When Soros returned to New York, he immediately called Robert John.

Robert is a currency expert who is in the process of resigning from the US bank of Trusts to join the Soros Fund. Now, Soros is sure that the lira will fall because of Schlesinger's speech, but now that his eyes have gone beyond that, it's time for more of a game-changer.

It's best to talk to a credible currency expert now.

However, Robert John did not answer Soros's question, which made the excited Soros have to wonder if it was because of the quality of the call.

"Robert, what do you think will happen to the pound?"

In the office of the marketing department of Beifu Bank, Robert John looked at his colleagues around him and hesitated, there were people everywhere, and it was clearly not the time to discuss this issue.

"I guess I'd better go over to you. ”

Manhattan is a small place, and Wall Street is not far from Seventh Avenue.

Walking out of the Beffs office, John flagged down a taxi and took five minutes to Soros' office at 888 Seventh Avenue.

With duct tape on the office carpet, Druckenmiller was meditating on several computers on his desk, and when he saw John coming, the two said hello and walked into Soros's office together.

A small conference table that is not big, and there are no outsiders around, not even Drucken's full-time secretary is qualified to come here, as for the rest of the Quantum Fund...... Well, despite the fact that the Quantum Fund has more than fifty employees in New York, now, Soros knows no more than three at all.

"The strength of the German side, the Italian lira will inevitably bear huge downward pressure. I'm sure that as long as we sell enough positions, the Bank of Italy will not be able to stop it. But now, I wonder how much we are at risk if we open a huge position on the pound. ”

Before you think about winning, you think about defeat first.

It is clear that Soros is a risk aversion.

"Well, the pound is very liquid, and if your position is unfavorable, you can exit at any time. John replied, pausing, and then added, "You could lose about 0.5 percent at most." ”

"So if the pound falls, how much can we profit from this position?" Druckenmiller asked.

"If the pound crashes, theoretically the quantum fund is likely to make a profit of 15 or 20 percent. In my opinion, the pound can at least depreciate by that much. ”

"What are the chances of such a thing happening?" Druckenmiller asked.

"Within three months," Johnson replied, "there's a 90 percent chance of it happening." ”

Before coming to work at the bank, Robert John was a mathematician, and 90 percent of what he said made George Soros and Stanley Druckenmile sit still.

What does it mean that there is a 90% probability that the pound will fall by 15 to 20 percent?

The market has a ceiling, after all, the UK is an old developed country in Europe, not Finland and Italy, these countries can be compared, if the pound falls by 20%, it means that a larger position size can be established on the pound.

Druckenmiller and Soros both glanced at each other, and they both saw the excitement of each other.

"How much money does your own foundation invest?"

Soros asked, referring to John's investment management portfolio at the Cindford Bank.

"This is an unprecedented opportunity. With a 90% chance of winning, there is no higher probability. I would use marginal leverage to seize this opportunity, and if possible, I would put in three to five times the amount of capital available. ”

John's portfolio of assets at the Centro Bank is as high as a billion dollars, three to five times as much, which would be a terrifying number.

Druckenmiller is still very young after all, just like Soros often teases him, he has always been timid, hearing John use three to five times the lever, his whole eyes widened, the muscles of his whole body instinctively contracted, with the blood flow accelerated, heavy breathing, like a basketball player when he bounced to shoot.

Leverage has always been a double-edged sword, if used correctly, it will indeed bring multiplier profits, but if used wrong, losses will increase geometrically.

And leverage, when too large, is almost no different from suicide.

"Oh, buy Karma, are you sure you want to use three or five times the leverage?"

"Yes, I'm sure. The Bank of England has only 22 billion pounds worth of foreign exchange reserves. Johnson continued: "The total is about $44 billion. But given Schlesinger's speech, I believe there will be few other buyers. The only one who can buy the pound against the pound is the Bank of England. ”

Under the short-selling mechanism, borrowing, selling, and buying are unbreakable relationships.

If you want to make a profit, you must first borrow it, and now, if you want to sell pounds, you must first borrow enough pounds.

This is not difficult.

The British pound has a long history, as do the banks and financial institutions in the UK, and as long as you have enough assets, it is not difficult to find a banking institution to borrow more money.

The problem is selling.

If you want to sell a commodity, you must have buyers, and it can be expected that as Schlesinger's speech ferments under the guidance of the media, the only major buyer who can buy the pound is the Bank of England, of course, there will be some nomads, but individual speculators are like cannon fodder, which can be completely ignored.

This means that once the Bank of England runs out of foreign exchange reserves, it will be impossible to sell the pound further, so $4.4 billion may be the maximum ceiling for the pound market.

With such a shallow squeezing out of knowledge, who of the three people present would not understand.

Glancing at Soros again, with Soros's support, Drucken Maitreya took a few deep breaths.

"Maybe we can get a share of 15 billion dollars. Druckenmiller said, "The Quantum Foundation has increased the size of its existing position tenfold. ”

"How long do you think they'll last?" Soros asked.

"It won't last a few months. ”

“......”

“......”

At the end of the meeting, Drucken-Maitreya returned to his office, picked up the phone, and called Scott Besanne, who was far away in London.

Soon, the call was answered.

When Besan heard Drucken Maitreya's worries, it was like being beaten with chicken blood, and he was simply crazy.

"Listen, Stanley. You don't know how bad Britain is right now. The arrogance and arrogance and stupidity of the Lamont guy completely infuriated Germany, and Schlesinger had made it clear that he could not determine future interest rates, and he was almost saying that there would be no rate cuts.

And now, the house in Britain is like a bitch who has found a wild man, no one wants it at all, and the British government does not dare to raise interest rates at all.

Finland has learned from the experience that if there is a choice between the death of a deeper recession and the depreciation of the pound, the British government will definitely choose to depreciate, which will make the pound fall sooner than anyone expected.

Don't forget, that demon in the East has made all countries see the horror of the three killings of stocks and bonds. ”

“.......”