and alternative assets ushered in an explosion, he followed industry seniors to the offshore market to explore computing networks, distributed algorithms and digital frontiers. He experienced dizzying leaps in the collision of technology and capital, and also faced severe tests brought about by extreme market conditions in the global market. Fourteen years of ebb and flow, the prosperity faded away and tranquility returned. Lin Yuan spent all his time in the practice of debt resolution and asset restructuring, and finally understood the true meaning of finance and life: In this magnificent super cycle, personal struggle is important, but what really determines the height is always the beta of the times that conforms to the general trend of historical development.