As soon as the words came out, the four seats looked sideways. Pen @ fun @ pavilion wWw. ｂｉｑUｇE。 ｉｎｆｏ

In the hedge fund industry, revealing one's direction and position is dangerous as giving someone a dagger. Although most of the people here do not have the strength to shake the Tianyu Fund, based on the unspoken rules of the industry, they have a high degree of vigilance about this issue.

But on the other hand, they were full of infinite longing for Zhong Shi's answer. This is the direction of a legendary manager, and while they don't have to follow suit, the answer to this question can be a huge inspiration, and even a huge profit from it is not impossible.

Zhong Shi on the stage did not change his face, but paused slightly for a moment, and then said with a smile: "Regarding this issue, I want to explain it in my speech. But the first thing that can be revealed to you is that the answer to this question can be either yes or no. ”

Everyone was suddenly at a loss, and they didn't say anything for a long time.

What is the answer? No matter how hard they rack their brains, they probably won't be able to figure out why. With such heart-wrenching questions, they had to start listening to Zhong Shi's speech.

"I have another question!"

However, the hedge fund manager didn't seem to give up, but went on to ask another question, "I heard that the withering fund was made by Tianyu Fund back then, is this the case?" ”

The crowd looked sideways again, this time because his behavior was already a little rude.

As if sensing the displeasure of the crowd, the tall fund manager shrugged his shoulders and explained why, "I was a trader at the Withered Fund back then, and I set up my own business after the fund closed. I want to thank the guy who defeated the Immortal Fund back then, if it weren't for him, maybe I wouldn't have had the opportunity to attend this meeting today. ”

Only then did everyone suddenly realize.

"Really?"

Looking at the other party, Zhong Shi smiled disapprovingly, and said humorously, "Regarding the Withered Flower Fund, originally I just paid attention to their market manipulation behavior, and I wanted to take this opportunity to make a name for the Tianyu Fund in North America. Who wouldn't want it to be so fragile and fall apart after just a tiny wave, that's not my intention. ”

Hearing his answer, everyone grinned, but their hearts were more frightened, because Zhong Shi said that the blow to the Immortal Flower Fund was just a casual act, not a deliberate one. Even so, a fund close to $10 billion was liquidated.

If Zhong Shi pointed the finger at them here, I don't know how many people would be able to resist it! Everyone thought in their hearts for a long time, and they all put away their laughter.

"Okay, there should be no problem, right?"

When the laughter ended, Zhong Shi looked around and said, "Now we can start speaking, right?" ”

Naturally, everyone had no opinion.

"Regarding Europe, the debt crisis is a ticking time bomb!"

Zhong Shi's first sentence made everyone's hearts sink, but the next content surprised them quite a bit, "But if this bomb is not detonated in time, the longer it drags on, the lower the effect of this bomb will be." ”

"Gentlemen, you should know that when the debt crisis was raging, Europe set up a rescue mechanism and set up a fund with the IMF that was close to a trillion euros to bail out those countries. So far, three countries, Greece, Ireland and Portugal, have been bailed out, and the debt crisis has temporarily subsided. ”

"Except that Greece is constantly making noise because of its national character. Others, such as Ireland and Portugal, are gradually on the right track. Of course, if we want to see real results, I am afraid that it will be some time. What is certain, however, is that these two countries will return to international debt markets in as little as two or three years, or as many as four or five years. ”

"The effect is already there, and I believe everyone can see it. As a result, both markets and European governments have increased confidence in the bailout fund, and no one doubts the effectiveness of the bailout model, even in the event of a debt crisis in Italy or Spain, even if their economies are much larger than those of Ireland and Portugal. That's why I say that the longer the debt crisis bomb, the less effective it becomes. ”

"In order to boost the European economy, the European Central Bank will do a lot more than just release liquidity. Only in this way will it be possible to solve the debt crisis at its roots. Based on my analysis, I think they may significantly reduce the interest rate on the euro and even use negative interest rates on additional margins in Europe to release liquidity, and even do not rule out the introduction of a QE policy in extreme cases. ”

"As long as there is a slight improvement in economic growth in Europe, there will be no debt crisis in the region. So if you want to profit from shorting Italian or Spanish bonds, now is the best time to do so. But gentlemen, this matter is not singular and can cause a chain reaction. ”

"I'm making a bold prediction here that as rating agencies and markets continue to put pressure on Italian or Spanish bonds, the pressure on the ECB as a whole will intensify. Until a certain point, they will announce support for Italy or Spain, and then I think the whole situation will be reversed, after all, there is a precedent for successful rescues. Not only the bonds of these countries, but also the capital markets of these countries will see a significant increase. That's where faith comes in! ”

"Also, there is one of the most important factors, and I would like to ask everyone here to guess, what is?"

