Before March last year, HSBC Holdings twice increased the U.S. subprime mortgage reserve by more than $10 billion, and in early April, New Century Financial Corporation, the second-largest subprime mortgage company in the United States, filed for bankruptcy protection, officially unveiling the curtain on the subprime mortgage crisis.

By August last year, the Bank of China also announced an increase in the amount of subprime housing credit reserves in the United States, which made the market realize that this incident is not only the problem of individual banks such as HSBC and BNP Paribas, but the entire global banking industry is due to subprime mortgage problems to some extent.

However, the vast majority of people, or the world's mainstream markets, do not think that this is a serious problem, and do not think that there is anything wrong with the fundamentals of the global economy, oil demand is still growing rapidly, and the subprime mortgage crisis is more of a problem of scabies, at most the global stock market sneezes a few times.

China's A-share index even hit a record high during this period, and the commodity futures market, represented by crude oil and gold, has been soaring.

Cao Mo didn't feel anything about it at all.

Even in the past year or so, it has been the most rapid expansion stage of Ibogu Mining and Conero Cement.

Not only has the price of gold risen sharply, but the demand for finished cement in West African countries has soared due to the sharp increase in crude oil export revenues, and the profits harvested every month are like swallowing gold.

Dongsheng feels a different story.

The subprime mortgage crisis first affected the global banking sector.

As a direct result of the contraction of domestic financial institutions, Dongsheng directly felt, on the one hand, the purchase of housing has been compressed, and the sales of new and second-hand houses in the property market since the beginning of this year have not improved because of the continuous adjustment of the securities market and the return of funds, and on the other hand, it is becoming more and more difficult for real estate developers to directly borrow from financial institutions.

The return of sales funds has not improved, and there are more and more old debts due or about to expire from financial institutions, and Dongsheng Real Estate has been tightening the capital chain since last year, but not only has not been alleviated at this time, but is like a spring tightened, making people worry that it will be broken at any time.

After talking to Chen Rong, Shen Ji called the next day, and Ding Zhaoqiang hoped that Cao Mo would return to China to discuss the matter.

Of course, Cao Mo didn't mind making a special trip to Dongsheng's business.

However, since many people say that the subprime mortgage crisis is becoming more and more intense, and the global economy is facing serious uncertainties, it is impossible for him not to consider how the situation will affect companies such as Conero Cement, Ibogu Mining, Conero Food, Tianyue Industry, and Gulf of Guinea Shipping once the situation deteriorates.

He was not in a hurry to return to China, and for the next month or so, he held a non-stop conference call with Ge Jun, Qian Wenhan, Zhou Shenhe, Shen Ji, Chen Feng, and Song Yuqing to discuss some of the possible effects of the subprime mortgage crisis if it spread, and on the other hand, he dragged Xiao Jun, Xie Sipeng, and Zhou Han to the project centers and departments that had been built and were under construction in Akwa, Benin, and Kanem, and with Yang Deshan, Garon Tangrian, Brahm, Wendy Skaf, Kabuja, Lucy, Liang Siqian, and Tubman Jr

We will discuss and formulate a plan for each company in the event of a deterioration of the situation.

Ibogu Mining and Conero Cement both have a large amount of cash flow, and once a greater economic crisis breaks out, the price of gold will also be strongly supported by the hedging demand of many funds, and the problem will not be particularly serious as far as Tianyue as a whole is concerned.

However, the businesses of Conero Cement, Tianyue Industries, Conero Foods, and the Gulf of Guinea Shipping and Mining Company are extremely dependent on the market environment, and if the subprime mortgage crisis spreads to the real economy, the demand for finished cement, motorcycles and other products in West Africa will inevitably be hit, and the economic activity will be reduced, and the shipping demand in the Gulf of Guinea region may also be greatly reduced.

Even if these ripples and spreads are only predictions, the worst consequences are more likely not to appear, but a false alarm, but the major companies have reorganized their accounts, left more cash, and in addition to core construction projects, compressed secondary construction projects, and suspended new investment, which is also a necessary measure.

After these things were done, Cao Mo really set off to return to China at the end of August, and the subprime mortgage crisis also showed a more obvious spreading trend at this time.

During this period, crude oil futures in the New York market soared to $147 a barrel, but then fell back quickly for more than a month. The volatility of international gold prices has also increased, and it has also fallen below $800 per ounce for a time.

Even if gold will be favored by safe-haven funds in times of economic turmoil, no one can be sure how violent the volatility will be in the early days of the crisis, and the gold futures hedging business that Cao Mo originally negotiated with TK Securities was also postponed indefinitely at Ge Jun's suggestion.

Ge Jun's view of the current economic situation has become more conservative and cautious.

