Chapter 1169 $ 100 billion (This is yesterday)
Xu Liang looked at Mai Jinheng who was speaking with a smile, "I need financing."
As if Xu Liang's thoughts had been guessed, Mai Jinzhu asked calmly: "How much do you need?"
Xu Liang said nothing and gestured with five fingers.
"Five times leverage, that's okay ..."
Mai Jinzhu suddenly responded.
wrong!
Their investment bank has given Hanhua Group this leverage multiple.
"It can't be fifty times, right? Xu, do you want to trade foreign exchange?!"
Blankfein stared at Xu Liang with suspicion, thinking quickly in his mind.
Suddenly, he seemed to think of something.
His eyes widened and he asked in an uncertain tone: "100 billion U.S. dollars?"
"That's right, a $100 billion stock position!"
Xu Liang looked at the two of them with a smile.
"How about it? Is this a living thing? Stock transaction fees and financing interest returns will be a very considerable number."
Although Hanhua Group is already very large, its investment in the United States is still inseparable from the five major investment banks, as well as giants in the investment banking field such as Citigroup and JPMorgan Chase.
It must be through their platforms to smoothly conduct huge transactions.
Mack shook his head repeatedly with a solemn expression: "It's too high. The two funds add up to US$10 billion to leverage ten times the leverage. The risk is too great."
"Xu, including the warning line, you don't need to actually reach a 10% stock price fluctuation. It only takes a few points of fluctuation, and your $10 billion will directly evaporate from the market."
Berlanvan also persuaded in a serious tone.
"I know you want to be short -term stock markets, even if it is true that the sub -loan storm continues to expand, but 10%of the stock price fluctuations are easy to appear.
If there is someone competing against you, the risk of liquidation is even greater. ”
Xu Liang smiled, "Two misunderstandings, even if you really give me ten times lever, I dare not use it. After all, the quantum fund has not been in the past two years. "
"Then you mean ...?"
"In addition to two new funds with a total of $ 10 billion, there are also two funds, and some of the funds owned by Hanhua will reach $ 20 billion." Xu Liang continued.
Mack looked much more relaxed, "Does that mean it's still five times the leverage?"
He thought about it and shook his head again.
"That risk is still too high, the short position of hundreds of billions of dollars. Once a large market fluctuates, the liquidation is very static, and it is likely to pass through."
"It's not very possible, it's definitely!" Blankfein said firmly.
“Isn’t this the same leverage ratio as before?”
Mai Jinheng glanced at Xu Liang, "Let's not talk behind the scenes. Although there were problems in the subprime bond market before, at least it was still prosperous on the surface. In this case, even if the position is closed, it will not cause fluctuations in the market. .
You are now hundreds of billions of dollars, coupled with the short funds that Hanhua have been short, the amount changes have caused qualitative changes. "
Berlanvan nodded and echoed: "Yes, Xu, not we are not willing to help. We can't afford such a big thing."
Xu Liang sighed, "What about using the financial investment tool "total return swap"?"
Total return swap, TotalReturnSwap.
The TRS contract, for short, means that the buyer of credit protection transfers the total income of the reference asset to the seller of credit protection during the agreement period.
Total income can include principal, interest, prepaid expenses, capital gains due to favorable changes in asset prices, etc.
Blankfein narrowed his eyes slightly, "You mean to let Goldman Sachs and JP Morgan help you sell short?"
"Yes, you will control the account, as long as the investment is over, the income is paid, so the leverage multiple can be loose?"
In fact, Xu Liang probably knew that the amount of funds was too large, and the leverage would be limited by the investment bank, because this is a game of the risks of both parties. The leverage is too high. The investment bank is easily dragged into the water by customers, causing losses.
The overall income is relatively easy to accept.
This is also a credit derivative and is a sibling of the CDS credit default swap/swap.
The two parties of the CDS transaction agreed whether there was any breach of contract, and the total income exchange agreed similar to "holding stocks".
