My Age of Investment

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"The Big Short, what a name!"

Hearing Xia Jingxing's comments, Lewis showed a smile on his face.

He was about to continue, but was interrupted by Xia Jingxing.

"But I don't like the name!"

Xia Jingxing looked at Lewis and said solemnly: "Mr. Lewis, you have to know that the cause of the financial crisis was not hedge funds."

"I know this! The governing authorities are responsible, the lending banks are responsible, and the low-income people who borrow money are also responsible.

This is not the responsibility of one person or organization, but everyone pays for it together. "

Xia Jingxing sneered: "You are right, but there are very few people who reach your level of thought.

People who are homeless and who have lost a lot of money in the financial crisis will only blame the short sellers for causing them to become what they are now.

They all agreed that short sellers had taken away their homes and savings.

After your book is published, I believe similar arguments will become more popular. .

Therefore, I don't want to cause trouble for myself! "

After saying that, Xia Jingxing folded his hands and looked at Lewis with piercing eyes.

When this guy came to his door today, he felt bad. He guessed that the other person came to interview him for the purpose of writing "The Big Short".

His suspicions have now been confirmed.

So he didn't want to waste any more time on this guy.

Lewis frowned, “Darren, why did you refuse?

Please listen to me first. You are definitely a positive character in the book!

I left Facebook alone and came to the unfamiliar Wall Street to make a living.

Here, no one knows you, the new star of the Internet, and old-school people tease you and laugh at you.

But you did not give up your investment dream. After arduous interviews and investigations, you finally discovered the subprime mortgage bubble and thought it was an excellent investment opportunity.

But you don’t have much capital in hand, so you can only raise funds from LPs bit by bit.

After a series of setbacks and blows, you and your team finally won the final victory through persistence.

This is the story of a young man who crossed over from the Internet to start a business in the financial industry. It is full of motivation and inspiration.

In my writing, there is a fundamental difference between you and those who make money from the financial market through unethical means.

The book I wrote is precisely to tell those who don't know that there is no right or wrong way to short subprime mortgage derivatives. CDS is just a financial tool, and there is no sin in the tool.

Instead, we should praise and learn from those who were visionary and held different perspectives during the financial crisis.

And, in my book, you try to prevent a full-blown financial crisis.

In fact, you did the same. I remember that your fund manager reminded financial practitioners at the annual meeting of the National Chinese Finance Association the year before last to be careful about the subprime crisis spreading to other industries and causing a financial tsunami.

But at that time, not many people were willing to believe what you said, and the friendly reminder fell on deaf ears. "

Xia Jingxing held his chin and looked like he was thinking seriously.

He was recalling the storyline of "The Big Short" in his previous life.

It seems that the protagonists are indeed not great villains. Instead, they are constantly running and researching to investigate subprime mortgages.

When they decided to short subprime mortgages and signed the agreement, they were treated as fools by investment bank employees.

In the movie, it seems that investment banks are the real villains, causing huge losses due to numbness and greed.

"Besides me, who else do you plan to write about in this book?"

When Lewis heard this, he felt that there was something interesting, and said quickly: "With you, I plan to write about four protagonists, four teams that short subprime mortgages.

Among them, you are the one who makes the most profit!

Because you were the most determined and brave, you persisted until the end and waited for the ultimate outbreak of the subprime mortgage crisis.

Others could not bear the coercion and inducement from investment banks and LPs, and chose to clear their CDS contracts early.

In fact, this is also the reality.

The other three protagonists, except for the Deutsche Bank trader whose income is comparable to that of Vision Capital, the other two have only a few hundred million dollars in income.

The most important reason for this, apart from the principal being less than you and Deutsche Bank, is that the CDS contract was sold too early. "

Xia Jingxing asked very calmly: "If I refuse you to include me in your book "The Big Short", what will you do? Will you persist?"

Lewis met Xia Jingxing's eyes and replied with a smile: "No! I can't afford to anger a Wall Street behemoth.

However, I will create a fictional character, and a white person. "

Xia Jingxing smiled and said, "Do you think this has nothing to do with us?"

Lewis spread his hands and said, "Darren, I came to communicate with you in a very friendly manner. I have no intention of harming you."

Xia Jingxing smiled lightly, "You are free to write however you want.

I can be interviewed by you, but the white people in the book have nothing to do with me. "

After weighing it in his mind, Xia Jingxing decided to cooperate with Lewis.

To be convenient for others is to be convenient for yourself.

