Julian Robertson's goal has always been to surpass quantum funds and become the first brother in the hedge fund world. In fact, he did a good job, won the trust of investors, and while the scale of his own capital management expanded, he also made a lot of money himself.

It's just a pity that Soros has done a better job than him, and while making profits every year, he has also created several major events that have caused a sensation around the world, which has impressed the whole world. In this case, Julian Robertson had no choice but to bow down, even though he had also indirectly defeated the French Central Bank.

There is an unwritten rule in the hedge fund world that whoever is famous and has a good track record will attract more money. Capital is greedy by nature, and if there is no return, they will withdraw mercilessly. Therefore, the fame of the fund manager is very important in a certain way, so Julian Robertson, whose reputation is slightly inferior to Soros, has suffered a lot of dark losses in attracting top investors.

But even so, he now has more than $15 billion in funds under management, and he is a giant in the market. But he is still not satisfied, and while cooperating with Soros and other capitals on the surface, he secretly makes stumbling blocks everywhere to frame each other.

In markets such as South Korea and Indonesia, Julian Robertson's funds used the other party's strategy report to take the lead in selling out before the other party made a move, which made the quantum fund suffer a lot of losses.

This time, Julian Robertson intends to do the same and continue to trick the other party.

He did not suspect that what he had done had alerted the other party. Especially in this case, another Tianyu fund suddenly popped up in the market. What Qiē did against the Quantum Fund can be blamed on this fund that doesn't know where it came from, and their suspicions are too great: a snake on the ground, a mysterious background, strong funds, and a blatant disobedience in the market and the Quantum Fund......

Even the scapegoat was thought of. And such a perfect scapegoat, what else is Julian Robertson afraid of?

"Dump some of the positions in US and Japanese government bonds, transfer funds to Russian government bonds, and we want to absorb a little more Russian government bonds." Bring in Robert Brown, Head of Emerging Markets Investments. After Setron, Julian Robertson commanded lightly.

Robert. Setron was a little confused, Hong Kong, which he strongly recommended, was defeated because of the intervention of the "government", although he did not have any responsibility, but after all, he still lost a lot of capital. So at this time Robert. The pressure on Setron's shoulders was very great, and after hearing the big boss's orders, even if he had the heart to refute, he didn't know what to say for a while, so he could only nod silently.

"Don't ask me why, I can only tell you that this time the IMF may have to compromise with the polar bears and continue to inject money into the Russian market to maintain their current fragile balance." I saw the incomprehension in the other party's eyes. Julian Robertson explained a little playfully, and he was in a good mood at this time, and he didn't care about saying a few more words, "At the moment, because of the credit problems of their bonds." As a result, bond prices have plummeted, yields have reached 50%, and even more will be broken. That's our chance. If these bonds are successfully cashed out, we will at least double our capital. ”

Although I don't know where my big boss got these news. But Robert. Certron would not be uninterested in asking about the source of these messages, and nodded in agreement. Then he asked with some concern: "Boss, at present, we have a position of 1.5 billion US dollars in the Russian market, accounting for 10% of the entire portfolio, is it necessary to increase it?" ”

Generally speaking, the proportion of 10% is already a large proportion of a portfolio, and for the sake of risk diversification, the general heavy position ratio is more appropriate in this position. Although Tiger Fund's first internal position at this time is in the U.S. stock market, it also includes dozens of stocks, which are not as large as the share of funds invested in Russian government bonds with only a single target.

"Relax, man!" Julian Robertson disagreed, patted his forehead, and said with some regret, "If it weren't for the loss in the Hong Kong market, I wouldn't be so aggressive." There is no way, first wipe out the losses of investors, and then think about being able to create new profits in the rest of the time. ”

The larger the scale of fund management, the more management fees can be charged, but correspondingly, the more difficult it is to generate profits. Because even a 1% gain means $150 million in money, which is completely astronomical in the eyes of others.

In order to avoid causing too much shock to the market and thus exposing their true intentions, large hedge funds are internally divided into several smaller funds to operate, in addition to hiding their own positions, there is also a sense of flowering. Of course, these are all on the stock market, and for Treasuries and Forex, there is not much need for such operations. Because for these markets, hundreds of millions, billions of dollars are only small and medium-sized.

In order to generate overall profits, Julian Robertson must extract profits from places with more market capacity, and Russian government bonds, which are currently in dire straits, are the obvious choice.

When he heard the word "Hong Kong", Robert . Setron's face turned red, and he quickly turned his head to the side, pretending that nothing had happened. Still, one of his ears was pricked up and he listened to Julian Robertson's words word for word.

