Rebirth of the Financial Overlord

The call was from Stanley Druckenmiller.

George Soros couldn't help laughing while holding it. Soros has always been very satisfied with this young successor he personally selected and felt lucky for it.

In terms of reading, Delican Miller has never been a top student, and his grades have always been below 10%. The university he attended is also a school that does not require any grades, and he loves sports.

But Delican Miller's talent in the market is very comparable. The feeling of the market, the pulsation of the market, is very similar to myself, no, even better than myself. My sense of the market comes from decades of research on the market, but Druckenmiller was born with it.

Moreover, he will not slacken any slack because of his talent. His position on Mark three years ago has proved this very well.

And his philosophy is the same as his own, and most importantly, he is still very young. If you want to say that Stanley is still immature, maybe he is a little timid.

"Good afternoon, Stanley. What's the matter?"

Holding the phone, Soros greeted him enthusiastically as if he was a friend or a student, without the attitude of a boss towards his subordinates.

He is really kind to Druckenmiller, and he can find himself in Druckenmiller many times.

Druckenmiller has been grateful for that, too.

In 1987, a book called "Financial Alchemy" appeared in the library, and this book was the autobiography of George Soros.

When Druckenmiller read this autobiography of Soros for the first time, he was deeply attracted by the investment framework behind it. It is like a towering mountain, its macro-hedging investment framework is far above Miller, and it is also like the title itself, alchemy, which extracts real gold from the market, especially Soros's reflexive theory is deeply attracted Miller.

Soon, Druckenmiller got to know Soros through a friend's introduction, and also maintained regular communication. Finally, after contacting each other many times, Soros proposed to invite Druckenmiller to join the invitation of Quantum Fund, and hoped that he could serve as the chief investment officer, but before that, Soros had fired nine people successively. He once said that successor.

And knowing this, Druckenmiller still heard from Soros' son himself, hey, buddy, are you my father's successor? Unfortunately to tell you, before this, he still has nine successors. Where are you now? Well, they've been fired.

So when he joined Quantum Fund, Druckenmiller just regarded himself as a piece of gold. It is undeniable that, regardless of political stance, in terms of economy and speculation, this big man who has long been famous on Wall Street is an experienced A master of alchemy in the market. If he can pass his test and be qualified for the position of fund manager in Quantum Fund, it means that he is already a piece of gold.

This is a proving ground.

Soon, Druckenmiller passed the initial test of Soros, took control of his own rights in the Quantum Fund, and owned the fund share of the position he established.

However, since Druckenmiller was still managing the Duquesne Investment Fund, he often flew to Pittsburgh. When he returned to his company, the positions that should have been profitable were liquidated.

At that time, the young Druckenmiller was very angry at Soros, and was ready to leave, but in the end. Soros handed over 90% of the fund to the management, and he himself Leaving the Quantum Fund.

This is a great decision. When it comes to speculation, who is not conceited and arrogant, who is not arrogant, but Soros really handed over the power to Druckenmiller.

Since then, Soros has rarely been in the office, spending most of his time in Eastern Europe on his political charities. Until three years ago, Druckenmiller consulted Soros for the first time on the position on Mark, and Soros only said one sentence.

Why do I trust you, why can't you trust yourself? Why worry if you believe in yourself!

Stanley, believe in your own judgment, believe in yourself like a pig, until the market is completely different from your own judgment.

Is there anything more important than believing in yourself?

No.

But unfortunately, 99% of the people in the world can't believe in themselves. On the contrary, when the market is completely different from their own judgment, 99% of the people try to find reasons to believe in themselves .

Listening to the slightly aged voice of George Soros, the excitement in Druckenmiller's heart dissipated a lot. This elder who is like a friend and a teacher is always so calm.

After organizing the language, Druckenmiller took the phone and spoke.

"George. My analyst told me that Finland's economy has reached its limit. I don't know if you have noticed."

"Oh. Tell me."

Finland is one of the few neutral countries in the world.

After independence, Finland's education developed very fast. Many young scholars went to Germany to study industry and trained a large number of engineers. Until the end of the 1940s, German was still the first foreign language among Finnish engineers.

