Despite the loss of JP Morgan, Soros did not take it too seriously, because there are several brokerages of the same level, and he can still enjoy high-quality research reports.

But the situation quickly turned out to be unexpected, and in the next two weeks, including Merrill Lynch, Bank of America and Stanley & Co., and Goodman & Co., notified the Quantum Fund to end their partnership within a month.

It was only at this time that Soros realized the seriousness of the matter.

Strictly speaking, even if these investment banks end their partnership with Quantum Fund, it does not mean that Quantum Fund cannot continue to operate in the market. But as the top investment banks on Wall Street, after coincidentally blocking the quantum fund, the signal sent was unmistakable that this elite club excluded Soros.

It is no exaggeration to say that this club has some of the best advisory, research and networking services in the nation's capital markets. Soros has been a guest of honour in this celebrity circle for the past three decades, but now he has been excluded for inexplicable reasons, which makes him a little difficult to accept.

However, Soros is not a mortal after all, and after experiencing the initial anger, he did not choose to give in to these people, but changed some small-scale investment banks, and at the same time used a lot of money to poach several ace researchers from top investment banks, putting on a completely unyielding posture.

But it didn't take long for Soros to chill again: investors began to demand withdrawal.

Since Soros became famous, his fund has become the target of the world's wealthy, countless people have waved checkbooks and asked Soros to manage his funds, and being able to enter the list of investors in the Quantum Fund means that he is not only recognized by Soros, but also has an absolute guarantee of long-term wealth growth.

Although the performance of the Quantum Fund has not been too outstanding in recent years, Soros has always been famous. Therefore, there is still an endless stream of investors who want to join the quantum fund. It's just that Soros has always strictly adhered to the principle of "the size of the fund is inversely proportional to the rate of return", refusing to let his fund be too large, so he has rejected countless investors around the world for so many years.

In this way, those investors who remain in the Quantum Fund are lucky. With the performance of the quantum fund over the years, they have also earned huge profits, and there is no reason to abandon Soros and his team at this time.

But it's just not possible. But it really happened.

The first investor to ask for a withdrawal was Dan. Brad is the same guy who played golf with Soros a few weeks ago.

"George, I want to withdraw my share of your fund!"

One sunny morning, Soros, who had finished his morning journey, received a call from Dan. Brad's phone call, the first sentence surprised him, "Yes, you heard me right, I plan to withdraw my share of the Quantum Fund." ”

"Dan, what's going on?"

Soros couldn't believe his ears. After confirming it repeatedly, he asked puzzledly, "You know that you didn't have this plan two days ago, why did you suddenly propose to withdraw the funds?" ”

"I'm sorry, George, but I've found a better fund."

As a partner of Soros for decades, Dan. It was also difficult for Brad to make this decision, but the temptation he faced was so great that decades of friendship could be ignored. "And I think, although I've made a lot of profits over the years. But the magnitude of the fluctuations is simply too large. So I'm going to switch the way I invest and invest more in low-risk institutions like bond funds. ”

"Tell me, what are your plans other than investing in other funds?"

Naturally, Soros would not be deceived so easily, and he knew very well that now Dan. What did Brad think, and simply asked bluntly. "My old friend, tell me what the hell is going on."

"It's the Paulson Fund!"

I was stumbling for a long time, Dan. Brad gritted his teeth one last time and said. "I told you before, and then I tried to get in touch with the Paulson Institute. At first they turned me down, but it didn't take long for me to be told that they could let me join their fund, but it would have to be more than $100 million and only 50 people. So ......"

"I'm sorry, George, you know business matters, it's not emotional, there's nothing I can do about it."

He finally said apologetically, "Not only for me, but also for my family, I have to make smart choices." It has nothing to do with our friendship and I can't afford to miss this opportunity. ”

"I see!"

After hearing the news, Soros felt quite disappointed. Indeed, in recent years, Paulson Funds has been arguably one of the most popular hedge funds in the market, and the degree of demand far exceeds the pursuit of quantum funds by investors, so there is nothing to say about the loss of quantum funds to Paulson funds.

Soros thought it was just a case in the promise of Dan. Brad didn't take it to heart after that. Of course, this kind of thing cannot be allowed, because as long as the regulations of the quantum fund are met, investors can withdraw their funds within the specified time.

