Like Robert. Cetron and Billy. What people like Kim don't know is that since the tentative attack in August, international investors have extended their tentacles into the Hong Kong stock market, and the sharp fall in early September was just a rehearsal, and from that time on, they began to gradually eat into heavy stocks, and the Hang Seng Index began to rebound from the lowest point of 12,899 points in early September, and they are behind them. However, this kind of eating behavior is very subtle, the maximum fluctuation of the Hang Seng Index per day does not exceed 500 points, at the same time, international funds in the Hang Seng Index market began to quietly build positions, and the rebound of the index was further suppressed by the persecution from the Hang Seng Index market bears, in this case the bears spent more than a month to finally establish a portfolio of positions up to hundreds of thousands of sell orders.

Naturally, Julian Robertson knew this, but he did not explain to his subordinates that the matter was highly confidential, and that once the stock market began to fall, the positions of these heavyweights would inevitably lose money, which he could not explain to investors.

With the Hang Seng Index plummeting for four consecutive trading days, Tiger Fund's Hong Kong-weighted portfolio has lost more than HK$500 million. The original position did not lose so much, but in order to pursue the herd effect, Julian Robertson increased the leverage of securities lending, which doubled the position and further increased the amount of loss.

However, Tiger Fund's heavy position is not on the stock side, because no matter how much they hide their behavior, the consequences of absorbing too many chips may appear among the major shareholders of listed companies, which will undoubtedly expose their identities. Definitely not what they wanted. Therefore, when the absorption of stocks reaches a certain stage, these absorptions are stopped.

In the Hang Seng Index futures market, such concerns are unwarranted. This is because the exchange will only publish the positions of each brokerage house, the positions that are speculative transactions, and will not publish the identity of the holders. In this way, they can boldly and confidently short the Hong Kong market.

In addition to its position in the stock market, Tiger Fund alone has opened more than 7,000 sell orders at 15,200 points, and as of October 17, the profit of these sell orders exceeded 500 million Hong Kong dollars, which is basically the same as the loss in the stock market. Don't forget, though. They are currently short among the stocks. Nearly half of the number comes from securities lending, i.e. the "loss" of this part of the position is not a loss, but a real profit.

In other words, in the stock market. Julian Robertson's portfolio is almost entirely hedged. And the profit of Hang Seng Index futures is the real profit.

Someone has to ask. What is this for? The simple answer is that Julian Robertson wants to use the largest number of shares sold to create a downward wave and thus serve the short positions in the Hang Seng Index. So on the one hand, he buys stocks of heavyweights. On the other hand, borrowing stocks from heavyweight stocks, the two numbers are added together, and his position is naturally multiplied, which is his strategy.

At this time, the figure for others is that the number of heavyweight stocks in the Hong Kong stock market held by the Tiger Fund is about 50 million lots, and the average price is 50 Hong Kong dollars, that is, the total cost of this portfolio is 2.5 billion Hong Kong dollars. But in fact, this spot number is more than 100 million lots, and a total of more than 5 billion Hong Kong dollars have been spent.

The truth of this secret combination is known only to Julian Robertson himself.

The purpose of the Tiger Fund is not only that, Julian Robertson knows exactly what he is doing, and as long as the stock market continues to fall, his entire portfolio will continue to be profitable.

It is also a helpless move to establish a position at a high level, because at this time the Hong Kong market is still a prosperous scene, even if the Southeast Asian currency crisis is showing a situation of mourning, Hong Kong due to its transcendent financial center status and political factors, the stock market has risen instead of falling, becoming a very dazzling existence in the whole crisis.

But this existence will soon be a thing of the past.

Julian Robertson thought with a faint smile on his face, not without malice.

In this regard, Zhongshi is completely incomparable. If Julian Robertson is a powerful minister who takes the situation into his hands, then Zhong Shi is like a little thief, "ignorant" and "very lucky" to break into the empty base camp, "just right" in the right direction, after all, he has no stocks in his portfolio that can be sold, which means that he has zero impact on the spot market.

There is no hedging (support) in the spot market for stock index futures, and its effect is no different from gambling. The researchers of Tianyu Fund judged from the later analysis that Zhong Shi's investment was tantamount to "super good luck".

However, if Julian Robertson knew that Zhong Shi was making a fortune by taking advantage of his shareholder style, he would probably be so angry that he vomited blood on the spot.

At this time, Julian Robertson still didn't know that there was a "big rat" in the base camp of the empty side, and this big rat's appetite was almost not under the Tiger Fund. This means that he worked hard to suppress the Hang Seng Index, and in the end, he wanted to cheapen this big rat. If he knew the truth of the matter, how could he not vomit blood?

