Reinventing the Millennium.

Chapter 779 One Family Comes (Two in One)

IDG Xiong Xiaoge and President Xiong Xiong deeply participated in the live post on Zhihu, which is destined to become something that will be mentioned repeatedly in the future.

Regardless of Zhihu's internal or external media, regardless of whether the short-selling result is a profit or a loss, when the final result is announced, the vision of Xiong Xiaoge, a well-known investor, and the judgment of the richest man in the mainland will be swiped again.

However, some people analyzed that just because Zhihu grabbed a lot of attention and influx of traffic this time, Mr. Xiong’s operation will not lose money. The only thing that makes people complain is that he is the president of the dignified IDG, and he only invested 10. Yuan also claimed all his net worth, even if it was a joke, it seemed too stingy.

Only Fang Zhuo was a little hesitant after hearing such a thing, not sure if what the old bear said was a joke.

In the end, he asked Tesco Electronics in Beijing to pick a holiday time to give a shopping card to the old bear who stood up for him, and he also personally logged on Zhihu and wrote a short answer, which was considered to be the best of both worlds.

Yike's press conference and Mr. Fang's actions spread through different channels. The enthusiastic Zhihu and [-] Mr. Xiong only responded the fastest, and the other one who responded the most was Gome's Rhubarb.

When Lehman shorted Yike, except for a certain friend in China who was suspected of helping with research, Rhubarb always took the lead in charging, actively speaking, and then shorted Yike.

When he saw Yike's information-intensive press conference through the media, some people around him analyzed the success or failure of the two short-selling companies.

Rhubarb is always confident about this.

"Fang Zhuo's short position on Lehman is in line with his character."

"But even if Lehman has problems, can it prove that Yike has no problems?"

"Fang Zhuo came to domestic operators to try to prove how promising his mobile phone project is. However, the mobile phone market has long been a red sea. Will Nokia be afraid of competitors? Will Samsung be afraid of competitors?"

"The mobile phone market is a mature market and a very market-oriented competition. If Fang Zhuo can recreate the consumer electronics myth of the player, I, I..."

Mr. Da Huang didn't organize his words well for a while, and after a sneer, he said, "I'll just go in again."

The time last time made him unforgettable, and nothing can express the determination of judgment more than this.

Accompanied by such determination, Mr. Da Huang expressed without any scruples that he would continue to short Yike when he met the reporter again.

Gome and e-buy have already torn their faces, and this time the short sale is nothing more than "returning the other side in the same way".

However, on August 8th, Mr. Da Huang suddenly received news in his office that the Bear Stearns team, who had been in contact with a potential partner for a while, had arrived in China ahead of schedule and landed in Shanghai, and then went to visit Fang Zhuo. .

"Meet Fang Zhuo? Do they know each other? Do Kane and Fang Zhuo know each other?"

Rhubarb froze in place, completely unaware that James Kane, the CEO of the investment bank Bear Stearns, would have anything to do with Fang Zhuo.

The secretary knew what the boss had released through the media in the past two days, and also knew that he attached great importance to the cooperation with Bear Stearns, so he would reply a little embarrassingly: "Bear Stearns said they were meeting Huaxia's friends... I don't know Is it a courtesy..."

Mr. Rhubarb frowned, and suddenly had an ominous premonition in his heart.

Almost at the same time, Fang Zhuo unexpectedly received a call from James Cain.

Facing some sudden visits, he did not refuse.

To say that the CEO of this giant investment bank met for the first time at the NYE charity dinner, but the two didn't communicate too much, they just exchanged phone calls and chatted a few words.

Later, Fang Zhuo attended many celebrity banquets in New York one after another, and met Kane for the second time. The exchange time was a little longer, but the impression left was not deep.

During the two meetings, James Kane smiled a bit like a good old man, in stark contrast to the head of Lehman "Gorilla" Fuld.

As one of the five largest investment banks on Wall Street, Bear Stearns ended better than Lehman, and was eventually acquired by Morgan.

Fang Zhuo personally has no idea about Bear Stearns. As for the future actions of the MIGA Fund, it depends on whether it is in line with business logic.

At three o'clock in the afternoon, at Hang Lung 23, Fang Zhuo saw Kane who came from afar.

