Henry Paulson couldn't believe that it was not difficult for hedge funds to achieve an average annualized return of more than 12% for a well-played institution.

Many organizations can do this.

As for the scale of 100 billion, there are people who can also achieve more than 12% of the income.

Very simply, taking Berkshire as an example, Warren Buffett's asset management company, they do not conduct public fundraising, but only invest in stocks and foreign exchange markets, with an average annualized return of 21.46%.

At this point in time, Berkshire's equity assets alone are more than $80 billion.

It's an exaggerated annualized rate of return, right, such a long time, such a high yield and stable performance.

But at the same time, the average annual share price growth rate of S&P 500 stocks in the 42 years from 1965 to 2006 was also 10.4%.

That is to say, if you insist on holding the S&P 500 at a slightly higher level, you can achieve an annualized return of more than 10%.

Bernard Madoff was the former chairman of the NASDAQ and served as chairman of the NASDAQ during the most brilliant decade of the Internet from 1991 to 2001, and under his leadership, the NASDAQ became a stock exchange that could compete with the New York Stock Exchange.

Madoff proved his investment prowess before becoming chairman of the Nasdaq.

Henry Paulson, who had dealt with Madoff many times when he was CEO of Goldman Sachs, couldn't believe that the other party was playing a Ponzi scheme.

Such a famous big man, purely in terms of resume, is better than him, even if the deal fails, it is better than no trade.

After the transaction failed, it can be said that he believed in his own ability too much, and after the failure of the trade, he wanted to continue to maintain his past reputation, so he began to play the trick of Ponzi scheme.

But the federal investigation found that Mr. Madoff had been a scam from the start, and that his hedge fund had not made a single transaction until 2003.

That said, Madoff had the intention of defrauding all investors from the beginning, which is terrible and very illogical.

With the other party's qualifications in presiding over a series of listing cases such as Cisco, Baidu, and Apple, insider trading alone is enough to maintain a fund with a scale of 10 billion yuan and an annual income of more than 10%.

In the original space, Madoff was finally charged with money laundering among the charges he was federally charged, and there is evidence that he helped some criminal gangs in South America launder money, but this part was insignificant in the entire amount he raised.

Madoff's worst was a Ponzi scheme.

To be honest, the financial crisis was even a good thing for Ameriken to a certain extent.

Because the financial crisis and the bubble of the capital market, like the ebb and flow of the tide, it is a natural law, which helps the globalization system constructed by capitalism to be healthier, and helps Wall Street to harvest high-quality assets around the world with every financial crisis.

But it has to be a limited financial crisis, too severe a financial crisis, and the capitalists of Ameriken and Wall Street will also lose a lot.

When Fannie Mae went bankrupt in July, Fed committee members began to meet frequently, and Henry Paulson participated in most of them, which were very unoptimistic because the crisis risked getting out of hand.

Henry Paulson already regretted coming to Washington to take the post, and continued to wait at Goldman Sachs for the crisis to come and harvest the world.

An even heavier blow is Madoff's Ponzi scheme, because of the fermentation of Internet finance, this time Madoff hedge funds have affected too many of the middle class of Ameriken, which is a $600 billion hole.

This would cause a global financial tsunami, and as for what other horrific consequences there were, Henry did not want to think about it.

The Federation has taken control of Madoff, they are still investigating, and Zhou Xin has made things worse.

Henry Paulson didn't call to hope that Zhou Xin would retract the Weibo or delete the Weibo directly, which is an act of covering his ears and stealing the bell, and a country like Ameriken, which is good at manipulating public opinion, obviously will not play like this.

"Henry, what do you need me to do with the Federation?

In the current era of economic globalization, we are all companions in the same boat, and no one will have a good time when the ship is in the water. ”

Zhou Xin, who has almost transferred his assets, and is even shorting the capital market and buying a large amount of gold, said lightly.

"Newman, we should make the news of Madoff's arrest public tomorrow," Henry said.

This can no longer be delayed, and at the same time we need landmark events to divert the attention of the media and the masses.

There needs to be a landmark event to awaken the confidence of investors and investment institutions in the capital market, and we hope to list NewPay. ”

Henry Paulson didn't finish saying that the listing of NewPay was one thing, and the other was Robin's arrest.

As a deep participant in the Madoff case, Robin's own Chinese identity is easier to use to offset the people's grievances.

Of course, catching Zhou Xin can make things bigger, but the problem is that NewPay does not sell these products, and Zhou Xin has returned to China.

Washington intends to arrest Madoff and Robin, as well as some individuals who are deeply involved in the case and have obvious criminal facts, and then split Baidu into Baidu and Google.

There's no better time for Washington and Wall Street to join forces to crack down on Silicon Valley and the Internet upstarts.

The other is to hope that NewPay will be listed, with the thunderstorm of Madoff, all the slightly famous electronic payment software on the market, only NewPay is not involved.

As we all know, NewPay has become a golden body, and NewPay will become the de facto monopolist in the field of electronic payment worldwide, and other electronic payment software will have no chance.

WeChat Pay can only be used as a supplement and is unlikely to become a major payment software.

Therefore, the top unicorns such as NewPay, the Americ Ken consortium can't wait to put it on the market.

It is not only a distraction, but also such a high-quality asset, at this time, it will be the most suitable price.

There are no good and bad companies in the stock market, only good and bad prices.

Even if it is Boss Jia's Faraday Future, which burned tens of billions and only built three cars, if its market value is only 10 million, then it is also a good company.

Zhou Xin said: "NewPay listed?

This will make the market worse, now it is a liquidity crisis, NewPay will not be able to get a good valuation when it goes public, and then bringing NewPay to the market will further drain the liquidity in the market.

