My Age of Investment

Xia Jingxing turned to look at Liu Hai and Jiang Ping, who were sitting on the right side of the long table.

The two of them had not spoken just now. They were quietly listening to Xia Jingxing and Abel's constant conversation, which was quite interesting.

However, they are non-professionals and cannot give any advice.

"How's it going? Isn't the plan great? This is a major investment based on the industrial chain and betting on the development trend of domestic culture and entertainment."

Liu Hai smiled and said, "It's good. I think Hong Kong movies were so popular back then. They had a certain status in the world's film industry. They also allowed the world to know more about Chinese people. It was a cultural window.

If the mainland film market develops, it will definitely be a giant.

While ensuring that your basic market is stable, you can also try to go out.

Relying on the domestic ticket warehouse and continuously strengthening the investment limit and sophistication of film and television production, I believe it will still have certain competitiveness overseas. "

Jiang Ping smiled and said: "I haven't watched many movies, but I can really feel the gap in technology and concepts between China and the United States. This is a shortcoming and needs to be strengthened.

You, the Internet tycoon and financial tycoon, are now going to be crowned as entertainment tycoons! "

Xia Jingxing smiled, "Stop teasing me! It doesn't matter, just give it a try.

If it works, just work hard. If it doesn't, just keep looking for the shortcomings. You can always find a way to rise. "

Liu Hai and Jiang Ping nodded, stopped chatting, and began to report on the situation of their respective funds since May.

"Since April, U.S. stocks have started to rebound across the board. We have conducted a round of position adjustment work, but we are still troubled by the rebound momentum, which has caused the fund to suffer a lot of losses."

Liu Hai shook his head as he spoke, "I don't understand, maybe it's like what you said, Jing Xing, that the funeral is happy and inspiring!"

Xia Jingxing had a faint smile on his face, "Before the prey dies, the body always flutters twice. Just withstand the counterattack."

Jiang Ping interjected: “But since January this year, we have been fighting for several rounds.

It can be felt that the U.S. stock market is about to die, but no one can predict how long it can last.

If we can survive until next year, the situation will be very bad! "

Xia Jingxing could understand the pressure the two faced, because even ordinary traders in the financial industry were under great mental pressure, let alone the two of them each managing US$20 billion in funds.

Every day when I open my eyes, I see hundreds of millions or billions of dollars in floating losses in my account, and my firm belief in short selling will be shaken.

Looking into the eyes of the two people, Xia Jingxing encouraged: "Strong confidence, I have a hunch that in one to two months, the market will undergo major changes."

After Liu Hai and Jiang Ping looked at each other, they both nodded and did not ask. Let's just take it as true and give themselves some psychological comfort and spiritual encouragement.

Then, the two began to report the specific losses of the fund.

Jiang Ping said with a calm face: "The S\u0026P 500 index closed at 1423.57 points today, resulting in our book loss of nearly 600 million U.S. dollars. If investments in the other two major indexes and derivatives are added, the book loss has reached 3 billion U.S. dollars. .”

Liu Hai then reported: "Our investments in stocks and derivatives have also accumulated floating losses of nearly US$2 billion."

Xia Jingxing's reaction was very calm, "The total floating losses of 5 billion US dollars, divided by 40 billion US dollars of funds, the loss rate is only 12.5%, which is acceptable."

Liu Hai corrected: "The US$40 billion is the capital effect after the leverage is magnified. In fact, the principal we invested is only US$13.3 billion.

In other words, if we close the position and stop the loss now, the principal loss rate will reach 37.6%. "

Hearing this astonishing number, Abel, who was listening in the audience, couldn't sit still and exclaimed: "How could you lose so much?"

Jiang Ping explained: “Because in index investment, we have increased leverage up to 3×10 times!

Three times of the leverage comes from the TRS tools of the two major investment banks, and the other 10 times comes from the trading leverage provided by CME Group.

However, we always keep at least half of the margin in our trading account, so it can also be regarded as 15 times leverage. "

Speaking of this, Jiang Ping glanced at Xia Jingxing and said, "Because there was a huge floating loss on the books, we used the funds in the reserve account of US$3 billion."

"We also used 2 billion US dollars in reserve funds!" Liu Hai said immediately.

"I know! Just use it, there is no need to hesitate!"

Xia Jingxing nodded slightly towards the two of them, his face finally becoming a little heavier.

He quickly calculated in his mind that after using US$5 billion of reserve funds, there were only US$7 billion left in the reserve account.

This is not a very comforting number.

If the U.S. stock market fluctuates a few more times, their remaining $7 billion in reserves will easily be filled in without reducing positions and leverage.

After doing this, without reserve funds, they can no longer be as calm as they are now, and can only choose to bear the fluctuations of the stock market.

But he would definitely not choose to do this. It was too dangerous and there was no need to risk his life.

