Manhattan, New York, USA, World Financial Center, Merrill Lynch Headquarters, GPC's Special Venture Capital Department

"Boss, the special venture capital department is a little too weak for a few of us...... "Mannie, the newly appointed assistant to the general manager, followed Jiang Yelin all the way from the third sales department to the central sales department, and then rose to the new position of the special venture capital department tailored for Jiang Yelin by Gordon Gecco, due to the G3 series of funds against the sky, and now the entire Merrill Lynch Securities is trying to transfer to the special venture capital department The people can be said to be in a long queue. Mannie is now the most intimate assistant of the first celebrity in front of Jiang Yelin, and there are not a few people who trust her side.

"Are you in charge of the crowds? The threshold for the G3 fund is now high enough, and to be honest, the number of new subscriptions just reached 100 million over the weekend, which shows that our development has passed a period of rapid growth, and investors are skeptical about whether the G3 fund can maintain a stable and high-speed net value growth...... At this time, how can this department raise so many idlers......"

Jiang Yelin, the young general manager of the department, in terms of the internal level of GPC, is actually one level lower than his former boss Chambers Fett, and the level of the special venture capital department is similar to the three branches under the central sales department, but the net assets of the G3 series fund account for almost 40% of the entire central sales department, and he reports directly to the big boss of GPC, Gordon Geco, BOss can't hide from the status of the hot and popular fried chicken.

The basic team of the special venture capital department is a few guns of the original three business departments, Marbury is responsible for the G31 fund and ordinary individual investment customers, Phoenix is responsible for the G32 fund and small and medium-sized institutional customers, and each of them has three newly recruited business school interns as assistants, Mannie is the assistant to the general manager and the director of the secretary office, of course, Manny is not alone now, and three new secretaries and business assistants have been recruited under the hands of the freckled beauty. In charge of executing transactions in the NYSE infield is Dominic, who has changed from an assistant trader to a full-time trader, of course, Dominica's trading assistant heard that it is a rookie sister paper man called a trumpet flower in the market.

At the beginning of the third week of February, after another weekend of open subscriptions, The size of the G3 fund has grown to 450 million, the net value of the unit is 2.1692 US dollars, the scale of the G31 and G32 funds has increased to 150 million, and the combined net assets of the three funds have reached 1,342.74 million US dollars, and the scale of the G3 fund alone has reached 976.14 million, although it is still far from the scale of the 3.3 billion Buffett partner fund, but it is the trump card fund that has been running for 30 years, and Jiang Yelin and his G3 fund have been running for six weeks when they are full!

"Boss, there are too many people who ask you to meet and eat, but you are not in the company or even in New York, and I, the assistant and secretary, can't always ask people to eat behind closed doors, right?" Mannie began to be coquettish, in fact, except for the operation of the three funds, which was controlled by Jiang Yelin and gave instructions to the traders in the market, the rest of the affairs in the department were almost taken care of by Mannie, the assistant to the general manager, as for Marbury and Phoenix, the task of these two fund managers and their subordinates was to develop and maintain the customers of their respective funds, and the investment operations of the funds were all in the hands of Jiang Yelin, the dictator.

At the same time, the ability to work hard is also the greatest pressure and responsibility, especially the style of the G3 fund belongs to the aggressive intraday trading fund, which inevitably makes Merrill Lynch and the G3 series fund become the first choice for competitors to pay close attention, track, and even be ready to sneak attack and snipe at any time, from this point of view, whether it is Gordon Geco or the former general manager of the central sales department, Chambers Fitter, but really let Jiang Yelin control the trading operation of the G3 series of funds. In this way, we can maintain the most mysterious and safe situation, and avoid the leakage of internal information and the targeted sniping of competitors!

The first trading day of the week in the stock and securities markets is often the fiercest battleground for all kinds of news and all kinds of forces and funds, Chambers Fett's Merrill Lynch Manhattan Center business office announced today

Saturn Auto IPO was completed, Merrill Lynch Securities Center Business Department underwrote 50% of the shares issued by Saturn Auto at a price of $3 per share, a total of 900 million shares, the commission of this transaction was only 7%, in fact, the wool was out of the sheep, of course, from the perspective of performance, Merrill Lynch Center Business Department had an additional $2.511 billion in financing debt on the balance sheet, and 900 million Saturn Auto shares registered in the securities account of the Central Business Department, as for 7% of the right hand earned from the left hand The total commission of $189 million is probably not enough to cover the financing cost of $2.511 billion!

The 2.511 billion US dollars transferred by the business department of Merrill Lynch Securities Center to the account of General Motors headquarters are the 51.3 million shares of General Motors that came from the securities lending last weekend and were sold and cashed......

