The Son of Finance of the Great Age

  Chapter 594 Tear the skin

   "So what should we do now?"

The analysts looked at each other, speechless. They didn't know why their boss came to the conclusion that Irene Karen was lying, and they didn't know how they should deal with the other party's "lying". No, what should they say? Then get the data from Rayman Brothers.

"Before that, she told me that they would re-register the assets once a week, but now she told me that they would do a daily valuation. This kind of blatant deception doesn't even bother to explain."David Eindhoo En is very indignant, but very helpless.

  Wall Street is very welcome to short selling, especially market-making brokerages. First, the average price of some long-term optimistic stocks they hold is very low, and short-term short selling has little impact on their income; second, by lending stocks, they can also obtain a large amount of interest income, Why not do it?

  However, it is precisely this short-selling mechanism that they originally strongly supported, and when the disaster befalls them, it becomes a life-threatening rope that can kill them. After the overnight collapse of Bear Stearns, the direction of the entire Wall Street changed. All investment banks began to blame the short-selling mechanism and short-sellers, completely forgetting how they supported these short-sellers before that.

   As for short-sellers like David Einhorn, Irene Karen and the forces behind her will naturally not treat each other well. However, although they repeatedly covered up the problem, the problem was discovered by the other party one after another.

  In late April, Greenlight Capital once hinted in a strategy report to investors: "From the perspective of balance sheet and corporate business overlap, there is no difference between Lehman Brothers and Bear Stearns."

  Although this strategy report is internal in nature, it has not been widely disseminated. But Raymond's management managed to secure a share through their connections, and the wording in it scared them to death. They realized that hedge funds had begun to target Lehman Brothers, and it was obviously not wise to make a big deal in this situation, because it would expose Lehman Brothers to the magnifying glass of the entire market. After some discussions, the frightened management of Leimen Brothers finally decided to solve this problem with Greenlight Capital in private.

  But as the problems of Greenlight Capital deepened, it became more and more difficult for the executives of Lehman Brothers, including Erin Cullen. Soon they realized that if they knew everything, the internal problems of Leimen Brothers would soon be exposed to this short seller, and then Leimen Brothers might face annihilation. Under such circumstances, they began to consciously prevaricate and perfuse the questions from Greenlight Capital, delaying as much as possible.

  Like today, when Irene Cullen heard David Einhorn's question, her head suddenly became dizzy, and she immediately answered a question indiscriminately. She didn't realize her mistake until she hung up the phone, but she didn't plan to call again to explain, because it would make it more obvious.

   "Good! Good! Good!"

  A stern look emerged from David Einhorn's face, and then he said through gritted teeth, "Since they dare to perfunctory investors like this, then don't blame us for acting as knights in the market."

   After finishing speaking, he turned on the phone and started typing on the keyboard. Soon an email was formed from his subordinates, the content of which was to quote what Irene Cullen had said before in a certain seminar, and the recipient was naturally Irene Cullen.

   "Boss, this is undoubtedly an ultimatum!" An analyst said worriedly, "If you press the OK button, we will no longer be able to obtain any non-public data from inside Leimen Brothers!"

  Although the data on the financial statements are public, large investors can still inquire about the specifics of certain businesses through executives. Of course, none of this violates the law. Once this relationship is severed, it means information asymmetry, which is an extremely serious consequence.

"Aren't there still few people who have broken faces with us?" David Einhorn pressed the OK button without the slightest hesitation, and the email was sent to the other party's mailbox the next moment. After seeing the reminder that the sending was successful , he replied indifferently, "I have long been used to this kind of treatment. You may not know that when I shorted United Capital, the other party not only confronted me in court, but also asked someone to bug my private phone, and even There are rumors that he will buy a murderer to kill someone."

  None of these six analysts had experienced the sensational short-selling incident a few years ago, so when David Einhorn told this story, they all showed extreme curiosity and eager anticipation. They had all heard about the events at that time, but they were all rumors from outsiders. It was rare for those who witnessed today's events to speak up, so they naturally waited attentively for the following.

   "Want to know the following?"

Who would have thought that they pricked up their ears and waited for a long time, but they didn't wait for David Einhorn to continue, but they waited for another sentence, which made them almost vomit blood, "If you want to know, go buy my book , "Cheat All the Way to the End", there is what you want in it." Einhorn said with a smile.

"Boss, you are already a billionaire, don't you still need this money?" Immediately, some analysts couldn't help complaining loudly, "We just want to hear the story. Don't worry, we will definitely buy your book. I will buy it, but before that, do you want to reveal some unknown insider information to us?"

  As soon as this remark came out, it immediately aroused applause from other analysts. After all, listening to the client's dictation is different from reading a book.

   "Reply so fast?"

