Dong Qiangqiang's Story of Leaving Germany

Chapter 883. Chapter 883

Dong Qiangqiang kindly reminded: "Even if you want to share, don't you have to say hello to Lao Maozi and Anderson in advance? I heard that some shareholders don't like dividends. All of them took the money to continue to expand production.”

"Don't worry, I will definitely communicate with them. They are also shareholders. If there are dividends, there must be them."

"I remember that they only took 25% of the shares when they first invested in. Although they invested another 600 million euros later, did you give them more shares? If you give them dividends, how many shares do you plan to give? According to the latest 25% to start with? Or higher?"

"I plan to share 25%. The 600 million euros cannot be converted into company shares. The company's valuation is only 200 million euros, and 600 million euros can buy three, but I can't give it."

After thinking about it, Dong Qiangqiang immediately changed the question: "Then don't you plan to invest your profits in profit?"

"You forgot that I studied mathematics, so don't you know about interest rate? Of course interest rate is sexy, but what if you lose it? Wouldn't the joy of a good harvest be lost? We have to be able to earn and spend, but don't worry, Last year's profit will definitely not be fully divided, I will share half, and the remaining half will be reserved for the company as working capital, maybe we will expand the team. This is my first thought."

"Do you have other ideas?"

"If the other party objects (dividends), then naturally it cannot be divided, but if the other party does not object, it means that the other party is indeed as they said, not dictating our decision-making, then we can let go of our hands and do things without hesitation. And This time the dividends are still divided according to the 25% of the shares they hold. If they have any objections, they will definitely raise them all at once. Find out what the other party thinks. You can’t blame me if you don’t give shares.”

Since taking the money from Sergeira and Anderson, Duanmu has been showing restraint and prudence, but after Anderson conveyed Sergeira's oral instructions, Duanmu began to open his mouth to buy stocks but did not actually act. Dong Qiangqiang thinks that Duanmu's courage It didn't suddenly become bigger, but he was using this method to build himself up psychologically. Now that he heard what he said, Dong Qiangqiang realized that Duanmu wanted to test the other party through dividends, and suddenly realized that the other party was indeed more thoughtful than he thought.

"You'd better ask a lawyer first." Dong Qiangqiang is very clear about his position as a minority shareholder: he only makes suggestions and does not make decisions. "As for me, I can do whatever I want, so you decide."

"Then I'll find a dividend announcement of a listed company as a template, and let the lawyer modify it after writing it. If there is no problem, let the lawyer send it to the other party. After all, we also have lawyers now." There was a crackling sound from Duanmu. , "You don't have internet over there, so I'll dictate the latest progress of the options in the account, and you take notes on paper. From the book, except for three losers in our investment portfolio, the others have floating profits. "

Dong Qiangqiang suddenly became nervous when he heard that there was a loss.Because the investment funds include not only their own funds, but also old Maozi's money.Cicada has 6 put options with an initial investment of 10 Euros, and Montillon even reached 13 Euros.He couldn't help thinking: If you can't even keep the principal, can it still be called investment?

"Let's talk about losing money first. Is there a big guy with 10 euros? I remember you mentioned that Mengdilong lost money at Christmas. How much did it lose?" Dong Qiangqiang tried to make his voice sound calm.

"Oh, then I might have said something wrong at the time. Meng Dilong didn't pay, but the floating profit was much less."

Dong Qiangqiang breathed a sigh of relief: "Let's talk about compensation first."

Duanmu reported the names of two US stocks, but Dong Qiangqiang had no impression.

Dong Qiangqiang was puzzled: "Did we buy this? I don't remember at all."

"I want to apologize to you. I bought these two items. They both cost 3 (Europe). If we pay them all now, we can get back a little over 5 (Europe) in total." Duanmu apologized, "Both I bought it following the trend, and I won’t explain more, it’s my fault, and it won’t affect your dividend.”

Duanmu never mentioned the put options on these two US stocks with Dong Qiangqiang. Although Dong Qiangqiang was a little unhappy, he continued to ask patiently: "Which one else lost?"

"Xerox in the United States cost 5 (Europe), but now it is 2.5 (Europe). This is half of the loss."

Dong Qiangqiang was taken aback when he heard the company name and number. He thought for two seconds and immediately realized: "I remember that in April, the SEC (U.S. Securities and Exchange Commission) also accused it of fraudulent accounts, and later fined it. We bought it in May last year, did its stock price go up after it was fined?"

"You remember right. At that time, this matter caused an uproar like those other companies in the capital market, and then its stock price fell. But the strange thing is that at the end of last year, for some reason, its stock price slowly fell. It has risen back. When we bought options, its stock price was 21.2 (Euro/share), and now it is 22.7 (Euro/share). It is valid for 1 year, if you buy a short-term (option) of 3 or 6 months, the period will be forced to liquidate and completely cleared.”

"We must have missed something important. Can you check it now?"

"Checking, wait a minute." There was another burst of intensive mouse clicking and keyboard typing from Duanmu's side.

