.Rebirth of 1990's official fortune   Volume 3  Storm and Clouds  Chapter 95  The risk of hedging

Chapter Ninety-Five

"Wenwen, why are you getting up? You're not running around!" Xiao Yunqi, who walked out of the corner, said the first sentence was very warm. Later, he saw Zhang Yan, the close disciple who he wanted the most. His originally thin face suddenly stretched a little longer. He said coldly: "What are you here to do?"

"Master. I'll come to see you." Zhang Yan felt guilty. He had no good intentions when he first recognized this master. He was just greedy for a big backer. Since he became a master, he has been in trouble. He did not make mistakes. He did not bother with his master. After graduation, he rarely came to see his master. It is not an exaggeration to say that he was neglected.

"You bastard. I'm blind. I taught you. In the end, I hurt Xiaoya. Get out of here!" After hearing this sentence, Xiao Yun got up and trembled. He pointed at Zhang Yan and cursed. Zhang Yan was confused. I don't know why Xiao Yunqi was so angry. I didn't know whether to leave or stay for a while.

"Wow!" Seeing the two of them arguing, Wenwen started crying suddenly. Xiao Yunqi's face changed. Finally, she sighed and shook her head and walked into the room. Zhang Yan was hesitant and wanted to follow him. Then he heard Xiao Yunqi say, "Let me see me again in three days. You go first today.

”

Zhang Yan had no choice but to say, "Fu, I will listen to your teachings in three days." He felt very uncomfortable. Over the past ten years, Zhang Yan had completely worn away the utilitarian intentions at that time. He really regarded Xiao Yunqi as his master or father. Xiao Yunqi's anger seemed to have been around for a long time. He didn't know what he did wrong, which made him so angry.

"Don't leave. Dad. Don't you leave me alone!" Zhang Yan was about to leave Yingang Academy when he saw Wenwen pulling her clothes and looking at him with big watery eyes. He probably had seen his intention to slip away long ago.

What to do? Zhang Yan tried hard to search for the solution from the last time...

It seemed as if I had taken it for more than a day that time.

It seems that Zhang Yan squatted down and pretended to be vicious: "Little girl, have you ever heard of the story of Little Red Riding Hood?"

"I heard that in the end the big bad wolf died. If it didn't pretend to be a vicious look, the Hunter brother wouldn't beat it. It wouldn't die either. Dad, are you right?" Wen's eyes flashed with the light of wisdom. Zhang Yan sighed and did not continue. Instead, he stood up and picked up Wenwen and left.

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After taking a child, Zhang Yan could only fight guerrillas. There were acquaintances in Yinzhou City who were accidentally seen. It was guaranteed that the aunts who swept the streets the next day would know that Zhang Yan had an illegitimate child. Even if their parents didn't come to kill their relatives for justice, their wife would not be able to spare themselves.

So after thinking about it, Zhang took his child to Yu Lian's house at night. Just as Yu's house also had a child at home, so he didn't have to be a specialist nanny. After the highway was repaired, it was only two or three hours from Yinzhou to Jinzhou. If you want, you can do it. Zhang Yan drove for three hours and arrived in Jinzhou.

Yu Lian was scolding her husband at this time: "It's just a small exchange. It can't come a lot in a year. You're still busy all the time and can't even take care of your own family. You're still a man. Look how good the little stones are. Not only are they care about the family, but they are handsome."

Liu Zhenhan scrambled and ignored his wife's nagging. In fact, Yu Lian's nagging was just a talk. He didn't care whether Liu Zhenhan heard it. Just as the couple was busy, the doorbell rang!

"Who? I'm coming so late. Eighty-most of the things that your subordinates want to benefit again." Yu Lian walked to the door and picked up the duct...

After squeezing two bowls of rice, Liu Han was still not satisfied. He turned around and saw that his wife opened her mouth wide and was mummified. Now Liu Zhenhan was furious. His wife was not an ordinary person. He held a hundred billion yuan in his hand. But he was the No. 1 richest woman in China. He had never seen any situation. Why was he stupid all of a sudden? So Liu Zhenhan also followed the old man's eyes and looked at the screen of the phone.

