In the United States, there is a saying that there is a certain racial ratio in both the private sector and the public sector, and that people of all colors are recruited, even though it is clear to everyone that this is still a white supremacist country.

In a certain way, it should be attributed to this kind of "political correctness", and the Chinese American group, who are naturally intelligent and proficient in mathematics, quickly made a name for themselves on Wall Street. While there are only a handful of Chinese or Asian faces on Wall Street as a whole, some of the group's achievements are impressive.

And young people like Hu Ping, who graduated from prestigious schools and have deep mathematical skills, although they are only in their thirties, are already part of this successful group. Working in the fixed income division of Lehman Brothers, he is a well-known figure in the bond market, making a fortune of $1 billion in a calendar year.

Because he was not happy at work and was involved in a lawsuit because of the jealousy of his colleagues, Hu Ping left Lehman Brothers. And there is no shortage of star traders like him, including hedge fund giants such as SAC, Renaissance Technology and Buyinghua, who have sent him invitations. But after careful consideration, Hu Ping finally chose the letter of appointment handed over by Zhong Shi.

In addition to giving up to $3 billion in capital operation quota, Zhong Shi also increased the team's dividend ratio to 12%, which is two percentage points higher than Wall Street's highest dividend amount, which is why Zhong Shi was able to retain Hu Ping in the end. Of course, Zhongshi is also very clear. An ambitious person like Hu Ping will only be able to work under him for a few years at best, and the ultimate goal of such a person is to build his own hedge fund, so even if he stays for long.

As for the position of the withered fund in the natural gas contract, it was the first task that Zhong Shi gave him after hiring Hu Ping.

"Their collapse is a matter of time!"

These were the first conclusive words that Hu Ping said to Zhong Shi after months of research. However, just as Zhong Shi nodded secretly, Hu Ping continued: "The problem now is that we don't have enough positions to compete with them, and if we open a position at this time." I'm afraid it's September. We also don't have the ability to open enough positions. ”

Although it is different from the previous investment direction and variety, and he is not from a professional background, after several months of painstaking research, Hu Ping has been confident that his team is not weaker than those traders who have been immersed in it for several years or even decades in terms of professional knowledge and research judgment. Because they complement the manpower of meteorology, geology, as well as employees of former energy companies. In addition, he is a core figure who is good at capturing market motives. The basic framework is already in place.

"You don't need to worry about this, I've got enough positions for you!" Zhong Shi smiled slightly and took out a piece of paper from his arms. It was gently delivered to Hu Ping's face.

"It's ......"

Hu Pinghu looked at Zhong Shi suspiciously, and did not immediately reach out to take the paper, but was waiting for Zhong Shi's answer, but soon he realized that the other party did not mean to explain, so he smiled bitterly at the moment, took the paper and opened it, and was immediately startled.

"It's ...... This is...... This is the position of the Mother Rock Fund! When he saw the huge position on the paper, Hu Ping's face was cloudy, and it took a long time for him to ask Zhong Shi tentatively.

In the past few months, he has not been busy in vain, and he is naturally very aware that in the current market, all kinds of hedge funds and other hedge funds are frantically doing things against each other, and one of the larger hedge funds is the Mother Rock Fund. However, because of financial inadequacy, just a few days ago the mother rock fund announced its liquidation, and the position of natural gas is not known to be transferred to whom, and now it seems that it was his boss who bought the other party's position.

The mother rock fund also does shoulder arbitrage, and the direction is completely opposite to that of the non-withered fund. However, due to the sudden news of the imminent formation of a hurricane in the market, the mother rock fund was financially outstretched and finally chose to liquidate. They piled up a lot of arbitrage positions in September and October of '06 and March and April of '07, with a total of about 30,000 lots open, and used to be a pivotal player in the market.

In September and October of '06, the position of the Mother Rock Fund was about 10,000 lots, because after the news of the formation of the hurricane, they were liquidated in large quantities, so the size of this part of the position was small. In terms of the hedging position in the far month, the mother rock fund holds a total of about 20,000 lots, and because it is deliberately encircled and does not wither hedge funds, the unit price difference between each contract in the month next to each other is very large, reaching a staggering 2.5 US dollars.

"Yes, it's exactly the position I bought!" Zhong Shi did not deny this, took out a cigarette from his arms, lit it, and said leisurely, "I bought it with great emotion when I saw the huge price difference in their positions." Now that the basic positions are also in place, and the funds are soon in place, it is up to you to operate! ”

"You can rest assured that the spread between different months will pull back a part of the profit, after all, the spread is too large. However, I really don't have much confidence in the defeat of the hedge fund that you are asking for, after all, the other party has always owned tens of billions of dollars in funds, and I can't imagine that a fund of this size will fluctuate. ”

Although Zhong Shi had already confessed to Hu Ping, Hu Ping didn't take it seriously, although he had witnessed the upheaval that often appeared in the market, Hu Ping himself had not participated in any of them, so he could only reply to Zhong Shi like this.

The most recent collapse of large hedge funds in the market was in 2000, when the $25 billion Tiger Fund was redeemed $16 billion in a matter of months due to frequent missteps in technology stocks. After the remaining funds were no longer sufficient to cover operating expenses and employee compensation, Julian Anderson. Robertson had to announce the return of the remaining funds, turning the once-illustrious Tiger Fund into a family fund.

