Investment Life

1994 was not a wonderful year for Wall Street. Just waking up from the dream of sniping old Europe, it fell on the Europa continent again. The two consecutive European foreign exchange wars in 1992 and 1993 made every major hedge fund in the United States profitably. In 1993, the European bond market was fattened by the pockets of many financiers. As a result, in 1994, in order to strengthen the economy and curb inflation, the Fed announced a rate hike of 25 basis points. This modest adjustment to the stock market has led to the collapse of the bond market.

No one could have expected this collapse, and no one could even explain the cause of the collapse. All the brokers only knew that the bond at hand had fallen to the bottom of the night, and there was a crazy sell-off on the exchange, and no one would spend any more on the bond. A penny was as turbulent as it was when hedge funds withdrew from Europe. In just two months, the entire U.S. securities market has evaporated $ 600 billion, and another $ 900 billion has been destroyed in foreign bond markets. The short-term godfather Michael Steinhardt has suffered personal losses of up to $ 1.3 billion. collapse.

In this catastrophic change called "Greenspan Hurricane", few people can escape the ascension, the entire Wall Street is sad and dismal, and even if the stock market is still rising steadily, it will not prevent the tragic losses of financiers and hedge The fund instantly became a street mouse, accused by everyone. Such disasters and changes are not bad things for Chen Yuanming.

In mid-May, Chen Yuanming returned to Wall Street and applied for a short-term low-interest loan at Citibank, where he saved money. At this time, major commercial banks were affected by venture capital and hedge funds, and they also fell into a round of loss-making periods. Although not as miserable as Goldman Sachs, they were not much better. Bad credit is like a lasso on the neck of a commercial bank, which makes them breathless and nervous. Therefore, commercial loans have entered a short period of austerity. Loans from banks require extremely high credit ratings.

And Chen Yuanming? He is indeed a very credible lender. After reviewing his bank accounts, the shares of Feiyan and Eagle's Nest, as well as a few of Goldstone's and its 7 or 8 venture capital projects, Citibank hit the highest level on his credit rating. . During such troubled times, having a very reliable lender is a good thing for the bank. Therefore, using his own assets as collateral, Chen Yuanming easily applied for a loan of up to 150 million US dollars from Citibank for a period of 6 months with an interest rate of just over 4%.

As this loan involved Feiyan, of course Yan Qiaosen also learned the news, with full of surprise, he called Chen Yuanming, who was in New York, and asked him why he wanted to borrow such a large sum of money. Is there a place where money is urgently needed? Chen Yuanming just smiled and gave him the word "futures".

That's right, this year was a nightmare disaster for the bond market, but for the other exchange market, it was completely different. In the mid-1990s, due to the changing world pattern, gold, silver, and oil futures trading fell into a trough, but relative metal trading, especially copper and aluminum, reached a peak. This was caused not only by the dual effects of the disintegration of the Soviet Union and the take-off of the Chinese economy, but also by the black box operations of financial giants.

In response to what happened during this period, any futures textbook will mention it in detail. Just one year later, the Sumitomo incident that shocked the world happened.

As one of Japan's largest consortiums, the Sumitomo Group, which once ranked 22nd in the world's top 500, once controlled some or all of the shares of many copper mines and smelters in countries around the world, including Chile and the Philippines. Zhongtai Nan is the "Mr. Five Percent" who has a strong copper futures. He has established a large number of copper forward contracts in the futures market and controls more than 5% of the London copper market's trading volume and open contracts. The joint Sumitomo can be called a giant crocodile in metal trading.

But this giant crocodile is not at ease.

From the end of 1993 to the beginning of 1995, due to the strong operation of Binzhong Tainan, the copper price once surged from about 1,600 US dollars / ton to the peak of 3075 US dollars / ton. The lme copper warrants he controlled accounted for 90% of the exchange at the highest. As many as possible, dominate the throne of the world copper trade. However, such terrible numbers have long violated the normal value of goods. Binzhong Tainan himself has been warned twice by the London Metal Exchange. Who knows that the price of copper has not risen but has risen completely, and it has become a pure number game. Mr. Hammer's Japanese man is simply arrogant.

However, there are always more than one crocodile in the financial world. Faced with such high prices that are extremely contrary to market rules, others have unexpectedly exposed their fangs. Quantum Fund, Tiger Fund, Canadian metal trader herbertblack, American fund deanwitter, and some large European metal traders responded and began to short copper prices. Sumitomo resisted these huge forces with their own strength until the end of 1995. The U.S. Commodity Futures Trading Commission and the London Metal Exchange both investigated the violations of Sumitomo Group. Copper prices have only started to fall, but the tug-of-war has continued for half a year. Until mid-1996, the copper price plummeted by 60%, and Sumitomo Group lost $ 4 billion. end.

