The pressure on Gao Dongfang is very high. 【

Being able to sit in the position of general manager of a sovereign wealth fund is undoubtedly an exceptional feature: his solid professional background and rich experience in the financial industry have made him stand out from many competitors and become the general manager of the newly established China Investment Corporation.

As a newly established sovereign wealth fund, the management team of China Investment is desperate to prove itself in the market, and Gao Dongfang is no exception. Although there is a saying in investment science that "scale is the natural enemy of returns", and China Investment is a fund with a capital of up to 1ooo US dollars, because there are many sovereign funds in charge of tens of billions or even hundreds of billions of US dollars around the world, and most of their returns are outperforming the market, and some can even achieve high returns close to 5o% in a single year, such as Temasek Fund and Norwegian Petroleum Fund, and these numbers have undoubtedly brought great pressure to Gao Dongfang and others.

In the face of the proud performance of its peers, and in the ardent expectations of the government and the private sector, China Investment started their first transaction, strongly intervening in the IPO of the famous private equity fund Bereroc, hoping to get off to a good start. It's a pity that after the listing of the Bererock Fund, it only brought a slight premium to Huatou, and Huatou, which lost its voting rights, could only watch the market deteriorate, and the stock price of the Bererock Fund fell, and then it was deeply trapped!

Having lost both the right to vote and the deep trapping, I have to say that this result is quite frustrating. This failed investment was accompanied by an overwhelming number of accusations against the management of Huatou, which put a heavy psychological burden on the management of Huatou, including Gao Dongfang. Although it was only the first transaction, it was still a test of the waters, but Huatou still paid the tuition for it.

In all fairness, the share price of the Bereroc Fund fell below the market price after the IPO of the market, because the Bereroque Fund has always been a leader in the PE industry. For many years, it has been known for its steady profitability and a head start, but the U.S. capital market environment has deteriorated rapidly due to the deterioration of the subprime mortgage market, and in this case, pure financial stocks are naturally the victims of the loss of investor confidence.

However, before the top management of China Investment Corporation had time to be frustrated, a new deal was put on their desk, this time by Stanley, a world-renowned financial institution, which is far more profitable and prestigious than the Bereroc Fund.

The top brass of Huatou are very cautious. They did not quickly agree to the deal because the other party threw an olive branch, but after carefully studying the current economic situation in the United States and the internal situation of Stanley Company, and making sure that there was an unexpected situation in the other party's financial situation, they cautiously approached the other party.

Prior to this, Huatou had already held a part of the outstanding shares of Stanley in the secondary market through its subsidiary, and this time the other party came to the door, and they categorically refused to let go of this good opportunity to buy shares. After months of intense negotiations, the two sides finally reached an agreement to inject capital into the debt-for-equity swap.

This time, the people of Huatou became smarter, and at the same time came to the rescue of Stanley. Naturally, we should seek to maximize the use of value. They targeted Stanley's sales channels and connections. In the more than 70 years of Stanley's history, Stanley has served countless governments, dignitaries, tycoons, and nouveau riche around the world, and has accumulated a strong network of contacts. And it is also a big player in the capital market, so it is more effective to find high-quality investment resources in the market through it.

The people of Huatou played this wishful thinking, and Stanley only hesitated for a moment before agreeing happily because he was demanding from others and greedy for generous commission returns. It has to be said that Stanley's sales network is very strong. In just one week, dozens of projects that met their requirements were found for the Huatou side. After the initial selection, they couldn't wait to inform the people on the side of CIC. And at this time, it is not a few days before the end of 2oo7 years.

On Christmas Eve, the Stanley headquarters in New York was still brightly lit. In the lobby on the ground floor is a huge Christmas tree, freshly cut down from the Wisconsin forests and flown here, with dazzling lights adorning the turquoise pines. It stands out in the slightly dimly lit hall. There were a number of beautiful gift boxes to choose from under the tree, but the effort was destined to be in vain, and the Stanley employees in the hall only glanced at the Christmas tree, and their hurried steps did not even stop for a moment.

For low-level assistants or analysts, they're too busy. So busy that there are no holidays, weekends, and some even only have two or three hours of rest a day, and they don't have the energy to pay attention to these things at all. And for higher-level employees, they don't pay attention to these things at all. So despite the HR's efforts to decorate the Christmas atmosphere, the people who are busy in the building at this time have no intention of celebrating Christmas.

Christmas lights are on, it's the norm on Wall Street, and Stanley & Co. is no exception. In a medium-sized conference room on the eighteenth floor, there was a crowd of people discussing in full swing, and compared to the snow and cold wind outside the window, the environment was undoubtedly much better.

"These are the list of assets we have focused on picking out for investment!"