Ge Jun's self-operated department at Dongjiang Securities, whether it is the type or scale of investment projects, has adopted a defensive strategy since the beginning of the year, and since July, Ge Jun has begun to withdraw more funds in his hands, and has also advised investors he knows to shrink their defensive lines.

In the stock market, there is the famous "Davis double kill effect", Ge Jun believes that the global financial market has the same phenomenon: as more and more investment institutions and investors tend to identify with the crisis, and the investment strategy tends to be conservative, it will inevitably exacerbate the outbreak of the crisis.

Ge Jun didn't even advise Cao Mo to return to China too early to contact Ding Zhaoqiang.

He didn't think this was the time for Cao Mo or Qian Wenhan to intervene in Dongsheng Real Estate's debt problem on a large scale.

He can't judge how badly the domestic property market will be hit after the crisis spreads, and he can't judge how long it will take to recover, but one thing he can be sure of is that if there is a crisis in the domestic property market, it has not officially broken out yet.

Cao Mo didn't like Ding Zhaoqiang's too calculating personality, but he couldn't deny the help provided by Dongsheng during Tianyue's rise - even when he was the most embarrassed in his life, Dongsheng gave him a job.

He still decided to return to China and meet Ding Zhaoqiang.

"Brother, why did you return to China two days later than me?" Jia Ying stood in the pick-up hall with Cheng Xi, who was wearing a rusty red sweatshirt, jeans and sneakers, and waved her hand happily at Cao Mo, "If I knew it, I would have pulled Cheng Xi to go to Africa to find you, and then I would follow you."

I'm back home!"

Since Cao Mo was not sure when he would return to China from Africa, Cao Jiaying, who decided to give herself a long vacation, did not rush to Africa, but pulled Lily and Wu Ruifang, two researchers who insisted on staying at Wood Elephant Capital, to follow Cheng Xin, after the company suspended operations, she traveled to Western Europe and the United States for a month and a half, and just returned to China when the school was about to open two days ago.

"Are you in a good mood now?" Cao Mo looked at Jiaying's youthful appearance, and walked over with a ponytail, and paid more attention to the bright and moving Cheng Xi, and said to her, "Don't look at Jiaying's bouncing appearance now, when Wood Elephant Capital settled in early July, she almost didn't lose money - at that time, Jiaying had a shriveled face all day, and I was worried that she would cry." She didn't complain to you, did she?"

"You still say?" Jiaying was not happy with Cao Mo talking about her troubles, so she picked up her bag and was about to smash it.

"It's not Jiaying who is losing money when she speculates on stocks, think about how terrifying it is for my mother to lose money during menopause!" Cheng Xi said with a smile to her mother, "I think Jiaying's life is better than mine." ”

Cao Mo grabbed Cheng Hope's soft little hand and asked Jiaying:

"Let you put it down and go out for a while, a little rewarding, right?"

When deciding to settle profits, Cao Jiaying found that the operating costs of Wood Elephant Capital for more than a year were too high, and Zhao Zhiyu, another partner who finally parted ways at the beginning of the year because of inconsistent investment concepts, took 3 million dividends in advance, so that after the settlement, Wood Elephant Capital had a balance of more than 100,000 yuan.

Jiaying's trip to Western Europe and the United States was sponsored by Cao Mo.

Of course, the mood at that time was terrible, but after going out for a month and a half, the mood was completely adjusted.

"Only when you put it down can you figure out a lot of things," Jiaying said, "I told Wu Ruifang and Cheng Xin, this time to start again, we have to start from a higher starting point, and I have already talked to Aunt Rong about entrusting financial management!"

“...... You just toss!" Cao Mo rubbed Jiaying's head and stuffed the suitcase into her hand, "Just finish the homework I gave you......"

Because he knew that Cheng Xi was going to come to pick up the plane with Jiaying, Zhou Han's bodyguards and staff were behind, and Cao Mo got off the plane first in first class; At this time, he also went to the parking lot with Jiaying and Cheng Xi first, and drove back to the city directly.

Jiaying and their trip abroad, Cao Mo assigned them a task, that is, to investigate the actual social impact of the subprime housing credit crisis in the United States on Western Europe and the United States.

"You're annoying, like a debt collector. Jia Yingjiao said angrily.

"In the past few days, we have been discussing the subprime mortgage crisis in the United States, but in daily life, there doesn't seem to have any direct impact - except that my mother lost a lot of money investing in stocks and was in a bad mood!" Cheng Xi said with a smile.

"Actually, there are still ones," Cao Mo opened a Xinhai Evening News that he had just bought at the airport, asked Cheng Xi to read a report on the front page, and said, "Look at this-'Zhongtian Bilin Bay is half a year apart, the price is reduced by 300,000 yuan, and the buyers are angry and smash the marketing center'......"