Xiangjiang's volley leap just crossed this hurdle, but it was by no means pure luck. Pen | fun | pavilion www. ｂｉｑｕｇｅ。 ｉｎｆｏ

As one of the insiders, Tung Jianhua, the chief executive of Hong Kong, broke out in a cold sweat with palpitations, and felt more and more that the richest man who used to be his boss was really too unfathomable! I did not expect that a seemingly unrelated decision a few days ago would have such a wonderful use.

When Tang Huan arrived in Hong Kong, the Financial Secretary, Mr Tsang Yin-chuen, the Chief Executive of the Hong Kong Monetary Authority, Mr Joseph Yam, and the Secretary for the Treasury, Mr Hui Sze-yan, jointly greeted him at the airport.

Obviously, the first content of the conversation between the two was how to resist the attack of international speculators on the Xiangjiang financial market.

However, Tang Huan made Dong Jianhua confused about an irrelevant issue, that is, the next public holiday arrangement in Xiangjiang.

It is not difficult to imagine that the return of Hong Kong is no less than a change of heaven and earth, and there are too many places that need to be decolonized.

For example, although the official residences of the Chief Executive of Hong Kong and the Governor of Hong Kong are the same place, they can no longer be called the "Governor's Office", so they are renamed the current "Government House".

A similar situation exists in the arrangement of public holidays in Hong Kong, such as the "Queen's Birthday" to celebrate the birthday of Queen Elizabeth II, and the "Hong Kong Re-Glory Day" to commemorate the Allied victory in World War II in 1945 and the recapture of Hong Kong by the United Kingdom.

In fact, this work is not something that can be done directly by taking it for granted that Xiangjiang has a one-size-fits-all article. Xiangjiang is indeed a small place, but there are many doorways.

To be precise, there are two main types of public holidays in Hong Kong, namely the 17 public holidays excluding Sundays per year under the General Holidays Ordinance and the 12 statutory holidays per year under the Employment Ordinance.

In addition to the difference in the number of days between public holidays and statutory holidays, the applicable objects are also different.

Generally speaking, banks, educational institutions, offices of public bodies and government ~ government departments are entitled to 17 days of public holidays per year under the provisions of the General Holidays Ordinance.

Employers other than those covered by the above are only required to take statutory holidays in accordance with the provisions of the Employment Ordinance, and their employees are only entitled to 12 statutory holidays per year.

Of course, such employers can also entitle their employees to the 17 days of leave stipulated in the General Holidays Ordinance if they are well paid.

"The Queen's Birthday" and "Hong Kong Chongguang Memorial Day" are such colonial holidays as public holidays.

Needless to say, you can understand the reason, such holidays can be "adjusted", but they can only be "replaced" in other names, and cannot be "cut" at the waist, otherwise, it will definitely cause public resentment to boil.

Well, then "replace" according to this criterion, but it is still not that simple, and the interest group that can only enjoy "statutory holidays" takes the opportunity to ask whether "statutory holidays" and "public holidays" should be unified.

Well, then respond to this seemingly irreproachable demand, but it is still not that simple, because this is only the voice of the "labor", and the "management" is clearly opposed to the increase of statutory holidays.

This can be regarded as a special feature of Hong Kong, and Dong Jianhua, the chief executive of Hong Kong, who was already restless because of the Asian financial turmoil, had to ponder over and over again how to come up with a compromise plan that was acceptable to both the "labor side" and the "management side."

Mr. The richest man made a request to Dong Jianhua: Isn't August 15 and August 16 the sixth day and Sunday of the planet, and you must make at least Monday, August 17, a public holiday.

Seeing that Tang Huan said so preciously, Dong Jianhua started to think that the "Xiangjiang Chongguang Memorial Day," which was originally scheduled for the last "Monday" of August, and the "Xiangjiang Chongguang Memorial Day" that was preceded by "Saturday," temporarily included Monday 17 August and Tuesday 18 August as public holidays in the name of "Victory Day of the War of Resistance Against Japanese Aggression."

Anyway, in the midst of all kinds of disputes, this year is not to think of coming up with a new plan for public holiday arrangements that is acceptable to all parties, and it is up to you to try it out.

