On 28 March, a Merrill Lynch broker flew from New York to Chicago to pay a special visit to Zhong Shi because the position of Tianyu Fund in the U.S. capital market was open in Merrill Lynch, and these brokers gave full play to their professionalism and spared no effort to promote the new products designed by the parent company.

Since Tianyu Fund operates in the U.S. market, some of the company's information and contact information are made public, and as for the scale of funds, operating positions and other information, it is highly confidential and must not be disclosed.

When the Hong Kong side called Chicago, Zhong Shi agreed after a little consideration, because first, there are many financial products in the US market, and there is a lot of room for choice, and on the other hand, he is in charge of these two funds, and it is inevitable that he will have to deal with the sales staff of various investment banks and participate in roadshows in the future, so he deliberately chose a time to meet.

The meeting place was chosen to be a Chinese restaurant in the suburbs of Chicago. Starmensen's salesman knows how to please customers, knowing that Zhong Shi is from Hong Kong, where the business rules are completely different from those in the United States, Staminsson asked several Chinese colleagues, and then decided to talk about this business at the dinner table.

When Zhong Shi Shi sat down in front of him and looked at him with a smile on his face, Stanmensen realized that the young man in front of him was a fund manager with a capital scale of hundreds of millions of dollars, he quickly put away the surprise on his face, stood up and shook Zhong Shi's hand, and said in a strange tone: "Hello! ”

Zhong Shihe followed behind him and Xiaowu glanced at each other, and the two of them smiled knowingly. After Zhong Shi was seated, the sturdy man named Xiaowu nodded to Zhong Shi, then sat down between Zhong Shi and Stanmensen, picked up a chopstick and fiddled with it quickly.

Zhao Xiaowu is Land Rover's bodyguard arranged by Zhong Shi's side, after the Tianyu Fund people evacuated the United States, Land Rover arranged Zhao Xiaowu, who is fluent in English, to Chicago, he was originally a member of the Hong Kong police G4, Land Rover spent a lot of money to dig him up from the government department, specially sent to Zhong Shi's side.

The United States is a country where guns can be legally owned, and citizens with a good credit history can buy guns. So even if you order a bulletproof car. Land Rover was still not worried about Zhong Shi's safety, and deliberately dug up a sharpshooter from G4 to follow Zhong Shi when he went out.

Don't look at Zhao Xiaowu now just fiddling with a chopstick, but Ruostan Mensen has a slight overstep. The chopsticks in his hand can restrain Stanmenson in the fastest time.

Sitting at the other end of the table, Stan Mensen obviously felt the pressure that Zhao Xiaowu had brought him. Cold sweat broke out uncontrollably on his forehead. He regretted that Weishenme had chosen such a place this time, rather than a formal negotiation venue, but he thought that if this was a good deal. He had a little commission, and the fear in his heart was suppressed again.

Seeing that everyone was here, the waiters at the restaurant served the haode meal they had ordered for a long time, which was some ordinary dishes such as fish-flavored shredded pork and kung pao chicken, but for Americans who eat beef and lettuce all day, this is already a great delicacy.

"Mr. Zhong, what is your view on the current bond market?" After touting Bell Stone, Stanmenson turned his head and asked about Bell Stone's current position in the bond market.

"This ......" Zhong Shi smiled, put down his chopsticks, and asked with interest, "What, does Mr. Stanmensen have any haode projects to introduce?" ”

Zhong Shi knows best about Wall Street brokers and sales, these people can do anything for their own commissions and sales commissions, especially investment bank sales, often conceal a lot of liability clauses in the process of introduction, and boast products containing complex derivatives as simple products, making it difficult for even seasoned fund managers to distinguish.

Seeing that he had almost eaten, Stan Mensen put down his knife and fork, lowered his head and groped in the briefcase beside him, but he didn't expect his sudden action to arouse the vigilance of Zhao Xiaowu, who had been eating and drinking beside him, and he picked up the table knife that Stan Mensen had just put on the table from the table like lightning, and the next moment the silver table knife was on Stan Menson's neck.

Stanmensen only felt a chill on his neck, and then he heard a deep voice, "Don't move, slowly take your hands out of your bag." He was stunned, slowly raised his head, and saw Zhao Xiaowu holding a dinner knife, staring at his hand stretched out in his briefcase with a wary face.

"Relax, relax, it's just a document." Stan Mensen's heart tightened, and he immediately explained. Fortunately, the United States is a country that allows the ownership of guns, and he has long been familiar with this situation, and as long as the slightest action is misunderstood by the American police, it is possible to eat bullets. If it were in other countries, I'm afraid this agent would have been scared half to death. Stan Mensen said, slowly pulling his hand out of his briefcase, holding a thick document in his hand.

