"What? So young? What exactly is the origin? Could it be the son of a high-ranking official in the Indonesian government? After listening to Druckenmiller's report, Soros was shocked and asked several questions in a row.

In his mind, he has categorically dismissed the possibility that Zhong Shi is a good fund manager, knowing that even on Wall Street, young people in their twenties manage at least a billion dollars of capital does not exist. And this young man was able to dare to go short when everyone was unanimously optimistic about the rupiah, which is obviously not explained by ordinary logic.

The biggest of these is likely to be that the young man is from within the Indonesian government and has been exposed to relevant information for several months. In this way, it can explain not only why he would be short, but also why he was able to manage such a huge amount of money at a young age.

Soros, like Druckenmiller, subconsciously thinks that Bell Stone is using leverage, but even if he uses leverage, this little Mr. Zhong has at least hundreds of millions to billions of dollars in management funds. This was a surprise to them.

Druckenmiller, who was far away in Hong Kong, replied with a helpless face: "According to my judgment, the other party does not look like he is from Indonesia." And what surprised me the most was that the employees of this company called Tianyu Capital Management were not too surprised by my presence, they treated me like an ordinary person, which is very rare. ”

Out of self-esteem, Druckenmiller did not say the scene of himself being "humiliated", but used words like "ordinary people". But even so. It is enough to surprise Soros, you must know that except for a few places, the places where Soros and Druckenmiller go now will inevitably cause a frenzy of pursuit by the media and peers.

didn't have time to think too much, Soros frowned and said, "Stanley, although we are out of this trouble now, there is still a bigger trouble to come. If we can't close this hole in the short term, maybe investors will have a problem with us. ”

Since the whole world believes that the currency speculation of Soros and others led to the outbreak of the Asian currency crisis, most of them believe that the quantum fund must have made a lot of money in this financial feast. But in fact, apart from making a little money on currencies such as the Philippines, Malaysia, South Korea, etc., there is not much money at all in other markets. It's hard to make a lot of money on Thai baht. As a result, he also lost all his positions to the Indonesian rupiah, which made Soros's face very gloomy.

The question is not whether Soros has face, in fact, he doesn't care about whether he has face at all, but the attitude of investors. Earlier, Soros made a remark in Hong Kong. Declare that the Asian currency crisis is a thing of the past. In fact, that's what he thought. After preliminarily judging that the US government had achieved its initial goal, he made such remarks without consulting the government. The White House was naturally very angry and directly sent him into the cold palace.

However, the actual trend was far beyond Soros's expectations, and the United States had no intention of stopping, and soon hit the local currency and financial markets in Hong Kong, South Korea and other places again, causing the currency crisis that had already been somewhat subdued to break out again, and the scope and degree of harm were far greater than those that occurred in Southeast Asia before, which made Soros immediately fall into an extremely passive position.

With the discontent of investors on the one hand and the government's clues on the other, Soros desperately needs a victory to strengthen his reputation, especially with a huge loss of $1.2 billion.

Druckenmiller was naturally well aware of the current situation, and after thinking about it for a long time, he replied with some hesitation: "At present, the Korean won market has risen, and it has reached the point where 1,400 won is exchanged for 1 dollar, and it seems that there is basically not much possibility of shorting the Korean won." The Indonesian market is extremely illiquid, and there is considerable uncertainty in the government, so we cannot bet on a government that does not follow the laws of the market and does not follow the rules of the market. As for Yizhou, the capital control measures are quite strict, and I am afraid that we will not be allowed to enter easily. The Chinese mainland is a huge market, but unfortunately capital cannot circulate freely. ”

"So what do you think?" After listening to the chatter for a long time, Soros finally figured out a little taste, and asked rhetorically with deep meaning.

"Hong Kong! Only Hong Kong can make up for our losses in the shortest possible time! Druckenmiller no longer hesitated, and said categorically, "This is Jones's suggestion, and in fact he has the most say in this area." Based on what I talked to him, I found that the capital market in Hong Kong is a strange place, the economy here is very kidnapped by real estate, and the whole index is very affected by heavyweight stocks, and the rise or fall is like a roller coaster, which means that investor confidence here is very fragile, which is completely beneficial for us to operate. ”

After a pause, Druckenmiller continued: "In addition, Jones and I also carefully analyzed the phenomenon of the collapse in Hong Kong last month, and in fact, the short sellers only sold $6 billion in Hong Kong dollar positions in London and New York, which made the entire Hong Kong government like a great enemy, and could not wait to respond, including selling dollars and raising margin positions. These measures have caused a significant shock to the market, and those short sellers who anticipated the situation in advance have made a fortune by shorting stocks and stock index futures. I think that if we can also participate in it and make trouble at the right time, I believe that we will not earn less than them. ”

"Really?" Soros on the other side of the phone was silent for a long time and asked, "So do you know who these short sellers who sold Hong Kong dollars are?" I'd like to talk to them if I can. ”

With Soros's current reputation in the market, if he joins, even if he will not contribute too much in terms of funds, the pressure on the short-sellers is not a star, so many short-sellers are willing to use the banner of Soros, and Soros is naturally happy to see this happen.