As soon as this announcement came out, no one in Xiangjiang felt sudden or surprised, and they all thought that this was a compromise arrangement by the chief executive of Xiangjiang to see if it was feasible or not.

In fact, what people really care about is the combination of "statutory holidays" and "public holidays", rather than which day is a "public holiday".

As a result, the Hong Kong Stock Exchange was closed for four consecutive days from Saturday to the following Tuesday on August 15, August 16, August 17 and August 18.

As a result, at this point in time, the Russian financial crisis broke out.

Specifically, the Russian Duma went on vacation after rejecting the IMF's proposed reform proposal, and all senior Russian officials, including Russian President Boris Yeltsin, went on vacation, and then a statement was suddenly issued.

These include: the depreciation of the ruble, the default of domestically issued government bonds, the suspension of repayments to foreign creditors, and so on.

In the vernacular, it is: Anyway, Dad has no money to pay you back now, what do you love!

The various European and American banking oligarchs among the Russian creditors, even if they have experienced a lot of experience, did not expect this kind of financial dishonesty, but the fighting nation's fist is hard enough, and they can only blow their beards and stare at them.

Moreover, the level of turmoil in the global stock market this time is not to mention how serious.

Fortunately, the Xiangjiang stock market, which was closed for trading, was buffered and avoided the shock.

After the little cousin Meng Jing reacted, she couldn't help but say to Tang Huan with admiration: "Brother, you are really Zhuge Liang who is like a god. ”

Zhuang Menghua said worriedly: "The Xiangjiang Stock Exchange is about to reopen, even if the Hang Seng Index can hide for a while, but after all, it will still be the same as other stock markets in the world, in the face of the impact of the Russian financial crisis, make a natural reaction to the fall, and those international speculators who are short selling will definitely not let go of this opportunity." ”

"That's true, but as long as they withstand this wave of attack, international speculators will be powerless. The richest man smiled slightly, "I am sure that the Russian financial crisis will quickly turn into a strong driving force for the United States to strengthen financial control." ”

……

I am afraid that many people may not be able to encounter such a spectacular spectacle as Russia's debt default throughout their careers.

Warren Buffett's direct reaction to this was that the global stock market had plummeted, and the Xiangjiang stock market was no exception; international speculators would certainly have taken the opportunity to attack it en masse, and the Xiangjiang stock market would collapse; Tang Huan, who had stubbornly participated in the resistance, miscalculated; the US banks that had lent large sums of money were also affected; and his own investments were also implicated.

Thinking of this, Warren Buffett, who shook his head again and again, hurriedly made a phone call to the headquarters of Bank of America in San Francisco.

Unexpectedly, the mouth over there is quite hard: compared to the losses brought to others by the Russian financial crisis, our side, at least for now, is fine, I don't believe you to watch the latest Yahoo news.

Warren Buffett choked on the Coke on the table, but he still relented and ordered his subordinates to collect more and more brilliant Internet media reports.

As a top hunter in the ecosystem, Warren Buffett doesn't care much about the so-called latest reports of portals that are doing everything to compete for traffic.

However, when he saw the printed Yahoo financial news, Warren Buffett still gasped.

……

Deshao Group's investment in Russia failed, and the loss could reach $1.4 billion.

……

Long-Term Capital Management lost its investment in Russia, with losses estimated at at least $1.85 billion.

……

Warren Buffett can't read down calmly anymore, because he has more to do with Long-Term Capital Management than with Bank of America.

So, Warren Buffett hurriedly picked up the phone again and called John Meriwether, the founder of Long-Term Capital Management, but the phone was busy;

Warren Buffett, who had to put down the phone for a while, secretly complained in his heart: This is trouble!

……

Among all the tragic people who have been devastated by Russia, the one that really shook Wall Street is none other than Long-Term Capital Management, and even the Federal Reserve, which has held a special meeting for it to study countermeasures to save it.

The key point is that Long-Term Capital Management has dealings with almost all Wall Street bigwigs, and it is not an exaggeration to say that it has kidnapped the entire Wall Street.