After speaking out about his current predicament, Julian Robertson and Robert Robertson talked to him. Setron discussed the details and finally decided to sell $500 million in 100 million U.S. Treasury bonds, which he would then put into the Russian bond market.

Due to the continuous interest rate cuts in the United States this year, the market's expectations for interest rates have fallen sharply, and the 10-year long-term interest rate has also fallen. Subsequently, these funds were transferred to the Russian market.

……

"Bank of America has an offer, and YTM is 52%. It has risen by 12 bps from yesterday to today and the current price is 49. $50 million. ”

In the afternoon, when Yiqiē was ready, Julian Robertson personally came to the bond trading department to pay attention to every move here. When the interbank quotation reached his ears, he was surprised by the situation.

The rise in BP, which is once again bearish on Russian government bonds, with a yield to maturity of 52% YTM, indicates that this government bond has fallen below half of its face value. In this case, it is clear to anyone. This kind of national debt scenario may not be pretty, but isn't that exactly what Julian Robertson wants?

It's just that at this moment of trance, when the phone call came again, the trader on the other side told him with regret that the treasury bonds just now had been traded, and the quantum fund was one step ahead of them and ate this big order.

This news immediately made Julian Robertson jump, and he couldn't care much more, and immediately ordered the traders to call around. See which banks are still selling Russian government bonds. He took it for granted that this kind of ultra-high-yield treasury bonds are currently a hot commodity in the market, and if he does not act quickly, he may not even be able to drink soup at that time.

On his orders. Traders frantically called everywhere asking investors who had these Treasuries on hand who would want to sell. But after a round of phone calls. Except for some small sell orders, they did not encounter tens of millions of sell orders in the market again for half a day.

"Buy. Buy me! Julian Robertson had fallen into madness, and at this point his instincts told him. Someone was scanning the market, and coupled with his previous thoughts, he realized that this "person" was the Quantum Fund. So he told his traders, "Give me a higher price, and I will eat it if I raise the price!" ”

For these bondholders, what is now gambling is not the profit from the price fluctuations of these bonds in the market, but the profit when these bonds are cashed out. For example, the Treasury is currently trading at $49 per bond in the market, and when it comes to cashing out, it could be $105 per bond, with a difference of $56. And the simple price fluctuation, even if it rises to $55 per lot, the profit is only $6 per lot.

Therefore, as long as it is a slightly smarter investor, they are not willing to sell the treasury bonds they have at this time. And the whole of Wall Street is caught up in this huge profit gamble.

Risks, they are very clear, profits, they are even clearer. Driven by profits, risks are selectively ignored by many people.

And Julian Robertson at this time was such a person.

If you can't buy it for $49, it's $59, and you add $10 in one go, which is not a big deal, and it has confused the minds of many investors at once. Some hesitant investors are trying to sell their bonds, with the belief that while there is a huge profit margin, the risk is far beyond what they can afford, so they are more inclined to sell when there is a high price in the market.

Gradually, the market began to gain momentum, and the trading volume also increased significantly. But after absorbing it for a long time, Julian Robertson was still not satisfied with this slow speed, and immediately ordered the trader: "Raise the price again, $62." ”

It must be noted that the $62 here is not really $62, but $62 under the $100 pricing system. In fact, the amount of a Treasury bond may be around $100,000, and if it is actually cashed out, the amount will be around $62,000.

As soon as the price of $62 was put into the market, it immediately caused an exclamation, and people asked what was going on and why the price of Russian government bonds was so sharp and easy to get stimulated by no fundamental news, knowing that now the rating of Russian government bonds has been defined as rubbish. Many people are beginning to think about whether to sell some of their bonds.

Just when they were still hesitating, the big sellers in the market appeared, and after selling two bonds with a total price of $50 million at $61.50 and $62, the market price immediately fell again.

As soon as he saw that there were large sell orders in the market, Julian Robertson was not stupid, and immediately asked the trader to lower the price after the transaction, after all, if the price is too high, the other party will give up the idea of continuing to hold, and muddying the waters is not a good thing for everyone.

However, the other party did not care about the price drop, and sold a total of $100 million of Russian bonds through the over-the-counter market at $60 and $59, further pushing down the price. Julian Robertson quickly sensed the other party's determination to ship, although he didn't know why the other party was, but he still patiently negotiated with them, and finally spent all the $500 million he had gathered at the end of the deal, and bought the bonds sold by the other party, and the overall price was also charged at $54, only $5 higher than at the beginning.

After the market closed, Julian Robertson was in a good mood and wanted to ask Soros to go out to dinner together, but was lightly rejected by the other party on the phone, although he felt that the other party's tone was a little strange, but at this time the complacent Julian Robertson did not think about it, but considered where to spend the weekend. (To be continued......)

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