Qi Xiao did his best to put the new oil companies and financial institutions in the market, the statistics of financial companies is relatively simple, the statistics of oil companies without seats is more difficult, although many companies are not included in it, but this is still an extremely long list, there are dozens of well-known ones.

"Bear Stearns joined, too?" Sioux City looked strange.

Qi Xiao nodded solemnly and said, "Bear Stearns' two funds have joined the market. ”

"Going long?"

Yes, Bear Stearns also issued a report saying that the price of crude oil was at the bottom, and then persuaded investors to enter the market. Qi Xiao's expression was serious. Bear Stearns is the fifth-largest financial company on Wall Street and a Fortune 500 company, and its reports and its funds are naturally heavyweights.

Su Cheng forced a smile and continued to ask, "An Ran is also back?

Qi Xiao nodded heavily and said, "They lost at least tens of millions of dollars in the last round, maybe more than 100 million dollars, probably to make up for it." ”

Enron is also a world-class company, well-capitalized and confident.

Sioux City swiped his finger from top to bottom and asked, "And Lehman Brothers Holdings?"

Qi Xiao's face was already full of clouds at this time, and he said, "It's also long." They mainly sell financial products in this area to customers, the total amount is not too much, the operation is more frequent, and it is surprising that London crude oil did not open above $16. ”

Hearing this, Su Cheng finally couldn't help but laugh.

Qi Xiao looked at him with a stunned face, and really wanted to ask "why is the lord laughing".

Su Cheng shook his head with a smile, he couldn't explain. For many Chinese in later generations, there are probably far more people who know Enron and Lehman Brothers than Morgan Stanley. They are typical examples of bankrupt companies, and the former can also be studied in accounting textbooks -- if any Chinese accountant can learn one-fifth of Enron's ability to fake accounts, he will not have to worry about buying a house, a car, and a wife in China.

The new entrant Bear Stearns is no better, and although it is a super-financial company, it was the world's largest securities company in some years. and once made tens of billions of revenues, but in the 08 financial crisis, it was finally sold to JPMorgan Chase for a total price of $236 million.

In the eyes of Sioux City, these prominent companies. More like a symbol of failed finance.

They magically come together. And standing aside is the main reason for Su Cheng's laughter.

However, Qi Xiao couldn't feel Su Cheng's laughter. He looked at Su Cheng with a sad face, thinking: The chairman can't be mad.

Su Cheng took the opportunity to laugh for a while, releasing the pressure of the past few days, although the book profit has been about 5 billion US dollars, but how to exchange this money for cash is the real test of their time.

As a short-side giant, the Pan Asia Fund can't relax now, not only can't withdraw a penny, but also keeps piling up heavy money on the short side.

Sioux City's own contract for the spread could be withdrawn at any time. But its profitability has not been maximized yet, and Sioux City wants to wait a little longer.

So, the money in Sioux City's hands is actually decreasing.

The longer the time, the more it is reduced, the more risks will accumulate, and Qi Xiao is naturally more sensitive to this kind of risk. Seeing Su Cheng's laughter stopped, he said in a low voice: "Su Dong, the market trend is not particularly good, we have to be careful of these companies, although Bear Stearns and Lehman Brothers only have their funds and branches involved." There is also a lot of money that can be invested, and Enron is making a comeback, and the momentum is even worse, which is not a good thing......"

Qi Xiao's somewhat rambling speech was very different from usual, and it was also a manifestation of great pressure.

If he had the right to decide, he would have closed the position now, even if there was some loss, he would not hesitate to do so.

Sioux City doesn't have much knowledge and background in finance, but it has a strong will that has been cultivated over the years. He is ready to come out as a century-old company, but he doesn't want to squander it with a century-old company. For this futures war, he has made a lot of preparations, I am afraid that it is more than other companies combined, with Su Cheng's temperament, even if it is difficult and difficult, he must persevere.

Qi Xiao had long known Su Cheng's thoughts, and this time it was also a reminder, and then he began to report various transactions in the market.

The futures market is ever-changing, and Su Cheng didn't have time to stay in the office to read the data, so Qi Xiao reported the sorted out results to him, and always let him understand the trend of the market.

Su Cheng listened as he tapped his fingers on the table, thinking about it.

Because overnight, yesterday's negative news has almost exhausted its strength, and the pattern of stable and rising crude oil prices has gradually become a pattern, and Qi Xiao's anxiety also comes from this, while he is talking, he is also observing Su Cheng's expression.

Su Cheng's answer was unexpected and reasonable, and it can be summed up in one word: "Wait." ”

While waiting, the price of crude oil has gradually recovered.

The traders of the Pan Asia Fund looked at the upward curve and broke out in a cold sweat one by one.

In the futures market, there is no such thing as being locked or unbundled, or making a profit or cutting meat, or making a lot of profits or losing all your money...... The 10 times and 20 times leverage given by banks and other financial institutions is 10 times and 20 times the amount of margin, and the cost of using this money is not low.

