"Today, the Hang Seng Index reappeared on the 'Great Miracle Day', "Under the Lion Rock" resounded through the Stock Exchange, 40 minutes before the market closed, the Hang Seng Index rose 551 points to close at 8008 points. In one fell swoop, the short-selling attempts of international speculators were defeated, and the bears were forced to close their positions. ”

Financial Secretary Tsang Sun-chuen and HKMA Director Ren Zhigang also announced that Hong Kong has passed the most dangerous time, because the December futures index is 220 points lower than that in November, if international speculators transfer positions will be more than 10,000 Hong Kong dollars per short order closed in November, it is impossible to transfer positions. In this battle to defend Hong Kong stocks, the bulls have already won. ”

According to Jin Youwen, in view of the impact of the financial turmoil, the Hong Kong government is considering merging the Stock Exchange with the Futures Exchange and the Central Clearing Co., Ltd. to establish a comprehensive joint-stock trading and settlement center. ”

"The stock market turnover throughout the day exceeded 90 billion, wow, 75% higher than the previous historical single-day trading record, Dafa, I just don't know if you bought it in front of the radio? Seeing that the Hang Seng Index has regained lost ground one after another, I not only want to sing under the Lion Rock, but also want to sing a sentence of waves and waves. However, many analysts also believe that investors should not take it lightly, and the crisis in Hong Kong has not been completely resolved, and international speculators are still eyeing Hong Kong, and after they recover their strength, it is very likely that they will also attack Hong Kong, which also tests the SAR government's ability to respond in the future. Well, global finance is all in Xincheng, Xincheng Selection 104, it is more exciting with you, and today's program is here. ”

The city's radio and television, tonight, there is only one theme Hong Kong stock defense victory!

Even TVB's new drama "Integrity Detective Warrant" has been postponed for an hour, leaving enough time for the coverage of this thrilling war.

At 8 p.m., under the sponsorship of the three major banknote issuers in Hong Kong, the Hong Kong government staged a grand fireworks display in Victoria Bay, with a total of 18,000 fireworks distributed by four barges.

This far-fetched interpretation is actually believed by many people.

In a celebratory atmosphere across Hong Kong, the brightly lit 23rd floor of the HSBC Tower was tense.

In the large and bright conference room, more than a dozen hedge fund executives gathered, and the most eye-catching of them were Julian Robertson of Tiger Fund and Druckenmiller of Quantum Fund.

Hedge fund companies such as Bridgewater and Renaissance did not invest much money this time, and the boss did not attend in person, but all the executives or partners of each company in Xiangjiang came.

"George, I repeat, I will not participate in the subsequent shorting again, and I demand that my share in Rakshasa be returned!" Julian Robertson's wrinkled face looked more and more hideous, "Do you still think it is possible to short Xiangjiang?"

No matter what Soros thinks in his heart, his tone is still very calm, "Julian, a temporary loss does not mean anything, the higher it rises now, the greater the future will make up for the fall, this is common sense." ”

Everyone who knows Julian Robertson can see the anger that is about to erupt in his cloudy old eyes, "Nine hundred and sixty million, the Tiger Fund alone has lost nine hundred million dollars! This is not nine million six million, not nine six million, but nine hundred and sixty million! Do you understand? Nine hundred and sixty million! I demand, now, immediately, immediately, throw me out of the rakshasa! I don't want to invest another penny in emerging markets!"

At this point, there is no point in holding the bears accountable for losing money in Hong Kong, as is the case with hedge funds, and it is only right to be willing to gamble and lose and study how to reduce losses and other profit opportunities.

Unlike Soros's Quantum Fund, Julian Robertson is not an outright speculator, and his investment philosophy is actually closer to Buffett's value investing. Shorting emerging Asian markets with Soros is also based on his belief that the current prices of emerging Asian markets have seriously deviated from their actual value, so he is greedy and wants to make a profit.

Before the Battle of Xiangjiang, Julian Robertson did make a lot of money in Southeast Asia. From February to October '97, Tiger Fund earned more than $6 billion in Southeast Asia, making Tiger Fund investors a lot of money and achieving a return on investment of more than 45%.

Similarly, Julian Robertson also placed a bet on Rakshasa with Soros based on his belief that the actual value of Rakshasa is greater than the price it manifests.

However, the failure of Heung Kong made Julian Robertson realize that the uncertainty of emerging markets is too high, and the interference of external factors is more serious, and it is difficult to measure and calculate it with general economic laws, and he can't help but retreat from investing in Rakshasa.

In addition to the part of the Tiger Fund's direct investment in Rakshasa , Julian Robertson also invested part of the money in the new fund set up by Soros for Rakshasa , Soros could not prevent him from withdrawing the part of the money he directly invested, but in the money of the Quantum Fund, Julian Robertson must reach an agreement with Soros if he wants to withdraw it.

Before the end of the Cold War, Soros's open social foundations had already begun to deploy in Rakshasa , and if Julian Robertson withdrew his investment, the linkage effect would ruin his ten-year layout in Rakshasa in one fell swoop, how could he agree to Julian Robertson's request for divestment.

Under the persuasion of this year's Nobel laureate in economics Myron Scholes, Julian Robertson reluctantly dismissed plans to withdraw from Long-Term Capital Management and Quantum Fund, both of which have made heavy bets in Rakshasa Rakshasa , especially Long-Term Capital Management, which brings together a group of the most powerful bigwigs on Wall Street and Washington, and Julian Robertson is unlikely to risk the world's condemnation and forcibly tear up face with everyone.

"In fact, we all know very well that Hong Kong is still the most lucrative piece of the cake in emerging markets, and although we lost money this time, the first three gains were enough to make up for the loss this time. In addition, this time, we also found out the strength and details of the opponent. We have raised $15 billion, and the Quantum Foundation continued to short Hong Kong in December. ”

Hearing the decision of Soros and Druckenmiller, some hedge fund executives who had already planned to exit began to stir again.

Quantum Fund continued to insist on shorting Hong Kong, which did not surprise many people.

It's true that you lost money in November, but for hedge funds that have been invincible this year, it's just a small wave, and it doesn't hurt at all. On the contrary, Xiangjiang, in the previous offensive and defensive wars, has consumed a lot of foreign reserves, as long as it insists on attacking, hedge funds will always make a profit.

"Seconded. ”

"Seconded. ”

。。。。。。

More than a dozen hedge fund managers have seconded Soros's proposal after consulting their bosses.

Druckenmiller looked at Julian Robertson, the helmsman of the Tiger Fund, who was silent for a moment, and then said, "Second." ”