I would like to operate in a small stream of positions now, buying short orders in Thai baht that can only be redeemed after three to six months.

As for my requirement for your operation, it is that the position must be hidden. I don't want to attract people to follow suit, and I don't want to attract the hostility of the Thai people after the depreciation of the baht in the future. Other details will be discussed after we have signed all the entrustment agreements and confidentiality clauses. ”

Gu Kun had a showdown with Liang Jinsong about his general idea, but he also paid just the right attention to the magnitude of the showdown.

After all, the two sides are only in the contact stage now, and it is not enough to leak secrets if they say that this is dry goods at present. More details can only be discussed if there are common interests.

"It's me who has made a deep statement, so let's do it, if it's convenient for you, come to our company tomorrow, and I will prepare all the relevant documents." Liang Jinsong also knew the rules and accepted it just right.

After the cocktail party broke up, Gu Kun exchanged contact information with Liang Jinsong and made an appointment to talk again the next day.

In addition to Liang Jinsong, Gu Kun also received a bunch of business cards from other people in the financial world, and paid a little attention to a few spare tires.

In case Liang Jinsong does not give strength and the operation is not implemented, he can also find a spare tire to scatter bets. You can't put all your eggs in one basket.

On the other hand, it is also because the operation of large funds is more professional and concealed, but it is not easy to be controlled by the client.

However, some small funds and small agents are like empty shells, and their operational skills are relatively blunt, but they can be directly and thoroughly manipulated when encountering large customers.

Therefore, Gu Kun did not rule out using people from the Blackstone Fund to entrust a part of the funds, learn the operations of others, and then immediately copy them, and use other shell accounts to imitate the operation and expand the scale of the position.

In this way, how much money he invested in the end, in fact, Blackstone Group and Liang Jinsong may not be able to know.

You can also pay less fund management fees.

……

The next day, Gu Kun went to Blackstone's Asia-Pacific headquarters in Xiangjiang.

The Blackstone Fund was established in '85 by Peter Peterson, the former Minister of Commerce of Oceania. Later history has proved that this fund has weathered financial crises many times, and has always been able to achieve results against the trend in previous financial crises.

And this kind of achievement is also the result of real value investment, not the result of hedging speculation like Soros's quantum fund.

To put it a little bit about the common sense of the financial investment community, in the investment community, according to whether or not to respect the "value investment theory", it can be divided into two main schools. The representative of value investing, that is, Warren Buffett, who pays attention to discovering companies that are truly valuable and undervalued.

The Blackstone Fund is actually of this faction, and its performance in the past ten years is actually no worse than that of Warren Buffett. But because of its short life, the prestige of the rivers and lakes is not as high as Buffett - Blackstone only began to rise in the late 80s, and Buffett's golden sign has been accumulated since the fifties and sixties.

In the financial world, there are many people who have been in the limelight for more than ten years, and many of them have seen a wave of general trends for more than ten years, but later lost all of them, such as Peter Lynch, the ancient stock god, is such a representative. But there is only one Buffett who can dominate the world for 50 years like Buffett.

Because the economic cycle is very long, winning for more than ten years may not make people happy and convincing you, and winning for a lifetime is really rare.

In addition to the "value investment" faction, the representative of the opposite faction is Soros, Soros's quantum fund does not care about what value is not valued, they only care about the "herd effect".

Translated in human terms, it is that no matter how bad Soros thinks, as long as the greed of the crowd can be stimulated, there is room for hype. No matter how good things are, as long as the panic of the herd can be stimulated, there is room for shorting.

(In fact, this distinction is not very accurate, if you are interested, you can check the relevant information yourself, there are many on the Internet.) I won't go into too much detail here, lest I lose sight of the water word. ）

Gu Kun's choice of the Blackstone Fund was a coincidence on the one hand, and on the other hand, it also happened to dig out a value depression: after the fund's response to the 98 Southeast Asian financial crisis and the 08 subprime mortgage crisis, each wave of fame will soar.

But now, Blackstone only has the prestige of successfully dealing with the 1987 Oceania stock market crash, so the status of the rivers and lakes is not high, and the price of inviting them is not so big, just to pick up a bargain for Gu Kun.

After more than ten years, hundreds of millions of dollars in unexplained custody funds, people don't look down on them at all, and if you want to pay a management fee to ask someone to escrow, people may not necessarily take this business.

After the final contact, the two parties formally signed the entrustment agreement and clarified the attached confidentiality clause.

In the entrustment agreement, the scale of the custody funds is mentioned, and it can be added in the future, but there is at least a threshold, and the capital must be verified.

Liang Jinsong was really shocked when he saw that the principal that Gu Kun wanted to escrow was as high as 400 million US dollars.

The Asia-Pacific company of Blackstone Fund, of course, also took over a bigger order, but Liang Jinsong just didn't expect that Gu Kun would have so much money.

"It was really disrespectful before. Liang Jinsong didn't want to ask Gu Kun where the money came from, but just expressed his respect for the customer's worth.