In other words, if LTCM were to collapse on its own, it would spell disaster for the US financial community.

This is no exaggeration, and the life and death of long-term capital management companies is so bullish.

The fund's founder, John Meriwether, was formerly the vice chairman and head of the debt trading department at Salomon Brothers, and made a lot of money each year by recruiting a group of mathematical geniuses from Harvard Business School and MIT, as well as by combining financial models and computer technology.

But in 1991, when John Meriwether was forty-four years old, one of John Meriwether's traders had an accident because of fraud, and he had to be held responsible, which led to the loss of promotion space in Salomon Brothers, so he simply resigned and went it alone, and Long-Term Capital Management was born.

John Meriwether's track record at Salomon Brothers was so successful that LTCM could only be described as a bull breaker from the start.

For example, a newly established fund often raises tens of millions of dollars in the initial stage, but a long-term capital management company can bring in more than a billion dollars at once.

What's more, John Meriwether's men were even more powerful than they were when he was at Salomon Brothers, and in addition to some of his old subordinates, he also invited some elite figures to join.

For example, two financial gurus: Myron Scholes and Robert Merton, who won the 1997 Nobel Prize in Economics for their "option pricing formula".

Another example is the vice chairman of the Federal Reserve, David Molins, who is only ranked behind Fed Chairman Alan Greenspan, and was also pulled in.

In the evaluation of "Business Week" at that time, the long-term capital management company is a "dream team", the lineup and momentum are so strong, I don't know how many streets to get rid of the richest man who used supercomputers combined with financial models to hype up!

And so it was: in 1994, the first year of LTCM's existence, the annualized rate of return was 28 per cent, in 1995 it was 59 per cent, and in 1996 it was 57 per cent.

That year, Long-Term Capital Management, which had just over 100 employees, made $2.1 billion, more than McDonald's, which sold countless hamburgers all over the world.

By 1997, despite the Asian financial crisis, the annualized rate of return of long-term capital management companies reached 25%.

There are so many elites in the American financial circles that there is no shortage of sensible people, so some experts asked, "Where are your risks?"

As a result, Myron Scholes, the researcher of the "option pricing formula", scratched his head and said, "No one sees where the risk goes." ”

As a result, long-term capital management companies have used their own cattle to enclose countless business owners, celebrities, private universities, and so on in the United States.

As a result, when long-term capital management companies that are too superstitious about mathematical models and ignore the small probability of human influences, because after the collapse of the Russian financial crisis, the United States, which often shouts "non-intervention", can't help but take action.

Many people may not understand that long-term capital management companies bring together the best of so many elites, but why are they also pitted?

Perhaps the most telling thing is that geniuses don't make mistakes, but unlike ordinary people, they are only good at making fatal mistakes.

In addition, Long-Term Capital Management Company also suffered another fatal blow that tore off all godheads, that is, it was revealed that it had evaded taxes of at least $100 million.

On Sunday, August 23, 1998, the Federal Reserve convened the heads of major financial institutions in a conference room on the 10th floor of the Federal Reserve Building in New York to discuss the response.

Mobil Bank, Bear Stearns, Chase Manhattan, Goldman Sachs, J.P. Morgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, Salomon Brothers, ......

The Wall Street giants gathered together, so that there were not enough comfortable leather chairs to sit on, and many bigwigs had to use folding chairs to condescend.

While these prominent bigwigs were discussing how to save the long-term capital management company from being caught up in the disaster, Warren Buffett received a phone call from Tang Huan from Xiangjiang.

"Next week, I will push the Hang Seng Index back to more than 10,000 points on Friday, the 28th, before the delivery date of the Xiangjiang Futures Index. ”

Warren Buffett, whose hands trembled and almost threw the phone on the ground, replied with a wry smile: "Thanks for the reminder." ”

……

On Friday, August 28, 1998, the Hang Seng Index rose to 12,000 points in March this year in the face of the dying counterattack of international speculators, which was called "Great Miracle Day" by Hong Kong people.

The short sellers who had planned to suppress the Hang Seng Index to 4,000 points suddenly shed blood, only to end miserably!