Once the curve is raised, it is not easy to wait for the curve to come down.

Stock investors can shout that I am trapped, and then wait a few years to unwrap it, and even if futures speculators can continue to hold the contract, the contract will always be delivered.

The August crude oil contract expires in August, and the September crude oil futures contract expires in September, and you can choose to just close the position or deliver.

Rising oil prices have undoubtedly eaten into everyone's profits.

Starting at $18.22 and ending at $15, the Pan Asia Fund's profits have reached more than $20 billion, from which Sioux City alone can make more than $5 billion.

And if the price of crude oil does not jump by 10 cents, the total profit will fall sharply by hundreds of millions of dollars. Because the current Pan Asia Fund is almost a full position operation.

The capital of 17.5 billion US dollars, borrowed by 15 times leverage, represents a total investment of 260 billion US dollars, although it is not as good as the bond market and the foreign exchange market, and it cannot be compared with the derivatives market in the mature period, but the capital of nearly 300 billion US dollars is also similar to the free capital of JPMorgan Chase, one of the leading super consortiums.

By the time the market opens. Oil prices rose to $15.68, which seems to be a shock to $16.

Sioux City finally came to the big office and began to pay attention to the electronic disk.

Qi Xiao's heart was inexplicably relieved, and he thought: As long as Su Dong is concerned, he should be fine.

When he was at work. Also keep an eye on Sioux City. Be prepared to provide consultation.

In addition to Qi Xiao, other people in the office were also paying attention to Su Cheng. This time, the futures operation of the Pan Asia Fund did not follow common sense, and was basically carried out within the framework set by Sioux City. Therefore, the traders and staff, including Qi Xiao's inner being, are not so much confident as trusting Sioux City.

He has already earned more than $20 billion in book income for the Pan Asia Fund, and with such a large amount of money, even if it is placed on Wall Street, it should be widely popular, not to mention that Sioux City is still the boss.

In a few moments, the price of crude oil in October jumped two notches upwards.

Su Cheng showed a "yes" expression. It seems to be very relaxing.

Qi Xiao, who should have been nervous, was also at peace, as if he was affected by Su Cheng's ease, and calmly ordered: "Keep the original rhythm of short selling, and let the vultures not be in a hurry." ”

Su Cheng listened and nodded slightly.

Qi Xiao suddenly felt settled.

Then there were two more rounds of jumping, and Su Cheng was still looking at the electronic disk flatly.

And then. It's a small downward adjustment.

Qi Xiao showed a soft smile, as long as there can be a relationship, the upward market has been putting huge pressure on them short sellers.

He kept smiling and turned his head, wanting to see the same smile on Su Cheng's face.

To his bewilderment, Su Cheng's expression turned out to be nervous.

"What's going on?" Qi Xiao showed a puzzled expression. It's about the same as Sioux City's.

A few minutes later, there was another small drop in the price of crude oil.

There are always some traders who do swings, or pure technical people who don't care about the fundamentals, they are the main force chasing up and down, and they have also caused a constantly changing floating market, just in this round of ups and downs, some traders can earn hundreds of thousands of dollars, or lose hundreds of thousands of dollars.

For the Pan Asia Fund, this could mean hundreds of millions of dollars in book income.

But what Qi Xiao saw from Su Cheng's face was not an expression of making money, but more like suspicion.

"Did you close the position of the institution that just sold short to me?" said Su Cheng to a computer.

The staff pressed the keyboard with a "pop" sound and said, "It will take about 1 minute." ”

"Hurry up. ”

"30 seconds...... Bang bang bang ......"

"Faster. ”

"Ah...... Look for...... It's here. ”

"Is there one?" Sioux City was still staring at the curves of the big screen, where it was changing from moment to moment.

The man in front of the keyboard looked at it carefully and said, "There is no big multi-party empty." ”

"Are you sure?"

"Sure. ”

Qi Xiao was completely confused, and asked in a low voice, "Su Dong, what's wrong with you?"

"What's wrong?"

"That is, why are you not in a hurry when the price of crude oil has risen, but the price of crude oil has fallen, which is a bit ...... Nervous. ”

Su Cheng suddenly said: "Oh, I'm afraid of what they ran away." ”

"Ran away? Who ran away?"

"These guys who are long, especially a few companies that have built positions at a high level, such as Sumitomo Corporation or something. Su Cheng smiled and said, "If they take advantage of the rising market in the past two days to cut meat and close their positions, we will make a lot less money." ”

Qi Xiao was stunned, not knowing what to say at all.

For normal financial institutions, it should have been the better if there were more allies, but when it fell on Su Cheng, it was for fear that there would be fewer enemies.

However, the futures market is a zero-sum game, some people will lose when they make money, and now there are more funds to do long, and the more meat will be cut when the time comes, but Sioux City's idea is normal in the abnormal.

……