My 1999

"With such a low rating, is it too risky?" Jiang Xiaoyang asked worriedly.

"Don't worry. The development of real estate in the United States is now a national policy, and it can't be wrong." Xu Liangxin said.

Others don’t know clearly, so why doesn’t he know clearly?

As U.S. real estate policies become more and more aggressive, everyone will be involved in this trend.

If customers who are able to come up with a 30% down payment and pay loans on time now are classified as A-level, then after the major banks directly kick out the down payment in order to find enough people to buy houses, customers who can pay loans stably will be considered A-level. .

But there is no limit to the greed of capital.

After they discovered that there were no customers with zero down payment and stable payment for loans.

They will buy back all the CDO asset packages they have sold before, then dismantle them, re-rate the loans inside, and then package and sell them on the market.

In other words, the B-class CDO bonds Xu Liang bought now will become A-class in two years; the C-class CDO asset package will become B-class in two years.

But don’t underestimate this large-scale change. Behind it is a profit of more than one billion or even billions of dollars.

A very simple example.

C-rated CDO bonds can be purchased at only 30% of the book value, or even lower.

Once it becomes B-rated, the value of the CDO bond instantly doubles.

If leverage is added, it is six or seven times the profit.

Really make a lot of money.

Over the years, Xu Liang has shown his outstanding vision in investment time and time again. Hearing his confident words, Jiang Xiaoyang felt a little uneasy, but he didn't say any more.

"Fund No. 4 invests globally, mainly in equity and corporate bonds issued by European luxury goods industry companies."

As the number of wealthy people in China increases, sales of luxury goods, especially those from Europe, skyrocketed, eventually accounting for nearly one-third of the global luxury goods market.

The stock prices of Bulgari, Chanel and others have soared.

The share price of Hennessy-Louis Vuitton Group is as high as 410 billion US dollars.

Hermès has become the largest single brand company in the top 10 global luxury goods industry with a market value of US$232 billion.

If it weren't for the lack of funds in his hand, Xu Liang would have wanted to buy a few brands for fun.

The profits are too high.

"Understood."

Jiang Xiaoyang definitely agreed.

"How will Fund No. 2 perform this year?"

In June last year, Pacific No. 2 Fund invested US$15 billion in five categories: crude oil, iron ore, copper ore, gold, and silver at a ratio of 3:2:2:1.5:1.5 with triple leverage. Long futures.

Now that half a year has passed, there will definitely be changes.

"Without leverage, it would have risen by 22%."

Jiang Xiaoyang's tone was filled with joy.

"It's quite a lot."

“The main reason is that oil has risen too sharply this year. When we went long last year in March, we thought it was $32 a barrel, which was too high.

Except for a slight drop at the end of the war, it has now risen to $55 a barrel, almost double. "

Xu Liang frowned slightly. He knew that oil would rise sharply, but that was after the subprime mortgage crisis. In order to survive the crisis, the United States artificially raised oil prices and made the whole world pay.

But it's obviously very early now.

"The price has risen too fast and is expected to fall later. Let's reduce our position by 50% first and wait and see what happens next."

"I think so too." Jiang Xiaoyang said.

“How are other futures performing?”

“It’s stable and rising, basically there are no big ups and downs.”

"That's good."

"I remember that the No. 2 fund managed by Lao Sun is about to expire, right?"

"It's due in three months."

“How much money is he prepared to raise?”

"$3 billion."

"Old Sun is becoming more and more courageous. Including the Indian Ocean No. 1 Fund he manages, it adds up to US$6 billion, right?" Xu Liang said with a smile.

"Yes. His Fund No. 2 invests in the bonds of Amazon, Apple, eBay and BlackBerry. Although its performance over the years is not as good as your Pacific Fund, it is still in the top 5 in the hedge fund industry, and there is no shortage of investors around the world.

We haven’t even started raising funds yet, and we’ve already received more than $5 billion in investment reservations on the website. "

Although Sun Zhenping has followed behind him in recent years, he invested in the equity of Internet technology companies, and Sun Zhenping invested in debt.

Therefore, over the past three years, the Indian Ocean Fund has performed very well. Because of the added leverage, the annual net income has been more than 200%.

He has also become the most popular elite in Hanhua's hedge fund department after Xu Liang.

"By the way, Xu Liang. I just poached an elite from Wall Street last month and plan to set up a sub-fund for him under the Indian Ocean Fund."

Xu Liang became interested, and the elites that Jiang Xiaoyang recognized were not ordinary people.

"Elite? Tell me."

"I'll send you the information later, let's talk briefly now.

The other party’s name is Jiang Ping. He graduated from the University of Science and Technology of China in 1986, majoring in chemistry, and later entered the Institute of Metallurgy, Chinese Academy of Sciences, to pursue a master’s degree;

Went to the United States to study in 1989;

Received a PhD in Chemistry from Princeton University in 1993;

In 1994, he went to Stanford University to study for a doctorate in finance, and converted to a master's degree midway;

In 1995, he joined the famous investment bank Lehman Brothers.

Initially, he was assigned to the company's worst-performing Latin American foreign exchange trading unit.

