The Son of Finance of the Great Age

  Chapter 487

In the United States, there is such a saying as "political correctness", that is, whether in private companies or in the public sector, certain racial ratios must be followed, and some people of all colors must be recruited, although everyone knows that this Still a white supremacist country.

   To some extent, it should be attributed to this kind of "political correctness". The Chinese-American group with high natural IQ and proficiency in mathematics quickly made some names on Wall Street. Although there are not many Chinese or Asian faces in Wall Street, the achievements of some people in this group are impressive enough.

   As for Hu Ping, a young man who graduated from a prestigious school and has a solid foundation in mathematics, although he is only in his thirties, he is already a member of this successful group. Working in the fixed income department of Lehman Brothers, he is well-known in the bond market and once set a legend of earning US$1 billion in a natural year.

  Unhappy at work and involved in a lawsuit because of the jealousy of his colleagues, Hu Ping resigned from Lehman Brothers. And a star trader like him naturally has no shortage of next buyers, including hedge fund giants such as SAC, Renaissance Technology, and Evergreen. But after careful consideration, Hu Ping finally chose the letter of appointment from Zhong Shi.

In addition to giving a capital operation quota of up to three billion U.S. dollars, Zhong Shi also increased the team's dividend ratio to 12%, which is two percentage points higher than the highest dividend on Wall Street. The reason for living in Huping. Of course, Zhong Shi is also very clear that an ambitious person like Hu Ping can only work under him for a few years at most. The ultimate goal of this kind of person is to establish his own hedge fund, so even if he stays, it will not be too long.

   As for the position of the Evergreen Fund in the natural gas contract, it was the first task Zhong Shi entrusted to Hu Ping after he hired him.

   "Their collapse is a matter of time!"

   This is the first conclusive sentence that Hu Ping said to Zhong Shi after several months of research. But when Zhong Shi nodded secretly, Hu Ping went on to say: "The problem now is that we don't have enough positions to compete with them, and if we open positions at this time, I'm afraid we won't be able to build up enough positions even in September." position."

Although it is different from the previous investment direction and variety, and is not from a professional background, after months of painstaking research, Hu Ping is confident that his team is not weaker than those who have been immersed for several years or even several years in terms of professional knowledge and research judgment. The traders who have been there for ten years, because they supplemented the staff of meteorologists, geologists, and former energy company employees, and he, the core figure who is good at capturing market motives, is in charge, and the basic framework has been established.

   "You don't need to worry about this, I have prepared enough positions for you!" Zhong Shi smiled slightly, took out a piece of paper from his arms, and gently handed it to Hu Ping.

"This is…"

Hu Ping looked at Zhong Shi suspiciously, and did not reach out to take the paper immediately, but was waiting for Zhong Shi's answer, but soon he realized that the other party had no intention of explaining, so he gave a wry smile, took the paper and opened it. When I saw it, I was shocked.

"This is... this is... this is the position of Mother Rock Fund!" When he saw the huge position on the paper, Hu Ping's face was cloudy and uncertain. After a long time, he tentatively asked Zhong Shi .

In the past few months, he has not been busy in vain. Naturally, he is very clear that in the market, all kinds of hedge funds and other hedge funds are frantically doing their opponents. One of the larger hedge funds is Mother Rock Fund. However, due to lack of financial resources, the mother rock fund announced its liquidation a few days ago, and the position of natural gas was transferred to someone. Now it seems that his boss bought the position of the other party.

  The parent rock fund also does shoulder arbitrage, and the direction is completely opposite to that of the Everlasting Flower Fund. However, due to the sudden news that a hurricane was about to form in the market, Mother Rock Fund had no financial resources and finally chose to liquidate. They accumulated a lot of arbitrage positions in September and October of 2006 and March and April of 2007. The total number of open positions was about 30,000. A pivotal player in the market.

  Among them, in September and October of 2006, the parent rock fund's position was about 10,000 lots. Because the news of the hurricane came, they closed a large number of positions, so the position size of this part was relatively small. In terms of hedging positions in the far month, the parent rock fund holds a total of about 20,000 lots, and because they deliberately encircle and suppress the hedge funds that will not wither, the unit price of each contract between them in adjacent months varies greatly, reaching A staggering $2.50.

"That's right, it's the position I bought!" Zhong Shi did not deny this, took out a cigarette from his pocket, lit it and said leisurely, "I just saw the huge price difference among their positions, I just bought it with great emotion. Now that the basic position is in place and the funds will be in place soon, the next step is to see your operation!"

"You can rest assured that the price difference between different months will return part of the profit. After all, the price difference is too large. However, I really don't have much confidence in your request to destroy the hedge fund that is not withered. After all, the other party has always owned a fund of tens of billions of dollars, and I dare not even think about the shock of a fund of this size."

  Although Zhong Shi had explained it to Hu Ping long ago, Hu Ping didn’t take it seriously. Although he had witnessed the frequent upheavals in the market, Hu Ping himself hadn’t participated in any of them, so he could only reply to Zhong Shi in this way.

  The last time a large hedge fund collapsed in the market was in 2000. Due to frequent investment mistakes in technology stocks, the Tiger Fund with a capital scale of US$25 billion at that time was redeemed for US$16 billion within a few months. After the remaining funds were no longer enough to cover operating expenses and employee salaries, Julian Robertson had to announce the return of the remaining funds, turning the once prominent Tiger Fund into a family fund.