This incident was the most gorgeous scene in the mid-1990s futures market. Even Soros's quantum fund failed to withstand the pressure and returned on the eve of the decisive battle. Only the Tiger Fund became famous in the first battle and gained an innumerable number. Great profits. At the same time, the soaring price of copper has also driven the rise of aluminum prices. It can be said that these two have saved some financial giants that have fallen into huge losses in the bond market.

When he read related materials in the early years, Chen Yuanming didn't get excited by this ups and downs situation. Now he has a great opportunity to face, how can he bear it. As early as March when the U.S. bond market collapsed, he began to pay attention to changes in the copper price. The securities market was initially stable in mid-April, and those hedge funds and investment banks that had suffered severe losses at the end of April began to look for new profit points. In early May, the copper price began to rise. At the same time, aluminum prices have steadily climbed in the world's production reductions. This series of price changes has verified the correctness of the information in previous books. In order to make a short-term profit of more than 60%, he must let go!

After obtaining the loan, according to the size of the market, Chen Yuanming established a copper warehouse at a price of 1905 US dollars / ton and bought a long position of 100 million US dollars. At the same time, the metal aluminum market was cut at a price of $ 1,375 per ton and a long position of $ 50 million was bought. The remaining money was invested in Cisco and Microsoft stocks, respectively, which is Microsoft's disk. Now that windows95 has not been released and Microsoft's stock price has not started to soar, it is a good time to start. Chen Yuanming bought 300,000 Microsoft shares for 15 million US dollars. The stock of Cisco is not so large, plus It was the bottom of the valley, and the acquisition of 3% of the stock was completed for only 8 million US dollars.

Such an astonishing handwriting shocked a group of people. Yan Qiaosen, Meng Lisheng, and even Jonathan called and asked, but Chen Yuanming didn't say much or even explain in depth. Not to mention the ups and downs of the futures market, the Internet explosion in the next 6 or 7 years is also unpredictable and unbelievable by most people now. In the years before and after the year 2000, the technology stocks listed on the NASDAQ almost without exception have created gains of up to several times, and those giants and edgy figures of the times have created a miracle of a thousand-fold increase.

For this incalculable profit, Chen Yuanming has no heart, but the shortage of funds has made him currently struggling to cope with it, and it is very important that these real giants cannot easily get involved, even if they have money. Nationality means that he cannot intervene in the core US high-tech industries at all, nor can he point at these behemoths that are related to people's livelihood. Technological barriers are like a strong wall, curbing the flow of technology between developed and developing countries, and also allowing developing countries, including China, to suffer for technological innovation. In the near future, countless failed mergers and acquisitions will give Chinese people a head start, allowing them to recognize the necessity and urgency of independent innovation.

This terrible obstacle is not something he can easily jump over, so increasing angel investment is his best and even the only option. This is a real hairy ground. Those emerging companies like seedlings are the existence that the US government will not intervene in today. They are also the blind spots in the vision of the giants. They use a small amount of funds to support their start and implant their own power in the early stage. Define the scope that can be occupied, so that slowly eating away, he will be able to obtain a brand-new forest, and the fertile soil bred by this batch of forests will also become the source of his blood transfusion to China, any laws and regulations, trade barriers Nothing can get stuck.

After these dense forests have truly matured, the era of the Internet bubble will come. At that time, Silicon Valley will experience a real catastrophe. A large number of elites are facing unemployment, a large number of potential companies may be bankrupted or acquired, and once flourished small businesses. Will be plunged into real painful cleaning and restructuring, adding incalculable nutrients to those giants to lay a dominant position for them. At this time, he can hold talents that are beneficial to China like picking vegetables at supermarkets, and it was not until 2003 that the United States once again tightened the export of software and high-tech products to China. Before that, he Too much time left, right?

After a series of intensive operations, Chen Yuanming did not complete his layout on Wall Street until the end of June. Since the stocks can be held for a long time and the futures are half a year, there is no need to pay much attention. Dianjinshi Company finally ushered in a steady development after several months of running-in. Several qualified general partners also reached a consensus on Chen Yuanming's investment direction, and the pressure on Chen Yuanming naturally eased.

The burden is lighter here, so I have the strength to look around. At this time, Yan Qiaosen's studio had already launched the mpeg-2 format, and through the mpeg forum demonstration, obtained the corresponding patents and qualifications, becoming the standard for the next generation compression format. However, this new compression mode cannot be generalized to applications. At present, there are still defects in optical disc media, and there are obvious shortcomings in capacity and logical partitions, which cannot meet the needs of mpeg-2.

Since the acquisition of the first optical disc studio, the company has made significant innovations in the dye layer of the optical disc in only half a year and zero hours. From the beginning, the green disc, which is dominated by the high-sensitivity calyx dye, has evolved from The blue disk made of metalized azo dyes has significantly improved the photosensitivity and read-write stability of the optical drive. After a period of testing, this product has been officially put into production. Feiyan quickly improved the optical disc production line located in Shantou. With downstream production energy, it is believed that the blue disc will soon replace the green disc and become the mainstream of the market.

