Unlike most hedge funds that rely on the analysis reports of international investment banks, Tiger Fund has a team of star analysts comparable to international investment banks, who are all leaders in the stock market to foreign exchange, from commodities to bond markets. Naturally, they are also paid a lot more than their peers.

After receiving the news of the Quantum Fund's fund-raising spree, it became clear to these sharp-eyed analysts that the Wall Street eminent peer was about to make a big move. After several consecutive overnight studies, they set their sights on the European monetary system, and even analyzed the specific types of currencies clearly.

Tiger Fund is a hedge fund founded in 1980, and its famous work is to short in the stock market crash of '87 and obtain unattainable investment returns. In addition to the flagship fund Tiger Fund, they have three other funds, which are named after the jaguar, the cougar, and the cougar. As can be seen from the names of these funds, Julian. These hedge funds under Robertson are aggressive and aggressive.

In the early days, Tiger Fund mainly invested in stocks, but in the mid-to-late eighties, due to the frequent introduction of financial derivatives, Tiger Fund began to get involved in the derivatives markets such as government bonds, currencies, interest rates and related futures and options, becoming a typical "macro" hedge fund.

Like the Quantum Fund, the Tiger Fund is also the darling of the market, and analysts poached from the big national investment banks such as Goodman and Stanley have painstakingly analyzed the market of each stock, making the Tiger Fund's returns far exceed that of its peers, in this case, the Tiger Fund has become the third hedge fund on Wall Street to manage more than $1 billion, the other two being the Quantum Fund and Steinhardt's fund.

Julian. Robertson has always been obsessed with the results announced by the Quantum Fund, and he is obsessed with comparisons with Soros. Deep down, he has always been jealous that Soros can be the focus of public attention. This allowed him to start a strong expansion in the operation of the scale of the fund.

However, as the size of the fund expanded, there were too few opportunities to sustain a multibillion-dollar fund in the U.S. stock market, so Tiger Fund began to invest in foreign capital markets while doubling down on its efforts in the currency market to maintain ultra-high yields.

In this case, foreign exchange, bonds, etc. have become the focus of Tiger Fund's investment.

At this time, he was supposed to be working with his good friend and employee, John. Griffin was in Germany to study companies, and after the fall of the Berlin Wall, their fund bought a lot of German securities and began to study the German market the following year. However, after hearing the news of the Quantum Fund, the two rushed back to their offices on the south side of Central Park in New York.

"What exactly will they do?" Robertson looked at his forex trader, a young man named Barry Bosano. This man is also from one of the two most famous investment banks in the world, and is an expert in the foreign exchange market.

"According to my guess, it is possible to sell the pound, buy the mark, and then earn the difference. If possible, a few percent of the pound would be suppressed, so that a profit could be made, but ......," Barry gushed, but stopped abruptly at Zuihou.

"And then?" Everyone looked at him, waiting for the next step.

"The Bank of England is definitely going to do it, you know, they have more than $40 billion in foreign exchange reserves. Basically, as long as the Bank of England makes a move, the quantum fund is nothing at all. Barry's words took everyone by surprise. Yes, if the pound depreciates, the Bank of England will inevitably intervene, so there is basically no room for arbitrage.

"No, that's something he'll take into account as well." Robertson shook his head, "Those arbitrage funds will definitely not miss such an opportunity, I believe they will not ignore it, we can't just think that there is only one quantum fund, and now at least many people have begun to play the same idea." ”

"In addition to those funds that specialize in looking for opportunities in the foreign exchange market, we also have to count the foreign exchange trading departments of banks, as well as the treasury departments of multinational companies. Let's just talk about our peers, I believe that people like Paul Jones will not sit idly by. ”

He speaks of Paul. Jones is another master of capital operation on Wall Street, founded the Tudor investment company named after him, and is also a giant of Wall Street hedge funds, which is not inferior in performance compared to quantum funds and tiger funds.

"Isn't it that Britain is going to face a lot of money attacks?" John suddenly realized.

"However, there is still such a point, I believe that the major central banks in Europe will not be helpless from this, otherwise if the pound is withdrawn from the European monetary system, I believe it will be a major blow to the euro in the future." Barry said categorically.

