Cal. Icahn is a self-cooked, and he can find the right place no matter where he is! For example, at the headquarters of BC Real Estate, he can leisurely drink coffee while laughing with Ami Harano, whom he just met! Standing next to him was Bob with a black face and no words. Cummings, obviously, this little guy doesn't have Carl. Icahn is the hook of the old rivers and lakes, so, look at Carl. Icahn is secretly teasing Ami Harano, and he has no way at all!

Hear Jerry call him, Carl. Icahn apologized very gentlemanly, then put the coffee cup on the cup, turned around and left in style! Of course, he didn't put Ami Harano next to Bob. Crimmings put it in his eyes, to be exact, he just ignored this guy!

An eleven-year-old little guy is just that, and not all the little guys on this shijie are as bewitching as Jerry!

Obviously, Carl. Icahn has made another mistake of a lifetime!

This bastard! Look at Carl. Icahn leaves the figure, Bob. Clemmings gritted his teeth with hatred, but when he heard Ami Harano call him, he had to turn around with a smile on his face and answer loudly!

This guy is still pretending!

When Jerry saw this situation, he shook his head helplessly, what else could he do!

From March 1989, dark clouds began in Tokyo and gradually spread throughout Japan! One named Carl. Icahn's humanoid shark, holding a stock index put option in one hand and a green dollar in the other, began to travel back and forth between major insurance companies in Japan!

Option contract, which originated on the Chicago Board Options Exchange in 1973, is a trading contract with financial derivatives as the exercise variety, which refers to the right to buy and sell a certain number of trading varieties at a specific price within a specific time. The buyer or holder of the contract has the right to pay margin (i.e. the option premium); The seller or writer of the contract receives a premium and must fulfill the obligation when the buyer wishes to exercise the right! The underlying assets of options include: stocks, stock indices, foreign exchange, foreign debt instruments, commodities and futures contracts! There are two basic types of options, call options and put options, also known as buy options and sell options. The holder of a call option has the right to buy the underlying asset at a certain price at a certain time, and the holder of a put option has the right to sell the underlying asset at a certain price at a certain time!

Take put options as an example, for example, on March 12, 1989, Microsoft's stock price was $130, and JR Investment paid a 10% margin to buy 50 lots of Microsoft stock (one lot is 1W shares) from Morgan Stanley, and the two agreed that on March 12, 1990, JR Investment would sell these 50 lots of Microsoft stock at a price of $130 per share! In other words, regardless of Microsoft's share price on March 12, 1990, the 50 lots of Microsoft stock bought by JR Investment would be sold at $130. If on March 12, 1990, Microsoft's stock price was above $130, then JR would have lost money, and vice versa, Morgan Stanley would have lost money!

Regardless of whether the price of the contract is up or down on the expiration date, both will have to execute the details of the contract!

The delivery method of the option contract can be either futures delivery or cash delivery (that is, the difference between the total amount of the underlying asset specified in the contract and the total price of the actual underlying asset is directly calculated).

Well, if you don't understand it yet, a little more popular!

JR Investment approached Morgan Stanley and the two discussed!

JR Investment said: Look, Microsoft's stock is $130 right now, and if Microsoft's stock price becomes $140 at this time next year, then I'll give you $20, and if it's $160, I'll give you $30, and so on, there's no cap! But, on the flip side, if Microsoft's share price is $100 this time next year, you're going to give me $30, and so on, too! Would you like to gamble with me?

Morgan Stanley laughed when he heard this: these fools! Microsoft's stock price was very strong in the 87 stock market crash, how could it fall! What's more, Microsoft's stock price can fall into negative numbers if it falls again? So, my profits are unlimited, and my losses are limited! You must be crazy! …,

JR Investment: It's not certain, maybe that day Bill. Gates just hung up, maybe it's okay!

Morgan Stanley: Okay, then I'll take a bet on you newborn! However, since we want to bet, we will bet big, how about signing a 1W hand?

JR Investment: No problem, but you need to pay a 10% margin!

Morgan Stanley: Happy working together!

After signing the agreement, JR Investment went to Microsoft's headquarters and put Bill. Gates and Paul. Alan XX up!

A year later, Microsoft languished and its stock price plummeted to $40.

JR Investment: Morgan Stanley still dares to say that we are stupid? Obediently hand over the dollars! 1W lot, that is, 1W times 1W multiplied by (130-40), $9 billion, deducting 10% margin, $8.1 billion, honestly spit it out for me!

That's an options contract! Another form of VAM!

The King's Fund is like JR Investment in the example, and the Japanese insurance company is like Morgan Stanley in the example, Microsoft's stock price has become the Nikkei, $130 has become the Nikkei 35,314 points, and a year and a half have become a year! As for how many contracts to sign? Well, even Carl. Icahn can't even remember how many hands he signed, and in short, the $50 billion that Jerry allocated to him to Zuihou was not enough for him to enjoy a night in Ginza!

Japanese: This Yankee is a fool besides being a madman!

Cal. Icahn: I'm not crazy, I'm not stupid, you don't know, but my boss is from Japan!

Jerry: ╮(╯. ╰)╭

Morgan Stanley and Salomon Brothers: Somebody's Messing Around, Carl. Icahn is the hell, what does the big shark want to do? Who told me what exactly he did?

George. Soros: After signing the contract, retreat quickly, what do you care about that infamous shark?

FBI: It's strange that we don't know JR and Carl even though we feel the shadow of JR. What exactly is the relationship with Icahn!

Everything went very smoothly. After Icahn grinned and stuffed the $5,000W in his pocket, the entire handbag contract was locked into the King's Fund safe!

Cal. Icahn stood at the check-in desk at the Tokyo airport, feeling for a check and whistling, "If there's something so easy next time, contact me, little one!" ”

Jerry: "Mr. Icahn, don't forget, $5,000W is your salary for two years at the King's Fund, starting in March 1989 and ending in March 1990!" Available, understand? Also, don't forget the non-disclosure agreement, if you leak the slightest rumor, the total amount of compensation you need will be 100 billion dollars! ”

Cal. Icahn turned around, raised his hand, and his trip to Japan was over! Little did he know that a group of FBIs were waiting for him at the New York airport in the United States!

After a busy April, Tatsumi Ita also returned to Japan from Thailand, which had opened up the market! ……，