Chapter 820 Weak Hedge Funds

What he earns in Europe is only second. In fact, Paulson earns the most in gold futures, because he expected the occurrence of the European crisis, so he bet most of his net worth on gold futures. The price of gold futures has approached the level of 1,500 US dollars per ounce, making his fund focused on gold and real estate earn more than 50% of the income, and the expected income is more than 10 billion US dollars.

  Combined with the bet on the European debt crisis, Paulson's income this year should be close to 20 billion US dollars. Even according to the most conservative estimates, based on a quarter share, his personal income for the year should be around $5 billion.

   This is another jaw-dropping performance by Paulson after 2007.

   This point was also verified in the survey after the year. According to the analysis report of the hedge fund industry, Paulson Fund once again achieved astronomical returns in this year, and he himself is firmly seated as the chief manager of hedge funds because of his investment in gold.

  Because Tianyu Fund does not accept external investors and is completely closed, the outside world knows nothing about it, which makes Paulson take the top spot. However, in the eyes of industry insiders, Paulson, who is Zhong Shi's little follower, can earn this figure, and the figure Zhong Shi can earn is even more astonishing.

   "Hey, just a little bit!"

Paulson was all smiles, and just wanted to boast a few words, but when he saw Zhong Shi's half-smile expression, he quickly put away the pride in his heart, and said with a little embarrassment, "Sir, I have to thank you for everything. you!"

"Yes!"

  Dairio also echoed, "All this is your credit. Fortunately, we made a lot of money following you."

  Although the income is not as exaggerated as Paulson, Delio also takes tens of billions of dollars into his arms. According to the total size and income level of his fund, his income from excess income and management fees this year may not be less than that of Paulson.

  Following in the footsteps of these two people, several other people also surrounded Zhongshi to express their gratitude.

   "What do we do next?"

  After some flattery, Paulson changed the subject and continued the topic just now, "What are we going to do next, you know I can't wait now!"

   After obtaining such a large profit, everyone is looking forward to the appearance of the next target. Judging from the current international situation, Portugal will soon become the next target to be besieged by international capital, even though they have just passed the 2011 fiscal budget.

   "I'm going to take a break!"

To everyone's surprise, Zhong Shi didn't intend to make an immediate move, but just said a word without explaining anything, "If you plan to attack Portugal, then you can do it. But sorry, this time I will Does not participate!"

"what?"

  Everyone couldn't hide their surprise, and Paulson asked in surprise, "Sir, has something happened? You must know that the situation is very good now, and it would be a pity if we stop now."

"yes!"

As stable as Delio, he can’t understand Zhongshi’s decision, “Before May next year, Portugal will face the problem of a large number of national debts due, and if they don’t choose to apply for rescue at that time, there may be a large area of ​​default. .Also, if they opt for the rescue before then, it is almost obvious that the euro will face another round of downward momentum."

   "I don't understand, I really don't understand!"

  He shook his head in disappointment, with a puzzled look on his face.

   "I think I understand what Mr. Zhong is thinking!"

  Jim Chanos silently put down his glass and said to everyone, "Gentlemen, do you still remember what happened in 2007 and 2008?"

   "You mean the subprime mortgage crisis?"

Griffin's reaction was quick, and he blurted out after a little thought, "From April 2007 to October 2008 when Stanley Corporation accepted Japan's shareholding, it can be said that the subprime mortgage crisis lasted for nearly two years." The entire US real estate market is on the verge of collapse, countless large institutions have been involved in bankruptcy, and the entire world economy is now struggling. "

   "But Jim, what does this stuff have to do with what we're talking about?"

   Not only Griffin, but others are also at a loss.

   "Perhaps you are not clear, but the experience of a friend of mine can explain the problem!"

Jim Chanos glanced at everyone solemnly, and said slowly, "He runs a small hedge fund with an asset size of about US$1 billion. In 2006, he noticed the real estate mania It can’t last. After realizing the market’s problems, he bought CDS with a total value of 1.2 billion US dollars from Goodman, UBS and JP Morgan to bet on the real estate market. Guess what happened in the end ?”

   "Of course I made a lot of money!"

Ackman said with disdain, "It's all happened. Is there anything else to say? Who here doesn't know that the real estate market crashed, the price of CDO plummeted, and the price of CDS skyrocketed. Don't forget , Mr. Paulson became famous in that crisis."

   "No, no, no!"

Jim Chanos shook his head again and again, "That's not what I'm talking about. Of course, my friend made more than 200% profit in the end. But during the whole process, didn't you find some weird things? place?"

   "I understand what you're talking about!"

As the biggest winner at the time, Paulson saw almost every reaction of the market in his eyes, and then blurted out, "After the collapse of New Century Financial Group, the CDO price of the entire market remained unchanged, and the rating remained high. Rating. This phenomenon is very abnormal. According to hindsight analysis, Wall Street investment banks and rating agencies colluded to delay the outbreak of the crisis. During this period, they frantically sold the CDOs on hand and bought CDS at high prices. Wanting to get out of it. But unfortunately, none of their actions could save them in the end."