The vigilance was lifted, Zhao Xiaowu brushed up a knife, put the knife back in front of Stan Mensen, and then picked up the chopsticks and continued to eat and drink, as if the scene just now had never happened.

"Good skills!" Stan Mensen wiped a handful of cold sweat that didn't exist on his forehead, and after a heartfelt admiration, he turned his gaze to Zhong Shi: "Mr. Zhong, this is a product about bonds, and I want to introduce it to your fund." Regarding the scene just now, he just mentioned it and kept silent.

He faced a thousand strange customers, and even once was held to the head with a gun, but Wall Street's instinct for profit has been deeply precipitated in his blood, so he has long been surprised, and even the act of wiping a cold sweat just now is pretended.

"I'll take a look!" Zhong Shi nodded, then picked up the thick stack of documents, first flipped through a few pages, and then asked casually: "Can I keep this for now, and then give you a clear answer when I figure it out, is it feasible?" ”

Stan Mensen was naturally very happy, looked at Zhao Xiaowu who was silent next to him, and said with some trepidation: "This is a reverse interest rate bond contract, if you don't understand anything, you can ask me at any time." As he spoke, he took out a small brass box from his bosom, took out a light blue business card from it, and respectfully handed it to Zhong Shi with both hands: "This is my personal business card, you can call me at any time." ”

After seeing Zhong Shi accept the business card, Stan Mensen was happy on his face, and continued: "For customers like you, we can provide leveraged funds, which can be increased by more than 1.5 times the principal, and the commission can also be negotiable. ”

Zhong Shi nodded, then took the teacup in his hand and tasted it, the tea was not a good tea, but Zhong Shi drank it with relish. Stan Mensen was stunned, waited for a long time and didn't wait for Zhong Shi's next words, and saw that Zhong Shi and Zhao Xiaowu didn't talk for a long time, so he immediately understood, smiled and got up to say goodbye.

He only learned a few words of Chinese before the visit, and he didn't understand the culture of China at all, and of course he didn't understand the truth of "serving tea to guests". After he left, Zhao Xiaowu stretched his neck to look at the title of the document, and asked with some curiosity, "Zhong Sheng, what kind of document is this?" ”

"Well...... Zhong Shi put down his teacup and knocked on the table nonchalantly, "This is a contract for an inverse rate bond." ”

"Inverse rate bonds?" Zhao Xiaowu scratched his head, a little incomprehensible. After all, he is not an insider in the industry, and he doesn't understand these technical terms at all. "What kind of bond is that? Is it more complicated than stocks? What about turbos? ”

Hong Kong people generally like to speculate in stocks, but also like to speculate on turbines, turbines are stock warrants, a kind of options, transliterated from warrant, in the eyes of ordinary investors, the risk of turbines is already very complicated.

"It's a lot more complicated than a turbo, and if I'm not mistaken, this inverse rate bond is inversely correlated with the Federal Reserve rate, which means that when the underlying interest rate rises, the yield of this bond goes down, and when the interest rate goes down, the yield goes up, which is the opposite of deposits."

"Is there such a thing?" Zhao Xiaowu shook his head and said with some sighs: "It's really an eye-opener!" ”

"There are more eye-openings!" Zhong Shi flipped through the documents, pointed to one of the clauses and beckoned to Zhao Xiaowu, motioning for him to come forward, "You take a closer look at this!" ”

Zhao Xiaowu leaned in front of the document and read out the clause word by word: "When the bond matures, if the relevant interest rate falls, then the contract ends." If the underlying interest rate rises, the contract will be automatically extended for three years. After reading it, he tilted his head and thought about it, and suddenly exclaimed, "This is too unfair!" ”

"Fair?" Zhong Shi snorted disdainfully: "How can there be a fair thing on this shijie!" Don't forget, that Mr. Stanmenson said he could give me money, and we still have to pay interest on it. You think, if interest rates go up, the cost of financing the money goes up, the income goes down, and it's a loss on both sides. If the interest rate falls, although the money may be profitable, they will not lose at all, in addition to the commission, there will be this interest to pay. ”

"Take the clause you just read, as soon as the interest rate goes down, the contract expires, which means that their losses are fixed in a fixed range. If the interest rate is to rise, the contract will be automatically extended for three years, and then the customer, that is, me, may lose an infinite amount of money, or even lose all my money. ”

"So insidious?" Zhao Xiaowu gasped and asked in disbelief: "I had a good impression of that person just now, and when I heard you say this, I realized that there are so many doorways in it, isn't it harmful!" ”

"What do you think?" Zhong Shi hahadaxiao, "Don't think that those well-dressed agents are good things, they are definitely characters who eat people and don't spit out bones, look at it, there must be fools." (To be continued......)

PS: The bond here is the kind of bond that went bankrupt in Orange County, Los Angeles, and is one of the top 10 trading losses in history.