Yes, Europe wants to form a monetary union, and the charter stipulates that the central banks of each country are obliged to maintain their own currency exchange rates at the upper and lower limits of the regulations, and if one of the currencies is attacked, then the other strong currency must also make corresponding adjustments, which is equivalent to fighting with the central banks of two countries.

In this monetary system, the Bundesbank plays a role essentially the same as that of the European central bank, and it is obviously impossible to attack both the Deutsche mark and the British pound at the same time.

"The mark should not be in danger of depreciation in the short term, after all, they have maintained this very reasonable inflation rate for so many years. If we buy the mark as part of the hedging risk and then sell the pound, we may make a profit to a certain extent. Seeing that the crowd was silent, Barry suddenly had another thought. This idea had been in his mind for a long time, and in his opinion, it was the safest way to go.

"If the Deutsche Mark also declares a devaluation, will not our assets suffer a double loss?" One is called Tom. McCaulay's analysts were quick to say what was on their minds. Yes, most of their assets are now in the form of US dollars, and if both depreciate, they will be able to offset the negative effects of the depreciation of the pound, and also cause heavy losses to the capital led by the US dollar.

This analyst is very well-known among the analysts present, and almost everyone knows him. He's not so famous because of his analytical skills, but because on a company-wide vacation, everyone crossed a rope bridge of three ropes across a sand ditch that was erected on a cliff hundreds of feet high. The young men fastened their harnesses to the rope bridge and slid over them one by one, only to see the brother fall off and hang ten feet below the rope bridge.

Everyone was stupefied, except for Tom, who bounced off the safety line as if he was doing something really fun. As a result, one of the people present noticed an anomaly in the safety line on his body, and Tom only had one safety line on him, and he was about to dehook. In this moment when his life is hanging by a thread, Tom. Macaulay didn't know it, and he didn't take it seriously at all, but fortunately, Zuihou locked Macaulay's hook upside down, so he didn't die on the spot.

Since then, what this analyst did in that scene has been deeply imprinted in the memory of everyone at that time, and later spread throughout the company.

However, his proposal is a bit naïve, and he cannot be blamed for this, because his specialty is not in the foreign exchange market.

"It can't be!" Most of the forex analysts present said in unison. They are experts who have been immersed in the foreign exchange market for many years, and they have much deeper understanding of the foreign exchange market than Tom's superficial knowledge.

It is precisely because of the strong position of the mark in the European monetary system that the European monetary unit is able to compete with the dollar, and if even the mark is devalued, this is absolutely intolerable for European economies that want to shake the strong economic position of the dollar.

"That's it!" Robertson has the final word.

Most of the analysts present were well aware of Robertson's character, and in Robertson's opinion, as long as it was his judgment, he would stick to the end, and even if he lost half of his money, he would not change his original intention.

John. Griffin knew this best, in 1987 he urged Robertson to short a small machinery manufacturer in China, they started short at $20, during which the company rose to $25 because of the sales during the Christmas period, which meant that they lost more than 25%, but they still believed in their judgment, and then in '88, the company's stock price rose to $40, and their loss was 100%, To this extent, they did not give up, and in April '89, the stocks of all American companies with factories in China fell sharply because of the political turmoil, and their efforts paid off. It's been two years since they started shorting the stock.

And those macro traders are always trying to hedge their positions and control their risk, when they hear Robertson roaring at them: "Hedging? That means if I were right, I'd be making less money! ”

Over time, in some macro trades, these traders will be very aggressive, sometimes even without the slightest risk control measures.

Seeing that Robertson had made up his mind, the analysts stopped arguing and began to analyze the impact on the global economy in the event of a depreciation of the pound, especially on the other weak currencies in the European monetary system and another important currency, the yen.

The same scene has also appeared in other corners of Wall Street, and those capitals who are extremely sensitive to foreign exchange movements have felt that a storm is coming. (Thank you TomUN for your re-tip!) Thank you for the two tips that have not yet been decided! I look forward to everyone's enthusiastic support, ask for Sanjiang votes, and hope that friends who like this book can take action, and vote for a vote, thank you very much! The success of this book is the result of everyone's joint efforts! ）