My 1979

After dinner, Li He didn't go upstairs. After sunset and the lanterns came on, he wanted to walk around. There were lights, crowds, and traffic at night.

Narrow streets, jingle cars, double-decker buses. The lights are intertwined and the shadows are intertwined. What goes best with Friday night is a purposeless stroll.

Walking along the overpass is the pier. You can meet three or four street singers along the way. You will also see a medium-sized Ferris wheel. The fluorescent blue lights mark the Central District of Hong Kong. There are people working overtime in every building. For urban elites, lights, high-rise buildings and bars merge into a unique lifestyle, with different busyness and the same joys and sorrows.

He stood at the ferry, with high-rise buildings behind him, and the songs of street singers gradually dispersed in the sparkling waves. Blowing the slightly salty sea breeze, looking at the bright lights, it always seems like an old movie showing slow motion, with the slightest rhythm and emotion.

Li He suddenly asked Ping Song, who was standing next to him, "Have you ever thought about staying in Shenzhen?"

"If I stay in Shenzhen, you can't do it alone, right?" Ping Song is used to the bustle in the capital. Although Shenzhen is also full of vitality, he is still not very happy to have him come here as cruelly as Su Ming.

"The south will be our base camp in the future. In the future, all the focus will be on Shenzhen and Guangzhou. Now that Shenzhen has opened land auctions, you want to build shopping malls. This is a good opportunity. Our land in Shekou is still vacant."

The top 500 state-owned companies look to the capital, the top 500 foreign-owned companies look to Pujiang, and the top 500 private companies look to Shenzhen. Due to the early development of the market economy, the price mechanism plays a decisive role in the allocation of commodities and factor resources. The fairness, openness, and impartiality of the market are important in This fully reflects that Shenzhen is becoming a paradise for private entrepreneurs in a pure market competition environment that does not rely on relationships or flattery. So from this point of view, Shenzhen's investment environment is suitable for the development of the private economy. If Li He wants to make a difference in the private economy, there is no better place than Shenzhen.

In his hometown, Li He would be powerless even if he wanted to contribute. Too much uncertainty and too many difficult people would sooner or later exhaust him. He had to admit that there was some reality.

Li He still valued Ping Song more, and sometimes his brain was much easier to use than Su Mingdu, otherwise he wouldn't have said so much to him.

"Brother, I just got married." Pingsong is still not very happy. In fact, he may not have much expectations. He now has a car, a house, and status in the capital. He came to the south to seek misfortune, hoping for plum blossoms to quench his thirst and draw cakes to satisfy his hunger. For him, It's not even true.

"Then I'll arrange for someone else to take over the property." Li He then decided to find someone to take over the property.

Pingsong said, "Brother, if you really let me stay in Shenzhen, I will."

"Forget it." Seeing Pingsong's unwillingness, Li He didn't want to force it anymore.

Ping Song wanted to speak, but Li He waved his hand to stop him.

As soon as the two people arrived downstairs of the hotel, they met Huang Bingxin who was milling around downstairs.

"Mr. Li, I'm so anxious. Fortunately, you're back."

Ping Song glanced at Huang Bingxin and went upstairs. He never asked about things he shouldn't know.

"Is something wrong?"

"Mr. Li, I have recalculated and found that our method of operation is completely unfeasible."

Huang Bingxin was even more anxious than Li He.

People were coming and going at the door. Li He motioned to Huang Bingxin to give way, and the two of them leaned against the corner.

"Tell me why?"

"Mr. Li, Goldman Sachs suggested that we go naked short! They don't have that much stock to lend us!"

Li He scolded, "Sure enough, the world is as dark as crows."

No wonder Goldman Sachs dares to promise to lend as much as it lends!

Short selling is easy to understand. When short selling investors believe that the price of stocks, securities or futures will fall in the future, they pay a part of the margin, borrow a certain stock through a securities broker, sell it first, and wait until the price drops to a certain level. These stocks are then bought back and returned to the lender. Investors make profits during the transaction. This practice is called short selling.

In mature securities markets, short sellers borrow their stocks from long sellers. Securities companies are willing to lend the stocks so that they can collect rent. The stocks are lent out without the knowledge of the stock holders and do not need to be done. permission of many.

"Naked short selling" refers to an investment technique in which investors directly sell non-existent stocks on the market without borrowing stocks, and then buy back the stocks to obtain profits when the stock price falls further. Traders who perform "naked short selling" only need to buy the stock before the delivery date, and the transaction will be successful.

To put it bluntly, naked short selling does not require borrowing stocks at all. You can directly record the short selling as long as you buy the stocks before the delivery date. The advantage of this approach is to increase market liquidity, but the disadvantage is that it may be maliciously used for short selling.

Since "naked short selling" sells non-existent stocks, the volume may be very large, so it will have a severe impact on the stock price.

The "naked short selling" system is that the exchange creates a third party in the system, allowing short sellers to sell short directly without borrowing bonds from a third party, and within a certain time limit, buy short selling bonds to make up the difference; in fact, it is equivalent to Short-term short sales are allowed without subject matter restrictions.

During the 2008 financial crisis, many well-known large companies died due to this, including the famous Lehman Brothers. Therefore, the United States realized the harm and only imposed strict naked short selling restrictions in 2009.

If a dabbler like Li He really plays naked air, he may make money if he is lucky. If he is unlucky, he will not only become a pauper, but may also be in debt. Huang He can still take his sister-in-law with him when he runs away. He can only learn Ding Xie found the highest building and jumped off to see if there was a chance to be reborn.

Nor could he be on Einhorn's level and have the guts to openly short Bear Stearns and Lehman Brothers and make huge profits.

In the 19th century, there was a railroad company in Harlem. Its leader was the first richest man in the United States, Vanderbilt, known as "The Captain." He was the largest shipowner and the largest railroad owner in the United States at that time. His wealth It was estimated to account for 1% of US GDP at the time.

There was bad news about the Harlem Railroad, and speculators thought they had an opportunity to capitalize on the shares of the Hudson River Railroad. Just as Hallam's stock price was reaching its highs, they launched a short-selling attack on Hudson River stock. They shorted Hudson, forcing their opponents to increase their margins, creating panic, forcing the stock price to fall further, and trying to close their positions at a low level to make a big profit from the price difference.

Vanderbilt immediately countered by having his agent buy out all "seller options" on the market.

Vanderbilt and company are rich!

They don't care! They bought them all!

In early July 1863, Vanderbilt closed the net. When the contract expired, short-selling speculators went to the market to buy shares of the Hudson River Railroad, only to find that there were no sellers on the market because all the shares of Hudson River stock were in the hands of Vanderbilt. When the stock price soared from $112 to $180 almost overnight, Vanderbilt began demanding that the speculators honor their agreement to pay him for the stock.

Then, short sellers always have to pay back their shares, right? Who will buy the stocks from at this time? Vanderbilt.

These poor unfortunates now found that there was only one seller on the market, and that was Vanderbilt. Vanderbilt was a magnanimous man by nature, and he did not insist that the short-selling speculators who were trapped in the trap of his own construction immediately fulfill their contracts. Instead, he was willing to lend them the shares they needed at this time, but at a daily interest rate of up to 5%.

In fact, the most important thing in this case is that Vanderbilt really has a lot of money...

So this is Li He's dilemma. If he encounters an opponent like Vanderbilt, he will die ugly. Short selling is not terrible, but naked short selling will be terrible.

If there are only one million shares in circulation in the market, and he shorts two million shares, when it comes time to close the position, he will have no place to buy the other one million shares, and may instead sell low and buy high. farce.