The next day, Qin Di saw Brian, who was only in his thirties, with a high nose, a thin beard, blue eyes, and a somewhat thin figure.

Brian smiled and stretched out his hand: "Mr. Qin, if you have any ideas, please feel free to command." ”

Qin Di said: "I want to use 20 million US dollars and use ten times the leverage to short 30 stocks." ”

Brian's face changed slightly: "Ten times leverage?"

"Why?

"Yes, according to the rules of the bank, you can leverage up to 20 times! The problem is that if the stock price rises by 1%, you will lose 10%, and if the stock price rises by 10%, you will lose all your money! This kind of speculation is extremely dangerous!"

"It doesn't matter, I can afford the risk. ”

According to the records of later generations, when Livermore was short, he used 25 times leverage, but because Qin Di was a novice, the bank gave him a maximum of 20 times leverage.

Brian asked, "When are you going to do it, and what are you going to short?"

Qin Di said: "Starting tomorrow, for three consecutive days, a quarter of the funds will be invested every day. The remaining quarter is set aside for margin calls. ”

"Ahh Please give me a moment. ”

It only took half an hour for Brian's application to go through. Because Qin Di itself has huge deposits, and all transactions are controlled by Citibank, the bank not only charges commissions, but also controls risks, as long as the stock price rises by less than 10%, the bank has no loss, so they are happy to lend money.

So from this day on, Brian had to report on the stock market and capital situation after the close of the market at 4 p.m. every day.

On October 13, a 25% short position was opened, on October 14, a 25% short position was opened, and on October 15, another 25% short position was opened. The total cost of the three short positions is close to 150 million, which is still relatively low compared to Qin Di's deposits in Citibank, with a leverage ratio of less than 6 times.

On October 16, Brian happily reported: "Mr. Qin, the stock market fell by 1% today, and you shorted 30 stocks, making a total of 1.5 million. ”

Qin Di pursed his lips and thought, "1.5 million is just a drizzle!"

On October 17, the stock market rose slightly. Brian called: "Mr. Qin, you lost 350,000 yuan today, do you want to lower your short position?"

Qin Di ignored him.

On October 18, the stock market fell by 1.5%.

On October 21, it fell sharply, with a maximum drop of 6%.

On October 22nd, it rebounded slightly, on the 23rd, the volume fell, and on the 24th, it fell in panic!

October 28, the famous Black Monday, fell by 13% in just one day!

On October 29, it was bloodbathed again, falling by 12%......

Until November 13, the large-cap stock index fell by half, and many individual stocks were miserable......

Almost every day, Brian was shocked, the stock market plummeted, but he was ecstatic! On November 15, he came to report to his face: "Mr. Qin, according to your request, all the short positions have been closed! Your income is 121 million, and your account balance is 150 million. ”

After all, Qin Di is not a hands-on operation, so the timing of entry and exit is not excellent, and the short-selling object is not selected accurately enough, some large-cap stocks are more resistant to falling, plus the commission withdrawn by the bank, so in the end he only earns so much.

He writes a check for $500,000 and gives Brian a tip, and Brian gets down on one knee to kiss his shoes!

Qin Di avoided it and said, "Your guild will keep secrets for customers, right?"

Brian got up: "Yes, we will keep it private, please rest assured. ”

Qin Di didn't believe it very much.

It stands to reason that he can invest more principal, use higher leverage and earn greater profits. But he knows that everything is too much, and he can't be too greedy, 120 million is already earth-shattering!

You must know that in 1929, the US federal government's fiscal revenue was only $4 billion! At this time, $100 million was equivalent to tens of billions of dollars in later generations!

In those years, the Rockefeller family, the richest man in the United States, only had $1.2 billion! Legend has it that Livermore made $100 million from shorting and became one of the top ten richest people in the United States. But the principal he invested was 30 million, and the rate of return was far inferior to Qin Di.

Two days later, Qin Di saw Livermore and told him to withdraw the funds.

In the end, he invested 10 million dollars and earned 16 million!

Qin Di sighed and thought to himself: "Even a big speculator like Livermore can't bear the fluctuations of the stock market, unlike me, he is not as sure as me, he neither dares to operate with a full position, nor does he dare to hold a position all the time, the frequency of transactions is too high, and he runs away with a little wind and grass, so he can't eat from the head of the fish to the tail of the fish." ”

Generally speaking, shorting is like robbery, if you don't run away if you grab it, you will be caught and killed!

So far, Qin Di's own short-selling money, plus Livermore's income, plus Morgun's bank deposits, totaled more than 180 million US dollars, ranking among the top six in the list of the richest people in the United States.

Qin Di thought to himself: "How should I spend so much money?"

In mid-November, a cold breeze blows in the face.

Qin Di and Yan Xue passed by Wall Street, and saw cold and tall buildings, hundreds of people, gathered outside the stock exchange, all with gloomy faces, sighing, and some people crying and grabbing the ground, in pain, showing a scene of mourning all over the field.

Suddenly, I heard a scream of "ah!" Someone jumped down from a tall building and fell to the concrete floor with a "pop," and his brain burst out.

The people around gathered around, pointed fingers, and talked about it, and no one could be happy in the face of such a tragic situation.

Qin Di sighed and walked past the corpse

He knows in his heart that the stock index has only fallen by half, some stocks have fallen by ninety, the value of shareholders has shrunk significantly, and some people have sold their houses and rushed into the stock market, but they have lost all their money and are destitute!

In fact, this month's stock market crash is only the beginning of a large-scale economic crisis.

This economic crisis is going down in history.

From 1923 to the autumn of 1929, the U.S. economy grew rapidly under the influence of "economic bubbles" such as stocks and bonds, creating a miracle in the history of the capitalist economy.

This was the golden age of capitalist development, but behind the prosperity lurked deep contradictions.

The first is that the United States agriculture has been in a slump for a long time, and the purchasing power of rural areas is insufficient. In 1919, farmers accounted for 16 per cent of total national income, but in 1929 they accounted for only 8.8 per cent of total national income, and farmers went bankrupt. The per capita income of peasants is only about one-third of the national average.

Second, industrial growth in the United States and the redistribution of social wealth are extremely uneven, mergers are rife, and social wealth is increasingly concentrated in the hands of a few. The 16 largest plutocrats in the United States control 53 percent of the country's gross national product, and one-third of the country's national income is held by the richest 5 percent of the population; on the other hand, about 60 percent of American households are still struggling to survive at $2,000 a year.