Soon, after exchanging pleasantries, he knew the opposite party's purpose.

Kane led the Bear Stearns team to China for three main purposes. One was to sell CDO securities, the other was to strengthen China's business, and the third was to discuss investment in China's retail industry.

Today's visit is aimed at the first goal.

It is impossible for Bear Stearns to sell the CDO bonds held by Huaxia to individuals. This time, they are going to be sold to domestic banks. Kane just learned that Mr. Fang is still the director of ICBC and Bank of China, so he has an early schedule. A bit mediates from it.

Fang Zhuo thought it was reasonable, but he couldn't be wronged, nor could he bring the bank to be wronged.

He pushed [-], expressing ambiguously that his position as a director was not what Kane imagined, but purely a position occupied by additional factors.

As for more things, then I can't say anything, if you know everything, don't forget it.

Kane really understood, and he didn't force it. He felt that the relationship was not in place. This trip to China still has time to chat and cooperate.

The main business between the two came to an end, and they also talked about Bear Stearns' investment in China.

Kane immediately asked Mr. Fang about potential partners: "Mr. Fang, we are more optimistic about China's retail industry, and we plan to invest in other retailers with Gome, the number one home appliance retailer, to integrate the industry. What do you think? How is it? Is Gome a good partner?"

Fang Zhuo just heard Kane talk about his third goal in China, but when he heard the name of Gome suddenly, he couldn't help laughing: "Kane, you shouldn't ask me, you must not have a good understanding of Gome's situation."

As the CEO of an investment bank, it is impossible for Kane to go through the details, and indeed he only browses and listens to the reports. He will be a little surprised and ask: "Is there something wrong with Gome?"

"Although Gome has slipped from the first place in home appliance retailing to the second place, there is nothing wrong with it." Fang Zhuo disdained to lie about this, and said, "There was fierce competition between me and Gome. If you ask me, it's hard for me to give an objective answer."

Kane was even more surprised, but he still smiled and said, "Then I should ask the right person. Isn't it the competitor who knows a company best?"

Fang Zhuo is actually not a polite person, since he said so, it doesn't hurt to talk about it.

"Gome's market share has declined. There are many factors in it, and it still has strong competitiveness."

"Bear Stearns has no problem choosing it as a partner."

"only……"

Fang Zhuo gave a turning point: "Gome's capital liquidity is limited by competition, so it won't be so plentiful. If you cooperate to invest in the retail industry other than home appliances, I personally think that Bear Stearns should take the initiative."

"Gome's future competition in the industry is worthy of attention. The initial investment is to let Gome spend money to invest first. If the previous investment is all right, and there is no problem with Mr. Huang, you Bear Stearns will continue to invest."

"GOME won't refuse, on the contrary, it will be a little urgent, after all, Bear Stearns will not run away."

He guessed that Gome must be more eager to cooperate with Bear Stearns. Rhubarb still has the money to invest, so let him invest first. Bear Stearns will not run away, and it will only be acquired by a chicken feather.

Kane thought about it, Mr. Fang's suggestion was fine, and the reminder was also out of good intentions.

He nodded and thanked the suggestion from Gome's competitor.

It was already late in the afternoon, so it was natural to have a reception banquet.

When the dinner was coming to an end, Fang Zhuo was a little curious about what the head of the investment bank thought about his shorting of another investment bank.

Kane’s reaction was very flat: “Ike’s product sales are great, and the copyright cooperation with music companies such as Sony is also good. Growth may be slowing, but the boom in CDO bonds is here to stay."

He said a few more words: "Debt that can be traded is not debt, but assets. Although CDO is built on the subprime debt of real estate, its prosperity has exceeded the level of real estate to a certain extent, and it relies more on The financial system and credit, everything is under control."

James Caan's attitude is solid, and his perspective is also very interesting.

CDO relies on the financial system, and the financial system is backed by the United States, so even if there is a risk, it is only a risk within the controllable range, and if the risk is controllable, is it still a risk for the giant?
In the financial crisis, some investment banks went bankrupt, some were acquired, and some investment banks were still profitable. The judgment of different senior management is an important factor.

Fang Zhuo thought of Goldman Sachs, and felt that Goldman Sachs bought a large number of CDS to hedge its CDO holdings. Perhaps it was because Paulson saw more comprehensive and detailed data after he became a financial steward, so the risks were not necessarily controllable. judge.