   And all of this, Hu Ping has never experienced, so when he heard about the destruction of the Evergreen Hedge Fund, he only thought it was an ultimate goal.

"No, no, it's actually very simple!" Zhong Shi spit out a puff of smoke, with a strange smile on his face, "Do you know what the biggest problem with this kind of fund is? It doesn't really lie in what they invest in or how they invest. What is the direction. The biggest question is whether their investors still maintain confidence in them. After all, the money they manage is not their own, so in the event of a huge loss, investors flock to , when the funds are called for redemption, that’s when they break down.”

"Of course I understand this!" Hu Ping smiled wryly, shook his head slowly, and said, "The problem is that they are still making profits, even making more money than everyone else. At this time, there will only be a lot of money. people want them to take care of their money, and no one is stupid enough to opt out."

"But what if there is a loss?" Zhong Shi smiled disapprovingly, and after pressing the cigarette **** into the ashtray forcefully, he said meaningfully, "If there is a huge loss, and it occurs within a short period of time, Yes, by that time, even if the previous performance was too good, I am afraid that investors will have uncontrollable panic."

   Frowning and thinking for a while, Hu Ping had to admit that what Zhong Shi said was a possibility, but it was only a possibility, because the probability of it happening was really low. He had to remind him aloud: "Boss, you are right. But it depends on God." As he spoke, he pointed up with his finger and added: "My God, the weather!"

"You're talking about one aspect!" Zhong Shi nodded, indicating his agreement, but the next moment, he waved his hand and said, "Not to mention that what happened last year was a small probability situation, I believe your team should have a solid foundation. Just say that even if there will be hurricanes on the scale of Katrina and Rita last year this year, oil refining and natural gas plants should learn from the lessons of last year. In other words, even if there are hurricanes similar to last year In such a serious situation, it is impossible for natural gas futures to deviate too much from the market, because there is one more market expectation, and the current price difference is caused by this expectation.”

   After walking back and forth for two steps, Hu Ping did not speak, still digesting Zhong Shi's words carefully. He somewhat understood Zhong Shi's meaning, but the market is changing rapidly, and no one can guarantee that the market will develop as they expected in the next moment, so Hu Ping is thinking, whether to take part of the profits and leave the market, or just take a stick. The huge positions that will not wither are directly nailed to the market.

  Because of the different goals, the selected operation strategies are very different, and the corresponding stop loss and profit prices are very different. Therefore, Hu Ping must first be clear about what he wants to do before proceeding with the following actions.

Faced with Hu Ping's hesitation, Zhong Shi didn't say anything more, but opened a bottle of brandy, took out a few ice cubes from the bar, poured half a glass of wine, and slowly shook it up. Waiting for Hu Ping's final reply.

  Hu Ping is a person who enjoys life, which can be seen from his spotless office. The dark red oak floor covers every corner, and there is a crisp touch when you step on it. The minimalist decoration makes the whole office look simple and beautiful. There are several abstract paintings on the walls. It is the only color in this mainly black and white office. But Zhong Shi looked at it for a long time, but couldn't tell whether the thing on the screen was a **** or a monster.

  In addition to the necessary office area, on the left side of the office is a common bar in the separate offices of Wall Street elites. Unlike many bars set up in the office, this bar is one size bigger than ordinary bars, and the shelves behind it are filled with a variety of drinks, and even many varieties of wine bell stones cannot be named. Come. And most of them have been unsealed, obviously Hu Ping didn't put them here just for decoration.

After a while, Hu Ping also came over. With a solemn expression, without saying a word, he directly took several unknown drinks from the bar, opened them one by one, poured a little into the silver shaker, closed it and started Shaking it skillfully, five minutes later, he opened the shaker and slowly poured two glasses of strangely colored mixed wine from it.

Zhong Shi watched him doing all this quietly, without interrupting from the beginning to the end. He knew that everyone has their own way of doing things. Obviously, when making important decisions, Hu Ping in front of him is used to Drink to help clear your head.

After putting a slice of lime and two cherries into the goblet, Hu Ping still pushed the glass to Zhong Shi without saying a word, and at the same time raised the other glass of wine to a high level, shaking it slightly towards Zhong Shi shaken.

   "Did you do it?" Zhong Shi asked with a smile.

   "It's done!" Hu Ping said proudly, raised his head suddenly, drank the wine in the glass, and then put the glass heavily on the bar. I don't know if it was because the wine was too strong or because he was too excited, Hu Ping's eyes became extremely red, and he was looking at Zhong Shi provocatively at this time.

   Zhong Shi heard clearly, what he said was "dry".

   Thank you book friend K00 for voting for the monthly ticket! As the holiday approaches, although some busyness will gradually go away, the busyness will never end. Since I started rushing to the hospital half a year ago, my life is destined to be unsatisfactory. Suddenly looking back, today is different from the past, not only the idea of ​​the new book had to be shelved, but even the existing book is difficult to guarantee at least one update every day. However, I will try my best to persevere and believe that life will eventually turn around. The only thing I am gratified about recently is that all book friends are still silently supporting this book, which undoubtedly gave me a lot of motivation. I would like to express my deep gratitude here. Thank you for your support, understanding and understanding.

  (end of this chapter)