David Einhorn's enthusiasm was also infected, and when he was about to describe it vividly to these analysts, an email reminder sounded from the computer. A basin of cold water was poured on the top of their heads, which immediately extinguished their raging fire of gossip, and the disappointment could hardly be concealed on the faces of everyone.

  Among the disappointed crowd, only David Einhorn's expression changed, as if he had realized something, he quickly opened the email, and his face suddenly sank.

After realizing that their boss was in the wrong mood, the analysts put away the expressions on their faces, and consciously moved towards David Einhorn, "Boss, what happened? What did the other party say?" asked an analyst.

"The only feeling I have right now is that I have been calculated by you and Greenlight Capital. You and your analysts have carefully designed a trap to let me say what you want to hear without realizing it, and thus will These are presented to investors. While doing so, you can pluck any satisfactory content from the conversation that can support your theory, but I have to say, your behavior of misleading investors is very disgraceful. From now on, you don't If you want to get any substance from me, we will not continue to deal with people with evil intentions."

  Different from David, whose face was watery and silent, the reaction of the analysts was much more intense:

   "This is really a backlash, as if they were caught in a trap."

   "Now I don't even keep this sympathy anymore, and I want to sever ties with us directly. Damn it, the tone is wronged like I am a victim, but in fact they are the real criminals!"

  …

"enough!"

Just as the analysts were attacking the Raymond Brothers in unison, David Einhorn finally couldn't stand the noise, couldn't help shouting, and stopped the meaningless chatter, "This is right Our provocation. Okay, we will accept this challenge, George, give me the phone number of Alan Thorne's organizer, I want to let the whole world know about Raymond Brothers' problem."

   After speaking, amidst the stunned eyes of many analysts, he clicked on the keyboard again.

  David Einhorn is a man with a tough personality. Many times people only pay attention to his handsome appearance and outstanding performance, thus ignoring this point. In fact, this person who was able to win the third place in the world Texas Hold'em tournament as an amateur player has a persistent persistence in his bones, and it is this persistence that makes him perform better when faced with pressure.

   This time, Raymond executives apparently picked the wrong opponent.

  The Alan Thorne Conference is a charity event, originally intended to commemorate the 29-year-old analyst Alan Thorne who died of cancer. But soon it was turning into a Vanity Fair, and the performers center stage were billionaires from hedge funds.

Simply put, everyone invited or applied to speak at an Alan Thorne conference is usually a hedge fund manager, and these ambitious investors use the conference to pitch their investment proposals on stage, which makes them Gain popularity to a certain extent, of course, with the increase of popularity, there will be corresponding benefits.

   It's a hedge fund feast. Although it has a high threshold, with a ticket costing at least $3,000 and only 1,000 places, investors from all over the world are still coming in. Every year, emerging hedge fund managers stand out from this conference, and the stocks, bonds or other investment targets they introduce will have a sharp rise and fall.

   To put it bluntly, the funds that can be mobilized by this meeting are calculated in billions or even billions. Although the hedge fund managers only mentioned one or several stocks as examples, some investors will buy or sell the corresponding targets according to the introduction of these managers, thus causing violent price fluctuations in the short term.

   Once on this stage, if you tell the analysis of the corresponding stock, it will undoubtedly be announced to the world. David Einhorn has already made up his mind to blatantly break up with Raymond Brothers, and to disclose their research results on Raymond Brothers to all investors at this meeting.

"My colleagues and I do not think that we are dishonest, nor do we think that there are deliberate misleadings or traps in our communication with you. On the contrary, we think that some people are really dishonest. In addition, if you If there is any dissatisfaction in the process of our communication, you can make these conversations public, or even report them to the regulatory authorities. I don’t think you have any need to hide them!”

  As an expression of his determination to be short and a tough response to Erin Cullen, David Einhorn wrote this. The wording is completely aimed at what the other party said, which can be described as the tip of the needle. At the end, he wrote, "I will publish our research results at the Alan Thorne Conference. If you still have doubts about this, you can attend the conference at that time and have a public debate with me. Let The market is here to tell you and me who played the disgraceful role."

  After finishing writing, I showed it to the analysts again. After there were no major problems, David Einhorn sent this harsh email.

   But to their disappointment, after waiting for half an hour, there was still no email from Leimen Brothers, which made them very bored. Everyone at Greenlight Capital knew that Irene Karen must have seen this email, and not replying to the email already represented her attitude.

   "No! We all overlooked one thing!"

   Just when everyone was shaking their heads and sighing, and was about to disperse, an analyst suddenly shouted. Seeing that everyone was looking at him, he said bitterly, "This meeting is sponsored by the Leimen Brothers!"

   "Shit!" Everyone raised their middle fingers at him.

   It’s not too late today, I wrote it on time, but I didn’t expect that I didn’t see a single monthly ticket... I hope everyone will still support this book enthusiastically, and those who can vote will count their votes. The author is very grateful~

  (end of this chapter)