Investment banks are entrusted to help with long or short sales, and all profits belong to the client, while the investment bank earns some transaction fees and financing benefits.
At the same time, this operation also has the advantage of avoiding the disclosure of hedge fund information and eliminating the need to reflect the investment on the balance sheet, thus achieving the effect of concealing itself.
However, investment banks need to face dual risks of credit risks and market risks.
In his 2002 letter to shareholders, Buffett warned of the risks of "total return swaps": Total return swaps make margin requirements look like a joke.
When Charlie and I read the derivative activities described in the financial report footnote of the main bank, the only thing we can understand is that we do not understand how much risks have contained in these activities ...
In fact, Mr. Ba's description is a bit exaggerated. The deposit still has to be paid, otherwise investment banks will worry about being paid for nothing.
Considering the previously impressive record and asset management scale of the Hanhua Group, Berlack Brahma has intended. He said, "Xu, how much margin do you want to pay?"
"20%."
Xu Liang was also afraid that the leverage multiple was too high and it was caused by playing.
When a stock rebounds, you can add margin at any time to ensure nothing goes wrong.
Blankfein said nothing and looked at Mack, who also looked thoughtful.
In order to make a little money, spend tens of billions to play with clients. The business of investment banking is not easy.
But having said that, since the market has such mature products, it has fully considered risks and solutions.
Wall Street investment banks are all veterans. They have always been the only ones to cheat hedge funds, and it is rare for hedge funds to cheat them.
If it does happen, it is a small probability event. At worst, it can be offset by profits.
This is the same as selling insurance, which allows a certain percentage of accident rates.
"Okay, this live we JP JP Morgan picks it up."
Considering the ugly financial report this year, Mai Jinzhu feels that the single business of Hanhua Group can still try.
Xu Liang looked at Berlack Brahma, and nodded: "No problem, we also pick it up."
Finally convinced two white gloves, Xu Liang showed a smile on his face.
"We also have a small request. We hire Goldman Sachs and JP Morgan to design highly leveraged put derivatives and sell them to major investment institutions to match our counterparty transactions."
Blankfein was startled for a moment, then laughed loudly: "No problem, this is a value-added service."
This kind of dirty work is not once or twice.
Last year, Goldman Sachs helped the Hanhua Group to design a synthetic CDO. The sales volume was very good. A large number of investment institutions purchased this product and became an opponent disk with the Hanhua Group.
With the income storm, these investors have lost their pants, and Hanhua Group made a lot of money.
If you want to do something fancy, you cannot do without the help of Wall Street investment banks.
As long as you give money, any rival investment bank can fool you.
Of course, transactions are absolutely fair, and winning or losing depends on the awareness differences between institutions.
Mai Jinzhu glanced at Xu Liang deeply. At a young age, his heart was as dark as them. Only such a person could play with Wall Street!
"Okay, this is very simple."
Mai Jinzhu smiled and reacted to match the opponent. They could make a commission as an investment bank. Why not?
That's what intermediaries are like, they eat both ends, and sometimes they take the money from one end to help cheat the other end.
Xu Liang and Berlank Van and Mai Jinzhu secretly negotiated in the room for more than two hours. When they walked out, people outside had gone.
Xu Liang called Shanghai Lun and was about to leave, and was shouted by Paulson.
Seeing Paulson's wind and fire chasing up from behind, Helen guess that there may be a good business, so he said well and sensible: "I go to the car to wait for you."
Xu Liang nodded gently and watched Hylun Lotus's steps away.
"John, I have not had time to congratulate you, the Paulson Fund was promoted to the tens of billions of clubs!"
Looking at Xu Liang's hand, Paulson reached out and held it with him, and he was envious in the smile:
"Xu, thank you. Congratulations to Hanhua for being promoted to the 100 billion club. The news has spread all over Wall Street. The outstanding performance of Pacific Fund has once again dominated the global hedge fund field, ranking first for four times in five years.
Such glorious results, I am afraid that no one can compare with you all over the world. "
Xu Liang smiled and watched Paulson. At this time, the people who attended the club party had almost gone. The other party did not leave. It seemed that he was waiting for himself.
