On November 1, Forbes officially released the 2007 Forbes China Rich List.

Qi Zheng is undoubtedly on the list.

According to Forbes' assessment, Qi Zheng was given a total worth of 20 billion, ranking 25th.

Forbes specifically pointed out that because the Jiagu system is not listed, the wealth held by Qi Zheng can only be estimated according to book value, and Qi Zheng's specific equity in the Jiagu system is also a mystery. Taking into account the identity of the founder, at least a controlling stake was achieved. It is then estimated by combining the main ratios of revenue or book value of similar listed companies.

However, Forbes also admits that Qi Zheng's worth is very likely to be seriously underestimated, but the information is insufficient, so this ranking is tentatively determined.

At this time of year, the media pays the most attention to the upstarts who have just entered the list this year, and the public opinion circle, like the entertainment industry, the emergence of newcomers will always attract more eyeballs.

There is no objection to Qi Zheng's inclusion on the list, but the media generally believes that Forbes' estimated value is low.

However, Qi Zheng is not the brightest star on the entire list, because this year there is also a new young rich man on the list, and even became the richest man in China.

Yang Huiyan, the daughter of the founder of Country Garden, is younger than Qi Zheng and is worth more than 120 billion.

This is the first time that a value of 100 billion yuan has appeared on the list of China's richest people, which has shocked the eyeballs for a while.

However, in the eyes of the media, the more incredible the data, the more readers will catch the eye, so the media is excited, and the new richest man and real estate tycoon are reported in a big way.

As for Qi Zheng, there have been too many reports after the exposure, and he gave up the C position for a while.

He couldn't ask for it, he was simply tired of the days when reporters came to the door twice in three days to ask for interviews.

But before he could breathe a sigh of relief, a wave of debates on the Internet about Qi Zheng and Yang Shoufu was triggered.

are less than thirty years old, one is self-made, the other is inheriting the family wealth, although they are on the list together, but the value of the rich second generation is stronger than the rich generation, which has aroused heated discussions.

Of course, Qi Zheng has been supported by netizens, and the image of Boss Qi is on the one hand, and the industry he is engaged in is on the other. In addition, when you fight the world by yourself, you are more popular than those who sit back and enjoy it.

Qi Zheng just wanted to say "MMP".

He didn't want this kind of treatment at all, right? The focus had already been taken away from him, and he was pulled back again.

Seeing that the media had found a new topic and wanted to pull the topic on himself, Qi Zheng decisively chose to be out of sight and flew to New York, USA, to join Jiang Ping and Su Fang.

......

When Su Fang knew that Qi Zheng was here to avoid the limelight, he almost laughed out of a pig cry.

"How can you do this? You're still afraid of wool when you're on the rich list......?

Qi Zheng rolled his eyes, "I'm just afraid of trouble, isn't it good to be a beautiful man quietly?"

", or your cheeks are thicker, admire below. ”

"Hehe, get out!"

Just kidding, seeing Su Fang's red face, Qi Zheng knew in his heart, "It seems that the assassin fund is not making any less money?"

Su Fangle said: "The fund has just calculated this year's income, it's okay, it's not in vain." ”

Qi Zheng glanced at him, "Yes, my tone has grown, and I don't think I'll be able to pay attention to hundreds of millions of dollars." ”

Su Fang went back: "No matter how big the head is, it's not yours, I have a hairy use in my eyes." ”

Qi Zheng thought about it, there is nothing wrong with this, the big head is mine, and he is right not to pay attention to it.

The two hadn't seen each other for a while, and after teasing each other, they were pulled over by Jiang Ping to get down to business.

Jiang Ping first reported to Qi Zheng the current asset size of the Assassin Fund: "The current asset size of the Assassin Fund has reached $1 billion. ”

Qi Zheng's sentence "slot" is in the throat, after the hurricane crude oil speculation in 05, most of the funds were transferred back to China, when the fund was only 200 million US dollars in assets, only two years later, it has increased fivefold?

I just wanted to ask him how he did it, but suddenly I remembered something, and I was a little surprised.

