Several people are full of waterfall sweat on their foreheads, if it is in normal times, they are successful in teasing, and they are blue chips, which is enough to make the stock rise sharply, and even bold, you sell and I buy, I will sell again, you will buy again, and use this illegal operation to speculate the prices of several stocks, causing Li Mo which shorts to quickly liquidate. Pen × fun × Pavilion www. ｂｉｑｕｇｅ。 ｉｎｆｏ

But......

Baker's speech became a fuse, and the collapse of the Xiangjiang stock market was also a fuse, but it was far less impactful than the former.

If ordinary shareholders are a little better, most of these high-quality stocks are in the shadow market, and the number of stocks they hold in their hands is unimaginable.

Huge sell orders poured in, and the terrible thing was that the New York Stock Exchange had a total of 200 microcomputers, and this system had never handled such a huge transaction, so less than an hour after the opening of the market, it began to freeze, twenty minutes slower than the actual transaction speed.

Several people were first covered with cold sweat, and then their faces turned pale, this kind of big market, they are not able to hold up, which means that the short they eat will make them lose countless money. Not only that, but a lot of money has been thrown at the stock market.

They looked at the big electronic screen again, there was no red wave, the green wave rolling all over the screen, several people looked at each other, their faces were like earth, and they understood in their hearts that it was over, their life savings, within a few days, all of them were lost.

When the news reached the Chicago Mercantile Exchange, countless people began to sell short futures, but at this time, who would take over, and the Dow Jones Industrial Average began to slide like a wash.

At this time, Li Mo and his party came to Chicago.

It was noon in Chicago, and according to Chinese time, it was midnight, and everyone was a little sleepy.

Li Mo had no choice but to ask for a few cups of coffee to refresh himself, and looked at the plate with Bode.

Zhang Ting is also looking at the market, although she can't even understand the market, but she also knows that the more it seems to fall today, the more Li Mo earns.

This kind of futures and the stock market just formed a vicious interaction, so many ordinary shareholders also joined the sell-off army, and then cut the price and then lowered the price. By noon, the Designated Instruction Translation System (DOT) in the computer system was about 75 minutes slower. Due to the lack of capacity in the DOT system, 120 million of the 396 million shares transferred to the DOT system were not executed. Because many stocks are not traded, the Dow Jones Industrial Average does not reflect the actual market price, and because the computer is stuck, the exact numbers of the Dow Jones Industrial Average and the S&P 500 cannot be calculated, resulting in a state of disorder in the entire market. Bode and Halick looked at the market and said, "Disaster, disaster. ”

Zhang Ting asked, "Li Mo, how did you guess?"

"Not only did I guess, but some economists in the United States pointed it out at the beginning of the year, but at that time everyone didn't believe it, and some even ridiculed them. Li Mo said casually.

As the clock went on, at half past one in the afternoon, another terrible news came from Wall Street, saying that the U.S. Securities and Exchange Commission's David Luther was speaking in Washington: "At a critical moment, although we do not know when this critical moment will be, I will discuss with the stock exchanges the temporary closure of the exchanges." ”

What will happen if it closes, just look at the stock market in a few days.

Almost everyone was dumping stocks, and as long as they were given money, I would sell, and by two o'clock in the afternoon, the Jones Industrial Average was down two hundred and fifty points, and the stock had changed hands by more than four hundred million shares, causing the computer to lag behind the actual trading speed by another 100 minutes.

The Securities and Exchange Commission had no choice but to clarify that we did not discuss the closure of the exchange. But it was too late, and despite the efforts of all parties, the stock price seemed to improve at half past two in the afternoon, and then plummeted again.

At the end of the day, the Dow Jones Industrial Average fell by more than 500 points, or 22.6 percent, while other stock market indices such as the NYSE Composite Price Index fell 19.2 percent, the AMEX Composite Index fell 12.7 percent, and the Nasdaq Composite Index fell 11.35 percent, equivalent to more than $500 billion wiped out in a single day.

At half past two in the afternoon, Li Mo saw that the index fell again, and he knew that the overall situation had been decided, so he instructed: "Bode, it is equivalent to closing the position in the evening, immediately go long, or eat short." ”

After that, go back to the hotel and sleep.

On this day, the entire U.S. stock market was a chicken feather, with a normal daily trading volume of about 100 million shares, while on this day it was 600 million shares. Due to the lag in the computer system, about 28% of the orders were not executed, including 92 million limit orders. Many investors, especially small and medium-sized investors, don't know until two or three days later that their shares are not sold. In addition, the U.S. government bond market is also in turmoil due to changes in stock prices. However, due to the influence of computers, news organizations reported the closing price of the stock market only five and a half hours after the market closed.