Now Liu Zhenhan was also stupid. The couple was a top master in the economic world. They all looked at the screen stupidly. Otherwise, the angel-like little girl on the screen would say something. I wonder how long the couple could stay there!

"Dad, are the uncle and aunt going to bed? Why don't we go to the hotel?" Wenwen was a little sleepy. After all, she was a child. She was shaking in the car and it was easy to get sleepy.

"Shh. As far as I know, Liu Zhenhan was eaten by Sister Yu. After eight o'clock, he was not at home. He must have been served by the washing board. It's only eight o'clock now. There is absolutely nothing like not being at home or sleeping. Most of the time I just finished my meal, I'm going to solve the problem of who was washing dishes?"

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"Tsk. The man should be like a man. I heard that you were being taken seriously by your wife there. I said. The girl is indeed very outstanding. But brother, you are not bad either. You are hundreds of billions of dollars in your hand. Plus the level of the main hall. It is not a hot item. Well, drink and drink." Liu Zhenhan was so handsome when he was washing dishes in the kitchen. So Liu Zhenhan immediately changed his mind and only drank and did not talk about the male position.

After waiting for a few minutes, Zhang Yan and Wenwen finally walked into Liu Zhenhan's home, or Yu's home. Although it was a house divided by Zhenhan's house, from the bottom, from the inside to the outside, it was Yu Lian's setting. The skin was created by Liu Zhenhan. Everything else was written by Yu Lian.

But in Zhang Yan's opinion, this design is a bit a bit... The taste is strange. Zhang Yan doesn't want to blame the strongest woman in Zhengrong Group for irrelevant things. Even after leaving the management for several years, the reputation of the queen of high heels is still many people's scalp and spine are cold.

"Sister. Sister!" Xiao Wenwen happily chased Liu Zhenhan's five-year-old daughter. Zhang Yan couldn't help but look at the two little girls. It's okay. Zhang Yan looked at Liu Zhenhan with a smile: "It's okay. Daughter's mother?"

"What does it mean?" Liu Zhenhan was furious: "People say that their daughter looks like me..."

"Who does my daughter look like?" Yu's voice was very penetrating. I really don't know how Yu Lian heard it in that noisy environment.

"People say that their daughter looks like a wife." Liu Zhenhan lowered his head and said helplessly. Zhang Yan looked at him in his heart. He was really a wife who was in charge of Yan. But when he turned around and thought of his performance, he immediately felt like he was compassionate to the same fate and patted Liu Zhenhan on the shoulder.

Liu Zhenhan also looked worried and the two men clinked each other. They raised their heads and drank them all.

"Brother Liu. I'll ask you for help this time." Zhang Yan put down the wine and said to Liu Zhenhan.

"No problem. Tell me what's going on." Liu Zhenhan was not vague. The wine glass was facing down. No drop of wine was dripping. It wasn't that Liu Zhenhan had a lot of alcohol because the wine glass was really small. The wine inside the big cup was probably not even five. I didn't expect Yu Lian to have such a delicate side. Zhang Yan looked at Liu Zhen's voice and said, "It's the exchange business."

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In the early morning, the sun was mixed with the breath of the sea. A snow leopard car slowly came to the door of the exchange in this vitality. The security guards of the exchange did not order the parking, but waved their hands to let it go. It was not because of the car, but because of the person in the car, Yu Qian, the boss of the Lightning Fund. This man has become the most popular person now. Because of the accurate estimate of the price of gold and oil, he has succeeded in going long. The name of the Lightning Foundation has become the most powerful foundation at one time.

Yu Qian got off the car.|The color was a little pale. He could become the strongest general manager of the foundation. He had his own efforts. But the most important thing was the guidance of the god-like man. If it weren't for his prediction, he wouldn't have gotten involved in gold. I wonder what kind of instructions would there be today?

"Go to John Paulson to find him. Then let him be in charge of a separate department. Don't be afraid of spending money. As long as his asking price is within 100 million US dollars, he will spend all the money to throw it over." As soon as he met, Zhang Yan told the matter bluntly. However, he was stunned for a moment and did not react. After a while, he asked in confusion: "Who is John Paulson?"