Jiang Ping watched Qi Zheng's expression change, knowing that he had thought of the key, and explained with admiration: "The subprime mortgage crisis you predicted a few years ago has begun to emerge. ”

Not long ago, Bear Stearns, the fifth largest investment bank on Wall Street, announced that it had lost tens of billions of dollars on subprime mortgages, and was basically on the verge of bankruptcy. ”

Qi Zheng was impressed by this, and Bear Stearns could be said to be the first investment bank victim in the subprime mortgage crisis, and thus reminded Jiang Ping to stay concerned.

The Assassin Fund was also enhanced thanks to Bear Stearns' "selfless contributions". To put it simply, Jiang Ping and Su Fang first shorted the subprime mortgage bonds and made a fortune from Bear Stearns in one go. When Bear Stearns was in agony to death, the two shorted its stock and lashed out again. That's pretty much how Bear Stearns was hanged.

Su Fang said: "In this air, we also found several ...... colleagues."

When Qi Zheng heard Paulson's name from Su Fang's mouth, he was not surprised at all.

This guy was one of the first people to see the risks of the subprime mortgage crisis, and in the subprime mortgage crisis, he can be said to be the biggest beneficiary.

"We're all doing the same, shorting CDOs and buying cheap CDS. But his fund is much bigger than ours. ”

A CDO is a bank that repackages its mortgage into a bond to sell on the market, while a CDS is an insurance policy that guarantees the risk of a mortgage and compensates the purchaser if the debt defaults.

Both of these financial derivatives are products of "subprime loans". "Subprime mortgage" actually means "a loan to the poor who cannot afford to buy a house". Until last year, the real estate market in the United States was absolutely full of people.

A young Jamaican babysitter can buy 5 suites in Queens, New York, and a striptease girl can buy 5 suites in Las Vegas......

In order to echo the housing dreams of the poor in the United States and at the same time obtain high profits, the "commercial bank + rating company + investment bank + hedge fund" model created trillions of dollars of subprime mortgage-backed securities, which eventually ran into the hands of investors in the United States and around the world, banks in island countries, funds in Europe, and ordinary investors on Hong Kong Island......

But the bubble that is constantly expanding will burst sometime. Bear Stearns' huge losses this year have stunned the entire Wall Street to know that subprime mortgages are at risk of default, but they never thought to start on such a large scale.

Whether it was Paulson, who had been working for two years, or Jiang Ping, who seized the opportunity to make a precise layout, they were all rewarded at this time.

"The most interesting thing is that neither Wall Street nor regulators feel that this is too much of a problem right now, or that it doesn't feel like it's going to be a bigger crisis at all. Jiang Ping couldn't help but sigh.

In fact, the subprime mortgage crisis is a sentence: as long as housing prices fall, a large number of house slaves will not be able to pay their mortgages.

Isn't that common sense that everybody knows? Yes, but no one on Wall Street knew about it at the time.

Exactly, no one can prove it. Since the U.S. hasn't seen a nationwide drop in home prices for decades, even if you think so, there's no data to back it up.

Su Fang said: "I asked my economics professor, and this is what he thinks, subprime loans account for less than 5% of the entire mortgage balance, and even if the banks all make losses, it will not affect too much." ”

It's a pity that the Yankees don't know a Chinese saying: a grain of rat droppings spoils a pot of porridge.

"According to the data we have obtained, the second-hand houses sold in the market at any time in the U.S. market account for about 3% of the total number of houses under normal circumstances. If you think about it, even though the total amount of subprime loans is not more than 5%, if 80% defaults, then the number of houses available for sale on the market will instantly double when the 4% of the properties to be sold enter the market. ”

And since the price of the defaulted house is greatly discounted, which means that the neighbor's house has dropped by 20%, it is impossible for the price of your house to remain at the original price. This leads to more people defaulting and selling their homes, creating a vicious circle.

There are more defaulters, and the CDO will naturally be worthless.

The essence of finance is credit. When credit value collapses, so does the entire industry.

Qi Zheng said: "I seem to have seen the coming of the avalanche, which is invisible, but once it begins to collapse, it is extremely destructive and unstoppable. ”

"However, we are not in the snowy mountains anyway, so let's collapse. The suffering of the Americans, on the contrary, is our opportunity. ”

......