After about 3 minutes, I heard Duanmu shouting on the other end of the phone: "After paying the fine in the first half of last year, Xerox reached a settlement with the SEC and republished the historical financial data obtained by using a new accounting method, but it did not admit Nor did it deny that it had made any mistakes, and at the same time announced that it would sign a refinancing agreement with 57 banks. Wall Street believes that the refinancing agreement can release about 70 billion US dollars of debt for the company, which is a major benefit to the full-year profit in 2002 and can greatly Alleviating investors' concerns about its finances and treasury approach may be one of the reasons why its stock price rose instead of falling."

"When was it announced?"

"At the end of June last year." Duanmu replied.

"At the end of June, at the end of June..." Dong Qiangqiang tried to recall what he was busy at the end of June last year and why he didn't notice such a major good news at all, but he woke up like a dream in less than ten seconds. He was busy with the preparatory graduation exam, getting his diploma and applying for university. When he didn't apply for university, he was depressed for a while. He didn't think about it at all. He thought Duanmu would watch over him, but how could money matters be left to others?

Although he knew that he would lose money if he read the wrong direction, Dong Qiangqiang was shocked to lose half of it. He was able (forced) to accept the stock price rebounded due to government intervention, but he couldn't figure out why the stock price of the company that was named and suspected was still low. It can rise back in a short period of time. If this phenomenon is normal, then there will be big problems with his and Duanmu's investment logic and Cicada's business model. This really makes him feel anxious and can't help but sigh: "I thought Those who have been named and suspected by the SEC will be certain, and the coffin will be settled, and they will never run away, and there is no such thing as a settlement, it is really a frog in the bottom of the well."

But Duanmu does not seem to agree with Dong Qiangqiang's point of view: "It cannot be said that after the SEC raised doubts, the stock price did not fall, but the magnitude and cycle of the decline were much smaller and shorter than we expected. For us, Losing money is not a bad thing, at least we have accumulated valuable trading experience. Besides, you can’t expect to make every trade, can you? As long as we earn more than we lose, it’s OK.”

Duanmu's reasoning is irrefutable, but Dong Qiangqiang still feels heartache, 2.5 euros are gone, it is impossible not to feel pain.Duanmu's overly rational and calm attitude made him suspect that the numerical loss did not bring real pain to Duanmu. If the 25000 euro bill was put in front of Duanmu and taken away, he did not believe that Duanmu would still be so calm.

"Go ahead. Tell me some good news." Dong Qiangqiang said.

"United Capital, the cost (of the put option) is 5 (Europe), and now it is 5.55 (Europe)."

"U.S. waste costs 5 (Europe), but now it is 5.68 (Europe)."

"World Communications cost 5 (Europe), and now it's 5.22 (Europe). We entered these three too late, so we didn't get any meat."

"Okay, at least I didn't lose money." Dong Qiangqiang sighed, "Tell me about the big guys, how is Meng Dilong?"

"Speaking of Mengdilong, I am angry. We bought (put options) when the stock price of Mengdilong was 40 (Euro/share). At that time, an option was less than two euros. In August last year, when the stock price was the lowest 8 (Euro/share), let me take a look at the option price at that time... well, it was almost 9.7 (Euro/share), we have a total of 9.1 options, if we sold them all at that time and got more than 6 (Euro), we will cut it twice The purchase cost is 54 (Europe), and the gross profit can reach 13 (Europe). " Duanmu said in the tone of Mrs. Xianglin, "Hey, it would be great if they were all sold at that time..."

"You are thinking in the rearview mirror. Who of us could have guessed that it would be like this? It is exactly the same as Xerox (the rebound)." Now Dong Qiangqiang comforted Duanmu, "How much is the stock now? How much is the option?"

"After the French financial regulator and a number of banks intervened in September last year, the stock price has rebounded all the way. Today, the stock price is 9 (Euro/share), and the option price is... 13.95 Euro/piece, all sold for 5.91 (Euro) After excluding the cost, the gross profit is 35.46 (Euro)," Duanmu scolded, "My lord, (gross profit) is almost half less than last August..."

Xerox lost 2.5 euros, Meng Dilong lost nearly 20 euros, and Dong Qiangqiang wanted to scold the public.

Duanmu over there was still cursing: "This guy has stepped out of the bottoming curve after being intervened. Although he did not rebound to the price before the fall, he did not slip into the ranks of single-digit stock prices as we expected. Look at those Some of the U.S. companies that have been exposed to financial fraud have gone bankrupt and some have become penny stocks. Few of them can really rebound. I wonder, isn’t France a free market economy? Why is it also playing with administrative intervention? This is completely It's unreasonable, what kind of bullshit capitalism, hey, I would have exercised my rights in advance if I knew about it."

Knowing this earlier, Dong Qiangqiang shook his head helplessly and smiled wryly: "So what about intervention? Intervention may be ineffective, and the possibility of continued plummeting may not be 100% rebound. At least we have learned a few things through these two companies. First, if you If you are satisfied with the profit, you should stop the profit at any time. Anyway, American options support trading at any time. Second, if you encounter a listed company that is subject to administrative intervention in the future, it should be the best choice to stop the profit immediately. Third, diversification of investment certainly disperses the risk. But it also disperses the income, think about it, if we invest the initial 50 euros in Mondilon? Is it better than investing in those few people who are not painful?"