Rather than letting this guy have free reign, it's better to have some control over him.

Lewis felt a burst of ecstasy at first, and then a burst of regret.

He was happy that Xia Jingxing was willing to accept his interview, but felt sorry that Xia Jingxing was unwilling to have much to do with his book.

"Dylan..."

Xia Jingxing raised his hand, "You don't have to persuade me anymore. I will help you complete the publication of this book, but don't cause trouble for me. This will be good for everyone."

Lewis nodded, "Okay, Darren, thank you for your cooperation. When my book is ready, I can give it to you to review first.

If you think there is something inappropriate, we can negotiate and modify it. "

Seeing that Xia Jingxing showed some kindness towards him, Lewis also showed his kindness.

He was willing to let Xia Jingxing review the books, which relieved Xia Jingxing's last concern.

Then, the two of them started asking questions.

Through Xia Jingxing's narration, Lewis learned a lot about the inside story of the industry more than two years ago.

Of course, there are some core secrets that Xia Jingxing will never reveal.

He only selectively told some of the reasons and process of shorting subprime mortgage derivatives.

Even so, through the perspective of a big boss, Lewis gained a lot of inspiration.

While listening to Xia Jingxing's speech, his fingers were flying, and he could only hear the sound of paper rustling, and the notebook was filled with pages and pages.

"Darren, last question, how much profit did Vision Capital make from the 2007 subprime mortgage crisis? It should be more than the US$5 billion announced by the media, right?"

Lewis looked at Xia Jingxing with a smile on his face, looking forward to his answer.

Xia Jingxing smiled brightly, "I would like to add another zero, but the principal does not allow it!"

Lewis nodded slightly. It seemed that he was thinking too much. Before 2007, Vision Capital was just a little-known small and medium-sized hedge fund. It had insufficient capital, which naturally limited the profit limit.

"Okay, Darren, that's the end of the interview! I wish you and Vision Capital greater success."

Lewis took the initiative to stand up and shake hands with Xia Jingxing. After saying goodbye, he turned and left.

Xia Jingxing asked Liu Hai, who was guarding outside the house, to give Lewis a ride.

A few minutes later, Liu Hai came back and asked the first thing he said: "How was the talk?"

Xia Jingxing briefly explained the whole matter to Liu Hai.

After listening, Liu Hai frowned and said, "If that book is too popular, it won't cause us any trouble, right?"

"I'm already trying my best to avoid and reduce the impact. If trouble really comes, the next thing will happen."

Xia Jingxing reminded: "Don't forget, our performance in 2007 is public, and this cannot be hidden under any circumstances."

Even now, Xia Jingxing still doesn't know whether his decision to announce the 2007 fund results was right or wrong.

If the fund's reputation had not been established at that time, it would not have been able to raise so much funds for the second wave of short selling later.

Now that the negative effects have come, I can't regret it, I can only face it calmly.

"By the way, there is one thing we must pay more attention to."

Liu Hai said in a deep voice: "Now the outside world is expecting us to announce the fund performance in 2008.

For example, the performance of Paulson Fund in 2007 and 2008 combined, the total return has exceeded 20 billion US dollars.

Many people and institutions are speculating on the performance of our fund, and powerful figures among them have learned from our recent bonuses and from some LPs that we created ultra-high returns last year. "

Xia Jingxing nodded lightly, "There is nothing to hide, we will announce it according to the original plan.

The profit from shorting the listed companies under the Li Huangtai family was US$5 billion, the profit from shorting the public was US$15.8 billion, and the two foreign exchange funds managed by Jiang Ping made US$3.7 billion, for a total of US$24.5 billion.

Add in the US$5 billion profit from shorting subprime mortgage derivatives the year before last, and the profit of more than US$2 billion from Lixia No. 1. Our public return data has exceeded US$30 billion, stabilizing the Paulson Fund. "

Liu Hai said: "This number is similar and can generally correspond to various public data. It should be able to dispel some people's doubts."

Xia Jingxing chuckled: "No matter what they think, believe it or not, we have no obligation or responsibility to release detailed data to the public."

“But once this data is made public, your net worth will definitely increase by tens of billions of dollars.

In the past, Forbes and Hurun were not clear about the specific strength of Envision Capital, but now they have a fairly reliable source of valuation data. "

Liu Hai looked at Xia Jingxing expectantly. Maybe the boss would break into the top ten of the world's richest people this time and create a new height and record for China's richest people.

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