"Everything is out of control," the New York Times reported. Countless investors lost so much on this day, and many millionaires were reduced to the poor overnight. Shaken by the collapse of stock prices, the psychology of shareholders has become extremely fragile. Many people who were overwhelmed by the collapse of the stock market had a complete mental breakdown and committed suicide. Banks went bankrupt, factories closed, companies laid off a lot of workers, and people panicked.

There's a lot more to the story.

Soros also sees this opportunity, because he has too many capital positions (referring to the amount of money that investors have or borrowed), that is, the number of short positions is too large, and he only sold it on Friday, so he can sell very little.

He saw an opportunity, but instead of making a profit, he turned his money into a short position and floated in the market. I also made money, and previously sold a large number of Nikkei futures contracts through the Xiangjiang market. However, on Tuesday, the market in Xiangjiang was closed and the position could not be closed for delivery.

He was very smart and saw that the U.S. stock market would rebound the next day, and the money would not be allocated. I also saw that the Japanese stock market would rebound on the third day, and the money still could not be allocated. At least you have to close the position and deliver, take the list, and the guarantee company will guarantee you. In the face of huge losses, worried that the quantum fund will be run by investors, Soros can only choose to cut his position. When Soros saw the London market fall early on Thursday, he realized that the market was going to be heavily sold off again, and it was time to exit, and he was too slow to exit the market on Monday, and he didn't want that to happen twice in a week, and God knows what news would come out over the weekend. Unfortunately, when Soros's huge sell order entered the market, others smelled the situation of "the whale is trapped", they withdrew the original buy order, the price plummeted, and finally Soros cut his position on the floor, after which the S&P index rebounded sharply.

Li Mo took the lead step by step, and Soros followed step by step, and he lagged behind by a day, or even a few hours, not only did he not make a profit, but he was almost hanged alive by other predators.

Another predator, Steinhardt, was equally bitter, recalling in his autobiography "I'm Not a Bull":

On Black Monday, October 19, 1987, taking advantage of the stock market crash, I closed all the short positions of SP500 index futures in my hand, went long with my backhand, and gradually bought long futures index positions, and my net exposure became long. However, I never expected the stock market to plummet by -22% in one day, and after a night of ideological struggle, I judged that there would be a technical rebound after the crash, so I continued to buy long positions on Tuesday. However, at this time, my broker Morgan Stanley suddenly raised the margin, which undoubtedly added fuel to the fire. In a fit of rage, I transferred all my money to my broker, Goldman Sachs, who decided I didn't have to raise my margin and never worked with Morgan Stanley since.

An broker is a guarantor of futures.

Morgan Stanley, commonly known as Da Mo in China, is a large venture bank.

When he agreed with Goldman Sachs, the time was missed, and the stock market had stabilized.

There are also many predators who make a lot of money, such as Paul Dordor Jones, who also made short orders on Friday, but started to shoot early in the morning, and with good luck, they were all eaten, and then turned to longs, one in and one out, and made a lot of money.

The other is some people who hold funds and do not enter the stock market and futures.

Because the S&P500 index fell by 20.5% at that time, and the S&P500 index futures fell by 28.6% (which is over-falling), there is a particularly large gap between the two, so going long index futures and quickly shorting the S&P500 index constituents at the same time is a risk-free arbitrage opportunity. This example is also considered a case of repudiation of the efficient market hypothesis. Because under normal circumstances, this kind of term difference is too small, and if there is large-scale arbitrage, the profit is not enough to pay the handling fee. However, due to the disorderly nature of Black Monday, this deadline is particularly large, which is extremely rare, or even almost invisible. At this time, it is almost risk-free to enter, and you can make huge profits in a short time.

There are really smart people who took the opportunity to enter the market and made a lot of money.

However, Li Mo can't make this money even if he sees it, and his short position has not been closed yet.

Laughing, crying, beating the chest, the US government doesn't care, it has to be saved, otherwise it will form a 29-year crisis.

The first step is the guarantor.

Generally speaking, a guarantor is no less than a loan shark, they only provide a guarantee, and if they lose it, it has nothing to do with them, and if they make it, they immediately take a large commission.

The risk is high leverage, but it is not as dangerous as imagined.

First of all, there are very few people who really use ultra-high leverage to do futures.

Secondly, even if there is a high leverage for futures, they will also guarantee it according to the situation.

