Rebirth of Hong Kong's tycoons, shorting Eagle Sauce

After the Dongzhou financial crisis broke out in 1997, people abandoned the Dongzhou miracle, and countless money flowed to the United States.

Technology companies with unlimited prospects naturally attracted a large amount of domestic and foreign funds.

From 1990 to June 1998, the Nasdaq index climbed four times, and the US stock market soared all the way.

But Wang Lei knew that the real craziness was in the second half of 1998, when the growth of the stock market was completely out of control.

The annual growth rate of the Nasdaq was as high as 125%, and the growth of some technology stocks was even as high as 200%!

The valuation of enterprises also increased from 26.5 times to 69.4 times in a short period of time.

In this irrational investment environment, there have always been two heretics: Proton Fund and Tiger Fund!

Since their establishment, they have always regarded themselves as hedge funds.

What is hedging? In their understanding, it is to short junk stocks with valuations and to increase high-quality stocks with investment value.

Tiger Fund and Proton Fund used this set of theories to quickly rise to prominence. In just a few decades, they became big shorts that could control tens of billions of funds.

But this set of golden theories failed to work on dot-com stocks.

In their cognition and in previous models, dot-com stocks are full of bubbles, and the market value is hundreds of times the profit. You say it has no bubbles, and it can still rise?

So when stockholders and capital were reveling, they began to short dot-com stocks without hesitation.

Don't think they are unwise, stupid and greedy.

Without a God's perspective, no one would know that the 70-fold valuation is not the end of the bubble, but just the beginning.

No one knows when the bubble will burst, and the shorts can only wait patiently.

Tiger Fund and Proton Fund, which have persisted for so long, have suffered losses to varying degrees.

Especially Tiger Fund, its investors gradually lost patience.

Investors withdrew their funds from Tiger Fund like a tide, and the company's management scale began to shrink rapidly from 30 billion US dollars.

Proton Fund is not having a good time either. Its head admitted in an interview that they lost $1 billion in shorting tech stocks last week alone.

This gave the head the idea of ​​joining the high-end market.

Just when the two big shorts were in pain, suffering, and doubting their lives, Wang Lei stood up!

Wang Lei accepted an exclusive interview with Paramount News.

"Mr. Wang Lei, netizens and the public are now attacking you, saying that you are a dangerous and selfish investor. Do you have anything to say?"

Sitting on the sofa, Wang Lei smiled sarcastically:

"I always believe that the truth is in the hands of a few people. I am a rational investor and never believe in miracles. No private company can violate a law. It exists to make money, not spend money.

If any fund manager tells me that a certain stock can violate this law, I'm sorry, I will give him two sinuses and tell him: Liar, get out!"

The Stanford students who were invited below all laughed.

The reporter also laughed. Although he thought Wang Lei was quibbling, he could only laugh along with the boss of his boss's boss.

"Some people attack you, saying that you are badmouthing the entire technology and Internet industry. I think this is a kind of slander against you..."

The host, who originally wanted to say a few good words to Wang Lei, was interrupted by Wang Lei:

"No, I think they are right. I am badmouthing the Internet. The valuation of 70 times makes even me feel scared. I think the tragedy of Sakura Country will be repeated sooner or later!"

Stockholders have no memory, or the financial market has no memory. Obviously, tragedies have been staged in the stock market again and again, but people will repeat the same mistakes every few years.

Not only the public has no memory, but even institutions are playing dumb, thinking that they can get ashore before the crisis breaks out.

Only when the tide recedes can we know who is swimming naked.

Not only the students at Stanford were in an uproar, but the audience watching the live broadcast began to boil.

It's just that they are scolding Wang Lei for being shameless and lying with open eyes.

Some people think that Wang Lei is trying to manipulate the stock market again.

Some stock market analysts say that this is all Wang Lei's tricks. What he said on the TV program is to make the public waver. Once someone sells unsteadily, he will definitely be taken over by this kid.

What makes Wang Lei speechless is that his words did not serve as any warning. Instead, people are more crazy about driving up the stock price.

Technology and Internet stocks are entering a stage of irrational investment in the market.

Everyone is crazy, all theories and normal market rules are no longer applicable, and investors who are still "conservative" are called

Investors of the old economy.

And Wang Lei is also called the oldThe economic guardian.

Just when he thought his words had no effect at all.

Tiger Fund and Proton Fund began to become active.

Proton Fund, which had originally planned to invest in the bulls, saw a glimmer of hope after hearing Wang Lei's speech.

Even Wang Lei saw the bubble in the Internet industry, so their vision couldn't be shorter than Wang Lei's.

"The bubble will be burst sooner or later, and the market will make corrections to irrationality sooner or later."

This sentence became their hope to persist.

When Wang Lei heard the news from Robert, he was also very surprised.

"I didn't say that the Internet bubble would burst in the short term. If they go bankrupt, they will come to me."

Robert couldn't help but ask curiously:

"Then when do you think the Internet bubble will burst?"

"Robert, have you heard of the Y2K crisis?"

"Of course I have heard of it. The Y2K crisis is also called the Y2K crisis..."

The last two digits are usually used to represent the year in computer programs.

For example, 98 represents 1998, and 99 represents 1999.

But programmers realized that if 00 is used to represent 2000.

It will cause some programs to fail and equipment to stop.

This will have a disastrous impact on some key sectors, such as energy, finance and government.

Some scammers described the Y2K bug as a plague virus and specifically defrauded old ladies of their pensions.

Robert suddenly understood:

"You mean that people's fear of the unknown of the Y2K bug will spread to dot-com stocks and never cause a stock market crash?"

"That's what I mean. Fear is the last straw that overwhelms the bubble. What I said on TV was actually for that guy Greenspan!"

Robert suddenly realized that in his impression, Wang Lei was an egoist and would never be a whistleblower.

It turned out that these words were meant to intimidate Greenspan!