That night, Fang Zhuo, who had been drinking a little, returned home and opened Zhihu, which he had been reading for the past few days.

Questions and answers on Zhihu are very active.

Fang Zhuo simply replied two of them with a high number of likes.

When he was drinking tea, he saw another dispute over the behavior of "short selling", and he replied with some disapproval: "Short, long, bearish, bullish, these reports are not so mysterious. is driven by additional factors."

"Don't be obsessed with Lehman's name, thinking that the report it issued is so lofty."

"Lehman can issue a short-selling report, and tomorrow Goldman Sachs can issue a bullish report."

"That's the thing, just start from reality."

Fang Zhuo mainly thinks that everyone is a little too respectful of halo. In fact, some reports may be written by interns. How to judge should be independent thinking and proceeding from reality.

I thought this answer was just a regular upvote.

Unexpectedly, after one night, Fang Zhuo saw a statement from Goldman Sachs Huaxia while sitting in the office the next day. driven by people.

This is Goldman Sachs Huaxia's vague refutation of Mr. Fang Zhuo's remarks, the richest man in the mainland - if you say Mr. Fang is the same, why mention us if you have nothing to do?
The statement was reposted to Zhihu, and there are many people with different purposes @fangzhuo.

Fang Zhuo was a little helpless, so he had to add a sentence under the original answer: "I'm not talking about you."

Just when all the melon eaters were wondering, just in the evening, several financial institutions in the United States successively released bullish reports on the listed company Yike.

Northern Trust, Deutsche Bank, Morgan Stanley, and Goldman Sachs all have "buy" or "overweight" ratings on the stock.

For example, Northern Trust has just cooperated, and issuing a bullish report is not a matter at all, but Deutsche Bank does not mention it, such as Morgan and Goldman Sachs. After contacting them, they are more difficult to deal with Lehman. Of course, Lehman's short-selling logic is also not recognized.

One is short, and several are bullish.

Who is right?

If Lehman has the aura of investment banking, Goldman Sachs and Morgan are not inferior to it.

Similar to the record-breaking "short selling" of Chinese concept stocks, is there any mystery in this behavior?
This is what Fang Zhuo wanted to express internally, but externally he just responded normally, and did not intend to use these short-selling reports to prop up the stock price.

As for Goldman Sachs Huaxia, it was purely a mistake.

——I'm not talking about you, Goldman Sachs Huaxia, I'm talking about your headquarters.

The sudden backstab from the U.S. headquarters put Goldman Sachs Huaxia in an embarrassing situation. The vice president who proposed to hurry up and give a statement was reprimanded.
They didn't explain any more, and they coldly dealt with it.

Fang Zhuo didn't chase after such small tidbits, everyone was eating together, understanding each other, and understanding each other.

The next day, Fang Zhuo, who had gradually recovered from the short-selling incident, got up his spirits, summoned the Yike investment team, took the stamped and signed equity documents, and went straight to the capital to find Qingzi, who he didn't quite understand this time. .

Ah Qing, you have your sword to seize love, and I have my door-to-door debt collection.

……

Yike's press conference caused great waves in China. On the contrary, although Bloomberg and Wall Street Journal also participated and reported, it did not cause much influence in the United States.

One is that the stock price of Yike itself remains stable, and there is no profit margin for short and long positions.

Second, Mr. Fang’s short selling on Lehman is similar.

The third is that the financial market in the United States is very prosperous, and everyone is busy chasing profits, and the small splashes quickly disappear.

But Fuld, the person involved, finally saw the report and knew that Fang Zhuo held a press conference on shorting Lehman in a distant foreign country.

He was interviewed by Bloomberg, he also laughed, and only replied: "Hahaha, why didn't Mr. Fang come to New York to hold a press conference?"

Bloomberg provided VIP members with on-page communication or mutual confrontation, and Fuld quickly got a response from Fang Zhuo—“Hahaha, there will be, and I will see you in New York.”

This little boring board communication ended with Fuld's last words - "Hahaha, waiting for you."

Not many people paid attention to the short reports and shouting of the two, and those who noticed felt bored, but they were a little puzzled, why did these two people have to "hahaha"?
(End of this chapter)