Zhang Yan was also stunned for a moment and then realized that John Paulson became famous. After that financial tsunami, John Paulson is now just an ordinary member of Wall Street. He doesn't even have his own company. He is the kind of shrimp that doesn't even count as a mixed fish.

However, in that world, the name John Paulson has been regarded as a god by China Street. The titles of "the God of Money" and "the No. 1 Hedge Fund" have been put on him; the financial tycoon Soros invited him to a meal; the US Treasury Secretary Henry Paulson, who happened to have the same surname as him, had to be wronged and called "another Paulson" to show the difference.

All of this.

The US financial industry is in a panic subprime mortgage crisis and the subsequent financial crisis Paulson made money. Moreover, he made money with the highest efficiency in Wall Street's history - $30 million a year, and he became the best fund manager of that year. The money he made was built on the pain of most people. Because he frantically shorted the US stock market and real estate market, he bet on Americans | he couldn't afford to pay for houses and won.

Such talents are the talents Zhang Yan wants. Only such talents will make the collapse of the United States more rapidly. In front of hedge funds, the economic situation of a country is so fragile. Hedge funds are like devils and are unscrupulously impacting the foundation of a country. When a country makes a flaw due to a small mistake, hedge funds will expand this crack thousands of times until the crack becomes a gap. Then everyone will be punished for these.

Just like the "Stock God" Warren Buffett acquired a large number of bankrupt small companies against the market in the 1970s, "king of bankruptcy and restructuring" Wilbur Roy acquired and reorganized the steel industry in the early 2000s. Paulson's success was based on breaking the conventional thinking of the market. At the beginning of the 6th, the general idea in the financial industry on Wall Street believed that although the loose loan standards were vigilant, the real estate and credit markets would not cause big trouble. Many major Wall Street institutions and banks were in this optimistic camp.

John Paulson saw the business opportunities inside very sharply. Only such people are suitable as their tools. Zhang Yan smiled and said nothing. He seemed to see the building representing the strength of the United States. It collapsed under the siege of John Paulson and others.

This is the era. Once it is lost, it can never be brought back. Even in madness, it is the same. The United States is destined to hand over the authority of the world overlord because of this crisis. Although this cycle will be very long, it is only the length of time. There is not much difference.

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Han Paulson received a letter from the Flash Fund. The conditions for inviting John Paulson to form a new hedge fund were generous. John Paulson was stunned. However, there were many requirements, especially the requirements for performance. It was even more amazing. Five billion US dollars! John Paulson thought about it over and over again. In the end, he agreed. As a adventure guy, John Paulson also wanted to challenge his limits. After several considerations, John Paulson began to turn his attention to CDS.

Before receiving the letter, Paulson was launching an attack on the property system of real estate. Wall Street financiers have invented two new types of investment vehicles, debt-secured bonds, namely, repackaging and selling products sold at different risks. Derivatives used to secure the risk of mortgage bonds.

The relationship between these two products is that the higher the risk of CDO, the higher the value of collateral CDS. If the default rate or default expectations rise, the value of CDS will be higher.

But during the boom of real estate, most people don’t think there is any risk in cdos. So the price of guaranteed products cds is very low.

After analyzing a large amount of data, Paulson is convinced that investors have far underestimated the risks in the mortgage credit market. He bet that the market will collapse. "I have never done such a deal. There are so many people who are bullish. Only very few people are bearish."

So Paulson designed a complex fund operation model and began to boldly engage in bond trading gambling: shorting dangerous cdos while acquiring cheap cds. "We must make the most of the advantage of people's blind optimism about real estate," Paulson told himself.

But Paulson's bet did not bring him victory. The lender of the property still generously lends money to the buyers. The latter is also willing to accept loose lending conditions. Paulson began to suspect that the rating agencies were too loose in rating the subprime loan product. So he asked the team to conduct a large-scale investigation. It turned out that it was becoming increasingly difficult for lenders to recover loans.
Chapter completed!