In a word, only if Merrill Lynch buys back the shares of General Motors at a low price lower than the transaction price of the GM shares that were sold and returned to the shareholders of GM, the business is not a loss, provided that the difference between the short sale and the closing of the position must exceed the cost of securities lending, and the 11-month rate of 8-9.5% is close to 9-10% after the annualized rate, and the average price is 51 US dollars, with a total of 100 million shares of GM shares before and after. Merrill Lynch had to earn back more than $100 billion in a year to make sure the deal didn't lose money!

Therefore, after GPC President Gordon Geck set up a special venture capital department to give Jiang Yelin the freedom to let go of trading, the performance indicator of the special venture capital department was to unceremoniously require the annual net profit to be no less than 1.2 billion US dollars, so as to ensure that the 1 billion US dollars of financing debt carried by the central sales department for Jiang Yelin and the special venture capital department will not become a loss-making transaction!

Of course, it can also be understood that the president of GPC wants to create a fund legend of 93 years and a fabulous ace fund manager, and the task is to complete a net profit of 200 million! This task is arduous and arduous, and it is not difficult to say that it is easy, depending on the fight and struggle between Merrill Lynch and its competitors in less than 11 months, Wall Street does not believe in tears, and the cards in Jiang Yelin's hand are not just G3 series funds, if the first batch of 5,130 shares of General Motors shares were cashed out and replaced with 900 million shares of Saturn Motors, then 50 million shares of General Motors stocks and 13 million shares of Ford Motors were borrowed. and the net assets of more than 1.3 billion in the three fund accounts, all of which are cards in the hands of this goods!

After the market opened on Monday, the news of Saturn Motors' announcement of a successful IPO did not keep GM's stock price above $47 for long, perhaps the announcement of the largest shareholder UAW's securities lending agreement touched the already tense nerves of the entire market, and all kinds of sell-offs flocked out, and GM's stock traded more than 12 million shares in just one hour. The stock price fell from above $47 to $46.525, and Jiang Yelin's G3 series fund was still holding its ground at this time, and it was clear that competitors were determined to take short positions in front of Jiang Yelin......

According to the returns of Merrill Lynch floor traders and the public information of the New York Stock Exchange last week, Goldman Sachs, Morgan Stanley and Salomon Brothers, the three investment banks and brokerages, almost took over seventy percent of the 51.3 million shares of General Motors sold by Merrill Lynch last week, and the remaining three percent were taken over by small and medium-sized investors and small institutional funds who bought the bottom, Goldman Sachs had the greatest appetite, eating at least 18 million shares of General Motors shares in a week, with an average cost of more than $49, This is also the result of the opponent's continuous low position to make up for the high price and pull the low cost.

Morgan Stanley's appetite is slightly smaller, but he also eats no less than 15 million shares of General Motors stock, with an average cost of about $48, and Salomon Brothers eats about 10 million shares, and the cost price is roughly between $48 and $49, so it can be said that the biggest short in General Motors' stock price falling below $50 from above $55 is Merrill Lynch, then the stabilization of GM's stock price at $47 is the result of Goldman Sachs, Morgan Stanley and Salomon Brothers taking over the quilt and shorting the cost of flattening the costOf course, UAW, as the largest shareholder, made these three companies give up their plans to continue to raise the stock price, and everyone began to run faster than anyone...... The first target price is $45, and the second target price is $41! Short selling is also profitable, isn't it? At least the stocks of these three companies are bought with real money rather than securities lending, and the cost must be lower than Merrill Lynch in theory, right?!

Throughout the morning, Jiang Yelin and his G3 fund did not seem to have any out-of-the-ordinary operation, in fact, every Friday at the close of the G3 fund has developed the inertia of short positions, last week is no exception, as the largest intraday trading fund in the market at the moment, Jiang Yelin is not worried about anything short, if the stock price of General Motors rebounds to 50 US dollars, it is equivalent to a 6.3 percentage point market value for Merrill Lynch Securities, which has 50 million shares of financial bonds in 47 US dollars! Why not?!

The largest short Merrill Lynch did not react, so that the market Merrill Lynch because of the underwriting of the Saturn car listed subscription of 900 million new shares and the rumors of a huge gap in the flow of funds spread far and wide, General Motors' stock price fell to $46, with the rise of the market and began to rebound, the trading volume remained moderate amplified, the trading hours of the U.S. stock market is 9:30 a.m. to 4 p.m. EST, noon does not rest, but because all aspects have to have lunch, noon is often the lightest moment of trading... …

At 11:30 p.m., GM's stock price trembled over $47 and began to rise green, which means that investors who bought GM shares this morning began to make money instead of losing money, and the additional buying orders were not suppressed by shorts, and at 11:30 the stock price reached $47.525, and the time-sharing volume reached the level of 100,000 shares, and the buying began to enthusiastically, and the stock price continued to rise to 47.750!