"Not bad!" Zhong Shi nodded in satisfaction, looking very happy.

Zhong Yi was very puzzled, a company that did online book buying could make Zhong Shi so interested, which had never happened before. The most important thing is that the website called Amazon has not yet made a profit, and according to Zhongyi's opinion, it is purely a money-burning company.

Due to time reasons, Zhongyi participated in several rounds of financing on Amazon instead of Zhongshi. Jeff Bezos has been fully engaged in building Amazon since he stepped down from Shaw's hedge fund. When he began looking for the first round of funding, he invited 20 investors, and the first round was only a million dollars.

The idea of selling books by e-commerce is very good, but the reality is cruel, the United States has a very large and developed chain bookstore system, and this novel business method also needs time for consumers to get used to it, and as a result, the company that was not called Amazon at the time quickly became unsupportable.

Having learned the hard way, Bezos first changed the name of the company and established the real Amazon of what would become the world, and then sought to refinance to stay afloat. But investors in the first round of funding had apparently lost confidence in Bezos, and it was only in this case that Bezos remembered his connections at Shaw's hedge fund.

It was under this circumstance that Zhong Shi received a call from Bezos, but he was busy calling for wind and rain in the copper futures market at the time, so he handed over all the matters to Zhong Yi to handle, and there were only two bottom lines: the first is to occupy as many shares as possible, and the second is to reserve the right of first refusal to inject capital.

By the time Amazon went live again, Bellstone's Skyline Investment Company had a 20 percent stake. And as he wished, he retained the right to preferential financing, which made Zhongshi very satisfied.

Soon after, at the recommendation of Yahoo, the Internet boss at the time, the number of clicks and purchases on Amazon's website skyrocketed. Despite not yet making a profit, VCs are generally optimistic about the prospects of the fast-growing company, and by the time the second round of funding began in '96, Amazon was valued at a staggering $50 million.

Despite the opposition of many people, Zhongshi still invested $8 million, which, together with the amount invested in the first round, maintained a 20% stake. This puzzled many people, including Zhongyi. Because Amazon was not profitable at the time. And the possibility of profitability is far from being seen.

Jeff Bezos is a master of capital manipulation and naturally does not want to see shareholders with the same shares, even though Bellstone's Skyline Company occupies only one board seat and has never disputed his business policies. But Bezos still decided to go public after several rounds of financing. So on 5/6/97. Amazon is listed on the NASDAQ.

Although the stake was diluted to 13 percent, Zhong Shi did not blame Bezos in the slightest. First of all, the other party is a master of capital operation. He will never let the Amazon he founded fall into the hands of other capital or individuals, in other words, this rudder must be controlled by himself. Secondly, even if Zhong Shi seized Amazon, the leader of the future e-commerce, with strong capital, he is not good at operation and management, and it is still a question whether he can continue to survive.

The news upset Zhongyi, who participated in the entire process of investing in Amazon, and knows how much Bezos has done to dilute other people's equity, including issuing convertible bonds and preferred stock. Zhongyi has always felt that Bezos is a white-eyed wolf, and he has never thought of considering the problem from the other party's standpoint.

"If you build a company, you don't want to lose power, and in this case, you will inevitably join forces and suppress the shareholders who are the most threatened." Zhong Shi said lightly. He was already very satisfied with being able to get into Amazon's board of directors at such a cheap price. If nothing else, by the time Amazon becomes the No. 1 retailer, those shares will be worth at least $13 billion.

Zhong Yi shook his head helplessly, looked at the sparkling sea in the distance, and asked casually: "What have you been busy with lately?" It feels like you're flying around all the time, as if there's a lot to do. ”

Because Zhong Shi is now in his fourth year of college, he is very close to graduation, and his thesis has been approved, which is a paper about the formula of the default function of Gaussian couplings. This so-called Gaussian connection default function, also known as the normal distribution curve, is specialized in probability theory, but can be related to the default of derivatives, and therefore belongs to the category of economics. It was with this thesis that Zhong Shi obtained two bachelor's degrees in statistics and economics in one fell swoop.

It is also a shame to say that the person who invented this formula in later generations is still studying in Canada, and Zhong Shi has no scruples to plagiarize his results, which he planned when he first studied at the University of Chicago, but I don't know if the original author will be changed in the future.

Despite being only an undergraduate thesis, it caused quite a bit of controversy within the University of Chicago. Naturally, this controversy is positive, mostly focused on the rating and pricing of the derivatives market. Because the derivatives market was not as developed at this time as it was after 2000, and because the Chicago School was not at the forefront of the market, the influence of this paper was concentrated in a small area.

