Soros learned about Bell Stone's shorting of Stanley stock from an insider at the Tianyu Fund, and he didn't even tell John about it. Mark. Combined with the news he saw on TV today, he quickly came to an astonishing conclusion that Zhong Shi and his capital were shorting the five major US investment banks.

This conclusion gave Soros a great shock, knowing that the five major investment banks on Wall Street represent American capital in some way, and it takes great courage and audacity to short these companies. And from the defense of Hong Kong that shocked the world in 98, Soros found that Zhongshi has never lacked these character traits.

Now the remaining question is, when exactly will Zhong Shi choose to make a move?

Although it is a preliminary guess, Soros has made up his mind that he must not miss this unprecedented capital feast, even if he can be regarded as helping Zhongshi in some way.

It's just that Soros couldn't have imagined that this Zhong Shi, who can create huge expected returns and make him temporarily put aside his prejudices, has become a clown who is not worth mentioning in some people's mouths.

"Look at it, they're already pouring money into Freddie Mac and Fannie Mae, and if we don't do anything, I'm afraid we're really going to miss the fighter!"

A tall, thin middle-aged man stood up and spoke impassionedly to everyone in the conference room. His face was emaciated, his beard was sloppy, his eyes were bloodshot, the suit on his body was also wrinkled, and there was a faint abnormal smell emanating from it, which was completely raunchy. But it is exactly what people who dress up like this say, and no one dares not to ignore it.

On the 88th floor of the top floor, more than 20 analysts and economists gathered in a large conference room to discuss the next investment move.

As one of the tallest buildings in Yanjing, Huatou bought the entire ten floors of the building as office space. From here, you can see almost the entire scenery of Yanjing City. Working in this environment always gives people a feeling of refreshment and relaxation. But today, in this conference room, this kind of emotion is not felt in everyone's body, on the contrary, there is a strong smell of gunpowder.

Zhang Hang is the deputy general manager and chief economist of China Investment Corporation. Forty-five years old. After graduating from the Huaxia Academy of Social Sciences, he has won two "Wonderful Awards", which is the highest award in Chinese economics. As an economist in the system, he has a unique way of studying the combination of policy and market, and has made suggestions for the formulation of policies at the highest level many times, and is one of the top think tanks in China.

After the establishment of Huatou, there was a person who appointed him to the position of general manager, but the background of institutional economists limited the appointment of Tongguò. Because for Huatou, their huge capital exports are a mature market economy market abroad, not a "policy market economy" market in China. So in the end, he could only enter Huatou as the chief economist and deputy general manager.

Because the gameplay of the capital game in the international market is completely different from the gameplay in China, Huatou is naturally divided into two factions: returnees and locals. Although this statement has not been publicly confirmed so far, in private, the open and secret battles between the two sides have been in full swing in all aspects, and the leaders of both sides are none other than Gao Dongfang and Zhang Hang.

Originally, the returnees had a steady upper hand within CIC but were overwhelmed by overwhelming criticism after investing in two failed businesses, Beleroque and Stanley. And the localists also took the opportunity to rise to the top and make their voices heard.

Zhang Hang was a little sloppy. However, the academic literacy, at least the study of politics and economics is first-class, otherwise it would not have won the "Wonderful Award" twice. And the "capital injection" he said was just announced by the Federal Housing Finance Commission on the 24th, which approved the Federal Home Loan Bank to increase its holdings of more than $100 billion in the MBS issued by Freddie Mac and Fannie Mae.

The so-called MBS, or Collateral-Backed Bonds. It is the securitization of residential mortgage loans, and the income from the conversion into bonds is partly derived from the principal and interest generated by the loan. This is actually essentially a guaranteed debt bond, and the difference between it and CDO is that the target of MBS is single, only housing mortgages, and the guarantee object of these MBS is often the government. Rather than an insurance company, it has a higher credit rating and less risk of default.

