"So what are we going to do now?"

The analysts looked at each other and were speechless, they didn't know why their boss had come up with Erin. Cullen was lying, and he didn't know how they would respond in the case of the other party's "lying", no, he should be talking about how to get the number from Kaminari Brothers.

"Before that, she told me that they were going to re-register the assets once a week, but now she told me that I was going to have a daily valuation, and this blatant deception didn't even bother to explain." David. Einhorn was indignant, but helpless.

Wall Street is very welcoming to short selling, especially market makers. First, the average price of some of the long-term bullish stocks they hold is very low, and short-term shorting has little impact on their returns; The second is to lend out their shares, and they can also get a large amount of interest income, so why not?

But it was precisely this short-selling mechanism that they had strongly supported turned into a life-threatening rope that could kill them when disaster befell them. After the overnight crash of Bear Stearns, the wind changed the direction of the whole Wall Street, and all the investment banks began to blame the short-seller mechanism and the short-sellers, forgetting how they supported these short-sellers before that.

And for David. Short sellers like Einhorn, Erin. Naturally, Cullen and the forces behind her will not treat each other well. However, despite their repeated efforts to cover up the problem, the problem was discovered by the other party one after another.

In late April, Greenlight Capital hinted in a strategy note to investors: "In terms of the overlap of balance sheets and the company's business, there is no difference between Rehmen Brothers and Bear Stearns." ”

Although the strategy report is internal in nature, it has not been widely circulated. But the management of the Kaminari brothers still got a copy through guò connections, and the words scared them half to death. They realized that hedge funds were starting to target the Kaminari brothers, and it was clearly not wise to make a big deal out of it in this situation. Because this would expose Kaminari Brothers to the magnifying glass of the entire market. After some discussion, the management of Lehman Brothers, who had already been frightened, finally decided to solve the problem privately with Greenlight Capital, and the way was to negotiate amicably, answer all questions, and explain the problems from Greenlight Capital in an all-round way.

But as Greenlight Capital's problems deepened, including Erin. Karen Bros. executives, including Karen, are increasingly overwhelmed. Soon they realized. If you know everything, the internal problems of the Kaminari brothers will soon be exposed in front of this empty head, and maybe the Kaminari brothers will face a catastrophe at that time. In this case, they began to consciously prevaricate the perfunctory problems from Greenlight Capital, and delayed as much as they could.

Like Erin today. As soon as Cullen heard that David. Einhorn's question, his head buzzed at once, and he answered one indiscriminately at the moment. She didn't realize her mistake until she hung up, but she wasn't going to call again to explain, because it would be more of a cover-up.

"Good! Good! Good! ”

A fierce look from David. Einhorn's face came to mind. Then he gritted his teeth and said, "Since they dare to be so perfunctory to investors, then don't blame us for acting as the knights of the market." ”

With that, he turned on the phone and began to crack on the keyboard. Soon an e-mail was coming from his staff, stating that he would quote Erin in a seminar. What Cullen said before, the recipient is naturally Erin. Karen.

"Boss, this is undoubtedly an ultimatum!" An analyst said worriedly. "If you hit the OK button, we won't be able to get any more non-public numbers from the Kaminari brothers!"

Although the figures on the financial statements are public. However, large investors can still ask about the specific situation of some businesses through the executives, and of course, this is not against the law. And once this relationship is severed, it means that there is information asymmetry, which is the consequence of extremely strict zhòng.

"Are there fewer people who tear their faces with us?" David. Einhorn didn't hesitate at all and pressed the OK button directly. The next moment, the email was sent to the other party's mailbox, and after looking at the reminder that it was successfully sent, he replied indifferently, "I have long been used to this kind of treatment." You may not know it yet, when I shorted United Capital. The other party not only confronted me in court, but also found someone to tap my personal phone, and there were even rumors that he wanted to buy a murderer. ”

None of these six analysts experienced the sensational short-selling incident a few years ago. Einhorn recounted this past with a look of extreme curiosity and eagerness on his face. They had all heard about the events at that time, but they were all rumors from outsiders, and it was rare for those who witnessed today's events to speak, so they naturally waited attentively for the following.

"Want to know what's next?"

Who would have thought that they pricked up their ears and waited for a long time, and they didn't wait for Davy. Einhorn continued, but waited for another sentence, which made them almost vomit blood, "If you want to know, go buy my book, "All the Way to the End", which contains what you want. Einhorn said with a smile.

"Boss, you're already a billionaire, do you still lack this money?" Immediately, some analysts couldn't help but complain loudly, "We just want to hear the story." Don't worry, we'll definitely buy your book, but before that, why don't you reveal some unknown secrets to us? ”

As soon as this remark came out, it immediately aroused the applause of other analysts. After all, listening to the person's dictation is not the same as the feeling you get from reading a book.

"How did you reply so quickly?"

