Chapter 509 Agreement

  “Currently, the price fluctuation of this part of assets has deviated from the normal range of 0.25 to 0.47. If we take this part of assets and pay enough margin, the possibility of future appreciation of this part of assets is between 0.51 and 0.84.”

  The analyst saw that Kenneth Griffin was silent for a while, so he continued. After giving a rough account of the results they had calculated over several days, they quietly waited aside, waiting for their boss to make a final decision.

   "How much money is needed to acquire this part of the position? If calculated with the greatest probability, how much profit will we make after acquiring this part of the position? Please tell me in detail about various situations."

Griffin pondered for a moment, still unable to make up his mind. After thinking and thinking, he decided to learn more information. After all, the market is dynamic, and the data reported to him now is only based on the current price trend. conclusion.

The analyst wearing glasses helped his glasses on the bridge of his nose and said quickly: "If the market does not fluctuate greatly, that is, if the liquidation exceeds 10,000 lots, the fluctuation range at the current price will not exceed If it is 15%, it is estimated that when the price fluctuation returns to the normal level, we can make a profit of about 1.750 to 2.345 billion US dollars. And if there are more than 10,000 lots and less than 20,000 lots, we will earn a profit of 12.80 To around US$1.742 billion. The liquidation of more than 30,000 lots will cause severe fluctuations in the market, and if a similar situation really occurs, our final profit may not exceed US$1 billion.”

After the man in glasses said all this with a blank face, he mumbled his lips for a long time, and added, "According to the agreement we reached with the lending bank, the current price of this part of the position is no longer worth so much money, so if If you want to buy it, the Brutality Fund will have to sell another part of its position. Of course, what type of asset portfolio we have calculated is that their light crude oil position is the most worth buying."

  Using part of the base camp fund's investment portfolio as collateral to borrow a loan to purchase the natural position of the non-withered flower fund, this is one of the financing strategies that have been prepared for a long time. But now the development of the situation has exceeded their previous expectations. The loss of this part of the position has become so serious that it is not worth so much money, and it is impossible to put this part of the loan in the account, so the employees of the base camp will look at it. Some other relatively high-quality positions of the Everlasting Flower Fund have been approved.

"Wow, this is really unexpected." A smile finally appeared on Griffin's face. In the original quotation for the Everlasting Flower Fund, they had already lowered the price very low, but I never imagined that after only a few days, this huge position is no longer worth so much money, and they even need to pay more investment portfolios to be able to close the transaction. Although this is irrelevant, it is unexpected The episode still made Griffin laugh.

   After waving the analyst away, he called Nick.

"Nick, I'm Kenneth. Yes, we've got preliminary results." Griffin touched the bridge of his nose, trying hard to hide the complacency in his words. He knew that he was taking advantage of the fire, but he was able to The Everlasting Flower Fund was rescued from dire straits, and the guilt in his heart was reduced a lot because of this, "Yes, of course the transaction will continue, and we will conduct the transaction at the price originally quoted to you."

  After hearing that he was finally able to get rid of this part of the position, Nick heaved a long sigh of relief. During this period of time, the pressure caused by the natural gas position on him was so great that he was already in a trance. In addition to dealing with debt collection from various investors, he also had to keep in touch with investment banks and funds to listen to The situation of their quotations for this part of the position, now everything can finally be settled.

  Compared with other investment banks, the quotation from the base camp is not too attractive, but the key is that they can withdraw cash in the fastest time, which is what the Evergreen Fund needs most at present. Nick was still rejoicing in his heart, but Griffin's subsequent words immediately poured a basin of cold water on his heart.

"Since your losses are very serious, the price we offered before has far exceeded the actual value of this part of the position, so we have to add another part of the asset portfolio to be able to trade. So you should understand, After all, we are all businessmen, and there is no reason to do business at a loss."

   "God, this guy is so smart!" Nick roared crazily in his heart. He was very unwilling to accept the conditions proposed by the other party, but he also knew that he didn't have many choices, because that was the truth. Although the other party's purchase of this part of the position will definitely make a profit in the future, but for the non-withered flower fund, the future income is already out of reach.

   "How much do you need?" Trying to suppress the dissatisfaction in his heart, Nick tried his best to keep his tone calm and put on a rational attitude. The more it is at this time, the more you have to express your professionalism, after all, you can't let the other party look down on you.

In fact, Nick already has plans for the future, because according to their calculations, even after liquidating all of this part of the position, the Evergreen Fund still has assets of more than 1 billion U.S. dollars, which is enough for them to make a comeback. If the buyer does not demand redemption of all of them.

"US$350 million in assets, this is the minimum requirement." Griffin's words sounded plain, but it sounded like a thunder in Nick's heart. There is no difference at all.

