"Boss, the next speaker is David. Einhorn, from Greenlight Capital. ”

Jiang Shan on the phone looked extremely excited, raised his wrist and looked at his watch, and added regretfully, "The 4:05 speech arrangement happened to miss the market trading time." It seems that the organizers of the conference also knew the energy of this manager and deliberately chose this time. ”

"What an interesting decision!" Zhong Shi, who was still on the plane, was a little amused by Jiang Shan's fuss, but he didn't say much, "Listen carefully to his point of view, and call after it's over." I'd like to see what this gentleman has to offer, and if he were like the people before him, then this meeting was a bit of a disappointment. ”

Jiang Shan flew to New York yesterday, because Zhong Shi still had some things to attend in Stuttgart, so he could only be asked to attend this time on behalf of Allen. Thorne Conference. Despite the fact that Allen. The Thorne Philanthropy Conference is an annual hedge fund summit, but the top hedge fund managers don't all attend the conference in person, or if they do, they don't actively speak, but they all pay attention to the conference without exception, because at each meeting, there are particularly high-profile ideas that are ultimately proven right by the market.

These views mean profits, and in the face of profits, even the biggest hedge fund managers will not be unable to get along with it, and Zhongshi is no exception.

Hanging up the phone, Jiang Shan sighed, a little speechless for his boss. However, he quickly adjusted his mood and waited quietly with the other three thousand other listeners. The appearance of Einhorn.

……

Warner Center's Federico. Ross Center, one side of the stage, Davy. Einhorn was standing behind the scenes, waiting to appear, and the previous speaker was nearing the end of his speech, and soon there was a round of applause. The other party politely bowed slightly to the audience and slowly retreated from the stage.

Since today many hedge fund bigwigs suddenly attended, like Carl. Icahn, Bill. Ackerman et al. So David. Einhorn felt a little pressure. But this pressure is nothing, and he can still handle it easily. After taking a deep breath, he calmly stepped onto the stage from behind the curtain. Immediately, the audience burst into applause like a tide.

"I'm here today mainly to promote my book, not just to share my investment tips." Standing in the center of the stage, enjoying the shine of the spotlight, David. Einhorn raised the "All the Way to the End" in his hand, and made an opening remark, "I'm afraid I'm going to disappoint most of you!" ”

The audience burst into laughter, mixed with a few shrill boos. Naturally, it is clear to all that this is just a joke.

From Dave. Einhorn's angle can clearly see the lit BlackBerry screen under the stage. This is where some investors record their speeches at the meeting and send them to their offices via text message. This feedback was soon reflected in the stock market, but it was a little regrettable that the Kaminmen brothers scheduled their speeches after the market closed. What Einhorn said would not affect the table of Kaminmon's stock today, at least.

Shaking his head slightly, banishing these cranky thoughts from his mind, David. Einhorn began: "In 2003. Our analyst Tong Guò found that a company called United Capital had huge problems with the way it was operating and its financial statements. So we ......"

Einhorn then began to talk about his experience of shorting United Capital, which did not last long, and after five minutes he stopped talking, raised the book in his hand again and said: "If you want to know more details, don't bother to buy this book in my hand." I can assure you that all the details I know are in this book. There is not the slightest thing to hide. ”

After finishing his presentation on the pitch of his new book, he quickly moved on to today's topic, which was eagerly awaited by the audience.

"Six years ago, my colleagues and I discovered that United Capital had violated accounting rules by disclosing fair value, and they were reluctant to disclose the impairment of this part of the asset to affect the stock price in the market. But it's a pity. Their mistake was discovered. "David. Einhorn said with some pride, "We are very proud and proud that we discovered this problem and successfully exposed it and helped investors in the market see the company for what it really is." ”

"But in today's credit crisis, there are still many companies trying to hide the real loss of asset impairment in this way, and mislead investors with this way, which we cannot tolerate." Speaking of this, Einhorn turned his words and threw the Kaminari brothers out, "Yes, that's what I'm going to talk about today, and the protagonist is none other than Wall Street's financial magnate, the Kaminami brothers." ”

As soon as his words fell, the entire venue suddenly resounded in an uproar. However, because the participants were all heads and faces, after the initial shock, the venue soon became quiet again, except that more BlackBerry screens lit up.

On such occasions, openly saying the name of a listed company, whether it is bullish or bearish, will inevitably involve a certain interest relationship. And listening to Einhorn's tone, it must not be looking at the stocks of the Doremen brothers, which is tantamount to tearing up the face with the other party, and in this case, it is no wonder that everyone is moved.

Just when everyone was amazed, David. Einhorn's carefully prepared PPT was also projected on the big screen behind him, showing the Kaminmen Brothers' financial statements for the first quarter.