David. Einhorn's enthusiasm was also infected, and when he was about to describe it to these analysts vividly, a reminder of the email came from the computer, and this usually crisp and pleasant voice was like pouring a basin of cold water on everyone's heads, instantly extinguishing their burning gossip fire, and everyone's faces could not hide their disappointment.

Among the disappointed crowd, only Dave. Einhorn's expression moved, as if he realized something, and he quickly opened the email, and his face suddenly sank.

After realizing that their boss's feelings were wrong, the analysts put away the expressions on their faces. Consciously towards David. Einhorn gathered around, "Boss, what's going on?" What did the other side say? An analyst asked.

"The only feeling I have now is that I have been calculated by you and Greenlight Capital. You and your analysts have orchestrated traps for me to say what you want to hear without even noticing, and then submit it to investors. Nevertheless. You can pick and choose from the conversation anything that satisfies your theory, but I have to say that your misleading behavior is very shameful. From now on, you should not try to get anything real from me, and we will not continue to deal with people with evil intentions. ”

Unlike David, who was silent and silent, the analysts' reaction was much more intense:

"It's a real back-and-forth, as if they've fallen into a trap."

"Now he doesn't even have this kind of affection, and he wants to cut off relations with us. Damn, the tone is aggrieved as if he's a victim. But in fact they are the real criminals! ”

……

"Enough!"

Just as analysts were in unison with the Thunderman Brothers, David . . . Einhorn finally couldn't stand the noise and couldn't help but shout loudly, stopping this meaningless cannon, "This is a provocation to us." Okay, we'll take on this challenge, George, find me Alan. Thorne's phone number from the organizers. I want the whole world to know about the Kaminari brothers. ”

After saying that, in the stunned eyes of many analysts. He crackled on the keyboard again.

David. Einhorn was a tough man, and many times people focused on his handsome appearance and outstanding performance, thus ignoring this. In fact, this man who was able to finish third in the World Texas Hold'em Championship as an amateur has a kind of persistence in his bones that does not admit defeat, and it is this persistence that makes him more and more frustrated in the face of pressure.

This time, the Kaminari Bros. executives clearly chose the wrong opponent.

Allan. The Thorne Conference was a charity event that was originally intended to commemorate the 29-year-old analyst who died of cancer, Alan Brown. Thorne. But soon it became a vanity fair. The performers at the center of the stage are billionaires from hedge funds.

In simple terms, every invitation or application at Allen. The speakers at the Thorne conference are usually hedge fund managers, and these ambitious investors use the conference to pitch their investment ideas on stage, which gives them a certain amount of popularity, of course. With increased visibility, there are also corresponding benefits.

It's a feast for hedge funds. Despite the high barrier to entry, which costs at least $3,000 per ticket and only 1,000 slots, investors from all over the world continue to flow. Every year, emerging hedge fund managers emerge from the conference, and the stocks, bonds, or other investment targets they introduce rise and fall sharply.

To put it bluntly, the funds that can be leveraged by this conference are calculated in hundreds of millions or even billions. Although hedge fund managers name only one or a few stocks as an example, some investors will buy or sell the corresponding underlying based on the introduction of these managers, causing sharp price swings in the short term.

And once on this stage, the analysis of the corresponding stock will undoubtedly be announced to the world. David. Einhorn has made up his mind to openly tear up his face with the Kaminhamon Brothers and make their research results public to all investors at this meeting.

"My colleagues and I don't think we're being dishonest, or that we're deliberately misleading or trapping in our interactions with you. On the contrary, we think that there are people who are truly dishonest. In addition, if you have any complaints about the process of our exchanges, you can make those conversations public, or even report them to the regulators. I don't think you have any need to hide them! ”

As a sign of their determination to go short, as well as to Erin. Karen's tough response, David. Einhorn wrote. The wording is completely aimed at what the other party said, which can be described as a needle-to-wheat mang. Finally, he wrote, "I'm going to be in Allen. The results of our research will be made public at the Sso Conference, and if you still have any doubts about it, you can attend the meeting and have a public debate with me. Let the market tell you and me, who is playing the dishonorable role. ”

After writing it, I showed it to the analysts again, and after there were no major problems, Davy. Einhorn sent the sternly worded email.

However, they were disappointed that after waiting for half an hour, they still did not wait for the email from the Kaminari brothers, which made them very bored. The people at Greenlight Capital know that Erin. Cullen must have seen the email, and the lack of a reply to the email already represented her attitude.

"Oh no! There's one thing we've all overlooked! ”

Just when everyone shook their heads and sighed, and was about to disperse, an analyst suddenly shouted, and when he saw that everyone's eyes were on him, he said with a bitter face, "This meeting is sponsored by the Kaminari brothers!" ”

"Shit!" Everyone gave him a middle finger up. (To be continued......)

PS: It's not too late today, and I wrote it out on time, but I didn't expect to see a single monthly pass...... I hope that everyone will still enthusiastically support this book, and the author is grateful to vote for those who can vote~