Richard. Greenham handed a copy of the document in hand to Gao Dongfang, who was sitting opposite, "According to our research and judgment, although there may be risks in the future, these companies have a good reputation and sufficient ability to fulfill their obligations, whether they are stocks or bonds, and according to the latest disclosed financial statements, although their cash flow on their books is not much, the amount of realizable assets is huge, and they can draw sufficient liquidity from the market at any time." ”

After a pause, Greenham continued: "Although the main business of these companies is real estate, they are more or less implicated in subprime mortgages. But you can rest assured that, at least for now, they are doing well, and there will be no risk. The reason for the new bond is presumably also to raise cash to hedge against risks. Most importantly, they are federally sponsored companies and have the same credit rating as the Ministry of Finance. The risk of default is essentially zero. ”

"Federally sponsored?" Gao Dongfang took the materials, rolled his eyes casually, and saw that it was the plan of two corporate bond banks called Freddiemanetiemae (Fannie Mae), and his heart was secretly heartbroken, and when he heard Greenham explain "government sponsorship", he couldn't help but be curious. blurted out at the moment, "What kind of enterprise is this, is it a state-owned enterprise?" ”

Because of the difference in economic systems, there are enterprises of different nature in China and the United States. If the government is the legal representative of the enterprise, it is called a state-owned enterprise in China. The economic system of the United States is a market economy, and although there are similar enterprises with the government as the main body, these enterprises are usually to solve the problem of price cannot be solved, or for the purpose of transfer payments, in short, enterprises that do not aim to make profits.

So when I heard that these companies were listed companies and were so-called "government sponsored". Gao Dongfang was a little confused.

"That's right, Mr. Gao." Richard. Greenham smiled slightly, prepared for the other party's surprised reaction, and explained unhurriedly, "Although Freddie Mac and Fannie Mae are public companies, they are businesses created under federal law, and their main role is to buy mortgages from banks, mortgage companies, and other lenders and then sell them to other investors. Revitalizing the liquidity of bank assets is the original intention of their establishment. Later, the government felt that one was too monopolistic and created another. Let both sides compete. You're seeing these two giants now, but today they're privatized, but they still enjoy a certain line of credit from the Ministry of Finance. ”

Listened to Richard. Greenham's explanation, Gao Dongfang nodded thoughtfully, and muttered in a low voice: "It turned out to be the Federal Reserve of the real estate industry, I understand." Then he coughed lightly. He pulled out another piece of paper, pointed to the contents and asked Richard. Greenham said: "Mr. Greenham, what's going on with this called the main fund (thep day Maryfund), please introduce it to me." ”

"No problem, sir!" Richard. Greenham didn't hesitate for a moment. "This master fund is part of the Reserve Fund Management Company, which is their flagship money market fund, with a total funding of $3oo million. It mainly invests in high-quality bonds and notes in the market, including government bonds, corporate bonds, private bonds and overseas bonds. These guys are risk-averse, and they don't pay much attention to reporting performance, and they value stable returns and timely realization. If you want to do cash and make a profit, you don't bother to find these guys, they are the top names in this market. ”

Seeing that Gao Dongfang did not have any expression, Richard. Greenham weighed it in his heart and then added: "But

Mr. Gao, in this market, the return on income is too small. If you want, I can introduce Bill of Pacific Investment Management. Gross has given you an acquaintance, and I'm sure you should have heard of it, this guy currently manages $5ooo dollars of money and is the top person in this market. ”

When it comes to Bill. When Gross was born, Richard. Greenham's face became solemn, and his voice was low and stern, even if he was not in front of Gross, his respect for the other party was natural in his heart.

Investing in the bond market and investing in the stock market are two completely different strategies, and even the most junk rated bonds have a limit to the maximum returns, because there is a risk of default, and when the price falls to a certain level, it will completely collapse. For stocks, although there is also such a risk, it is generally rare, and stocks can be coordinated through multiple strategies to minimize this risk and maximize returns.

According to the expectation of returns and the aversion to risk, funds are free to choose between the bond market and the stock market. Of course, the denomination of bonds is large, and a significant number of investors with large funds are conservatives, so it is not surprising that the bond market is larger than the stock market.

"How could I not have heard of the name of the dignified king of bonds?" This time, Gao Dongfang's face did not show the slightest look of surprise, but for Richard. Greenham's kindness, he lightly refused, "But these funds are better managed by ourselves, if we are just pursuing stable returns, we can buy US Treasury bonds directly, there is no need to set up a sovereign wealth fund." ”

"......" Greenham's expression was slightly embarrassed at this moment, but he was also quick and wise, and quickly changed the topic, "That's right, Mr. Gao." There is still volatility in the mortgage market, and we expect it to last at least three months to six months, depending on how strongly the Fed supports the market. However, the Fed will certainly not allow the US economic growth to slow down or even enter a recession, and my personal judgment is that the Fed will continue to cut interest rates and inject money into financial institutions to eliminate market instability. So, if you want to have a long-term and stable income, and the investment target is not bonds, I think there should be a lot of assets in the market during this time that you can buy. ”

Looking at the snowy scene outside the window, he turned his head and said meaningfully to Gao Dongfang: "Sir, these are all from my heart. I don't recommend that you buy Fannie Mae or Freddie Mac stock, because their prices are bound to fluctuate disorderly for some time to come, which may incur additional costs for you. If you really want to buy it, I will buy their bonds, and of course convertible bonds are also good. ”

"Thank you, Mr. Greenham, for your advice we will fully consider!" After asking about the companies on the representative recommendation list, Gao Dongfang put away the catalog, and after discussing it quietly with the people who were watching the materials around him, he said to Richard with a blank face. Greenham thanked him, "I want to take these things back and study them carefully, you don't mind, do you?" ”

"Of course I don't mind!" Richard. A flash of joy immediately flashed in Greenham's eyes, but it was so fleeting that no one, including Gao Dongfang, noticed, "These materials were originally prepared for you. (To be continued!)

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