After learning skills in Germany, it brought the rapid development of Finland's machinery industry.

When Finland was defeated in 1944, the war indemnity was 300 million gold worth US dollars, and Finland had almost nothing. It had to find a way out in industry and produce related products as indemnity.

At that time, almost all bulk industrial products were brought to the Soviet Union as compensation. Industrial products included ships, complete factories, power stations, tractors, boilers, locomotives, motors and transformers, wood and wooden houses, etc. Civilian products included household appliances, clothing, etc. . By 1952, Finland was the only country to pay war reparations.

At the end of the 1950s, Finland started the application of computers. In the 1960s, the development of the electronics industry gradually matured, and the development of communications accelerated. It was also because of the use of radio technology to interfere with the Soviet Army’s operational foundation during the war. , At that time, Finland's radio technology was also very advanced, just as all the equipment of the Finnish Radio Station was taken away as war reparations.

It’s just that Finland is not rich in natural resources, and its own market is small. It must find suitable and valuable products to compete in the international market. Naturally, Finland set its target on the Soviet Union, the largest market in Europe.

During the Cold War confrontation between the United States and the Soviet Union, NATO and the Warsaw Pact also fell into a full-scale struggle. In addition to the competition in weapons and equipment, there was also a total economic blockade. With the position of a neutral country, Finland found a door to open the road to wealth. status, expanded manufacturing, and exported to the neighboring Soviet Union.

Because although the heavy industry in the Soviet Union is well developed, the light industry has always been subject to various problems and is very weak. However, as daily necessities, people cannot do without light industry. Coupled with the confrontation and blockade of the Warsaw Pact and NATO, the Soviet Union has no choice at all. .

Then, with its advanced light industry, Finland became the second largest importer in the west of the Soviet Union.

Then there is no more.

Because the trade with the Soviet Union is based on bookkeeping trade, with the disintegration of the Soviet Union, the money kept in the bookkeeping has become waste paper, coupled with Finland's excessive dependence on the Soviet market, it has plunged the Finnish economy into hell.

Workers are out of work, housing prices are collapsing, and the stock market is plummeting, and the signs of economic crisis have been highlighted.

"Yesterday, news came from Finland that in the first quarter, Finland's gross national product fell by 13%, unemployment rose from 3.5% to 18.9%, and not long ago, one of the five largest commercial banks in Finland, the Savings Bank, disintegrated."

this is a good news.

Holding the phone, Soros smiled flatly.

"What do you want to do?"

"I think it's time for us to do something. With Finland's current economy, before finding a new economic growth point, Mark's valuation should be greatly weakened. The Bank of Finland can't maintain the current high exchange rate for long. If Finland Decoupling the Mark from the Deutsche Mark would be a real opportunity for us."

"Stanley, I'm pretty sure you're right, so let's do something about it."

"."

After hanging up the phone, Soros stroked his chin lightly, his eyes that should have been dull had a strange expression.

The merger of East and West Germany strengthened the power of East Germany. It has become an important factor in breaking the European Community. Other currencies revolve around the Deutsche Mark. If the Deutsche Mark appreciates, the currencies of other countries will naturally flow into Germany.

How to make the Deutsche Mark appreciate?

Soros raised his eyebrows habitually. Currency is still a commodity after all. When the liquidity decreases, it is only natural that the value rises logically.

Rubbing his chin and thinking about it, Soros called his secretary.

Soon, the phone was connected, and a capable female voice came from the phone.

"Anna. Make me an appointment with Mr. Greenspan. I want to have dinner with him."

Greenspan, full name, Alan Greenspan.

Jew, the thirteenth chairman of the Federal Reserve Board of the United States.

On October 19, 1987, the global flash crash, Wall Street experienced "Black Monday", the Dow Jones Industrial Average fell by a record 23% throughout the day.

After an order from the Ministry of Finance propped up global markets, Greenspan quickly issued a brief statement, promising to provide loan help to any financial institution in trouble, and the stock market rebounded the next day, saving the full-blown economic crisis.

It took four years, and under Greenspan's several adjustments to the Federal Reserve's interest rate, the United States finally came out of the quagmire of economic downturn.