Soon after, however, a second case of a client requesting a withdrawal of funds did not give any explanation. This was followed by a third and fourth cases......

Until a mutual fund with a total amount of $1.5 billion demanded the withdrawal of funds, Soros could no longer sit still. Although so far, the quantum fund has not broken his bones, but in order to pay for liquidity, he has to sell a lot of long-term bullish stocks, which completely disrupts Soros's investment layout.

Of course, based on the funds earned over the years, most of the funds of the Quantum Fund are now owned by the Soros family, so even if all investors withdraw their funds, the Quantum Fund can still exist.

However, rumors have begun to spread in the market that investors in the quantum fund are withdrawing a large number of funds, Soros and his team have suffered huge losses, with a loss of nearly $10 billion, and Soros's own net worth has been hit hard, outlining a picture of the crumbling situation of the quantum fund.

Because it is a private equity fund, the scope of news diffusion of quantum funds, whether it is a loss or a profit, is limited to its own investors. Therefore, when these news appear in the market, the outside world cannot tell whether these rumors are true or false. For some institutions, they are asking about the holdings of quantum funds. Hopefully be able to snipe the Quantum Fund at some point.

For a time, quantum funds became the focus of attention of the entire market.

"Damn, what the hell is going on?"

Soros, who received the notice of divestment, flew into a rage and cursed hysterically in the office, "Do they not know the net worth we announced?" How is it possible to believe the unfounded rumors in the market? ”

He was talking about the same mutual fund that notified the withdrawal yesterday, with a whopping $1.5 billion, one of the largest withdrawals from the Quantum Fund during this time.

"George. Don't you think it's weird? ”

Rodney. Jones still maintained enough calm, and analyzed Soros in a deep voice, "During this time, all American institutions have withdrawn funds, but European investors or institutions rarely choose to follow up." Of course, this may also have something to do with the fact that they invest less. ”

"Also, I counted that among the institutions that were withdrawn, except for those whose whereabouts were unknown, the other funds flowed roughly to three hedge funds: Paulson Fund, Pershing Square and Greenlight Capital. Others went to the asset management plans of investment banks. Don't you think there's some necessary connection between this? ”

"What's the connection?"

Soros was stunned for a moment, and asked incomprehensibly, "Could it be that there is anything ulterior in it?" You must know that these funds are all hedge funds that have performed very well in recent years, and it is understandable that they choose these hedge funds! ”

"Their choice is indeed understandable!"

Rodney. Jones spread his hands, a little helpless, "But these funds are not open all the time. Taking a step back, even though they opened, the three chose to open at the same time. Don't you think it's weird? ”

"What do you mean?"

Hearing this, Soros finally understood. "They're targeting us?"

"Not bad!"

A slap on the thigh, Rodney. Jones exclaimed, "I don't know why, but what is certain is that they are digging into our walls." If I'm not mistaken, the next step is to dig into the wall of our European customers. Sooner or later, these rumors will reach their ears. ”

"What exactly are they doing this for?"

Soros fell into deep contemplation. He knows the reasons why the investment banks collectively abandoned him. But the next wave was far beyond his imagination. You must know that on weekdays, he and Paulson have a pretty good relationship, and even teamed up for a time. Now the other party has fought back, although he has not done anything to him. But it has greatly jeopardized Soros's reputation in the market.

He decided to ask Paulson directly.

"John, I'm George!"

Soon he dialed Paulson's phone, "There's something I want to talk to you about, I wonder when you're free?" ”

"I haven't been available lately!"

There was a loud noise from Paulson's side, "I'm sorry, George, I'm on a plane." If you have anything, can you wait until I get back? ”

"Where are you going?"

At this time, Soros couldn't wait, and blurted out directly, "I can fly to that place to find you." Anyway, I'm in a hurry to talk about something, so I'd like to see you as soon as possible. ”

Hearing Soros say this, Paulson was obviously stunned and was silent for a long time, and then said meaningfully: "My destination is Hong Kong, if you really want to talk to me, come to Hong Kong!" ”

Now it's Soros' turn to be speechless. (To be continued.) )

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