Thunder. Will Dario Weishenme be invited to Huaxia?

In 1975, the Harvard Business School graduate left his career at Hilson Heiston and founded Bridgewater Associates in his apartment. This is a fund with macro hedging as its main strategy. Dario convinced some of his regular clients to hire him as a consultant and started a new career.

The so-called hedge fund (HedgeFund), also known as hedge fund or arbitrage fund, refers to those funds that use hedging trading methods to obtain benefits, they avoid or reduce risks by hedging, but in fact, in the developed capital markets of the West, such funds often use staggering high leverage, and increasingly complex derivatives to invest, the risk of which is far greater than the use of traditional trading funds.

As one of the branches, macro hedge strategy funds refer to those funds that earn income by making leveraged bets on price fluctuations in stocks, currencies, interest rates, and commodity markets within the shijie range.

Although Bridgewater United was founded less than a decade ago, it is now well-known in the international financial markets, and its accurate analysis of the market and economic situation has led to the creation of numerous investment strategies that have attracted the attention of its peers.

The hedge fund in the 80s has not yet reached its golden age, but a group of hedge funds led by Quantum Fund have still achieved results that shocked the market, making investors favor hedge funds.

In this era, those famous bigwigs in later generations are still working hard, and the Renaissance technology of James. James Simons has only been founded Renaissance Technologies Corporation for two years, and he is still working hard to create models with his talented colleagues. Bezos also struggled for a degree at Princeton University.

In the 70s of the 20th century, the Bretton Woods system established after World War II collapsed, the Shijie currency entered the Jamaican system, and the foreign exchange market began to implement the floating exchange rate system.

The Bretton Woods system refers to the international monetary system after World War II, with the US dollar as the unit of international trade settlement, and the core content is that the US dollar is pegged to gold, and the currencies of other countries are pegged to the U.S. dollar, and a fixed exchange rate system is implemented between them. At that time, the United States was the only major country that did not have a war on its own soil during World War II, and its gold reserves accounted for seventy percent of the entire Western Shijie, so the US dollar became the only currency that could be pegged to gold, so it was also called "US dollar".

In the 60s and 70s of the 20th century, the United States intervened in the Vietnam War, the fiscal deficit was getting bigger and bigger, the balance of payments continued to run a deficit, a large amount of capital flight, and the dollar was exchanged for gold. The United States has discussed with the Entente countries and announced that the value of the dollar will be decoupled from gold, and the dollar can no longer be exchanged for gold.

Later, under the leadership of the IMF, the members of the Council met in Kingston, the capital of Jamaica, to agree on a new international monetary system, the "Jamaican system".

The main content of the "Jamaican system" is to recognize the floating exchange rate system, so that the fixed exchange rate system and the floating exchange rate system coexist, the member countries can choose their own exchange rate system, the IMF supervises the exchange rate policy of each country, and the agreement provides for the introduction of gold into the international monetary system.

As a result, the U.S. dollar is no longer the only reserve currency of various countries, and as the economies of West Germany and Japan recover and rise, the mark and yen have also strengthened and become important international reserve currencies.

In the 70s, China and Japan established diplomatic relations, and the relations between the two countries tended to normalize, and in the 80s, the relations between the two countries reached a climax, and there were frequent exchanges between them in politics, economy, culture and other aspects. In 1979, Japanese Prime Minister Masayoshi Ohira visited China and promised to provide the first batch of government loans to China, and then provided the second batch of government loans last year (1983), making a huge contribution to the Chinese economy, which was in urgent need of funds after the reform and opening up.

In this case, if a Chinese company wants to obtain funds, the first target is naturally a Japanese consortium. Two years ago, Huaxia Trust issued a huge bond in Japan's financial market to raise funds for the construction of a large chemical company.

Unlike interest-free loans and repayment agreements between governments, China Trust is an enterprise, and the financing behavior between enterprises is subject to interest, and at the same time, it also bears the risk of exchange rate fluctuations.

The Japanese economy became the second largest economy in the late 60s, and reached its peak in the 80s, as the Japanese economy shifted from "investment-led" to "export-oriented", even after the oil crisis, when the entire West was in mourning, the Japanese economy grew at an average rate of more than 10% in the last few years of the 70s, and the goods produced in Japan from palm-sized car-ons to large-scale luxury cars have fully captured the global market.

In this context, the value of the yen is particularly noticeable. It is a well-known fact that the lower the exchange rate of a country's currency, the more beneficial it is for that country's exports. As an "export-oriented" economy, the yen's low exchange rate has contributed greatly to Japan's economic development. However, with the rapid development of the Japanese economy, the pressure on the yen to appreciate is also increasing.