   "Is that so, Jim?"

  Paulson told a weird inside story that no one thought of at the time. But judging from what they did today, it was similar to what the big organizations did at that time, so everyone was not too surprised.

   "Not quite right!"

  Jim Chanos still denied, "We are all aware of these inside stories here, and they are nothing new. The problem came from the end of the subprime mortgage crisis. John, you must be very impressed, that is the congressional hearing."

   "Is this what you're talking about?"

  Paulsen's face suddenly darkened, and he didn't speak for a long time.

"right!"

Seeing Paulson's reaction, Jim Chanos understood that the other party knew what he wanted to say, and immediately nodded slightly towards Paulson, and continued, "For a while, the public opinion of the whole society has been accusing us of .Oh, it's not us, it's the whole hedge fund industry. They think we induced and caused this whole crisis. But God, are we the ones who designed and peddled those CDS and CDOs?"

   "This is not the most critical!"

Speaking of this, Chanos suddenly became emotional, "Gentlemen, do you know how my friend was treated? The New York prosecutor's office investigated them for eight months and finally determined that they did nothing out of the ordinary Stop after you act. I think John understands this very well."

   "My friend lived on the verge of fear every day. It can be said that he could not sleep or eat. The danger of being sued was always hanging over his head, so that he was discouraged and ended the fund directly!"

Chanos said indignantly, "Damn it, the whole country is shifting the responsibility to us. They know who is the culprit of the whole crisis. It's like when I shorted Enron in 2001, it was obvious that the other party was covering up financial How dare you say you want to confront me in court. God, these lunatics have no morals at all!"

   "You are right, I have encountered a similar situation!"

  His complaint immediately silenced the entire scene. Everyone present has more or less experienced similar experiences. Especially when they make high-profile short-selling, the other party often refuses to admit it at all, and uses various threats to prevent short-selling. Griffin even said with lingering fears, "When I was shorting Raymond Brothers, I publicly questioned their accounting methods, which aroused great repercussions at that time. At one point, their CFO even refused to answer my phone calls."

   Several of them are financial experts, and they don't hide their intentions at all when they are short. But things are very clear, as Soros said, it is the egg that breaks first, which attracts the flies (hedge funds). No matter how it is calculated, this account should not be calculated to the head of the hedge fund.

   "You're right!"

Zhong Shi, who had been silent for a long time, finally spoke, "Because this time in regards to the Irish affairs, the things I planned will definitely attract great attention from Europe. So in the future, I must disappear for a while, otherwise their Revenge will come soon."

"They never think about what the root of the problem is. Instead, they think that if something goes wrong, then the person who caused the problem is the culprit and should bear the maximum responsibility. This kind of logic is simply incomprehensible, but it is It really happened to us."

   "This world is so unfair!"

At the end, Zhong Shi couldn't help sighing, and concluded helplessly, "To some extent, although hedge funds are at the top of the financial chain, they are indeed the most vulnerable and vulnerable link! "

   "Is there nothing we can do?"

   Zhong Shi's words made everyone feel frustrated, and the original festive atmosphere was swept away. Several people silently put down the champagne in their hands, lowered their heads and stopped talking.

   "It's as if we're doing things for the US government now, but I'm not sure if we're going to be pushed out as scapegoats when they don't need it!"

Seeing everyone's reaction, Zhong Shi hit the rails again while it was hot, "I'm always worried about that day coming, but so far I've been involved too deeply, so I can only give up some opportunities to make money and withdraw slowly. Although I am very Not reconciled, but I don't want my personal safety to be threatened, especially in the game between countries."

   “What can we do to improve our situation?”

  Paulson asked anxiously, "At least let the government throw a mouse at us instead of simply using us as a tool!"

  Paulson has attended two congressional hearings, one for the subprime mortgage crisis, and the other for shorting Bear Stearns. He was chilled by the government's targeting of hedge funds in an effort to appease the public, despite the two hearings coming close.

"I have not decided yet!"

Zhong Shi spread his hands and said helplessly, "I need time to plan all this. This action will not only increase our weight, but also make the government angry. It is difficult to grasp the proportion. But I am sure that in We will definitely do this sometime in the future!"

   "I join!"

   "I'm joining too!"

  …

  After hearing Zhong Shi's words, several people's blood rushed to their heads for a moment, and they stretched out their hands one after another, deciding to join this plan.

   Thanks to the book friend Death's Fall, 8254814, he fell into her heart and broke my heart and voted monthly! The weekend has passed, but unfortunately the situation still hasn't slowed down...so I hope everyone can vote for it, monthly tickets and recommendation tickets should be more powerful, thank you very much~

  

  

  (end of this chapter)