He could vaguely guess some of the other person's thoughts, but deliberately pretended not to know and asked: "John, how was your communication with the big guys today?"
"Not so good!"
Paulson shook his head without concealing his low emotions.
"These old men on Wall Street seem to look down on us newcomers. They probably think that we are lucky enough to be qualified to sit with them."
Xu Liang nodded slightly, "Have you noticed it too? The way you look at us is like looking at a nouveau riche."
Paulson laughed heartily. Xu Liang's words resonated strongly with his emotions, and he began to complain continuously. "If they think it's easy to short subprime mortgages, then why don't they do it themselves?"
"We started out as speculators, so how many of them are clean? Are they all value investors?"
"If you ask me, they are nakedly jealous. They feel that in just one year we have achieved what they spent their entire lives achieving, and they are mentally unbalanced!"
"The investment industry needs to be ranked based on seniority? Performance is the foundation of everything."......
After venting for a while, Paulson was a little calm. He didn't forget his task. He asked, "What do you think of Mr. Dalio?"
Xu Liang replied calmly: "A very powerful investment master."
"I'm not asking about investment performance, I'm asking what do you think of others?"
Xu Liang smiled, "It's not bad. At least he said in front of everyone tonight a lot of good words. The media made him very evil and greedy.
Paulson laughed, "The media? The media is a group of unspoken bitchs, and the call girls in Manhattan are cleaner than them.
The media's mouthpiece was controlled by the consortium. They just stood behind the position of the gold master. "
Xu Liang thinks that Paulson said very reasonable, but what does this have to do with Dalio? He was wronged?
To give the relevant interests as white gloves, you must have a top -sized awareness.
There is no mistake in every song, one post, one content, one 6 one, one book, one book, take a look!
"Mr. Dalio is actually not as embarrassing as the public. Standing on the standpoint of Qiaoshui Fund LP. He is the best fund manager and a great investment master."
Xu Liang smiled faintly and did not comment.
Paulson continued unconsciously: "The shortness can be successful, which means that the company has problems and the economic problems in this country."
"There is an old saying in our country that "the fly does not bite the egg without biting it."
Paulson's eyes lit up, "This is a good saying. It is definitely a famous saying. It is perfect to describe short-selling transactions. The short-selling mechanism can help eliminate those non-compliant companies and squeeze out economic bubbles."
Xu Liang didn't say a word, just smiled.
This expression fell in Paulson's eyes and became a support.
In fact, Paulson does not think that Xu Liang will have any moral cleanliness, because Hanhua is also one of the large -loan shorts.
Those who have proved their positions with actual actions, those who focus on money, never taboo investment methods.
"I knew Mr. Soros shortly, but he taught me a lot of things. The most important of which was: I was born as poor, but I couldn't die when I couldn't die!"
Paulson said loudly, with a fire burning in his eyes, full of desire for wealth.
Xu Liang nodded lightly: "That's good. There is also a saying in China: "Princes, generals, and ministers would rather have their own kind."
Paulson smiled and said, "Xu, I am actually bringing you a message for Mr. Dalio."
"What words?"
Paulson looked at Xu Liang with a scorching look and spit out a few words: "Hunt the world together!"
...
On the car ride home.
"What did that person tell you just now? I think he looks very excited." Helen asked curiously.
"He is the head of the Paulson Fund and wants me to invest in his fund.
You know, if a fund manager is not good at describing some good things to his clients, how can he attract investment.
Rich body language can often increase the persuasive effect. "Xu Liang smiled.
Helen didn't know much about finance, and he didn't intend to say too much.
"Then you agreed?"
"Um. He is a very talented fund manager. Before we invested the money, we had made a lot of money. I have no reason to not continue to invest in him."
"I don't believe his ability is above you."
Looking at the woman's adoring eyes, Xu Liang smiled.
"After all, I am Huaxia, not Americans!"
Helen instantly understood what he meant.