Gu Kun: "I know what you want to ask. I was not obligated to answer, but I hope that the two sides will cooperate more sincerely, so I am willing to tell you that the money, 280 million is mine, and 120 million is the royal family of Lanfang. I'll leave it at that, and as for how the money is made, you shouldn't be interested. ”

"No, no, no, I'm certainly not interested, we don't inquire about the privacy of our customers. Liang Jinsong hurriedly expressed his stance and complimented, "I didn't expect that your strength in the Lan side is so strong, and even the royal family has no means to restrain it, so I can directly rest assured that the money will be handed over to you and act as an anonymous agent." ”

Of course, the money of Gu Kun and the Lanfang royal family relied on the previous principal, as well as from November last year to July this year, which was earned on the NASDAQ stock market for most of the year.

In November last year, Gu Kun's total principal and income on the Nasdaq added up to $150 million. In the case of the continued strength of the broader market, even if you buy the Nasdaq fund of funds steadily and do not pick individual stocks at any time, it is very easy to return 30% in eight months.

Gu Kun added a little more security leverage - in fact, sometimes it can't be called leverage, it can only be called margin trading, because his leverage multiple is not even three times.

In this way, his 150 million became more than 300 million in eight months. And the 50 million principal of the Lan Fang royal family at the beginning has also risen to 120 million one after another.

Gu Kun also greeted Zhu Youdong in advance this time, and withdrew all the 120 million US dollars from the Lan Fang royal family, and his own more than 300 million yuan withdrew 280 million, and left a little 350 million in the NASDAQ as an emergency for the backhand. Then the whole money of 400 million yuan was used to deal with the Thai baht crisis.

At this moment, he hid the other processes and only revealed the composition of the money to Liang Jinsong, in fact, it was also to show his muscles and fake fox power by the way:

In terms of investment, the Lanfang royal family has now tasted the sweetness with me, so I completely trust my brother. As long as you work hard for your brother, you can win the friendship of the Lanfang royal family at the same time.

Liang Jinsong verified the current market dynamics of the foreign exchange market, and combined with Gu Kun's capital scale, estimated it, and analyzed:

"With your current capital scale, build a short position in Thai baht that expires in three to six months, and if you don't increase leverage, I can help you complete the position within three days.

However, if you want to increase leverage, you have to determine the time required to open a position according to the total capital order size leveraged after leverage. If it is too fast, it will cause the Thai baht to skyrocket in the short term, and the cost of opening a position will also increase significantly. ”

"Then what is the safer leverage ratio you recommend?" This question Gu Kun is not professional, he only knows that he can make money by starting to short the Thai baht in the middle line now, but how much fluctuation in the middle, he lacks the ability to calculate.

Liang Jinsong didn't answer immediately, but asked people to calculate, and it took a while before giving Gu Kun a preliminary opinion:

"In my opinion, the total amount of funds leveraged after leverage should not exceed $2 billion. Of course, this is only a preliminary calculation, if we are given a little time, we will adjust our expectations according to the market in the future. We will also notify you of new circumstances and further increase the authorization limit. ”

Whether and how much leverage the entrusted fund should be made must be done with the express authorization of the settlor.

No matter how powerful the agent is, it is impossible for the agent to make its own claims on the issue of leverage multiple, which is too risky. The agent generally helps the client to get some micro-operations on some specific details, and only takes responsibility for the micro-operations.

Gu Kun took a sip of tea and thought about it a little: "5 times is 5 times, 2 billion is not a lot." How long will it take for 2 billion to build a position?"

Liang Jinsong analyzed very professionally: "If it is 2 billion, it will take about a month - don't be too long, in the capital market, the most feared thing is to be seen by the sheep and follow the trend." Therefore, 500 million 3 days, 20 billion will have to be a month, not a linear multiplication. ”

Gu Kun's operation is to short options, so specifically, it is similar to "borrowing" a large amount of Thai baht to buy US dollars, and then after three to six months, sell enough Thai baht to return to the other party.

In this way, if the baht exchange rate has plummeted by the time he "pays back the baht", he can pay less.

But at present, if he "melts the baht" too quickly, it will also lead to fluctuations in the spot market of the baht at this moment. So this time can't be rushed.

"Okay, then a month, it's safe. Gu Kun agreed with the other party's operation rhythm.

His idea is very clear: he can't do it against Soros in the first wave of offensive, because he doesn't have that much capital to wrestle with Soros.

All you can do now is open a position in advance. Then when Soros hasn't shipped yet, ship it in advance and drink some soup.

Similar to in the stock market, after knowing what inside information the dealer has, hold it before the dealer pulls up, and sell it in advance before the dealer pulls to the highest level. In this way, although the operation is in the same direction as the dealer, you can also take advantage of the time difference to grab a little meat from the dealer's mouth.

What Gu Kun hopes is for Soros to earn a little less in the baht incident, and he himself can increase some strength. In this way, if Soros really wants to attack the Hong Kong dollar next year, he will have the strength to completely spit out Soros.

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