For example, the guarantee before the Limo Square agreement was not operated for a long time, only a few days, and generally within a few days, the yen exchange rate could fluctuate by four or five points at most. Even if it really fluctuates by four or five points, Li Mo will lose millions, and with Li Mo's age and his novels, it is enough to be able to repay.

What if Li Mo suddenly becomes stupid in the future, and he is in China again? Or if the yen has a neurotic disorder and soars by seven or eight points, what should I do? This possibility is very small, and if it does, Li Mo can't afford to pay it back, and the guarantor has to admit that he is unlucky.

What is a risk guarantee, and why can a high commission be charged? Can it be called a risk guarantee if there is no risk? And a loan shark will still encounter a lot of dead debts.

Steinhardt's bad luck was that he was long before him, holding losses and forcibly cutting positions, and it was in the case of market uncertainty that Da Mo proposed a more harsh guarantee to him.

Li Mo's two funds will soon encounter different treatment, and Bot can also say that the so-called high guarantee is that the multiple is relatively low, and the low multiple is the low multiple, which is the external financial ......

So Steinhardt missed the long, but Li Mo's two funds just caught up with the next day's long.

What is in Japan, Li Mo continues to care.

The U.S. government is no longer in the mood to take care of these risk providers, and the first step they have taken is to guarantee the financial credit of these guarantors.

Usually is usual, today is today. It was only on the 19th that it lost nearly 3 billion yuan many times, and as for what was liquidated, it exploded cleanly. Several banks are arguing, and they are not willing to add margin, for the simple reason that many people are bankrupt and bankrupt, where can they get money to cover their positions?

In a pinch, New York Fed officials called New York's City Bank to ensure that the necessary financial credit was provided to clearing house members.

The exchange (as a third party to the transaction) owes Goldman Sachs hundreds of millions of dollars, KidderPeabody a billion dollars, and on the other hand, Da Mo owes the exchange more than a billion dollars. The exchange is not worried about whether Morgan Stanley will be able to pay, but whether it will be able to pay by 7:20 the next morning. A 7:00 a.m. call to the head of the CME account at Continental Bank of Chicago was told that there was a shortfall of hundreds of millions of dollars. Melamed then demanded in a phone call that Smelcer guarantee that the balance would be in place, that is, to ask Continental banks to provide hundreds of millions of dollars in credit while New York bank funds were not yet available.

At this moment, Tom Theobald, chairman of the Continental Bank, arrived at the bank, and after a few minutes of negotiation, the bank agreed to lend the loan, which was 7:17 in the morning, and the CME market was about to open in 3 minutes. If the funds are not in place, then the CME cannot open the market, and the outside world will speculate that there is a problem with one institution, and the consequences will be unimaginable in the market conditions at that time.

Because of Li Mo's joining, all the figures are hundreds of millions of dollars more than in the previous life anyway.

At this time, who will care how much money Li Mo's funds make, anyway, MorganStanley's funds arrived at the mainland bank in 20 minutes, which will resolve the first crisis.

Reagan and Baker immediately called for a press conference, and this stock market crash was not commensurate with the healthy economy of the United States, which is very stable. Subsequently, major commercial banks in the United States lowered interest rates. After these measures, the stock index rose by 102.27 points on October 20, and rose by 186.94 points on October 21 from October 20, but the closing price on October 22 fell by 77.42 points from October 21, bringing aftershocks, but the overall situation was more or less stable.

On this day, many stocks fell badly, with General Electric down 33.1%, Telegraph and Telephone down 29.5%, Coca-Cola down 36.5%, Westinghouse down 45.8%, Amex down 38.8%, and Boeing down 29.9%. Including Microsoft, which also fell 34% to just $82 per share.

So the next day, after Reagan's speech, the stock price was at a low point again, and more than 600 companies began to recycle their shares, especially G.A.F. bought back $7 million, or about 21% of the company's shares.

Li Mo got up early the next morning, also made a phone call, and told Bill Gates about the situation, Bill Gates did not have much activity money in his hands, but Li Mo used the proceeds of the previous partnership to verbally borrow the shares in Bill Gates' hands from Bill Gates, and then let Bill Gates use these shares as collateral and use the loan to recover Microsoft's shares.

How big is this sensation, how can Bill Gates not know?

He was blinded by all this, and he got up from the bed and screamed.

Developed, developed!

With Paul in charge, he himself flew from Seattle to Chicago to join Limer.

As for how many people committed suicide, they are all gamblers, who will care if they are willing to gamble and lose? These recoveries have also laid the foundation for the real stability of the market next week.

The United States came back to life, and then Japan came back to life, and other countries came back to life one after another, but Xiangjiang is the real chicken feathers.