The funds raised by Huaxia Trust are Japanese yen with a term of 12 years, and if the yen appreciates during this time, it will undoubtedly be disastrous for Huaxia Trust, and the currency of repayment in the future will be RMB, which may be an astronomical amount.

Therefore, the senior management of China Trust specially invited the founder of Bridgewater Associates, who is a leader in currency risk management in the international financial market. Dario.

Currency management outsourcing is the outsourcing of currency risk management to professional institutions, which is divided into passive and active, the passive type can make up for the loss between exchange rates, and the active type should create returns for customers. The senior management of Huaxia Trust approached Lei. Dario, I hope he can do risk management for the yen that is about to be financed in the Japanese market.

And Ray. At that time, it was only five years after the establishment of diplomatic relations between China and the United States, and the actual leaders of China visited the United States shortly after the establishment of diplomatic relations, opening a new chapter in the diplomacy between the two countries.

Thunder. Dario got off the plane, looked at the scenery around him, sighed slightly, and then followed the crowd outside.

This red country is still very mysterious in the eyes of most Americans, although he has a small reputation in the capital market, but he is still a little uneasy in his heart, until he sees a few middle-aged people holding up the pick-up card, he really put his mind at ease.

Not wanting the other party to be more nervous than him, the rich middle-aged man standing at the front hurriedly wiped his hands on the suit a few times, and then stretched out his hand and stammered:

"Ness... Nespit... Mitt... Oil ......"

Although he stammered, Dario understood, and with an understanding smile on his face, he took the man's hand, which was still in the air, shook it politely, and comforted him softly:

“Nicetomeetyoutoo，Takeiteasy。” (I'm also glad to see you, relax...... ）

But what Dario didn't expect was that when he just said "relax", the man was even more nervous, and more sweat gushed out from his already damp palms.

“Mr.Dalio，I’myourtranslator。 MynameisZhongyi，youcancallmeKeneeth!” (Mr. Dario, I'm your translator.) My name is Zhongyi, you can call me Kenneth. At this moment, the little bell holding the pick-up sign spoke up. (English dialogue will be Chinese below)

"Oh, your English is very authentic, where did you learn it?" A look of surprise appeared on Dario's face, and he asked again and again.

"Yanjing." Zhong Yi smiled and replied shyly.

"Oh, is it? I thought I was in Manhattan right now! Dario said exaggeratedly, a look of surprise on his face.

"Mr. Dario, you have such a good sense of humor. xiexie you can come, this side please. Zhong Yi took Dario's suitcase and made a welcoming gesture with his other arm.

"Don't you introduce me to these gentlemen? Mr. Chung! Instead of moving, Dario shrugged his shoulders and smiled faintly at the other stunned others.

The etiquette of business has long been familiar with a capital master like him, who has been in the mix for a long time. On this occasion, although it is the first time to meet several people, he will not lose his courtesy.

Zhong Yi's face turned red, and he hurriedly introduced several cadres of Huaxia Trust in English, and Dario smiled and shook hands with them one by one.

"Sure enough, it's a foreign financial tycoon, and even this little detail has been noticed!" Several people thought of it in unison.

Although they couldn't understand the dialogue between the two, they could deduce one or two from their body movements.

After the courtesy greetings were finished, Dario followed Zhong Yi and quipped as he went:

"Being favored by the state-owned companies of Huaxia is of great significance to me personally and Bridgewater United!"

"Bridgewater?" Zhong Yi, who had been leading the way in front, suddenly lost his voice and cried out.

Aside from forgetting to introduce a few of his companions, he had always behaved well, and even the fat Director Lu praised Zhongyi's behavior, not minding the conversation between him and Dario in the slightest.

Of course, this is also because he doesn't know English, and he can't talk to him a few more words.

Before they could react, they heard Zhong Yi ask in a loud voice:

"Bridgewater United? Hedge funds? ”

"Hey, do you know about hedge funds, too? That's great, it looks like we have a common language! Dario had a look of surprise on his face, this time with a genuine smile.

Before he came to the mainland, he also did a lot of work, knowing that the country had experienced decades of turmoil, and the entire society was basically in a state of stagnation, and it was seriously out of touch with the entire West. It wasn't until a few years ago that the country's leadership decided to open its doors and re-engage with Shijie.

In such a country, it was surprising to him that someone knew about hedge funds. Know that on Wall Street, investors in hedge funds don't know much. In fact, it wasn't until the late '80s that hedge funds came to the attention of investors because of their outstanding performance.

Hedge funds are generally private in nature, not open to public investors, and in order to avoid the supervision of securities and exchange commissions in various countries, they are generally registered as offshore companies, such as tax havens such as the Virgin Islands and the Cayman Islands.

Now the young man actually said "hedge funds", and seemed to have heard of his "bridgewater union", which surprised and delighted him.

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