This improvement alone is enough to have a significant impact on an industry, but the next-generation optical disc needs far more innovation than surface coating. After careful consideration, the company adjusted its strategic structure and tightened its R & D line. Abandoned further research and development of optical drive read and write speeds, and devoted energy to the improvement of optical disc media and laser heads.

In the eyes of outsiders, this kind of upside-down research and development direction is in the middle. The improvement of optical disc technology has been endless in recent months. Now it has steadily entered the threshold of the next era. You must know that at this time, there is more than just struggling to develop the next-generation optical disc. At zero time, there is no need to mention the Sony-Philips Alliance. Even Toshiba has entered the war and joined hands with Time Warner to work secretly. Therefore, breaking through technical obstacles as soon as possible to achieve results is the key to everything.

Standing in the zero-hour workshop now, Chen Yuanming picked up the disc in front of him and looked carefully.

"This is the new disc you have developed."

In terms of appearance, this disc is no different from ordinary cd discs. It is a 12cm circular disc with a single-sided structure. The dye used is not the blue disc currently produced by Feiyan in mass production, but pure white gold.

auzw.com "Yes!" Yan Qiaosen nodded, his face expression was excited, "Don't look at it like cd, the function is completely different! The idea is the same as your original The similarity mentioned is made by sticking two 0.6mm substrate layers. The laser head uses red laser technology with a more focused focal length, which can accurately locate and focus on the disc. The minimum pit length is also longer than the original cd. 0.834μm has been reduced by half, the track pitch is only 0.74μm, and the surface coating is titanium hafnium ... "

A lot of technical terms smashed head-on like an avalanche, and Chen Yuanming looked at each other with tears and smiles. "Professor Yan, the key point ..."

"Ah ..." Suddenly realize that the other party is a layman without any foundation, Yan Qiaosen gave an awkward cough, "In short, it meets the basic requirements of the hdvagroup organization, but the effect is not very stable, and the corresponding player development needs Longer. "

"That doesn't matter." The topic finally shifted to a level that he could understand. Chen Yuanming smiled. "Since there is a finished product, what needs to be done now is to stabilize the technical standards and publish the format specifications in the name of Feiyan. To communicate well with News Corporation, joint release is easier to establish a foothold. And to continue to develop anti-theft measures, only one css is not enough. It also needs some functions that can prevent the optical drive from reading the disc and prevent the video recorder from stealing copies. . Now the three major groups compete, the decisive factor is not just the quality of the optical discs, but the theft prevention is even more important than the capacity issue ... "

Yan Qiaosen nodded while listening, "So what is the development of the optical drive? Would you like to restart ..."

"Of course. And you can give up the rewritable function. This flashy videotape function is no longer suitable for optical discs. It is the key to grasp the burning and reading and writing speeds. This aspect can be led by the zero hour, and the development of the player is directly It's better to hand it to Feiyan Technology Department. After all, we have accumulated a lot of experience in developing vcd machines, and this patent right cannot be easily handed over to News Corporation ... "

In this way, around the various issues of the new generation of optical discs, the two sat in the office and talked until the sun was sinking. They did not wake up at the same time when a grunt of protest sounded.

"It's all silly in Silicon Valley ..." Yan Qiaosen laughed and worked overtime. His stomach had long been used to starving, but the teenager in front of him had clearly not learned the trick. "Let's go, I'll treat you today, let's celebrate it!"

Chen Yuanming touched his stomach a little embarrassed. He didn't lose anyone on overtime staying up late, but recently his body has developed too fast and his consumption has been unable to keep up, but he just smiled for a moment. "Okay, but let ’s say yes, I ca n’t eat steak anymore, now this guy ca n’t wait ... ”

"Haha, that's good, right next to the fast-food restaurant, I'm passing there every day, I'm very familiar." Yan Qiaosen pushed the glasses on the bridge of his nose, stood up, thinking about going out with Chen Yuanming, suddenly remembered a bit What, "Yes, for so long, what are we going to call the next-generation CD?"

Asked this way, Chen Yuanming took a moment to pause and grinned suddenly, "Just call digitalversatiledisc, Digital Versatile Disc, or DVD for short."

Seeing that the situation in the United States is very good, Chen Yuanming and Yan Qiaosen are enthusiastically engaged in a new round of overtime. Who knows that the dvd standard has not yet been formally established, and a message was returned from the country. In just two sentences, it was like one. The cold water poured out the enthusiasm of the two.

Meng Lisheng's voice on the phone was surprisingly serious, "You and Lao Yan are back quickly, we are going to have a lawsuit!"

(This chapter is over!)

The author has something to say: Greenspan, then chairman of the Federal Reserve

Today, I have nothing to say about qaq.

Yesterday, the nest was really scared by the turbulence of the little friends. Thunder is like raindrops. Feeding qaq 嘤 嘤 嘤 costs everyone, but the speed and data restrictions are stuck there. It ’s really difficult.

蹭蹭 Fierce little friends, but for long-term stocking, let's spare my life qaq

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Throwing a rocket launcher