Nick was ready to say no at the first moment, but then he thought that his plan for a comeback in the future was still long, and he must not destroy the overall plan because he couldn't get away at this time. He was silent for a long time and said: "No problem , we happen to have a convertible bond worth US$500 million. When the time comes, this part of the bond will be converted into shares. Based on the current market value, it will be worth at least US$650 million. We can transfer this part of the position, of course, yes Calculated based on the current market value of the transfer.”

   Here, he played a trick. It is reasonable to say that the value of this part of the convertible bond fluctuates before it is converted, but it follows the rules of bond price fluctuations. Once it is converted into stocks, it is naturally another game. This does not mean that the value of this part of convertible bonds is equivalent to the market value of the same share of stocks in the future.

"No! No! No!" Griffin naturally wouldn't be fooled by this, and directly and clearly rejected Nick's proposal, "Sorry, Nick, I'm not interested in convertible bonds, that's not my field of expertise. We This time I bought an energy position, and naturally I want an energy position, yes, we have indeed taken a fancy to your crude oil contract."

"What?" Nick's complexion changed immediately. He had already figured out the current position of the entire Evergreen Fund. Because of the sharp drop in natural gas prices, the price of crude oil as a substitute appeared. This is not a small increase, and this is also one of the few profitable positions of the Evergreen Fund.

Wanting to sell this part of the position, Nick naturally showed embarrassment. After thinking for a long time, he could only say, "Kenneth, we need more time to decide this, but I won't let you wait." It’s been too long, let’s do it this way, I’ll call you again in half an hour and tell you our final decision.”

"Okay." Griffin naturally agreed, but he reminded, "Dude, you should also be aware of the current situation. If we can't reach an agreement as soon as possible, the market will eventually change. At that time, I will May want more."

  After hearing Griffin's half-persuading and half-threatening words, Nick didn't say anything more, and silently hung up the phone.

  …

   "According to reliable sources, the Everlasting Flower Fund is currently actively selling positions. It is not clear who the specific buyer is, but what is certain is that the transaction may be completed within two days!"

   While Zhong Shi was still carefully flipping through the documents at hand, Jiang Shan ran in quickly, and before he even had time to catch his breath, he loudly reported the news he had just heard to Zhong Shi.

After he finished speaking, he saw that his boss, Hu Ping, was also in this room. Although he shouted loudly, Hu Ping, who was lying on the desk, just muttered a few words, changed his position, and fell into a deep sleep .

   Seeing that his recklessness almost disturbed his boss's rest, Jiang Shan couldn't help sticking out his tongue, looking a little embarrassed.

"Since you have heard the news, it seems that the entire market probably knows about it." Zhong Shi nodded slightly, thinking that it was almost time, and after thinking for a while, he said, "Is there any news about the other buyer? I I want to talk to them."

"This..." Jiang Shan said hesitantly with a look of embarrassment on his face, "It is still unclear whether the specific transaction will be completed, let alone the identity of the buyer. But what is certain is that the news should be true. The source Very reliable."

Now Hu Ping's team still has close to 30,000 contracts. It will take at least several weeks for this position to be completely digested. However, firstly, he does not know the identity of the other party, and secondly, even if he wants to close the position, it is estimated that the other party will not agree easily. Thinking of this, Zhong Shi had a look of regret on his face.

   "Then we now..."

Jiang Shan couldn't wait to ask, he was also very aware of the current situation, if the position could not be closed in time, after the news was fully announced, the decline in natural gas prices in the past half month might end here, and the 0703 and 0704 contracts Not only will the price difference not continue to shrink, but it may also expand, and their book profits will shrink a lot.

  Of course, the loss situation will basically not happen, because when they took over, it was the time when the flowers were not withered, and they expanded the two-month contract to more than 2.5 US dollars. And the price difference between the two is absolutely impossible to rise to this point.

"Look at the market first and then talk!" Zhong Shi also realized that what he thought just now might be too perfect, because even if he knew the identity of the other party, he could not be sure that the other party was willing to close the position, because he didn't know the other party's psychology at all. bottom line.

  …

On September 25th, the current month’s natural gas price gapped just after the opening of the market. The opening price of 4.57 continued the sluggish trend for more than half a month, and the price of 4.40, which fell to the lowest in the session, made the bulls complain. , although it finally closed at $4.46, the 3.67% drop throughout the day has doomed the bulls.

At this time, there is only one trading day left before the end of the contract in September. According to the general trading logic, the situation of violent fluctuations and large transactions during this period is the most prominent. The rumors of the next home drove the market even more crazy. The traders realized that they had little time left, so they naturally attacked Yuanyue's contract frantically.

   It was against this background that the September contract fell sharply again. After the market closed, the Evergreen Fund issued an open letter to investors, declaring that its natural gas position had been successfully sold. So far, after a loss of nearly seven billion U.S. dollars, the Evergreen Fund finally got rid of this heavy burden .

  (end of this chapter)