New York, USA.

At the headquarters of the Quantum Fund, thirty-eight-year-old Stanley. Druckenmiller was looking at a thick stack of analytical reports on the economic situation in the United Kingdom, tapping on the table and being silent.

Druckenmiller is at the helm of the fund and is thinking about whether he can look for opportunities in the European monetary system.

Ten years ago, the then-twenty-eight-year-old founded Duquesne Capital Management, and four years later, a mutual fund invited him to manage several funds while running Duquesne Capital, one of which rose by 40 percent in three months, making the young fund manager famous.

Druckenmiller still remembers one night in August 1989, when he was hired as one of the twelve managers at the Quantum Fund, but he still flew between New York and Pittsburgh, where he still ran his own Duquesne Fund. Then his bond position in the Quantum Fund was sold without his knowledge, much to his annoyance.

He couldn't succeed in working under a boss who doubted his abilities. So he made a phone call to Soros, then the helm and owner of the lion's share of the Quantum Fund, a celebrity on Wall Street.

"You're shackling me," Druckenmiller said out loud what was on his mind, "I'm scared of this situation, and I feel angry because I could have done better!" ”

"I want to leave." Drucken Miller Zuihou said to Soros.

Soros on the other end of the phone was silent, and only after thinking about it for a long time did he make up his mind. "Don't you go," Soros replied, "I'll go." ”

George Soros is the founder and holder of the largest share of the Quantum Fund, an Eastern European Jew who is well known on Wall Street, and was a big name on Wall Street back in the eighties, once making more than $100 million in profits on the British stock market.

And although Druckenmiller is a fund manager who has already made a name for himself, and although he is called his clone by Soros because of his resemblance to him in some aspects, leaving the fund he founded and handing over the management to such a junior is undoubtedly Soros's biggest adventure.

The venture was worth it, though, and Druckenmiller soon paid off for him in an astonishing way.

In 1989, the return of the Quantum Fund was 31.5 percent, in '90 it was 29.46 percent, and in '91 it reached a staggering 53.4 percent, making Soros the most earning person in the United States that year, reaching as much as $1.7 billion.

Although Druckenmiller is one of the twelve managers of the Quantum Fund in terms of division of labor, in fact, he controls the entire company's operations, and his position internally is second only to Soros.

In recent years, due to the rapid growth of investment performance, the scale of the quantum fund has also been increasing, and by 92, it had reached as much as 5 billion US dollars.

"Stanley, did you see that report?" The phone rang, and the voice was a little hoarse and a little excited.

"Yes, this exchange rate system is problematic, and I'm still thinking about how to operate it!" Druckenmiller looked at the report in his hand and said absent-mindedly.

The reason why he said this is because in his vision, the opportunity to appear arbitrage has not yet appeared, and in fact he does not know when it will appear, so he can only say it in such a general way.

"Stanley, you are also an expert on the German market, what do you think about the future of the German economy?" The other end of the phone is unrelenting, a bit of a desperate pursuit.

"It is unlikely that interest rates will be cut in the short term, after all, there are still many problems to be solved in a united Germany." Druckenmiller frowned, as if he had figured something out.

He knew that the person on the phone had thought of it to himself, but what Druckenmiller wasn't sure was how he could have the time of the incident.

"You must be thinking so, aren't you?" The people on the phone were not surprised, and they thought of Druckenmiller's idea as well.

"Yes, I think...... No, no, you won't be thinking...... Attack the pound now! Druckenmiller was confused at first, then thought of a possibility, and couldn't help but be so shocked that he even stuttered a little when he spoke.

"Weishenme can't be, Stanley?" Soros on the other end of the phone asked rhetorically, "Do you remember about Mark's position?" ”

It was shortly after Druckenmüller took office, because he was not optimistic about the dollar, he opened a large number of positions to buy the Deutsche Mark in short dollars, and when the mark appreciated and the dollar depreciated, these positions became profitable, Soros asked him: "How big are you opening?" At that time, Druckenmiller said triumphantly: "A billion dollars!" Who would have thought that Soros would say disdainfully: "This is also called a position?" ”

One sentence hit Druckenmiller hard, and later, at the suggestion of Soros, Druckenmiller doubled his position, which used almost all the funds of the Quantum Fund at that time.

