Dong Qiangqiang's Story of Leaving Germany

After the last discussion, Duanmu did not contact Dong Qiangqiang for a long time. When Dong Qiangqiang finally got his feedback, it was the news that he was going to the United States on business.

"The results came out an hour ago. I passed the first level and just signed up for the second level next year." Duanmu's tone was natural and calm, and he didn't seem particularly excited or excited about passing the test. "I'll buy the put options of Volkswagen common stock after I come back from the United States. Aren't the (Volkswagen) preferred stock price and call options still rising slowly anyway? Let's wait and see. Let's follow the old rule: don't make important decisions hastily."

Passing the CFA Level 1 exam without attending any training classes did not give Duanmu more confidence. He could not make up his mind to completely turn from bullish to bearish. He told Dong Qiangqiang that he was afraid of being laughed at by his peers and clients, which was just an excuse to cover up his lack of confidence in this short selling.

Short selling is not like long selling. The ceiling of short selling profit is visible. When the stock price anchored by the option falls to a very low level, the put option has basically reached its limit. The opposite is true for long selling. The higher the stock price, the higher the price of the call option. Therefore, unless there is absolute certainty, no one will short sell easily, even the short selling institutions on Wall Street that are as hawk-like and wolf-like as those who profit from human suffering.

Only a pure gambler would gamble one time to be poor and the other to be rich.

Buchan always pursues to make a small investment for a big gain, and to exchange limited options for as much profit as possible. That is why he and Dong Qiangqiang buy put options of listed companies in the US and French stocks. However, this time is completely different from the past. Those companies either have obvious financial or operational flaws or encounter negative impacts brought by major changes. The logic of their bearish view on Volkswagen this time is not because the company itself has flaws. On the contrary, he and Dong Qiangqiang both believe that the company's expected revenue is likely to be even higher than last year. In this case, they are still pessimistic and bearish, just because they believe that the exchange rate trend of the two most powerful currencies in the world against the euro will not reverse in the short term, that is, the continuous decline may continue for a long time. For Duanmu, predicting the exchange rate trend is more frightening than asking him to use the money of Lao Maozi and Anderson. Although he has been clamoring that the money should have been used long ago, he is still vague when it comes to the final step. After all, it is a million euros. Even if he opens the money, he feels that his hands are shaking like a grandmother with Perkins.

"No problem. Just as you say." Dong Qiangqiang never argued with Duanmu on major decisions. He positioned himself as a small shareholder who just said what he should say. The top leader made the final decision, and naturally the top leader would take the brunt of the consequences in the future. He could buy it with his own money. Compared with the put option, he cared more about Duanmu passing the CFA exam, which gave him more confidence. The study materials used by Duanmu were now in his hands. As long as he reviewed all the knowledge points, passing the exam should be a natural outcome.

"In the future, if there are any parts of the CFA that I don't understand, please explain them to me," Dong Qiangqiang joked. "Also, since you passed the exam, does that mean I don't have to take the next level?"

"No, you must pass all three levels." Duanmu rejected Dong Qiangqiang's fantasy categorically, "You don't have to think about those useless things."

Duanmu didn't sound like he was teasing, so Dong Qiangqiang changed the subject: "You haven't moved for half a year, why are you suddenly going to the United States? I thought you wouldn't have to go on business trips in the future, how long will you be gone this time?"

"Our company wanted to send someone there in the first half of the year, but because of SARS, the visas there were delayed, so we never went. Now that (SARS) is finally over, the company is worried that things will get worse if we wait too long, so they asked us to go there as soon as possible to handle the backlog of business over the past six months, and also to cooperate with the SEC in some securities trading investigations. It's not clear how long we'll be there, but feel free to call us if you have any questions."

"Then you might as well talk more with the investment companies there, listen to their views on Volkswagen, and understand the development of the US auto market in the past two years," Dong Qiangqiang reminded.

"I will, don't worry." Although Dong Qiangqiang also had the trading rights for catching cicadas, he had never traded privately without Duanmu's permission. Duanmu still trusted Dong Qiangqiang very much. However, he was away for quite a while this time, so he reminded him again, "You must wait until I come back. When will the golf be listed?"

"If nothing unexpected happens, it will be officially launched in September." Dong Qiangqiang had already memorized all the important events of Volkswagen in the second half of the year and was not afraid of Duanmu's random inspection at all.

“When will the second batch of long options (on Volkswagen preferred stock) expire?”

"It should be late October."

"I will definitely be back by then," Duanmu calculated for a few seconds, "and you still have two weeks before school starts, right? Remember to do so when you have time..."