This year, the economic crisis broke out in Mexico, and many investors fled, causing the peso to fall sharply against the U.S. dollar.

However, Jiang Ping, with his unique sensitivity to data, discovered that the Mexican currency was seriously undervalued and had strong room for appreciation, so he bought it aggressively.

Sure enough, after surviving the crisis, the peso rebounded strongly, and the Latin American foreign exchange trading department that Jiang Ping was responsible for became Lehman's most profitable department.

From 1995 to 2004, the world's famous economic crises came one after another. However, Jiang Ping's investment performance has been between 30% and 40% to more than double, making him one of the traders who contributed the most to Lehman. "

Xu Liang smiled and said: "Lehman is willing to let such an outstanding elite go?"

"Although Lehman was reluctant to part with it, they could not cross the threshold of 'discrimination against Chinese Americans'. According to Wall Street rules, fund managers' share is generally 10% to 15% of performance, but Jiang Ping made the most money, but the share he received Less than one-third of this ratio.

So when we extended an olive branch and promised to set up a $1 billion hedge fund for him, he agreed to jump ship. "

"One billion U.S. dollars? You're willing to give it up."

Jiang Xiaoyang smiled and said: "You, the 'Golden Caesar', have earned the company 17 billion US dollars a year. Why should I be reluctant to part with it? Besides, the company also needs a hedge fund talent who can support its appearance."

"Doesn't Lao Sun and I count?"

"You have so many things to do. You have to be busy with Hongmeng, Jianlibao and Hongyan. 70% of your 100% energy cannot be used in Hanhua. I can't always count on you.

As for Lao Sun, this guy will follow you every day after getting a taste of the sweetness. Who knows if he is really capable? "Jiang Xiaoyang complained.

Xu Liang thought about it, and it was true.

Hanhua's hedge fund department really doesn't have any top talents.

"Just recruit this Jiang Ping according to your idea, and give him the best treatment." Xu Liang said.

"Yes. I will arrange for you to meet when you come back."

"OK."

"How do you plan to invest in Qinglong Fund?"

“Same as Pacific, the US$60 billion is divided into six funds No. 1, No. 4, No. 5, No. 6, No. 7 and No. 8, with each fund worth US$10 billion.

Qinglong No. 1 Fund continued its previous investment and bought shares in Nvidia, BlackBerry, eBay, Yahoo, Qualcomm, Oracle, and Intel.

In addition, Japan’s Lotte and the United States’ Netflix are included.

Fund No. 4 invests in the U.S. biopharmaceutical industry. "

Because the Internet is closely related to the general public, everyone knows that the Internet is developing rapidly, but they do not know that the biopharmaceutical industry is also rising rapidly.

Its scale is no smaller than the Internet.

Xu Liang heard it from a lecturer when he attended investment company training in his previous life, but he had forgotten the specific company name.

But it doesn't matter. If you can't remember the specific company, you can always make money by investing in the fundamentals.

"Fund No. 5 invests in the IT industry, including Samsung Semiconductor, STMicroelectronics, Texas Instruments, Renesas, ON Semiconductor, GlobalFoundries, SMIC, Western Digital, and Kioxia. In short, the top 20 semiconductor companies in the world, except for No. 2 All the funds that have already invested will be invested again.”

"Fund No. 6 invests in telecommunications, mainly in Europe and the United States."

Basically, China’s telecommunications company Qinglong No. 3 Fund has invested in it.

"Fund No. 7 invests in finance, and all the top investment banks and banks on Wall Street have invested in it."

With the real estate boom in the United States, banks and investment banks are eating the most meat, especially investment banks. When they finish eating, their mouths are filled with oil, and their stock prices naturally soar.

Goldman Sachs' stock price is now just over 20 billion, and before the subprime mortgage crisis it had swelled to nearly 80 billion.

This shows how much money they have made in the past two or three years.

"Fund No. 8 will invest in South Korean cosmetics companies, Japanese Toyota and Honda car companies, as well as Uniqlo, Unscrupulous Printing, Shiseido, etc. I will send you the specific list when the time comes."

With the popularity of Korean dramas in China, South Korean cosmetics are making a lot of money. One of his classmates is an overseas purchasing agent for South Korean cosmetics.

In just two years, I saved a house in the Third Ring Road of Beijing.

You can see how much profit there is.

However, Bangzi was not clear-headed. He knew that the market was all in China, but he still praised the United States. A ban on South Korea caused a big setback for South Korean products in the Chinese market, causing heavy economic losses.

But that's just what a colony is.

Pai Hai later in the book is the same thing as Sade in Bangzi. In essence, they both contribute to the master.

Xu Liang can't control this. He knows that the revenue of South Korean cosmetics, Japan's automobile industry and precision machine tool industry will skyrocket with the development of China's economy.

As for Uniqlo, Unscrupulous Printing and Shiseido, they were all cases that he remembered deeply when he attended lectures in his previous life.

Listening to Xu Liang's talk, Jiang Xiaoyang felt relieved.

It can be seen that he has really considered it seriously and is not doing it randomly.

Counting the $20 billion managed by Fund No. 3 and the $3 billion managed by Fund No. 2.