If you choose to reduce leverage and positions, your returns will be significantly reduced and your safety will be significantly increased.

The U.S. stock market is so capricious, and its vitality is so strong that death is not easy.

"What's going on over there at Einhorn?"

Xia Jingxing looked at Abel, who spread his hands towards him, "He has been busy acquiring Marvel recently. I only know that he is still quarreling with people from Lehman Brothers. Now the whole United States knows that there is a man named "Einho" Well” guy shorted Lehman.”

Xia Jingxing smiled faintly, "He is quite high-profile, but his swordsmanship is not good enough. It has been so long and he still hasn't hit Lehman Brothers' fatal spot."

…………

…………

In a high-end hotel in New York, the energetic Einhorn was wearing a crisp suit and looking at the reporters in the audience with a smile on his face.

"There are so many people here today! I know you are all eager to get some breaking news from me."

Hearing this, the reporters in the audience immediately burst into laughter.

Indeed, they have been following Wall Street's star fund manager recently.

In the past few months, the other party has been constantly dissing Lehman Brothers, making frequent golden remarks, daring to say anything, and targeting Lehman Brothers' vital points.

After Lehman Brothers reported it to the SEC and initiated a lawsuit, they did not restrain themselves at all. Instead, they danced even more happily. They almost pointed their noses at Lehman management headed by Fuld and called them liars.

These performances of the other party are exactly what reporters like them want.

There was new material every day, and one Einhorn alone would be enough for them to cover for several months.

Praise God! Praise Einhorn!

"Your laughter tells me that you are looking forward to today's news."

Einhorn, who was standing on the stage, shrugged, "Similarly, I'm also looking forward to the effect of your news report today!"

A reporter in the audience shouted loudly: "Man, there is some heavy news today. Every day, it is either accusing Fuld of receiving US$500 million in salary and option awards in the past eight years, or it is said that Lehman will generate more than US$600 billion." Everyone is tired of hearing about the huge debt pit, let’s try something new.”

As soon as this statement came out, other reporters echoed and applauded.

Listening to the waves of cheers from the audience, Einhorn felt dumbfounded.

How come good financial news is turned into entertainment news?

"Okay, please keep quiet. Let's listen to an interesting conversation."

The audience soon became quiet, and only clear dialogue began to be heard from the speakers around the conference hall.

"Hi, Ms. Karan, you are dressed so sexy today!" The male voice was very frivolous, which made people laugh.

"Thank you! Mr. Einhorn, let's get down to business. How are you thinking about it?" The female voice was serious and business-like.

"what do you mean?"

"Mr. Einhorn, need I remind you? My boss doesn't want to hear from you in the media anymore."

"Everyone has the right to speak freely, not to mention that I am an investor in Lehman. Why should Lehman shut me up?"

As the man's attitude became stronger, the woman's tone began to soften, "Tell me, how do you stop slandering Lehman Brothers?"

"Wait until you fall! Also, I am not slandering you, I am urging you to improve your financial situation."

The female voice was silent for a while before speaking again, "Can you state your conditions?"

"I have no conditions, I just need you to answer me a few questions honestly."

…

In the audience, the reporters held their breath and listened quietly to the audio.

Everyone could tell that this was Erin Callan, the chief financial officer of Lehman Brothers, meeting and talking to Einhorn privately.

The content of the chat was also very exciting. First, Erin Callan tried to bribe Einhorn with coercion and inducement.

But Einhorn didn't follow Erin Callan's tactics at all, and even took the initiative and began to raise various questions about Lehman's first-quarter financial report.

"The company's business is too complex, so it is difficult for outsiders to understand it, which leads to misunderstandings about a crisis that does not exist. This is a very regrettable thing."

"Ms. Karan, I am a professional investor. I believe that the complex business you mentioned does not pose any problem to me."

"This... I didn't bring the relevant documents with me today. Can I do it another day?"

"Then can I ask you a few sets of data?"

…

Then, Einhorn began to report groups of precise data and asked questions about the data.

Erin Callan couldn't answer it at all, or she didn't want to answer it, so she looked away from him.

Even if the reporters in the audience didn't see the covert and embarrassed look, they quickly made up the relevant pictures in their minds, and the scene was in an uproar.

Everyone held a three-second silence for this woman who had only been the CFO for a few months. It was over!

Because of her performance, Lehman Brothers' guilty conscience was completely exposed.

What exactly are you hiding?

Is there really something wrong with Lehman?

Could it be the next Bear Stearns?

The reporters listened to the audio with countless questions, and then rushed to ask Einhorn questions. Some crazy reporters wanted to rush to the stage for an interview, but were stopped by security.

Seeing the reporters' performance, Einhorn finally smiled with satisfaction. It was worthy of his careful planning for so long that he could stab this fatal sword.