The Federal Home Loan Bank of the United States increased its holdings of the "two-house" MBS by $100 billion, which in essence injected a total of $100 billion into the two companies. As a result of this news, the stocks of the two companies rose sharply, and the rumors that subprime mortgages might affect the "two houses" were naturally dispelled.

At least for the time being, there is no sign of any crisis in the "two houses".

Within Huatou, a consensus has already been reached on investing in "two houses", and everyone understands that there must be business opportunities where the crisis occurs. But the question now is whether to buy "two-house" bonds or stocks, and when and at what price is appropriate, these questions plague everyone, including Gao Dongfang and others, who are at a loss for what to do.

In fact, even if Bernanke were to think about it, he would not be able to predict exactly what would happen in the future, knowing that he was the one who had the power to make monetary policy.

"I don't think so!" Seeing that there was silence in the conference room, Gao Dongfang had to stand up and speak, "Choosing to inject capital at this time just shows that the financial condition of these two companies is not good, and the power of subordinated bonds has affected the operation of the two companies." In this case, we should continue to observe and see what else will happen. ”

"Come on, Manager Gao, I think you've been scared!" Zhang Hang's eyes were bloodshot with excitement, and they became more and more red, "You should have become timid because of the failure of the previous two transactions, and now you have become timid." I told you a long time ago that you must make decisive decisions, don't miss out on good investment opportunities, and don't care too much even if you are criticized. But what about you, look at yourself, what have you been doing in the United States during this time? I made a lot of reports and numbers, all of which seemed to be conclusive, but none of them were conclusive, all of them were ambiguous words. ”

said. Zhang Hang slammed the thick stack of texts in his hand on the conference table, pointed at Gao Dongfang and said sharply: "This is an investment company, a sovereign fund, put away your bureaucratic set." If you don't take action again, I will definitely report to the higher authorities that you, the general manager, are too incompetent. ”

These few words are like turning their faces. Therefore, when Zhang Hang said it, the conference room, which was originally silent, was even more silent, and everyone held their breath, waiting for Gao Dongfang's response. Many of them even had gloating expressions on their faces.

At this time, although Gao Dongfang's face remained unchanged, he actually almost exploded his lungs. He had already expected that Zhang Hang might make a big fuss about this matter, but he never expected that the other party would covet the position below him, and he planned to take this opportunity to oust himself from power. You must know that there are people behind Zhang Hang, and there are naturally high-level support behind him, and if you simply compete with the background, the two sides can be said to be indistinguishable.

But now their side is weak. The pressure on his back is very huge, and he must be cautious and cautious with every step, and Gao Dongfang also believes in Zhong Shi's judgment in his heart, that is, the power of subordinated bonds is far from being fully released, and the market has not yet reached the bottom, so at present, he can only hold back the anger in his heart and explain curtly: "Manager Zhang, if you have any opinions. Although to go to the board of directors and higher levels to reflect. I have already made my position clear, after combining our own and the opinions of all parties. I don't think it's the best time to get in, so I'm holding my ground for now. ”

"Opinions of the parties?" Zhang Hang's voice became more and more high-pitched and sharp, "Are the parties you are talking about, is it mainly this guy named Zhong Shi?" Hehe, where the hell did this guy come from? Isn't it just a little tyrant huddled in Hong Kong? Have you published a few inexplicable papers? Luck aside, I'll grab a lot of this kind of goods. When will this kind of opinion be used as a reference by the senior manager? ”

"This kind of goods?"

Finally, some people couldn't stand Zhang Hang's behavior of sitting in the well and watching the sky. I saw an analyst stand up indignantly, ignoring the discipline and identity gap in the venue, and sneered at Zhang Hang, "Manager Zhang, since you said that this kind of goods is not worth mentioning. Grab a handful. I'd like you to give you an example of who can stop Soros from attacking Hong Kong, who can short Bear Stearns a year ago, and who can set up a hedge fund giant like Buhua to liquidate it in the energy market? Manager Zhang, as long as you can name an example, I promise to resign immediately! ”

In recent years, due to the rapid economic development, Huaxia's capital has also begun to go out of China and enter the international market. But without exception, these attempts have failed. Among them, there have been fiascos in the copper market, the cotton market and even the jet fuel market that shocked the industry. So don't say that let Zhang Hang cite a case comparable to Zhongshi in terms of performance, it is even difficult for him to cite a successful case.