"Just last month, I had an open and honest conversation with the CEO of a financial institution, and I was amazed by the inside story." David. Einhorn then dropped another bomb, "I'm sorry I can't name this company, it's beyond the scope of our discussion today. He told me that the bonds held on their financial statements were calculated at cost, and that they were A-rated bonds, with a low risk of default, normal interest payments, and although there was a lack of liquidity, there was no big problem with the valuation overall. If you continue like this, when the principal and interest are paid, there will be no permanent loss at all. ”

"Oh my God, I don't know why he thinks that, don't they know that these bonds have depreciated by at least two or three percent?" David. Einhorn's slightly exaggerated voice rang out. I immediately refuted his argument. Do you know what happened at the end? Maybe you won't believe it, but he calmly admitted his mistake. In the end, he even told me that if the price of this part of the bond is counted according to the market price, the price of the loss of this part of the bond is something they cannot afford, so in this case they can only choose to hide it from the outside world. ”

"So much has been introduced, I believe you should already understand. It is highly likely that a similar situation will also appear in the Kaminari brothers! Einhorn's words changed again, bringing the topic back to the Kaminhamon brothers, "We raised such questions at the first quarter of the Kaminhamon brothers' earnings report. According to the figures released by the Kaminmen brothers, in the first quarter they held about $7 billion in CDO, of which the value of BBB-rated bonds and below reached about $1.8 billion, and in the first quarter statement, they only made an asset impairment of $200 million on this part of the bonds. ”

"It's just the number of the first quarter, and we want to know. How do they make an accounting valuation of this part of the asset? "Speaking of which, Davy. A look of grief and indignation appeared on Einhorn's face, "These are just the numbers of their subordinated bonds in the first quarter, in the third and fourth quarters of '07, God knows how many similar bonds they hold?" We sent an email to Erin from the Kaminari Brothers in response to our queries. Karen, hopefully she'll be able to explain our doubts. But can you guess how she responded? ”

At this time, a PPT of an email was projected on the big screen. Karen's reply.

"Yes. You read that right, that's how she replied to me! "Waited a little for dozens of seconds. After everyone read the contents of the email, David. Einhorn then added, "They refused to explain what these issues were. Just sue me that the Kaminari brothers will judge the losses of these CDOs in the second quarter based on current prices. But what about the first quarter? What about the losses of the previous year? Someone came to sue me, why didn't they count the numbers? ”

This time, the venue could no longer remain quiet, and some people had already begun to whisper, and the impact of these numbers on them was too shocking. So much so that it is difficult for them to maintain enough demeanor.

"That's not all, we've found even more staggering numbers." While the scene was not completely out of control, David. Einhorn continued, "We found out that in the subsequent, the Kaminmen brothers increased the number of trades to the SEC. There is a difference of $1.1 billion in bond yields from what they call the earnings report. Guys, yes, you heard me right, there's a $1.1 billion gap in between. I was very puzzled, how could there be so many differences in such a short period of time? So I continued to ask the Kaminari brothers my questions. ”

"Guys, maybe you won't believe what I'm saying below, but I promise that everything I say is true." David. Einhorn's face became solemn, "That's what the Kaminari brothers replied to me. Their valuation of this portion of the bond position is guided by an internal model. Oh my God, do you understand what they say? The valuation of this part of the bond position is not based on the immediate price of the market, but according to their internal model! I just want to ask, do they want to sell or buy the corresponding position in the market at the internal price? If they are valued on an internal model, who can guarantee that they will not increase the value of the bonds or reduce their losses before the financial statements are published? ”

"They can't give a reasonable explanation!" In the end, Einhorn couldn't help but shake his head, "There is not a single reason to convince me." I would like to make a solemn appeal here, Mr. Bernanke, Chairman of the Federal Reserve, and Mr. Paulson, Secretary of the Treasury, to the attention of the systemic financial risks that the Kahman Brothers are currently posing, and that the use of false valuations to cover up paper losses will not be tolerated. If one day, the Rehmen Brothers are in the same troubled situation as Bear Stearns, the Fed and the Treasury should not use taxpayers' money to save such a company, because that would be a great injustice. ”

"To maintain a healthy market, we need quality companies and industries, and obviously companies like Kaminmen Brothers are not among them." Finally Dave. Einhorn said categorically, "They have been complaining about short-sellers for a long time, and if short-selling can make such companies realize their mistakes, we at Greenlight Capital don't mind being such an institution that maintains the market." ”

This time greet Davy. Einhorn's earth-shattering applause endured. Soon, the applauding people stood up and paid their respects to him.

……

Listening to the news coming from the microphone, Zhong Shi pursed his lips, secretly shouted hello in his heart, and then ordered: "Transfer to Seoul, we will not return to Hong Kong for the time being." (To be continued......)

PS: Thank you Nanquan 99, Secret, It wasn't me last night, 8112268536, seanju1, Mun no Oh Buddha Buddha, Purple Mist and other book friends for voting for the monthly ticket! Thank you Nanquan 99 and book friends 140824235809695 for the reward! Thank you for your support, and I hope that more book friends will pay attention to and support this book, and the author will continue to work hard to write well, and hope that this book will achieve better results!