Faced with the loss of 40 million lire, Contini smiled bitterly: "Uncle Antonio, I'm afraid it's not enough, you have to calculate more, because IBC and United Radio are about to start preparing for the ......"

Due to Contini's precautionary arrangements and Marconi's influence, as well as the admission of army personnel and the deal with Matteotti, the opening of the Italian National Radio (IBC) was quickly approved, with the Italian government owning 30% of the shares but not directly contributing to them, only providing support in terms of frequency, land and other facilities, and the rest of the shares were shared by Contini and Marconi, with the United Group owning 40% and Marconi owning 30%. In fact, the vast majority of the funds are the responsibility of Contini, and Marconi only provides some necessary equipment and technical maintenance personnel.

The first phase of the overall investment fund is 10 million lire, and it will reach 30 million lire in three years, and almost all of this money will be paid by Contini's joint group.

However, Contini is not without gains, the Italian government and Marconi have said that they will not interfere with the specific operation of the broadcast, and the control can be in the hands of Contini, Mussolini even promised that he will not agree to open the same type of national radio station in the next three years, of course, the implication is also very clear, if the IBC has a report involving the government, Contini must be responsible for maintaining "fair and reasonable" - such as the "criticism" report of "Youth Daily".

Contini knew this, and Mussolini would not leave a radio station to make trouble for himself.

In addition to broadcasting, the United Radio Company will also be set up this year, and the controlling stake will of course be owned by Contini, but the investment will also require him to invest in it, and the Marconi company will only invest in technology, patents and some personnel.

"Young master, in this case, the loss budget may exceed 50 million lira, and our financial pressure will be too great......" Antonio calculated to Contini one by one, "United Motorcycle has invested nearly 30 million lire, although United Airlines has invested less than 30 million at present, but the construction of the two bases in Rome and Milan will at least need to invest another 20 million, and the salary of personnel is a large expense, and the radio and radio you just said will invest more than 20 million lira, I expect to spend at least 120 million lira to be enough...... That's the equivalent of $6 million, and we currently have less than $4 million in Italy. ”

Contini nodded: he made more than 15 million profits from Germany, 10 million went to the United States, 1.5 million to the old Ciano, and he only had 3.5 million, which is equivalent to 70 million lire, and there is still a gap of 50 million lire from this year's expenditure, not counting the messy expenses of the newspaper "Youth Daily" and the Union.

"And our income is pitiful, I don't expect the income to be more than 1 million lire for aviation training, the postal shipping that has just been signed can only be exchanged for 500,000 lire at most, and I don't know how many products of United Motorcycle can be sold, even if I sell 1,000 vehicles, it won't help, because I don't think I can make much money......," Antonio sighed, "I know that these expenses are not exactly losses, many of them have become buildings and fixed assets, and it is normal for losses to occur in the early days of entrepreneurship, But our cash flow will be severely tested, which is very dangerous for the company, after all, there is no reasonable profit model, and the strategy you adopt is to link multiple industries to develop, and when any one of them goes wrong, it will drag down the other companies - even if they are healthy! ”

"We have a favorable position to take out a ......loan," Contini mused, "My father took out a loan of 30 million lire against the family property, which is not counted on the balance sheet, that is, in the case of the Optical Union Group, we currently have zero debt, we can borrow a loan, and I believe that our assets are still somewhat attractive to the bank." ”

"How much are you going to borrow?"

"The Roman base and aircraft of United Airlines can be mortgaged, and the land owned by United Motorcycle can also be mortgaged, so I don't think it will be a problem to borrow another 30 million lira, right?" Contini thought for a moment, "When this fund is in place, IBC and United Radio should also begin to take shape, and I don't think it will be a problem to continue to lend 15 million to 20 million lire." In addition, if funds are really tight, those shares in public transportation can also be taken as collateral......"

Since Contini used the means to obtain a loan from Germany to get some of the vehicles, it makes it logical to take a stake in public transport, and while Contini is unlikely to have a major share in these companies, a 15% stake in the utility is also valid collateral for bank loans.

"Young master, you can do this this year, but what about next year? And the year after? Antonio sighed, "Don't talk about me crow's mouth, I think that these industries of the United Group may not be profitable in the next year, and they must rely on a steady stream of investment." ”

"There is no need to worry about next year, first, the products of United Motorcycle will open up sales; Second, our investment in the stock market has paid off......"

The reason why Antonio can still sit down calmly and talk about these issues is that the 1,000 dollars in the United States still gives him confidence, but as soon as he talked about the results of speculation, his brows immediately wrinkled: "Young master, there is not very good news, I am afraid you must be mentally prepared first, the American stockbroker sent a telegram, the first batch of 5 million US dollars of shares have been fully bought, but the US stocks have continued to fall during this time, and we have lost almost 300,000 US dollars." ”

"It doesn't seem like the drop is too much...... "Buying another $5 million, the list of purchases is the same as last time, and I hope to do it by March without attracting the attention of the market." ”

At present, the U.S. stock market implements a margin trading system, as long as it exceeds $10,000, you can use a margin account to trade, but the leverage of stocks is not as high as foreign exchange and bonds, according to risk management and size, at least 10% of the margin must be paid, but now Contini does not dare to put all the leverage on the full, Mark speculation told him a lesson: even if you fully know the trend of history, a small pullback in the middle is enough to kill, So after he took out $10 million, he only dared to buy 10 million cautiously first, and then carefully leveraged a little, if he directly went up 10 times in one breath, as long as it fell by 10%, it would be all over, and a 10% drop in the stock market was a normal pullback.

Antonio couldn't understand Contini's confidence, he thought that the U.S. stock market could rise or continue to fall, and although it seems difficult to lose $10 million in this buying method at the moment, who would dare to predict that it will rise next year? Even if it does rise, it will have to rise enough, and if it only grows by 10%, it will not help the situation in Italy at all. However, he is a smart man, it is only February, and the money that the young master got from Germany has not been fully spent, he can still observe and observe, and when it is time to stop, he will forcibly order the strong man to break his wrist.

"Well, since you are so confident, I will send a telegram tomorrow for the American side to do so."

"Don't worry, you'll find out next year." Contini was full of ambition, "Now that our business is start-up, we must have an indomitable momentum, these are strategic losses, and we can't do big things by calculating everything, I have decided that after the stock market rises next year, I will take some money back to run a bank - open up a complete financial closed loop!" ”

Antonio couldn't help but shake his head when he heard this: there are already three loss-making industries, and the young master is eyeing the new bank, no matter how you look at it, it doesn't seem like the rhythm of doing a lot of work, it is clearly a harbinger of a big loss. Young people are not down-to-earth, and they only think about making big news all day long.

But this sentence can't be said for the time being, at least not yet......