However, this kind of small company has an advantage, that is, the door is easy to enter, the face is good-looking, and Qiao Tianyu can easily meet Mr. David, the president of the company.

It was a short, short and chubby middle-aged man, about fifty years old, who looked like a twin brother like Zheng Zeshi in "The True Story of the Fat Cat".

"You were introduced by Fulder?"

Mr. David took the crumpled and pasted recommendation letter, stared at Qiao Tianyu and asked.

"Yes, Mr. David!" Qiao Tianyu said generously.

"I've watched live TV, and you've been in the limelight lately!" David said.

"But I don't understand, didn't you go to Lehman to apply for a job, why did you come to Alpha again?"

"Fuld won't hire me. Qiao Tianyu replied truthfully.

"Why?" asked David.

"I don't know. Qiao Tianyu shook his head and said truthfully.

"So how can you be sure that Alpha will hire you? just because you have a letter of recommendation from Fulder?"

David shook the letter of recommendation and threw it in the trash.

"You must know that on Wall Street, all kinds of recommendation letters are flying all over the sky, no different from waste paper, Wall Street relies on strength, not recommendation letters!"

"And do you know what my relationship with Fuld is?"

"Fuld says you're best friends. Qiao Tianyu said.

"Best friends?"

David burst out laughing, his eyes completely obscured by the fat around his sockets.

If I hadn't been kicked out of Lehman by Fulder, I wouldn't have run this small securities company now, and I would have been ruined by him all my life!"

"Huh?!" This result was completely unexpected by Qiao Tianyu.

Mr. David and Fuld turned out to be bitter enemies?

I'm going to rub it!

Is this the rhythm of not paying for the dead?

What do the forces behind the scenes think?

If you want me to join Alpha Securities, why do you have to ask Fuld to write this letter of recommendation, isn't this making it more difficult to apply out of thin air?

I really can't figure it out!

However, Qiao Tianyu knows about the grievance that David said.

In 1844, at the age of 23, Henry Lehman immigrated from Germany to the United States and opened a dry goods store, beginning the 158-year history of Lehman Brothers.

In the following 100 years, after three generations of hard work by the Lehman family, in the 70s of the 20th century, Lehman Brothers became one of the "four major investment banks on Wall Street".

However, with the death of Robert Lehman, the third generation of the Lehman brothers, the Lehman brothers ended more than 120 years of Lehman family rule.

After a brief boom in the seventies, the eighties were mired in infighting between investment bankers and traders.

The long-term infighting greatly depleted Lehman Brothers' strength, and it was eventually acquired by American Express in 1984, after which Lehman Brothers began the Great Purge.

A large number of outstanding traders were kicked out of Lehman, and Lehman was in a slump until Lehman regained its independence in 1994, and gradually returned to the top of the world's investment banks under the iron and blood leadership of Fulder.

And the fact that David was kicked out of Lehman Brothers by Fuld just now must have happened during the Lehman Brothers purge.

At that time, in order to stabilize his position, Fuld poisoned many traders around him, and eventually formed a lot of feuds.

“M

Joe, now you should know what kind of person Fuld is, right?"

Seeing that Qiao Tianyu didn't speak, David walked over and patted Qiao Tianyu on the shoulder.

"Alright, M

Joe, I respect you for being a talent. Well, I'll give you five minutes, and if you can convince me in five minutes, I'll take you today!"

"Really?"

didn't expect David to give himself a chance, and Qiao Tianyu's impression of David instantly improved.

Convince David in five minutes?

Qiao Tianyu thought about it for a while, and soon had an idea.

Anyway, isn't David a super risk aversion, Qiao Tianyu just has a good way to cater to this buddy's appetite!

"In less than five minutes, I only need to say two words, and I promise to let you keep me!" Qiao Tianyu said confidently.

"Oh, yes, what two words?" asked David with interest.

"Hedge funds!" Qiao Tianyu said seriously.

"Hedge funds?" David said thoughtfully, as he didn't seem surprised.

"In recent years, hedge funds have developed rapidly, but hedge funds are a paradise for risk lovers, and investment is extremely risky, I'm afraid it is not suitable for Alpha Company, right?"

"That's true!" Qiao Tianyu deceived David's investment orientation with one sentence.

"That's right, in pursuit of high returns, you have to take high risks, and now hedge funds are indeed becoming more and more risky. ”

"However, the size of the investment risk of hedge funds depends entirely on the investment strategy and trading methods of the fund manager. ”

"As long as the arbitrage model is properly selected and the trader operates steadily, it is completely possible to achieve risk-free arbitrage, and on this basis, the leverage ratio can be increased, and a high rate of return can still be obtained!"

On the other hand, long-term investment in the stock market, although nominally long-term investment excludes slight market fluctuations, the overall risk of the market is unavoidable, it is difficult to outperform the market, and it is far inferior to hedge funds in terms of profits. ”

In fact, what Qiao Tianyu said is true, the original intention of hedge funds is to hedge market risks and achieve risk-free arbitrage.

However, with the development of the times, hedge funds do not need to disclose investment information, and their investments are not regulated, and they have gradually embarked on the "wrong path" of pursuing high risks and high returns.

In the history of world finance, the most effective implementation of risk-free arbitrage for hedge funds is the well-known Long-Term Capital Management Corporation (LTCM) in the United States.

LTCM is one of the most classic hedge funds, and its investment strategy is also a textbook classic, and it is known as the four major international "hedge funds" together with Quantum Fund, Tiger Fund and Omega Fund.

LTCM's star-studded partner lineup is known as the "dream team" of the world's investment field, which can be called the most luxurious existence in the world's financial history.

Its main members are:

Robe, two Nobel laureates in economics

t Me

to

and My

o

Scholes；

David Mulli, former Deputy Secretary of the Treasury and former Vice Chairman of the Federal Reserve

s；

Joh, the father of Wall Street debt arbitrage and former vice president of Solomon Brothers, the first investment bank on Wall Street

Me

iwethe

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Former head of bond trading at Salomon Brothers, the first investment bank on Wall Street

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Feld and its investment team, and more.

After accurate calculations, these "big bulls" have established a set of risk-free arbitrage computer models, and selected financial product portfolios through the computer's powerful computing power to achieve "real" risk-free arbitrage.

Although the return on investment of the risk-free arbitrage portfolio selected in this way is extremely low, only 0.3%-0.9%, which is far lower than the normal level of 3%-8% return on venture capital.

However, because it eliminates market risks, you can increase the leverage of the high rate without any scruples, such as a yield of 0.3% and a leverage of 50 times, and the yield is as high as 15%.

It is precisely because of this most traditional investment strategy that LTCM has grown rapidly since its establishment in February 1994.

In the first three years, the return on investment reached 19.9% in 1994, 42.8% in 1995 and 40.8% in 1996.

"Well, that makes sense!" David agreed with Qiao Tianyu's statement, and it is estimated that he has already been optimistic about this big fat meat.

"However, hedge funds have very high requirements for traders' trading ability, especially risk-free arbitrage, which requires that the management of risk positions must be stable and in place.