If you cheat, money will follow

After chatting and chatting, it was time to eat.

Jiang Zhi's sincerity was not yet exhausted, so he stopped at the right time. When one dish after another was served on the table, he personally introduced it to Chang Le.

"Chang Le, your Aunt Xia is from Jinling and she cooks good Jinling cuisine. Try this salted duck. This dish should be a famous dish in Jinling. The duck skin is white and the meat is tender, fat but not greasy, fragrant and delicious... …”

"This dish is fish head in thick soup casserole. The fish head of the bighead fish is stewed in a casserole. Judging from the thickness of the soup, it is very nourishing to the body. I am not saying it, but chefs from restaurants outside Jinling may not make it. It’s delicious because your Aunt Xia makes it.”

"This dish is squirrel fish, which is also a famous dish in Jinling. Cut the mandarin fish into small pieces and fry it in a pan. After frying until golden brown, add tomato sauce and seasonings, and you're done..."

"Eh? Qingfang, why is this squirrel fish a bit salty today?" Jiang Zhicheng looked at Xia Qingfang.

Xia Qingfang smiled and motioned to Jiang Xia beside her.

Jiang Xia raised her hands and said honestly: "I admit that I did it. I added too much salt."

"Haha...Chang Le, don't eat this dish if it's a bit salty. Eat this beauty's liver, which is also a famous dish. Xiaoxia, everything else is good, but the talent in the kitchen is lacking."

Chang Le took a bite of the squirrel fish and said, "Uncle, I think it's okay. Although it's a bit salty, it's still very crispy and tastes a bit like barbecue."

After hearing this, Jiang Xia raised the corners of her mouth, feeling a little sweet with pride.

Jiang Zhicheng and Xia Qingfang looked at each other and smiled: "Haha..."

At 9 o'clock in the evening, Chang Le looked at the time and wanted to say goodbye and leave.

When I came to Jiang Xia's house, I had already booked a hotel nearby.

Jiang Zhicheng stopped him, a little angry:

"What's going on? You've come all the way to the capital, how can you stay in a hotel? It's not like there's no room. Do you think the house is too small and you can't get used to it?"

"Uncle, I don't mean that. I'm just afraid of disturbing you, auntie, and Jiang Xia." Chang Le explained

"What are you interrupting? You are treating yourself as an outsider. This is wrong." Jiang Zhicheng said

"Chang Le, your uncle is right, we don't treat you as an outsider. You also treat this place as your home, so feel free to do whatever you want. Xiaoxia and I have already prepared the room for you." Xia Qingfang said

"In that case, I will listen to my uncle and aunt." Chang Le said

"This is the right thing to do. Treat this place as your home. Let's chat for a while. Where did we talk just now?" Jiang Zhicheng asked

"Uncle, we just talked about Bear Stearns." Chang Le said

"Yes, it's Bear Stearns. Your anatomy of Bear Stearns just now is very good. Although I have read the relevant analysis articles on internal reference, the overall analysis is generally consistent, but there are no details like you mentioned, which has benefited me a lot. Be inspired.”

Jiang Zhicheng is a cadre in the organization system, but he obviously has a wide range of interests and a deep development.

"Can you talk about Lehman? It was the one that went bankrupt last month." Jiang Zhicheng said

"Then I'll tell you what I know." Chang Le said:

"Compared with Bear Stearns, Lehman Brothers has a much longer history. It was founded 158 years ago. It has survived many historical events such as the Civil War, the Great Panic of 1907, the 1929 Stock Market Crash, and the Great Depression..."

"Almost every time in financial history, it has been attacked by other institutions, but it has survived unscathed and made huge profits..."

"Among the five major investment banks on Wall Street, Lehman is known as the King of Bonds and has always been the top underwriter and top middleman for residential mortgage bonds and commercial real estate bonds..."

“In terms of its operating model, it has very little own capital and mainly relies on high leverage and cheap short-term borrowings to make huge profits. In the second quarter of this year, its leverage ratio was 32 times, ranking third on Wall Street... "

"After Bear Stearns was acquired, Lehman Brothers, which had huge exposure to commercial real estate, was targeted... not only by many speculators and short sellers... but also by his peers."

“In the days and weeks following the collapse of Bear Stearns, some of Lehman’s derivatives and repo market counterparties began reducing their exposure to Lehman; several eliminated or restricted their credit limit."

"In July, when faced with Lehman's request for help, the Federal Reserve adopted a completely different attitude from Bear Stearns. Bear Stearns received US$7 billion in support, maintaining market confidence and maintaining the company's basic operations... "

"But when faced with Lehman's request to transform into a bank holding company, the Fed thought it was a rogue move."

"Actually, it's not that the Fed doesn't want to save it. The Fed is well aware that Lehman's bankruptcy will have a profound impact on the financial market, no less than a financial nuclear bomb. Because Lehman holds nearly one million financial derivatives contracts, it is a major participant in the entire market. .”

“However, the rescue of Bear Stearns caused the Federal Reserve to be criticized by all walks of life, and it was burdened with huge moral hazard. Moral hazard means that the huge profits earned by these investment banks from successful risks will be put into their own pockets, but they will have to go bankrupt after the risk fails. It is indeed very unethical for taxpayers to shoulder debts and support them..."

"I personally believe that the bankruptcy of Lehman is a watershed. More than 3000 financial institutions in North America are facing similar risks. There will be more historical events in the future, which will directly affect the direction of the global financial market and even the global economy."

"But for short sellers, this crisis is a complete gluttonous feast. In the process of trading, we saw the presence of a lot of capital and institutions. The profit they earned in the Bear Stearns War was measured in billions , they used the same method on Lehman, and the benefits were even more exaggerated."

"Chang Le, is your company also involved?" Jiang Zhicheng asked

Chang Le shook his head: "We have not participated. The target is too obvious and it is easy to be targeted. In overseas markets, we prefer to participate in derivatives transactions in the macro field, such as gold, crude oil, foreign exchange, stock index futures, etc. These futures have something in common. The main points are that the capital pool is large, there are many counterparties, and the income cannot be compared with that of a single stock market."

…………

Late at night, Jiang Zhicheng and Xia Qingfang were still chatting while they were still asleep.

"Qingfang, how do you feel? This child is pretty good, right?" Jiang Zhicheng asked

"Well, it does feel good. Chang Le is better-looking in person than in the photos. He has a natural sense of perseverance and is not indifferent. He has an inexplicable affinity that makes people want to get close to him unconsciously." Xia Qingfang continued to comment:

"Ideologically, he is very mature. He clearly understands a lot, but he is very restrained. He answers whatever is asked and does not show off deliberately. This is obviously different from children from other families."

"Haha, Qingfang, it's not easy to get your high recognition." Jiang Zhicheng said

"I have to admit that your choice is right. I don't know how your old classmate was educated. Compared with her peers, our Xiaoxia is sensible, mature, and relatively stable." Xia Qingfang continued:

"But in front of a kid like Chang Le, it's obviously not enough. I noticed that when you and Chang Le were talking about the economic development situation, you asked him how to deal with it in the future. He grasped the scale very well. He stopped when he clicked and hid it. Some things. If it were other young people, they would definitely come out with a tray."

"How is it possible that this child can gain a foothold in the volatile and stormy financial market and gain a lot without any restraint? As for how Chang Xueqin taught him, I really don't know." Jiang Zhicheng sat down. Get up, lean on the head of the bed, put your hands on the pillow:

"These should not be taught by regular study and diligence. He and I both majored in history. How to teach? It must be talent."

"Yes, I think it can only be attributed to talent." Xia Qingfang agreed