Drukenmiller here touched his nose and thought about it again. Only then did he carefully remind: "George, I need to remind you that the attack on the Hong Kong dollar last month is said to be led by Julian Robertson's Tiger Fund, and they still have quite a few positions in Hong Kong stocks. Do we think twice about working with them? ”

Although the relationship between the Quantum Fund and the Tiger Fund has not reached this point, both sides have tried their best to avoid appearing in places where the other may appear, which is one of the reasons why the top management of the two sides maintains a good personal relationship.

In the previous attack that provoked the depreciation of the Thai baht, Julian Robertson and Soros teamed up for a rare time, of course, because both sides saw that there were major problems in the Thai economy. All the more so because the U.S. government is asking them to attack the monetary system in Southeast Asia. Only then did the two sides choose Thailand, which had the most serious problems.

Both sides then deliberately avoided each other, with one betting heavily on the won and the other on the Indonesian rupiah, albeit with different results. But neither side missed the opportunity to profit on the other's turf. At least what Soros knows. Julian Robertson also made a lot of extra rupiah.

"It's okay." Soros's eyebrows twitched a few times, and despite some apprehension in his heart, he still comforted Druckenmiller. "Julian is still very trustworthy, and besides, our goal is Hong Kong, as long as we join forces, I believe he has no reason to refuse."

At this time, Soros still didn't know what to say, one of his most powerful men, Rodney. Jones was already under Julian Robertson's round-the-clock surveillance, and even his conversation with Druckenmiller at this time would be sent to Julian Robertson's desk later. If he really knew about this situation, I am afraid that he would never have the idea of "trusting Julian Robertson".

"Okay." Druckenmiller thought about it for a moment and decided that there was no better chance of it, so he agreed, "I'll fly back to New York tomorrow." I'll leave it to Jones, and I have to say, his work is very impressive. ”

A few more words of praise from Rodney. After Jones, Druckenmiller hung up.

……

Soros here thought about it, dialed Julian Robertson's phone, and took the lead in saying: "Julian, I have a message here, it's about the Indonesian rupiah, I wonder if you're interested?" ”

"Oh, is it? What's the news? Julian Robertson on the other end of the phone replied in a tone of ignorance, holding back the disdain in his heart.

Soros was a little excited, lowered his voice and said: "That's right, our economists have confirmed that Indonesian banks are indeed issuing money indiscriminately, and it is for their cronies. Also, their president's health is worrying, and I think it's time for you to clear your rupiah position. ”

“……”

Julian Robertson on the other side of the phone laughed angrily, and after sneering a few times, he said in an unkind tone: "George, thank you for your kindness, but I have already cleared all my rupiah positions." Otherwise, I'm afraid I've lost a lot of money until now, right? ”

"Well, if I hadn't thrown away the rupiah in time, I'm afraid I would have suffered a huge loss now." Soros laughed dryly twice and said, "Julian, I heard that you have made a lot of money in the won market, congratulations." ”

"Aren't you the same?" Julian Robertson retorted unceremoniously.

Although the cost of shorting on the won is very low, but in the past two days, the won foreign exchange has surged, there has been an unusually violent rebound, if it is not expected that there will be rumors of "hedge fund liquidation" in the market, I am afraid that now the profits of the Tiger Fund will be reduced by a large part, so Julian Robertson's words are quite unkind.

Hearing Julian Robertson's words, Soros was slightly surprised, but this thought was only a flash, and he continued: "Julian, there is still an opportunity to make money now, let's join forces together, what do you think?" ”

Julian Robertson had already prepared for this call from the Three Treasures Hall for nothing, but after hearing Soros's suggestion, he was still a little surprised. But after only a little thought, he understood that Soros was mired in rupiah, and proudly lit a thick Cuban cigar and said proudly on the other end of the phone in a victorious tone: "No problem." George, if the two of us join forces, I believe the whole market will follow us. ”

Although he felt that Julian Robertson's tone was a little strange today, Soros did not think about it deeply, but after a little consideration, he fully revealed his plan to short Hong Kong.

Julian Robertson naturally agrees with this plan, in fact, since he made a big profit in the Hong Kong capital market in November, he has never given up coveting this "super ATM". The two sides hit it off, and after plotting on the phone for dozens of minutes, they finally agreed to attack Hong Kong again at an appropriate time. (To be continued......)

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