The U.S. dollar once again became the largest currency in the world, and the Dow Jones also reached a new high of 600 points. The real estate market also got out of the predicament and successfully stabilized the U.S. economy.

At eight o'clock in the evening, a helicopter landed at the Washington InterContinental Hotel. Soon, Soros stepped out of the plane and arrived at the revolving restaurant on the top floor of the hotel.

The restaurant is huge and luxurious.

The colorful decoration and glazed lamps illuminate the restaurant like daytime without any glare.

But at this time, there was only one person sitting quietly in the huge restaurant, sitting in front of a table covered with white dining tables.

An old man who seemed to be about the same age as Soros, with a calm breath, gentle eyes, slightly thinning hair, and a pair of black-rimmed glasses, showing no arrogance at all.

If they hadn't seen it with their own eyes, no one would have thought that such an old man would be the chairman of the Federal Reserve, the tsar who controlled the issuance of US dollars and the economy, Alan Greenspan.

Soon, Soros walked up to Greenspan, and the two exchanged no greetings, they just looked at each other and smiled.

"George, how do you see this game going?"

Greenspan said with a smile.

On the table in front of him was a chess set.

Chinese chess.

Obviously, Greenspan is the player in the chess, and Soros observed the chess game that Greenspan had set up. He picked up a chess piece and placed it on the board.

Vaulting horse, hanging horse kill, one of the horse's nirvana.

Greenspan smiled slightly, picked up the red wine on the table and took a sip, Soros was not polite, he pulled out the chair and sat down.

"."

"."

June 6th.

clear!

But for some investors on the Dow Jones stock market, it was a day that turned cloudy and cloudy to light rain.

At the opening of the morning, the stock market continued to rise under the bullish trend, but no one expected that at noon, the Dow Jones suddenly plunged, and the closing price turned blood red.

Down, 1.2 percent.

After the market closed, many people knew the reason.

Federal Reserve Chairman Alan Greenspan gave a public speech. From the data point of view, the national economy is improving, the unemployment rate has dropped by three percentage points, the price index has risen by 0.8 percentage points, and the non-agricultural data is also relatively objective year-on-year.

The Federal Reserve decided to raise interest rates by 0.5 basis points, and did not rule out the possibility of raising interest rates at the next interest rate meeting.

Manhattan, Fifth Avenue, the 81st floor of the Empire State Building, Shen Jiannan gently got out of bed and walked into the bathroom.

At the foot of the Nanshan Mountain, the grass is full of bean seedlings and the bean sprouts are sparse.

Chen Xing manages the barrenness and filth, and returns with the moon lotus.

The road is narrow and the vegetation is long, and the evening dew stains my clothes.

It is not a pity that the clothes are stained, but the wish is not violated.

But farming, being a farmer and plowing the land, has been a very hard work since ancient times.

There is a poem that says:

At noon on the day of hoeing, the sweat dripped down to the soil.

The weather was hot and he had to go in and out several times. Shen Jiannan was naturally covered in sweat. Fortunately, it was good to be young and young. After taking a hot bath and sweating off his body, he was still full of energy.

Soon, this guy walked out of the bedroom wrapped in a towel and dragging his slippers into the spacious living room.

On one wall of the living room, hung a picture of a world map temporarily bought from the street in the afternoon, and the light blue dotted in the gilded living room, adding a special artistic conception.

Wiping his hair with a towel, Shen Jiannan habitually lit a cigarette and inhaled hard. The nicotine mixed with the smoke entered the lungs, making people feel intoxicated and leisurely.

The TV was still on, and a host was interviewing Paul James, a famous JPMorgan analyst.

"Mr. James, what impact do you think will have on the market as the Fed raises interest rates and shrinks currency liquidity?"

""Although the Fed's interest rate hike will shrink currency circulation in a short period of time, which will have a certain impact on the market, in the long run, this is good news.

Because raising interest rates shows that the U.S. economy has gotten rid of the downturn in the past, and the data also shows that the U.S. economy is improving now, and the main purpose of raising interest rates is to curb inflation.

I think that as the Fed raises interest rates, global capital will be attracted to the US market, which will bring new upward expectations for the future market. "

"."

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