Once the subprime mortgage crisis breaks out, it will have a huge impact on the United States.
If a Chinese person is too provocative, competitors and enemies with ulterior motives will definitely divert trouble to him and bring conflicts to him.
But if it's the Americans themselves, it's different.
The meat is rotten in the pot, and everything inside and outside has been explained.
"By the way, how did I do your business?"
Xu Liang asked.
"'Gunhua Sister Club" now has 13 people. In addition to Michelle Oba, Ivanka Fredrick, I also invited McKinzi Bezos, Mel Linda Gaiste Izon, Karen Links joins. "
The Madam's Route has been proven by countless examples from ancient times to the present. It is a road that can solve countless conflicts.
Therefore, after Xu Liang made some achievements in the development of Facebook, he told Helen to prepare a group that could unite the powerful women in the United States.
At that time, you can also provide yourself with a strong helper from the two realms of politics and business.
"In just a few years, you have developed the 'Sisters of Guns N' Roses' to such a big scale?"
The surprise expression of a man made Helen enjoy it.
"What is this? Women of the Montgus family have been taught to be good at using the power of the group to make profits for themselves. When I was in Colombia University, I was the head of the school's largest sisters.
Organizing the "Gunhua Sister Club" is also a light car.
And those who were invited by me also needed a women's group to support them behind them.
Everyone takes what they need. "
“Well done.”
After Xu Liang praised again, "it is not enough to have the organization, and there must be entanglement of interests to be truly stable."
“Of course, I have decided to launch a targeted fund-raising campaign through Facebook to all members of the ‘Sisters of Guns N’ Roses’ so that they can become shareholders of the group.
At the same time, Helen Charitable Foundation and Global Charitable Trust will also invest in their companies.
In addition, we also agreed that once the party who entered the meeting, the operating enterprise encountered difficulties, all members must actively participate in the solution, and finally give certain economic support ... "
One by one, more thoroughly than Xu Liang's imagination.
But this is normal.
Lao Mei's Sisters and Brotherhood have existed for hundreds of years, and various systems have long been perfect.
"Very good, with this' Gunhua Sister Club", Xu can be more stable in the United States. "
Helen nodded and looked at him, "You solemnly recommend Michelle to me. I can understand. After all, her husband is not only a federal senator, but also actively selecting the president, with a good prospect.
But I don't understand this Ivan card to join the meeting.
His father is just a rich man who has a little money, and he has a little influence in New York.
As for herself, she is just a model..."
Women raised the corners of their mouths.
"You won't you look at her?
Yes, that woman has a long chest and thighs, and her face is also your favorite type.
Do you want me to make an appointment?
From what I know about her, if I knew it was you, I would definitely strip naked and crawl into your bed as soon as possible. ”
Xu Liang lifted her chin with his right index finger and smiled.
"There are many beautiful women, but only you are worthy of my trust. As for Ivanka, don't underestimate her, now the inconspicuousness does not mean that it will be inconspicuous in the future."
Knowing the king's son -in -law is not good.
That bad talker and inconsiderate character, he was careful not to take advantage of the benefits, but also got a lot of shit.
He was not interested.
Although Helen couldn't see any prominent ability of Nafanka, his man's vision never missed.
Apart from anything else, you can tell a lot about his interactions with the Obaba family.
From the beginning of 2002 to the present five years, all reasons have donated more than 50 million money to Michelle's charity funds.
Every year during the holidays, there is no shortage of gifts.
Every time he comes to the United States, he always calls Obama to have a gathering.
The latter has also transformed from an ordinary Illinois state senator to a senator, and is now actively running for president.
Although the United States has never become a precedent for presidents, in case?
"Since you are not interested, forget it. Originally, that woman was very interested in you."
Xu Liang smiled. He admitted that Ivanka's face value and figure are good, but there are more fresh and delicious eighteen -year -old sisters who can eat. Why is it 26 years old? Intersection
Moreover, the flowering period of Bai Nu is inherently short.
(End of this chapter)