Further depletion of liquidity will only make the crisis worse. I don't think that's a good idea. ”

"It's just that the middle class has no mobility now, and their mobility has dried up," Henry said.

But the financial institutions still have money, and the financial crisis has not yet affected the financial institutions.

And even if the crisis spreads to financial institutions, we will issue special bonds to increase liquidity in the market. ”

Zhou Xin thought to himself, md is trying to take advantage of me, NewPay is the best asset on my books, then I have to open conditions.

"I can cooperate with your bailout operation, Henry, friendship is friendship, transaction is transaction."

Henry heard what Zhou Xin meant, "Make an offer, now is a good time, can you tell me what you want?" ”

Zhou Xin didn't speak, and only the breathing of the two could be heard on the phone, "Cymer? ”

Zhou Xin said tentatively in a questioning tone: "You know, I have a lithography machine business, and we are currently doing EUV research and development, and it is difficult to get the light source."

Five years ago, we thought Cymer was the only company with a chance to conquer deep ultraviolet light sources, but the acquisition was rejected by the White House. ”

Henry Paulson said, "I don't really know what kind of company it is, I have to find out."

Is it just this? ”

Zhou Xin nodded on the other side of the phone: "Yes." ”

This is enough, I can't get EUV, and you don't want to isolate Chinese enterprises from the EUV industry chain.

This is a mutual neck tactic.

Henry and Zhou Xin reached a preliminary agreement that this was a deal, and the other party offered the right chips, and Zhou Xin would allow Ameriken to operate NewPay to go public.

Soon, Henry's second call came: "Newman, sorry, this is high-tech technology, among enterprises that are not allowed to export under the Wassenaar Agreement.

We can sell Cymer to you, but Cymer can't leave Americon from technology to R&D to production. ”

Zhou Xin was speechless, so what's the use of me buying it?

"Technical data can't be exported?" Zhou Xin asked.

"No, technicians can't go to Huaguo.

I can't promise you that. Henry said.

The technical experts of the Ministry of Energy that Henry consulted were particularly vigilant because the new core lithography machine was the first to break through in the immersion lithography machine.

If Huaguo takes the lead in EUV again, then they will lose the advantage of all advanced chip processes.

This is related to the strategic security of Ameriken, and it is impossible to sell it to Zhou Xin at all.

Americon has a very high evaluation of Zhou Xin, believing that under his leadership, Huaguo's semiconductor industry has made a qualitative leap.

"In the past, Huaguo invested heavily in the field of chips, and they only hoped to become a production base like Goryeo or Wanwan, and even so, they couldn't do it.

But after Newman returned, Huaguo not only produced one-third of the world's chips, but also achieved a leading position in the field of lithography machines and chip design.

Huaguo is not good at market-oriented management, they still use the thinking of the Soviet Economic and Trade Mutual Aid Association in the chip industry, only the manufacturing end, no market side, it is never possible to solve substantive problems.

Newman is different, Newman is the top entrepreneur, he created the Matrix brand that has profoundly led to the transformation of the consumer electronics industry, and he knows what is needed on the market side.

Under his leadership, Huaguo's chip industry will be a more difficult enemy than neon in the future. Because Newman is not short of money, we can't control him like we did with Samsung.

At the same time, unlike Neon and Goryeo, we were able to deal with Newman by means outside the rules.

We need to start paying attention to the rapid development of China's chip industry, and we need to appropriately curb the development of their high-tech technology. ”

This is the speech of a think tank expert on the chip industry at the exchange forum held by Ameriken's "Foreign Affairs" magazine in Washington.

It is based on this perception that it is impossible for Ameriken to sell Cymer to Zhou Xin.

Because of this understanding, Americacan's semiconductor equipment and raw material suppliers have even begun to sell at lower prices in order to suppress China's competitors at the request of the Ministry of Energy.

The best way to suppress the development of Huaguo's chip industry is always to dump at low prices, rather than banning yourself.

Of course, it is a dilemma for Ameriken, dumping at a low price, Huaguo's advantage in AI and mobile phones, will make them unbearable.

Now there are no such concerns, so it is natural to adopt the strategy of dumping at low prices.

"Ask for another one, Newman." Henry said.

Zhou Xin asked: "Then let Xinxin join EUV LLC." ”

Henry knew what it was, and he had communicated with the Department of Energy that it was a request that could be agreed upon.

Because Huaguo enterprises are expanding very rapidly in the semiconductor supply chain, they are afraid of the success of Huaguo's replica lithography machine, so they want Xinxin to join EUV LLC.

If you join EUV LLC, even if the development of EUV is successful, it is still controlled by others, and more than 55% of the parts have to come from Ameriken.

What Zhou Xin thinks is that I will gradually replace it, and I will create EUV first.

I built EUVs in China, built a few more, and gradually replaced them in the process of manufacturing.

Reverse engineering is done first and then difficult.

Zhou Xin nodded: "Okay, that's it." ”

In Zhou Xin's heart, NewPay will have to be sold sooner or later, and now it is only listed, and he still has control.

NewPay went public and added a new chip to EUV LLC, which is not a loss.

As long as you can get ASML and Nikon down, it's a big profit.

If you fight against ASML, it is a no-profit and no-lose.

Henry breathed a sigh of relief in his heart, because Zhou Xin did not have a lion to open his mouth.

The listing of NewPay will become a new hot spot in the financial circle and the media, and Madoff and Robin will be thrown out to dissolve people's anger.

The money left over from the Madoff hedge fund is to pay the financial institutions first, and then to ordinary investors.

When financial institutions take away their principal, it is estimated that each ordinary investor can get one-tenth of it.

(End of chapter)