Since then, Druckenmiller has learned the most from Soros that it is not important whether the direction of operation is right or wrong, what matters is how much you earn when you are in the right direction and how much you lose when you are wrong. In other words, it's about maximizing profits when you're in the right direction.

"Once you have extreme confidence in a trade, you should hold on to the opportunity, like a pig." "Have the courage to be a pig." Druckenmiller looked at the yellow ceramic pig named "Jeremy" on his desk and was a little silent.

This time is different from usual, in the past, whether it is the bond market, the exchange rate market or the stock market, the central bank will not intervene, because this is a normal investment behavior. But to attack the pound, this is an act that affects the exchange rate, and the central bank will definitely intervene.

Considering the foreign exchange reserves of the Bank of England, Druckenmiller is a little chilled, the central bank of England has absolutely several times the size of the Quantum Fund in dollar assets, and even in the event of an attack, they can adjust the overnight interest rate on interbank borrowing at any time to stop the sale of pounds.

"Stanley, I know what you're thinking, but you're missing something, something very important." The voice on the phone was not silenced, but instead gave a reason that Druckenmiller hadn't even thought of.

"I was the one who made the most money in the market last year, so the market will be watching what I will do!" Soros said proudly.

Yes, the market has always had a habit of following the trend, especially when some star hedge fund managers have achieved great results, and the participants in the market tend to take him as the leader and follow him, which is the herd effect.

"If that's the case......"

Druckenmiller was silent, and if he could unite the money in the market, he might have a battle with the Bank of England. His mind raced as he pondered the feasibility of this plan and the implications for it.

"On top of that, we might have to borrow some money?" The voice on the phone continued.

"Borrow money, borrow what?" Druckenmiller didn't react for a moment, and couldn't help but ask.

"I'm going to borrow the same share of cash from the bank as part of my own fund as collateral, so that we have about 10 billion dollars of money to operate!" Soros said lightly on the other end of the phone.

"What?"

Although Soros's share accounts for a large part of the quantum fund, the other parts belong to other customers after all, and it may not be good if it is mortgaged like this.

In fact, this is a simple financing, but because some of the funds in the quantum fund do not belong to the managers, it will be a bit troublesome.

"The client's ......" Druckenmiller was a little overwhelmed, he didn't know if such behavior was unethical.

"Stanley, remember, our biggest work ethic is to help our clients make a profit, and the means don't matter at all, you know? Remember, be like a pig! By pig he meant that once you have faith in the trade, you have to hold on to it.

"There are still many details to be discussed in this matter, and I will arrange a meeting as soon as possible to discuss the relevant content, and then I will report back to you."

"Haode, Stanley, let's move on." The phone hung up.

Soon, the news that the quantum fund, which had made a 50% return last year, had borrowed a huge sum of five billion dollars spread throughout the hedge fund industry, and peers were keenly aware that there would be a good opportunity to make a lot of money at some point in the future.

It's not just the quantum fund that has discovered the problem of the European monetary system, in fact, many hedge funds on Wall Street have discovered this problem, but with the scale of the funds they manage, they can't shake the position of the pound sterling at all, and after they heard that Soros's quantum fund borrowed five billion dollars of capital, many people reacted that Soros is likely to do something to one or even several currencies in the European monetary system.

A once-in-a-lifetime opportunity.

Many hedge funds and international capital are beginning to look at Europe, gradually emptying their positions in other areas, moving cash to Europe, and constantly keeping an eye on the exchange rate of several currencies against the dollar, each tick will reflect countless information.

"They will attack the lira and the pound!" Another big name on Wall Street, Julian Brown, the head of the Tiger Fund. Robertson was listening to his analysts.

At this moment, in the large conference room, most of the analysts present were red-eyed, and after receiving the news of the Quantum Fund's fundraising, these elites began to analyze what kind of currency would be the target of the attack, and after combining political, economic and other factors, they came to such a conclusion.

Yes, the mark is indestructible, and so is the franc. If it were the currency of several other countries, it would not need such an amount, and among the dozen or so member countries, countries such as the United Kingdom and Italy were in a sluggish economy and urgently needed to revive their economies. (Thank you for the evaluation votes of the general at sunset!) At the same time, I also hope that more and more friends will support this book, xiexie! ）