Speaking of this, Zhong Shi deliberately sold a pass and asked the people who were listening attentively below, "I believe that this question should not be difficult for everyone." ”

Frankly speaking, the content of Zhong Shi's speech did not involve too many terms, after all, everyone is an expert, and it is impossible to pass the test if you use some mysterious terms to deceive you. He is just expounding his own ideas of operation and using it as a reference for everyone.

Until now, he has not said a word of incitement.

"It's the euro!"

The fund managers in the audience quickly gave the answer, and there were many smart people among them.

"Yes, it's the euro!"

Zhong Shi nodded approvingly, "It can be said that during this period, the main fluctuations in the euro were caused by the debt crisis. When the Italian or Spanish government bonds are in turmoil, the euro will be under heavy pressure from all over the world, but as long as the European government intervenes, it will have a very big boost for the euro. I think even if you don't increase leverage, you should make a lot of profits. ”

"I see!"

Some people in the audience have gradually understood the meaning of the answer Zhong Shi just said. That is, the previous voice of shorting Italian or Spanish bonds is just a front, and the real target is the euro.

It is not surprising that the leverage that can be borrowed on bonds is limited, but it can easily reach a dozen times or even hundreds of times in the form of money. And once the direction is right, then the return will be very considerable.

"I'm doing this for a very real reason!"

Shorting the euro while attacking Eurobonds is not too unexpected. But this kind of contrarian thinking, and heavy bets on the rally, has opened the eyes of many hedge fund managers. Seeing everyone's expressions, Zhong Shi nodded with satisfaction and continued to explain, "Regarding the debt crisis, I think the top management in Europe has reached a consensus that the rescue should be carried out as soon as possible. So I don't know when and under what circumstances they will make a move. Maybe it's tomorrow, maybe it's next week, maybe it's next month, but either way, it's going to be much faster than before. In this case, once you bet in the wrong direction, I am afraid that you will not even have time to make a U-turn or even close the position. ”

"It's also worth noting that once Europe intervenes, the price of bonds in these countries will rise accordingly, because the risk of default will drop dramatically, even higher than it would be. Gentlemen, I'm sure you won't miss out on this profit, right? ”

When everyone thought about it, this was indeed the truth.

In the face of one attack after another, even the heads of Europe, no matter how pedantic, probably know that this is imminent. Once the European Central Bank or the rescue fund intervenes, the situation is very likely to be reversed in an instant, and at that time, whether it is stocks, bonds or the euro, there is a high probability of a rebound. At that time, those who are short may not even have time to cry.

Most of the people present can think of shorting bonds or even the euro, and many people will think of grabbing the opportunity of the rally, but few people will think that there will be such subtleties in the process of falling and rebounding, and even affect the strategy of operation and the level of risk.

That's what makes Bell Stone so special.

As soon as they understood this mystery, everyone present was impressed, and once again spontaneously stood up and applauded enthusiastically at Zhong Shi.

Ordinary hedge fund managers generally start from the macro economic environment and then derive to specific product trends. But Zhongshi's genius lies in the fact that he thinks not only of all of this, but also of the most critical influencing factors, and is able to judge the most likely outcome of wrestling with each other among these factors. Although his judgment is not foolproof, it is much more reliable than those fund managers themselves in terms of logic and operability.

I believe that there are already a lot of people in the audience.

"One more question, Mr. Zhong, we want to know if the Tianyu Fund has taken action now?"

However, in the midst of the frenzy, there were still people who maintained a rare calm, including a small, mediocre-looking hedge fund manager who stood up and asked Zhong Shi in a sharp voice, "If you can, can you tell us a little bit about your position?" ”

Hearing his words, the crowd immediately fell silent. Indeed, as he said, if Zhongshi does not carry out the entry operation, then the whole thing is very suspicious.

"Of course there is no problem!"

Zhong Shi pondered for a while, and then gave the answer, "Frankly speaking, Tianyu Fund has entered the euro market, and it has entered in the form of spot. As for positioning, I can tell you that this is the biggest trade I've ever made, with hundreds of billions of dollars in spot positions alone. ”

As soon as the words "hundreds of billions of dollars" came out, there was a sensation in the audience.

Although these fund managers say that they have not managed "hundreds of billions of dollars", in some cases, they have been able to leverage tens of billions of dollars in assets by increasing leverage. But the scale of hundreds of billions of dollars in spot and leveraged funds cannot be compared at all, which means that every money is real money.

With such a large amount of money invested, what questions are there about? At that moment, everyone's doubts disappeared, and there was no longer a trace of doubt about Zhong Shi.

But they ignore the fact that Zhongshi only said that he used hundreds of billions of dollars in the euro market, but did not indicate whether he was long or short.

has been singing long euros before, and now throwing out the use of "hundreds of billions of dollars of spot", everyone naturally takes it for granted that Zhongshi is doing long euros, so that no one thinks of asking the question of the direction of operation, which is a blind spot in people's thinking.

After skillfully taking advantage of this blind spot, Zhong Shi also let out a long breath in his heart, and when he saw the heated discussion among the people below, he knew that his momentum had succeeded. (To be continued.) )