My Age of Investment

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"It turns out that the impact of the financial crisis has exceeded our team's imagination."

Peter Thiel said dejectedly: "Clary Capital's bargain-hunting behavior is more like a ridiculous farce."

Xia Jingxing smiled and comforted: "You can't say that. No one can guarantee success all the time."

Peter Thiel glanced at Xia Jingxing and then shook his head, "Darren, I'm under a lot of pressure right now. LPs say I'm a liar and betrayed their trust.

Some LPs questioned Clary Capital's investment performance, saying that we made $14 billion in 2007 was a lie.

In fact, they were not wrong. I am afraid that I do not have the ability to manage a US$20 billion fund. "

Xia Jingxing didn't know why Peter Thiel suddenly mentioned this matter. The year before last, Clary Capital worked for Vision Capital and took the blame.

The principal amount of 1.5 billion U.S. dollars and the profit from shorting subprime mortgages totaled 10.6 billion U.S. dollars. Peter Thiel did not take any money and returned it all to Xia Jingxing.

Of course, Peter Thiel did not lose all the benefits. He followed Vision Capital and made more than 3 billion US dollars by shorting subprime mortgages. Clary Capital rose to fame and increased its asset management scale in one fell swoop. The second step is to increase from several billion US dollars to 20 billion US dollars.

To a certain extent, no one owes anyone anything.

Xia Jingxing feels that Peter Thiel is now rehabilitating old scores and seems to be asking for benefits?

Don't blame him for thinking too much, it's mainly because Blankfein and Mack are doing this.

When you see others making a lot of money, you will inevitably be jealous.

Peter Thiel didn't notice the strange look on Xia Jingxing's face, but he still said to himself: "When a person's ability cannot match his ambition, I am afraid it will cause catastrophic consequences."

Xia Jingxing took a sip of wine and said calmly: "Do you think the fund is too big?"

Peter Thiel nodded slightly, "Yes, even if I don't take the initiative to reduce the size of the fund, when the redemption period opens, a large number of LPs will choose to leave.

In this case, I might as well be more generous and get together with LP. "

Xia Jingxing was a little surprised to see how much stimulation Peter Thiel had received to actually take the initiative to reduce the size of the fund.

Other investment institutions are eager to manage as many assets as possible so that they can charge more fund management fees.

"Are you sure? Clary Capital is an institution that is expected to impact the world's top ten hedge funds."

Peter Thiel smiled and shook his head, "No, I now know how much I weigh. The top ten hedge funds, this may be a dream we can never achieve.

Envision Capital, on the other hand, should soon equal or surpass Bridgewater Associates, right?

I want to help you! "

Facing Xia Jingxing's doubtful gaze, Peter Thiel explained: "I want to transfer part of the fund's LPs to Vision Capital. Clary Capital can just maintain its previous size of three to four billion US dollars.

Excluding the losses we incurred last year, the assets transferred amounted to approximately US$10 billion. "

Xia Jingxing was stunned when he heard this. Is there such a good thing?

I'm afraid Peter Thiel has some conditions?

Soon, Peter Thiel's next words dispelled Xia Jingxing's concerns: "Clary Capital will introduce these LPs to you unconditionally. As for whether you can retain them or not, it depends on your ability.

In short, we do not have the ability to retain them, and at the same time, the development of Clary Capital has been hindered. "

Seeing that Peter Thiel was really just doing good deeds and not asking for any benefits, Xia Jingxing hesitated in his heart.

Although the assets of 10 billion U.S. dollars are very attractive, and the annual management fees of drought and flood guarantee income alone can collect 200 million U.S. dollars, but Xia Jingxing is afraid of absorbing this part of the funds, and has surpassed Bridgewater at this stage, which will cause too much attention is not conducive to the future development of Vision Capital.

"I'll have to think about it carefully."

Xia Jingxing's answer also surprised Peter Thiel. I don't even want to give you money for management?

"Darren, I sincerely intend to divest some of the funds for you to manage.

We don’t have the ability to help LPs make big money, even if we want to forcefully keep them, we can’t.

But Vision Capital can create ultra-high returns for LPs. Once this US$10 billion is in your hands, it will become US$20 billion or US$30 billion in the near future..."

The corner of Xia Jingxing's mouth twitched. He could easily make one to two billion US dollars. You really treat me like a god, don't you?

He now basically understands Peter Thiel's intentions, and the other party probably wants to give him a favor.

To be honest, Xia Jingxing was a little touched by Peter Thiel's gift-giving behavior, and he was thinking about whether he should find a way to compensate Peter Thiel in the future.

"The size of the fund has become too big. You think it is difficult to manage, and we also think it is difficult to manage."

Peter Thiel scratched his head. It seemed that this gift really couldn't be given.

Xia Jingxing changed the subject and said: "However, we have to liquidate a batch of funds recently. If the scale growth allows, we can accept the LPs and their funds you transferred."

Peter Thiel gave a wry smile and started to pick and choose.

However, he also understands that, after all, with Vision Capital’s current investment performance, there is no shortage of investors.

"Okay, then I'll wait for your news. As long as you ask, I will send someone over to you."

Xia Jingxing smiled and said, "Thank you! I owe you a favor for this!"

Peter Thiel waved his hand, "We are friends, so don't say such outspoken words.

I don’t want your favor, but can you... let me subscribe to your hedge fund? "

The smile on Xia Jingxing's face suddenly stopped. Are you kidding me? A hedge fund boss doesn't invest in his own fund, but he comes to subscribe to my fund?

Should we say Vision Capital is too good, or Clary Capital is too weak.

He also knew something about the fate of Clary Capital in his previous life.

Peter Thiel made the mistake of buying the bottom during the financial crisis, and then chose to go short during the 2009 U.S. stock rebound...

Every time he stands on the opposite side of the general trend.

The multi-billion-dollar fund was reduced to only tens of millions of dollars. Later, it simply closed its New York office and hedge fund and concentrated on venture capital.

This also means that Peter Thiel’s plan to cross-border and become a financial tycoon with both venture capital and hedge funds has completely failed.

After getting in touch with him in this life, Xia Jingxing found that Peter Thiel still had two skills as a venture capitalist, but being a hedge fund was really not that interesting.

Although both industries are subdivisions of the financial industry, they are separated by mountains. The investment logic of the two is completely different.

Even with his own help in this life, Clary Capital is several times more brilliant than at its peak in the previous life, but it still cannot reverse the decline in the fund's performance.

What does it mean that Peter Thiel came to subscribe to Envision Capital’s fund? It means you don’t have confidence in yourself.

Of course, there are also considerations of not putting all eggs in one basket. Gates is a loyal and old customer of Vision Capital.

Peter Thiel smiled sheepishly, "If it makes you feel embarrassed, forget it."

"No problem, friends' funds must be accepted. Even if there is no room in the car, I will find a way to make room for you."

Seeing that Xia Jingxing agreed to his request, Peter Thiel was very happy and thanked him endlessly.

Xia Jingxing was confused by Peter Thiel's reaction. Has Vision Capital's hedge fund become so popular?

It seems that because I have made so much money, I have underestimated the appeal of a good way to make money to people.

Not everyone, even the rich, has the investment channels to earn ten times or dozens of times the income in a few years.

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