"That's impossible." Duanmu categorically denied, "The risk of one poor and one rich is too great. I can't even pass myself. No matter how little the investment portfolio earns, it is meaningful. You must never put eggs in In the same basket. What we have to consider now is whether to sell it, or the profit may be even less in the future.”

"Let's make a unified decision after talking about it. You can continue to talk about it first." Dong Qiangqiang suggested, "Also, you should also think about it. Now that Montilon has started to rebound, do you want to stock up on its stocks? Find the lost profits. Come back. So does Xerox, of course."

"Let's forget about these two. Buying them is not enough to cause trouble for me, so I would rather buy Volkswagen." Duanmu replied angrily, "I don't care about a company that has recovered through intervention and a company that relieved debt pressure through financing. interest."

"Where are the other big guys?" Dong Qiangqiang brought the topic back to the right track.

"HealthSouth, the industry is rumoring that their audit may have problems. The stock price has been falling all the way. The put option has risen well recently, and there may be room for improvement. The cost is 10 (Europe), and now it is 19.7 (Europe). "

"Swiss Reinsurance, it just announced a loss of 2002 million Swiss francs in 1, and at the same time announced that it will reduce stock dividends. We bought (put options) when the stock price was 158.2 (Euro/share), and the current (stock price) is 73.6 (Euro/share) shares). The cost is 10 (Europe), and now it can return 22.4 (Europe). "

"Munich Reinsurance, it and Swiss Reinsurance are almost brothers and sisters. Although its 2002 annual report has not yet been released, but manually adding the financial reports of the first three quarters that have been disclosed, we know that 2002 is definitely not a good year for it. We bought (put option) At that time, its stock price was still 252 (Euro/share), but now (stock price) is only 73.6 (Euro/share). The cost was 10 (Euro), and it was sold out for 32.11 (Euro). The downward trend of Munich Re does not seem to be over, and after the 2002 annual report is released, the stock price is expected to fall, so the options can rise a little bit more, but it’s hard to say how much.”

"The performance of the big guys is very impressive." Dong Qiangqiang looked at the calculated numbers and felt a little comfort in his heart.

"Finally, there are put options on the two indexes of the German market and the French market. Both of them were recommended by you and were bought in early July last year. When we bought the German DAX7 index, the DAX market was still at 30 points. Now there is only It's 4400 points, and the drop is really hard. It can be seen that the German DAX and the US stock market are closely linked. You have a vision. The cost is still 2600 (Europe), and now it is 10 (Europe). The French CAC14.54 index also fell Yes, but the fall was not as severe as DAX40. It fell from 30 points to 3735 points, and it stopped falling after a drop of 2729 points. The French seem to be quite proud. The cost is still 1000 (Europe), and now it is 10 (Europe). The basic situation is like this. Last year’s pre-tax profit was about 12.9 (Europe). What is Dong Zong thinking now?”

Dong Qiangqiang threw the pen onto the draft paper, and the pen circled twice and stopped.

"I really didn't expect it, it feels like a dream." Dong Qiangqiang pressed down hard, and the pain was very real.

"I didn't expect so much? Are you in a better mood now than before?" Duanmu joked.

"It seemed so easy to lose money and make money, but it felt so surreal."

"Let's talk about it later, these (options) have not been sold yet. Their trading validity period can range from half a year to as long as a year. If they are not sold now, some of them may have room to rise in the future. Of course, it is possible to go back up. also exists."

"My idea is: the stock (put option) can be sold out, the current income is not too low, and if it is not profitable, when will it be the top? The examples of Mengdilong and Xerox are right in front of us." Dong Qiangqiang just now He had already figured out the plan when he listened to Duanmu's counting.

"I have no opinion on the others, but can Munich Re (the put option) wait? Its annual report last year has not yet been released, and I think the stock price can fall a little bit more."

Dong Qiangqiang thought for a while, and replied: "If you plan to wait until the annual report is out before selling, I suggest selling 90% first, which can be regarded as protecting the fruits of victory and keeping a tail. If the stock price continues to fall, we also have a thought. If you don't If the price goes up instead of down, let’s get out as soon as possible, and it’s acceptable to earn less, what do you think?”

Duanmu didn't stutter at all: "Listen to you."

A few crisp clicks of mouse buttons came from the handset, and Dong Qiangqiang heard Duanmu let out a long breath on the other end of the phone: "It's done. Now there are only two put options on the index left. Are these two put options? Or do you think they are Will it continue to fall?"

"Duanmu, do you think there is a chance for US stocks this year?" Dong Qiangqiang asked suddenly.

"According to the information I communicated with my colleagues in the US, the trading data of the US stock market in the first two months is not bad, and there is a feeling of a steady recovery, and other US economic indicators in the past two months are also good, which seems to show a glimmer of vitality , while employment is still not growing as fast as the economy is growing, it may take some time."

(End of this chapter)