A professor who had already won a Nobel Prize invited Zhong Shi to be his doctoral student, but Zhong Shi politely declined. His ambition was not academic, otherwise he would not have gone straight to Wall Street from Caltech.

"I'm playing a game of capital transfer, and it's a lot of fun." Hearing Zhongyi's question, Zhong Shi showed a strange smile on his face, changed his unfathomable attitude just now, and said with interest.

Zhong Yi was stunned for a while, frowned and thought about it, and then asked tentatively: "Copper?" Gold? Or Forex? Because he heard from Andrew that some time ago, Tianyu Fund made a heavy bet in the futures markets of Europe and the United States, and I believe it is the game of capital transfer that Zhong Shi said.

"No, it's bonds!" Zhong Shi held up a finger, shook it gently, and continued, "Guess again, which bond variety?" ”

The London copper incident that led to the ouster of Yasuo Hamanaka shocked the entire global financial community and ended with Sumitomo Corporation's fiasco in the copper futures market.

Although this incident happened in 96, it still has something to do with Zhong Shi, and it is precisely because he joined forces with Yasuo Hamanaka in the copper market at the end of 94 to make the wind and rain that the confidence of Yasuo Hamanaka, who was already arrogant, swelled unprecedentedly.

Yasuo Hamanaka, who thought he had controlled the market price of copper futures, began to build a large position in 95, although the growth rate of Shijie's economy was not as strong as in 94, but he still increased his position aggressively, and even monopolized the long market of copper futures for a time. With the price of the near-month contract much higher than the far-month contract, hedge funds entered the copper futures market in a big way, and launched a huge bet with the bulls led by Yasuo Hamanaka.

Although the hedge funds are menacing, Yasuo Hamanaka is not a good character, and the two sides are fighting to the death in the copper futures market. Although hedge funds once suppressed the price of copper futures to the level of $2,750 per tonne, Yasuo Hamanaka still stubbornly pulled the price of copper futures up many times.

Just when hedge funds were running out of patience, news came from the United States that Yasuo Hamanaka might be investigated for manipulating the U.S. copper futures market, and the LME also announced that it would investigate Yasuo Hamanaka's position. Under double pressure, Sumitomo Trading was forced to dismiss Yasuo Hamanaka, and the price of copper futures also plummeted, falling back to $2,200 or even lower.

Sumitomo Corporation, which has more than 100,000 long positions, suffered a huge loss, losing more than $1 billion when he was dismissed from Yasuo Hamanaka, and more than $4 billion in the subsequent liquidation, for a total loss of $5 billion.

This incident is ranked as the largest loss event in history in the financial world, and Yasuo Hamanaka is also known as the most devilish trader for this reason.

Zhongshi's funds entered the copper futures market in the fall of '95, and by May '96 they were all withdrawn, and he participated in almost the entire campaign. Although he knew that the result would be a fiasco for the bulls, the process was extremely dangerous, and Zhongshi almost used more than $2 billion in funds. Naturally, he made $2.5 billion in profits at Zuihou, more than he could have made in any previous financial battle.

For this global sensational financial battle, the face of the winner is always shrouded in mist, and no one knows who really made the money. This is inseparable from Zhong Shi's secrecy work, he knows that if he offends the Japanese consortium, he is likely to be retaliated, this kind of revenge is not only in the financial market, as long as the Japanese side sends a few killers, it is enough for Zhong Shi to drink a pot.

Naturally, several other bears have concerns about this, and have not revealed any news from beginning to end. However, according to the usual practice, the market has placed the biggest suspicion of this matter on the head of the quantum fund.

It is not unjust to say that Druckenmiller and the Quantum Fund are also involved in this battle, of course, due to the addition of Bell Stone, they have not absorbed enough positions, and the gains are not the largest.

Having said that, when Zhong Shi mentioned that the current investment focus is on bonds, Zhongyi's eyes lit up, and he said with surprise: "Could it be Russia's national debt?" ”

"Not bad!" Zhong Shi nodded approvingly, and then immediately asked rhetorically, "Then guess again, weishenme is called capital transfer?" ”

"Capital transfer, capital transfer ......" Zhong Yi subconsciously muttered a few times, the confusion in his eyes gradually dissipated, and suddenly he shouted, "I understand, it turns out that this is the case." (To be continued......)

PS: Thank you very much for the growth of the book friend rich man for the reward of this book!