Zhang Hang, who knew this, suddenly blushed, glared at Zhou Qilun dissatisfied, but in his heart he was quickly searching for the tables of Huaxia Capital in the international market in recent years, but after five minutes, he still couldn't find a case that could be used. Annoyed and angry, he slapped the table and scolded fiercely: "How old are you, do you have a place to speak?" Besides, is it Zhongshi who brought down the Unwithered Fund? How do you prove that you are not talking nonsense? ”

Who is the mysterious institution that shorted the non-withering fund, the market has different opinions on this, and many people believe that the mastermind behind it is John of Sagittarius Energy Capital Management. Arnold. The reason why Zhou Qilun knew about this was that he heard it from a college classmate who used to work under Hu Ping.

Naturally, he simply couldn't prove it. However, he could see Zhang Hang's face, pouted and sneered at the moment, rolled his eyes with disdain, and sat back in a stunned gaze.

Zhang Hang saw Zhou Qilun's expression clearly, he obviously felt that his authority had been challenged, and when he saw the slightly strange eyes of others, he was even more angry in his heart, and his eyes were almost bursting with fire. Just when he was about to slap the table and get angry, Gao Dongfang had to stand up and play a round.

For such a subordinate, Gao Dongfang is also very helpless, unkempt, and short-tempered are all trivial things, but it is taboo to bring these feelings into investment. It is undeniable that Zhang Hang is indeed a talented person, but his talent is only reflected in the understanding of economic academics, and in practice, he is not as good as a trader. The most terrible thing is that his eyes are low but he is also valued by some high-level officials.

Zhou Qilun stood up to speak for himself, and Gao Dongfang naturally wanted to stand up for him, which was one of the reasons why he stood up and played a round. What's more, he had just come up with an ingenious idea that could divert Zhang Hang's attention, and he didn't want to waste his precious time in this boring battle of wills.

"Okay, let's not discuss the matter of outsiders here, so as not to hurt the peace." Gao Dongfang coughed lightly, first controlled the topic of the conference room, and then said to Zhang Hang, who was still full of resentment, "Manager Zhang, since we can't convince each other, how about we come up with a compromise plan?" ”

"What compromise?" Zhang Hang was stunned for a moment, but he was really attracted to attention, and he didn't care about the trouble of finding Zhou Qilun.

"Take out one percent of the funds, limited to one year, and there is no limit to the investment variety. Part of it is based on your decision-making, and the other part is based on me, let's see who has the higher yield. Gao Dongfang's face showed a smile for the first time, "Of course, this is not a competition, but an investment choice under different investment ideas, which can also be regarded as a measure to diversify risks." ”

In fact, Gao Dongfang's Tiyì is essentially a competition, an investment competition with a total amount of up to $10 billion. Of course, in order not to give people a handle, Gao Dongfang described it as an act of "diversifying investment risks". $10 billion seems like a lot, but the average split between the two teams is only $5 billion, which is only part of the funds for China Investment, and the time is set within a year, which is not too big a problem in principle.

"Absolutely!" Zhang Hang naturally wouldn't say "no" to such a challenge, he just thought for a while and agreed, but quickly added, "But there is another condition, the object of our investment must not be the same, otherwise it is easy to be taken advantage of." ”

Gao Dongfang naturally understood what the other party meant, and nodded with a smile at the moment, which was considered to be a promise. (To be continued......)

PS: Thank you book friend davidfox, the wind waiting for the mooring, the kalm god, drifting in the Mediterranean, calling brother, crazy, and Ryoko 913 for voting for the monthly ticket! Thanks for the evaluation vote of jett1968! On the last day of the month, come on and write more, I hope that all book friends can continue to vote for more monthly tickets, thank you very much!