After dinner, Li He didn't go upstairs, after sunset, as soon as the lights came on, he wanted to go around, the lights at night, the crowd, and the traffic. Pen & Fun & Pavilion www.biquge.info

Narrow streets, ding-ding cars, double-decker buses. The lights are intertwined, and the best match for a Friday night is a stroll without a purpose.

Walking along the flyover is the pier, you can meet three or four street singers along the way, and you will also see a Ferris wheel that is not big or small, with fluorescent blue lights marking the Central of Hong Kong, and there are urban elites who are shuttling overtime in each building.

He stood at the ferry, with high-rise buildings behind him, and the singing of street singers gradually dispersed into a sparkling wave. Blowing a slightly salty sea breeze, looking at a bright light, but it always looks like an old movie with a slow motion, with a hint of rhythm and feelings.

Li He suddenly asked Ping Songdao, who was standing next to him, "Have you ever thought about staying in Shenzhen?"

"If I stay in Shenzhen, you can't be busy alone, right?" Ping Song was used to being lively in the capital, although Shenzhen was also full of vitality, but he was still not very happy to let him come over as ruthlessly as Su Ming.

"The South will be our home base in the future. In the future, all the focus will be on Shenzhen and Guangzhou. Now that Shenzhen has opened up land auctions, don't you want to build a shopping mall, it's a good opportunity, our land in Shekou is still empty. ”

The top 500 state-owned enterprises look at the capital, the top 500 foreign investors look at Pujiang, and the top 500 private enterprises look at Shenzhen, due to the early development of the market economy, the price mechanism plays a decisive role in the allocation of commodities and factor resources, and the fair, open and just characteristics of the market are fully embodied here. Therefore, from here, Shenzhen's investment environment is suitable for the development of the private economy, and if Li He wants to make a difference in the field of private economy, there is no better place than Shenzhen.

If he is in his hometown, even if Li He wants to contribute, he will be powerless, too much uncertainty, too many difficult characters, sooner or later he will be exhausted, there are some realities, he has to admit it.

Li He still values Ping Song more, and sometimes his brain is much better than Su Ming's, otherwise he wouldn't have said so much.

"Brother, I've just gotten married. Pingsong is still not very happy, in fact, he may not have much expectation, he now has a car, a house and a status in the capital, and he is also looking for sin when he comes to the south.

"Then I'll arrange someone else. Li He is thinking about who to find to take over the property.

Ping Song said, "Brother, if you really let me stay in Shenzhen, I am willing." ”

"Forget it. Li He saw Pingsong's reluctant look, and he didn't want to be reluctant.

Ping Song still wanted to speak, but Li He waved his hand, not wanting him to say more.

As soon as the two of them arrived downstairs at the hotel, they met Huang Bingxin, who was circling downstairs.

"Mr. Li, I'm in a hurry, but I'm glad you came back. ”

Ping Song glanced at Huang Bingxin, he went upstairs by himself, and he never inquired when he shouldn't know.

"Something?"

"Mr. Li, I recalculated again, and the way we operate is completely unfeasible. ”

Huang Bingxin was even more anxious than Li He.

There were people coming and going at the door, Li He motioned to Huang Bingxin to give way, and the two of them leaned against the corner.

"Tell me why?"

"Mr. Li, Goldman Sachs suggested that we go naked short! They don't lend us that kind of shares at all!"

Li He scolded, "Sure enough, the world is as black as a crow." ”

No wonder Goldman Sachs dared to promise him how much he lent and how much he gave!

Short selling is well understood, when the short selling transaction investor believes that the price of stocks, securities or futures will fall in the future, he pays a part of the margin, borrows a certain stock through a securities broker and sells it first, and then buys back these stocks and returns them to the lender after the price falls to a certain extent, and the investor makes a profit in the process of trading, which is called short selling transaction.

In the mature securities market, the short-seller's shares are borrowed from the long-seller, and the securities company is willing to lend the shares, so that they can collect rent, and they are lent out without the knowledge of the stockholder, and do not need the permission of the long-seller.

"Naked short selling" refers to the investment method in which investors sell non-existent stocks in the market without borrowing stocks, and then buy back the shares to make a profit when the stock price falls further. A "naked short sell" trader who buys the stock before the delivery date is successful.

To put it bluntly, naked short selling does not need to borrow stocks at all, you can directly book short sales, as long as you buy stocks before the delivery date. The advantage of this approach is to increase market liquidity, and the disadvantage is that it may be maliciously used to short.

Since "naked short selling" sells non-existent stocks, the volume can be very large and can have a sharp impact on the stock price.

The "naked short selling" system is a system created by the exchange to allow short sellers to directly sell short without going through a third party to borrow securities, and buy short securities to make up the difference within a certain time limit; in fact, it is equivalent to allowing short-term short selling without subject restrictions.

During the 2008 financial crisis, many well-known large companies died on it, including the famous Lehman Brothers, so the United States recognized the danger and only made a strict limit on naked short selling in 2009.

If Li He is a half-assed person like Li He really plays with the naked air, he may earn it if he is lucky, if he is unlucky, he will not only become a poor egg, but also may owe a lot of debts, Huang He can still take his sister-in-law with him when he runs away, he can only learn Ding Crab to find the highest building to jump down to see if there is a chance to be reborn.

Nor would he have had the level of Einhorn to have the guts to publicly short Bear Stearns and Lehman Brothers.

In the 19th century, there was a railroad company Harlem, whose head was Van der Bier, the first richest man in the United States, known as "Captain", was the largest shipowner and the largest railroad owner in the United States at that time, and his wealth was estimated to account for one percent of the GDP of the United States at that time.

There was bad news from the Harlem Railroad, and speculators saw an opportunity to make a fuss with Hudson River Railroad stock. Just as the Haarlem stock price was at its high, they launched a short-selling raid on Hudson River stock. They shorted Hudson, forcing their opponents to increase their margins, creating panic and forcing the stock price to fall further, in an attempt to close their positions at a low level in an attempt to make a big profit on the difference.

Vanderbilt immediately fought back, and he asked his agent to buy out all the "seller's options" in the market.

Vanderbild has money with his companions!

They don't care!

In early July 1863, Vanderbilt closed the net. When the contract expired, short-selling speculators went to the market to buy Hudson River Railroad shares, only to find that there were no sellers in the market because all Hudson River shares were in Vanderbilt's hands. When the stock price soared from $112 to $180 almost overnight, Vanderbilt began demanding that the speculators honor the agreement to pay him the stock.

Then, the short seller always has to pay back the stock, right? Vanderbild, who bought the stock at this time?

These poor unfortunate bastards now discover that there is only one seller in the market, and that is Vanderbilt. Vanderbilt was magnanimous by nature, and he did not insist that short-selling speculators who had fallen into the trap of his own construction fulfill their contracts immediately. Instead, he was willing to lend them the necessary shares at this time, but at a rate of up to 5% per day.

In fact, the most important thing in this case is that Vanderbild's faction has a lot of money...

So Li He's dilemma lies in this, if he meets an opponent like Vanderbilt, he will die ugly, shorting is not terrible, naked shorting will be terrible.

If there are only 1 million outstanding shares in the market, and he shorts 2 million shares, when the time comes to close the position, he has nowhere to buy the other 1 million shares, and it may become a farce of selling low and buying high.