"Write a report, remember, you're already writing it." Dong Qiangqiang interrupted.

"Not only do you have to write reports, you also have to run around to clients. It's impossible for clients to come to you if you sit at home. I'm not saying anything bad about you, you're just too lazy. If you run around to clients with half the energy you put into reading books, maybe we can have dozens more clients." "My goodness, so the company's lack of income is all my fault?" Dong Qiangqiang asked with a smile, "Then let me ask you, when I'm on a roadshow now, should I tell clients that I'm bullish or bearish?"

Duanmu was caught off guard by the question and was speechless for a moment. This question is indeed difficult to answer. If you say you are bearish, the trial report provided to the client clearly stated that you are bullish. If you say you are bullish, it seems that there is a possibility of shorting at any time.

"We can only approach clients after we have a firm idea of ​​what we want to do," Dong Qiangqiang advised. "Otherwise, people will question us for being fence-sitters."

"Then you can help me check the luxury goods listed companies in the UK, France and Italy. I won't send you the list, but I will definitely buy their stocks." Duanmu muttered as if swearing, "Also, you should keep an eye on the exchange rates of the US dollar against the euro and the RMB against the euro."

Dong Qiangqiang hung up the phone and then remembered that there was another question he had forgotten to discuss with Duanmu: If they change from bullish to bearish, should he also tell Lao Bai? Lao Bai also holds Volkswagen shares, but after thinking about it, he rejected this idea. Apart from anything else, it seemed like a hassle to explain to Lao Bai why he was bearish.

Dong Qiangqiang was still busy doing research for the "Wine Road", but Lao Bai had already started urging him.

"The Radio Expo in Berlin will be held from the end of August to the beginning of September. We need a translator who is fluent in German. It will be about two weeks. Can you go? I remember that SPbNU and HU are similar. They both start in late September, right? Then you can make it in time."

"Of course I want to go. School starts in late September, but I have to go to Luxembourg for a training course every Friday." Duanmu could pass the course without attending classes, so Dong Qiangqiang didn't dare to be arrogant. Besides, he had spent the money and he would feel like he was losing out by not attending classes.

"Is it so important? Can't I miss it?" Lao Bai's meaning was very clear.

Hearing Dong Qiangqiang's silence, Lao Bai immediately understood his thoughts.

"If you have to attend Friday's class..." Lao Bai dragged out a long tone. Just when Dong Qiangqiang thought he was going to change the subject, he heard Lao Bai continue, "Then only the newly launched four-country tour is suitable. Its last stop is Luxembourg. Currently, Lao Ding and Lao Lei are scheduled to lead the tour. Well, how about this? I'll make an adjustment. You and Lao Ding will go together. When you arrive in Luxembourg, you will go to class and come back after class. You and Lao Ding should arrange the itinerary in advance so that the customers don't feel stood up. Is that okay?"

Lao Ding is a humble and honest person. It is natural that Dong Qiangqiang will have no problem partnering with him. He is just a little worried about Lei Lanting's reaction: "Is this appropriate? With Lei Lanting's temper... won't he be unhappy? Otherwise, forget it. I'll wait for someone else."

"If he has any objections, tell him to come to me. Besides, when will he agree to it?" Old White made a domineering decision. "If you think what I said is okay, they will arrive in Rome tonight. When is the earliest time you can get there?"

Dong Qiangqiang hadn't heard such warm words from Lao Bai for a long time. The omnipotent original who led him into the industry seemed to be back. Thinking of his previous decision, he couldn't help but be absent-minded. He felt guilty but didn't need to feel guilty. For the first time, he realized that the so-called friendship might be more or less related to the exchange of interests. If there is no interest in a relationship, how long a friendship can last depends on luck, or how much emotional value the simple feelings between you and the other party can provide to both parties. If you think about it this way, was it because he disliked Lao Bai before that the other party could neither provide emotional value nor benefit? But Dong Qiangqiang believes that these are not what he cares about. He just hopes that if Lao Bai can't be proactive, at least don't disclose other people's privacy.

"Where's the person? Speak." Lao Bai couldn't hear any response and thought Dong Qiangqiang had been disconnected.

"I'll go back and pack up and leave soon. The fastest high-speed train will take at least twelve hours, and I will definitely arrive (in Rome) tomorrow morning." Dong Qiangqiang gave an answer quickly.

"Okay, send me the arrival time later and ask Lao Ding to pick you up. I think I have something else to tell you." (End of this chapter)