And this qiē, Hu Ping has never experienced. So when he heard that the unwilted hedge fund had been brought down, he only thought it was an ultimate goal.

"No, no, it's actually quite simple!" Zhong Shi spat out a puff of green smoke and a strange smile appeared on his face, "Do you know where the biggest problem with this kind of fund is? It's not really about what they invest in, how they invest, or what direction they are heading. The big question is whether their investors still have confidence in them, at the end of the day. The money they take care of is not their own. So when investors flock to redeem their funds in the event of a potentially large loss, that's when they crash. ”

"Of course I do!" Hu Ping smiled bitterly. Slowly shook his head. Said. "The problem is that they continue to make money, even more than everybody. At such a time, there will only be a large number of people who want them to take care of their funds, and no one will be stupid enough to choose to quit. ”

"But what if there's a loss?" Zhong Shi smiled disappreciably, and after pressing the cigarette butt into the ashtray hard, he said meaningfully, "If there is a huge loss, and it occurs in a very short period of time, at that time, even if the previous performance is too good, I am afraid that investors will have uncontrollable panic." ”

Frowning and thinking about it, Hu Ping had to admit that what Zhong Shi said was a possibility, but it was only a possibility, because the probability of a possible occurrence was really a bit low. He had to remind loudly: "Boss, you're right. But it depends on God. As he spoke, he pointed his finger upwards and added, "God, the weather! ”

"You're talking about one aspect!" Zhong Shi nodded and agreed with him, but the next moment, he waved his hand and said, "Not to mention that what happened last year was a small probability, I believe your team should have a basic judgment." Even if there were hurricanes of the magnitude of Katrina and Rita last year, oil and gas refining plants would have learned from last year's lessons. In other words, even if a situation like last year's severity occurs, natural gas futures are unlikely to deviate too much from the market, because there is one more market expectation, and the current divergence spread is caused by this expectation. ”

After pacing back and forth for two steps, Hu Ping did not speak, still carefully digesting Zhong Shi's words. He somewhat understood what Zhong Shi meant, but the market is changing rapidly, and no one can guarantee that the market will develop as they expected at the next moment, so Hu Ping is thinking about whether to take part of the profits and leave the market, or directly nail the huge position that does not wither in the market with a stick.

Because of the different goals, the selected operation strategies are very different, and the corresponding stop-loss and take-profit levels are very different, so Hu Ping must first clarify what he wants to do before he can continue to take action.

In the face of Hu Ping's hesitation, Zhong Shi did not say more, but opened a bottle of brandy, took out a few ice cubes from the bar, poured half a glass of wine, slowly shook it gently, and waited for Hu Ping's final reply while tasting the wine.

Hu Ping is a man who enjoys life, as can be seen in his spotless office. The dark red oak floors cover every corner, the crisp touch sound is heard when you settle down, and the minimalist décor makes the whole office look simple and beautiful, and the abstract paintings hanging on the walls are the only few colors in this mainly black and white office. But Zhong Shi watched it for a long time, and he couldn't tell whether the thing on the screen was a naked woman or a monster.

In addition to the necessary office area, to the left of the office is a bar counter that is common in the solo offices of the Wall Street elite. Unlike many bars set up in the office, this one is one size larger than the normal bar, and the shelves in the back are filled with a variety of drinks, and even many varieties of wine bellstones cannot be named. And most of them have been opened, so it's clear that Hu Ping didn't just put them here for decoration.

A moment later, Hu Ping also walked over, his face was solemn, without saying a word, he directly took several unknown drinks from the bar, opened them one by one, poured a few into the silver shaker, closed it and began to shake it skillfully, five minutes later, he opened the shaker, and slowly poured out two glasses of strangely colored mixed wine.

Zhong Shi watched him quietly as he did this, not interrupting from beginning to end, he knew that everyone had their own way of doing things, and it was obvious that when making important decisions, Hu Ping in front of him was used to using bartending to help him sort things out.

After sandwiching a slice of lime and two cherries into the goblet, Hu Ping still pushed the wine glass in front of Zhong Shi without saying a word, and at the same time raised another glass of wine high and shook it slightly towards Zhong Shi.

"?" Zhong Shi asked with a smile.

"It's done!" Hu Ping was arrogant, and as soon as he raised his head, he drank all the wine in the wine glass, and then slammed the wine glass on the bar. I don't know if it's because the wine is too strong, or because he is too excited, Hu Ping's eyes became extremely red, and he was looking at Zhong Shi provocatively at this time.

Zhong Shi heard it very clearly, and what he said was "dry". (To be continued......)

PS: Thank you book friend K00 for voting for the monthly pass! As the holiday approaches, although some of the busyness will gradually go away, but the busyness has never ended, since the busy hospital half a year ago, it is destined that life will never be satisfactory. Looking back, this is no longer the case, not only has the idea of a new book had to be put on hold, but even the existing one is difficult to guarantee at least once a day. However, I will still do my best to persevere, and I believe that life will eventually turn around. The only thing that has given me a lot of relief recently is that all of you are still silently supporting this book, which has undoubtedly given me a lot of motivation, and I would like to express my deep gratitude to all of you for your support, understanding and understanding.