Even with the support of government agencies, the momentum of short-selling is still scattered, hedge funds do not trust each other, and large investment banks and commercial banks "retreat" from offending the government. On the one hand, they do not dare to go against the wishes of the US government, and on the other hand, they do not want to offend the Hong Kong government or the governments of other regions, so hedge funds are the vanguard of the whole operation, and other financial institutions are the pawns who wave the flag.

They can borrow short-term loans from their counterparts in Hong Kong, they can blow the whistle to investors, they can get hedge funds to use their economic seats, but it's a bit harder to get them to charge. Julian Robertson knew this very well, so he gathered a group of his own men to attack the Hong Kong stock market. He knew that as long as he succeeded, other capital who were waiting in the back would quickly follow suit.

A considerable number of hedge funds followed Soros to other regions, such as Indonesia and South Korea, and Soros's optimism about Indonesia also made the rupiah rebound in the short term, becoming a relatively strong currency for a while, which undoubtedly shared part of the pressure on the Hong Kong market, but this share is basically not enough in the face of a huge amount of international funds.

The positions and investment strategies of the funds that follow the Tiger Fund are not something that Julian Robertson can control, after all, people have no obligation to explain to him. Julian Robertson couldn't do anything about it either, because it was a loose alliance.

So there was a big rat in this alliance, and everyone didn't care. But even if they noticed it, they could only pinch their noses and let this happen, because the arrow was on the bow and had to be fired.

……

On Monday, October 20, as soon as the Hong Kong stock market opened, it broke a low, down 138 points from the closing figure of the previous trading day, which means that the subtle rebound of the previous two trading days has all been wiped out, and the dark cloud has re-hung over the head of the Hang Seng Index.

For this opening figure, the market has long had relevant analysis, the first is because the new Taiwan dollar has been inexplicably abandoned, causing the entire market to panic about the currency again; The second is that it coincides with the 10th anniversary of Black Monday, which is why the market's confidence is being tested.

Analysts believe that today's decline may not be avoidable, but investors should not easily sell their stocks, after all, "Black Monday" is a long time ago. Investors should pay attention to the situation of the European and American stock markets that open late, and if the relevant market performs well, there may be a strong rebound in the next trading day, which investors need to grasp.

Since the Hong Kong market and the Yizhou market are not too closely correlated, these stock commentators do not regard the abandonment of the NTD as too much.

There was no doubt that Asian money markets were volatile again on the day, with the Taiwan dollar falling to 30.45 yuan per dollar, the lowest level since November 1987, and a short-term decline of more than 4%, while the corresponding Yizhou stock market fell 301.67 points, which was a sign of a complete lack of confidence. The won that Jong Seok had placed a heavy bet on fell to a record low, falling to 924 won to $1 against the dollar. The Thai baht, which had just stabilized for a short time, continued to test the bottom line, and once fell to the point of 38 baht to 1 US dollar.

In this case, the Hong Kong stock market is naturally in the red, except for a few stocks, most of the stocks on the market are falling, especially the financial sector. To add insult to injury, international investors took the opportunity to sell off aggressively, suppressing the index, which also made investors generally pessimistic.

This pessimism is directly reflected in the stock market, although some listed companies reacted quickly, and issued announcements at the first time, indicating that there is no big problem with their company's fundamentals and expected profits, but in this environment, this kind of announcement basically has no effect, and the stock price is still falling one price after another.

Finally, by the end of the day, the Hang Seng Index fell below the 13,000-point psychological barrier and closed at 12,970 points. It fell by 630 points throughout the day, or 4.63%.

……

"Hey, hello, who is it?"

After closing, Song Ling looked at the numbers on the board, and at the same time turned the two huge fitness balls in his hands, his expression was very indifferent and a little careless.

Xiarun Group also encountered selling pressure during the session, but under the command of Song Ling, a large amount of money was soon invested in the transaction of Xiarun Group, and the stock price was gradually stabilized, as of the close, the share price of Xiarun Group fell by only 2%, becoming one of the several stocks that performed quite well throughout the day.

Just when Song Ling squinted his eyes slightly and was half asleep, suddenly a phone call came directly to his office. Song Ling hated this phone call that disturbed his rest, but he still endured the unhappiness in his heart and picked up the phone.

"Brother Song, I'm Zhang Baiqing from Huaxia Shipping. How's it going, do you have time to have a meal together! An enthusiastic voice rang out from the microphone.

Song Ling was stunned for a moment, and then a smile appeared on the corner of his mouth, is it finally here? (To be continued......)

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