As soon as the news of the huge losses of the Withered Fund came out, the traders of the entire market turned into vultures, pecking around the dying giant elephant of the Withered Fund, and lingering like a veil of the sky.

This is a very normal trading logic, after learning that a fund is in crisis, not only their positions in crisis, but also all other portfolios held by them may become the target of attack. It's like some time ago when a well-known emperor in the bond market jumped ship, and the first reaction of the traders was: who knows the position of the owner he worked for, we will attack them!

But the reason why the market is complicated is that in the case of this view is almost one-sided, there will also be people who find the possibility of profit, and it is reversed.

Kenneth. Griffin is one such character.

While studying at Harvard, Griffin suddenly became interested in investing and started his career by setting up two funds in his dorm room.

After graduating with a degree, Griffin began to devote himself to the fund industry, and with his extraordinary talent and keen grasp of the market, Griffin soon became famous as one of the most sought-after analysts among investors. And just two years after working in the fund industry, Griffin set up his own hedge fund with the $4.2 million he raised, named Stronghold Investment Group, when he was 22 years old.

Since then, Griffin has been on the fast track to smooth sailing, in fact, his fund has hardly suffered any losses in the past few years, and has been making profits almost every year. And his own net worth has also risen and successfully entered the ranks of billionaires.

Unlike most funds, Griffin's base fund has a different investment philosophy from the orthodox investment philosophy, he doesn't care about value investing, he doesn't care about macroeconomics, he doesn't care about the so-called fundamentals. He is concerned with price fluctuations, through subtle changes in prices to capture the possibility of investment, through a large number of mathematical models to find the possibility of making money. In this sense, he has similarities with Renaissance Technology and Shaw's hedge funds.

Base funds are the best of quantitative investment strategy funds. Within them, there are all kinds of mathematicians, physicists, astronomers, and even computer science doctors. Someone once declared. Basecamp Investment Group is first and foremost a technology company. The second is the hedge fund, which shows how strong this fund is in technology and mathematics.

On Monday morning, Griffin was still exercising on the treadmill in his office, to his level. It is enough to leave the specific work to the subordinates. He just needs to be on the right track. Always keep an eye on the market.

This treadmill is very interesting, it looks like an ordinary treadmill on the outside, but in fact the middle screen is connected to a computer. It is convenient for Griffin to receive emails at any time, and switching to another interface is the various number of running jù.

Although he doesn't have to do it himself, Griffin is still a workaholic and writes complex code, so he always has to stay in touch with the market, even when he is running.

"What? There is a crisis in the withering fund, and it is a huge loss? ”

When he was sweating profusely, the screen prompted that he had received an email, and after clicking on it, Griffin's pupils suddenly contracted, and the sensational news made him stunned.

The email was sent by the public relations department of the base fund, and in the content they described in detail what had happened to the fund, including rumors that they had made a lot of money in the market in the first six months. In addition to these, they wrote:

"We don't know exactly how much the withered fund has lost, but judging from market rumors and real price fluctuations, the natural gas position of the withered fund has lost at least $4 billion, which is an extremely staggering figure, half of the size of the funds under management. Although none of this qiē can be verified at this time, it is certain that they are in serious trouble. ”

"Wow, it's a big problem, no one can continue at a loss of half the money!"

Griffin's brow furrowed involuntarily, and after a moment of surprise, he continued to run. It's part of the market, and every day different hedge funds fail or go into liquidation, and the Withered Fund is just one of the larger ones, so Griffin didn't think much of it as he was surprised.

Running and running, suddenly a thought crossed Griffin's mind like lightning, making him involuntarily stop, turn off the treadmill, and then call up the email and read it carefully, he didn't bother to change his sweaty clothes, just wiped a little sweat, and dialed the internal phone.

"It's me, Kenneth, tell me exactly what the situation is with the Withered Flowers!" After struggling to calm his breath, Griffin asked lightly into the microphone.

Answering the phone was Scott, the head of the public relations department of the home base hedge fund. Laffer, in the face of the boss's questioning, he pondered the words for a long time, and then calmly replied: "It should be a loss of 50%, maybe more." ”

"How long does it take for it to happen?" Griffin frowned, but the next moment he relaxed and asked another question.

"A month, a month at most, from September to now." Scott covered the microphone and whispered to the people around him for a moment before giving such an answer. In fact, no one except the two parties involved knows exactly when it happened. Judging by the changes in positions and the figures disclosed, experts can calculate a vague time.

This was the time when Zhong Shi and Hu Ping began to launch a fierce attack on the position of the Withered Fund.

“……”

Griffin didn't ask anything more, he remembered a big event that happened in '98: Long-term Capital Management, which gathered the best teams on Wall Street at the time, declared a default on Russian bonds. The entire European bond market has been volatile. The positions of the long-term capital management companies were exactly the opposite of those of the market, which eventually led to a total collapse and forced the US Treasury to intervene and force the Wall Street giants to buy their positions, which averted an even greater financial chaos.

Buy? That's right, just buy it!

When he thought of this very sensational financial case in history, the word "buy" suddenly jumped into Griffin's mind, and soon the idea grew uncontrollably like a weed, and Griffin keenly saw the business opportunities that might be contained in it.

"The heads of all the departments have a meeting in the conference room on the top floor. Now is the time. ”

After hanging up the phone. He quickly sent an urgent email to all the executives, then took a quick shower, changed into a sleek new sky blue shirt, and hurried to the conference room.

In this black and white conference room. A group of high-level officials of the base camp have already sat in their positions. They haven't figured out what the hell is going on. But after seeing the email sent by the boss himself, everyone realized that something important must have happened, so as soon as they arrived at the conference room. They began to communicate frequently in low voices, hoping to be prepared.

As soon as Griffin, who was refreshed, entered the conference room, and before he even had time to sit down in the middle chair, he commanded loudly: "Each department has brought in two of the most astute and capable analysts, and collected the most comprehensive and detailed numbers for me, and I wonder if we can buy the natural gas position of the Withered Fund!" ”

"What?"

"How is this possible?"

……

Like a drop of water entering a boiling oil pot, the conference room exploded, and almost everyone looked at Griffin dumbfounded, although their expressions were different, but their eyes were nothing more than this: shock, shock, and bewilderment.

They already knew all about the news of the huge losses of the Withered Flower Fund. Although it was a sensation in the market, it had nothing to do with them specifically, so at most it passed as a talking point. Of course, they are very envious of those who can stand on the opposite side of the Immortal Flower Fund, and they have made a lot of money this time.

But now, his boss is going to take the risk of going against the entire market to buy the natural gas position of the Withering Fund, doesn't he know that this part of the position is currently coveted by the entire market? What the hell is going on?

Everyone's mind, except Griffin, was full of questions.

"Take it easy, guys, now we're just saying an intention." Griffin just glanced at the reactions of the crowd, and naturally he needed to give a convincing explanation, "The specific situation will require the cooperation of our various departments, guys, this will be a huge job, the risks involved, the logic of the investment, the counterparties to the transaction, where the funds are raised, whether our computer systems can be fully controlled, etc., this qiē will take time." Therefore, we only need to provide a possibility, a will, to the non-withering fund for the time being, and wait for us to make various predictions and analyses here before acting. ”

"Hey, Kenneth, you're not going to think about buying these positions because you're going to compete with Goodman, are you?"

Despite the detailed explanations, there were still people who were puzzled by Griffin's decision, and one of them stood up and said, "You know, we're a hedge fund, they're an investment bank, and they're different in nature, so if you really want to compare with them, there's no need to compete with a non-withered position, right?" ”

As a proud Harvard undergraduate, Griffin has always been haunted by not getting an offer from Goodman after graduation, and he once said in front of many people that he must make a company that can rival or even surpass Goodman. Therefore, after thinking of the previous contact between the Withered Flower Fund and the Goodman Company, some people immediately thought of Griffin's complex.

"Why, they've been in contact with the Immortal Flowers Fund too?" Griffin was stunned for a moment, and after getting the exact answer, he was not surprised, and immediately clapped his hands fiercely, and said excitedly, "Guys, then we have to hurry up." ”

The audience was stunned.

……

"Mr. Zhong, they seem to ...... It seems that the sell-off has stopped, and the losses have continued to expand. ”

As soon as the market opened in the afternoon, Jiangshan carefully stared at the market, and at the same time opened new positions without a trace, and slowly suppressed the positions of the withered fund as the market flowed.

But soon, he found that the frenzied selling of closed positions in the morning disappeared, and in the March contract, except for some short positions that closed when they saw it, it was difficult to open long opponents. And in the morning, because of the crazy liquidation of the withered fund, it was almost difficult for the short to change hands, and now, there is no opponent for half a day.

The biggest reason for this situation is naturally that the view of the market is one-sided, and most of the heads are dead. Because the bulls open fewer new positions, even if the bears blindly attack, the price will only fluctuate between a small number of closing positions and opening new positions. (To be continued......)

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