The Son of Finance of the Great Age

  Chapter 467 Rabbit dead dog cooking (4)

  Julian Robertson's goal has always been to surpass Quantum Fund and become a big brother in the hedge fund industry. In fact, he did a good job, winning the trust of investors, and while his own fund management scale expanded, he also made a lot of money himself.

   It's just a pity that Soros did a better job than him. While making profits every year, he also created several major events that caused a global sensation, which made the whole world look at him with admiration. In this case, Julian Robertson can only bow down, although he also indirectly beat the French central bank.

  There is an unwritten rule in the hedge fund industry, that is, whoever has a big reputation and good performance can attract more funds. Capital is greedy by nature and will relentlessly withdraw if there is no return. So to a certain extent, the reputation of the fund manager is very important, so Julian Robertson, who is less famous than Soros, suffered a lot of hidden losses in attracting top investors.

   Even so, he now has a fund management scale of more than 15 billion U.S. dollars, and he is like a giant in the market. But he is still not satisfied. On the surface, while cooperating with Soros and other capitals, he secretly makes obstacles to frame each other everywhere.

It is not necessarily accurate to say that it is framed, but it must be right to seize food. In South Korea, Indonesia and other markets, Julian Robertson's funds used the other party's strategy report to sell out before the other party made a move, which caused Quantum Fund to suffer. Not a small loss.

   This time, Julian Robertson intends to follow suit and continue to cheat the opponent.

He didn't doubt that what he had done aroused the other party's vigilance, especially when another Tianyu Fund suddenly appeared in the market. In this case, all actions against the Quantum Fund can be blamed on this I don’t know where the fund came from. Their suspicions are too great: local snakes, mysterious background, strong funds, openly singing against the Quantum Fund in the market...

   Even thought of a scapegoat, and it is such a perfect scapegoat, what else is Julian Robertson afraid of?

   "Throw away part of the US and Japanese government bond positions, and transfer funds to Russian government bonds. We need to absorb more Russian government bonds." After calling Robert Citron, chief investment officer of emerging markets, Julian Robertson ordered lightly.

Robert Saitron was a little confused. Hong Kong, which he strongly recommended, suffered a crushing defeat due to the intervention of the "government". Although he was not responsible for it, he still lost a lot of capital after all. The pressure on Tron's shoulders was very heavy. After hearing the big boss's order, even if he wanted to refute, he didn't know what to say for a while, so he could only nod silently.

"Don't ask me why, I can only tell you that this time the IMF may have to compromise with the polar bears and continue to inject funds into the Russian market to maintain their current fragile balance." Seeing the puzzlement in the other party's eyes, Julian Robertson felt a little He explained ostentatiously that he was in a good mood at this time, and he didn't care to say a few more words, "Because of the credit problems of their bonds, the bond prices have plummeted, and the yield has reached 50%, and it will even break through more. This is our opportunity. If these bonds eventually cash out, we will at least double our capital."

Although he didn't know where his big boss got the news, Robert Satron would not ask the source of the news unwisely. He nodded in agreement, and then asked with some concern: "Boss , At present, we have a position of 1.5 billion US dollars in the Russian market, accounting for 10% of the entire investment portfolio, is it necessary to increase it?"

  Generally speaking, the proportion of 10% is already a relatively large proportion in a portfolio. For the sake of risk diversification, it is generally more appropriate for the proportion of heavy positions to be in this position. Although Tiger Fund's largest internal holding is in the U.S. stock market at this time, it also includes dozens of stocks, and the distribution of funds is not as large as that of Russian government bonds with only a single target.

"Relax, buddy!" Julian Robertson said disapprovingly, patted his forehead, and said with some regret, "If it weren't for the loss in the Hong Kong market, I wouldn't be so aggressive. There is no way, first to smooth out the losses of investors , and then think about creating new profits in the remaining time."

  The larger the fund management scale of a hedge fund, the more management fees it can collect, but correspondingly, the more difficult it is to create profits. Because even a 1% return means $150 million in income, and this amount of money is completely astronomical in the eyes of others.

  In order to avoid causing too much impact on the market and revealing their true intentions, large hedge funds are internally divided into several smaller funds to operate. In addition to hiding their positions, they also have more meanings. Of course, these are all in the stock market, but for treasury bonds and foreign exchange, this kind of operation is not necessary. Because for these markets, funds of hundreds of millions or billions of dollars are only small and medium-sized.

  In order to be able to create overall profits, Julian Robertson must grab profits from places with larger market capacity. The Russian government bonds, which are currently in dire straits, naturally become the best choice.

  When he heard the word "Hong Kong", Robert Sitron's face turned red, and he quickly turned his head to the side, pretending to be nonchalant. However, his ears were still pricked up, and he listened to Julian Robertson's words verbatim.

After talking about his current predicament, Julian Robertson discussed the details with Robert Citron, and finally finalized the sale of 500 million US dollars of US ten-year treasury bonds, and then invested the money in Russia Bond Market.

Since the United States has continued to cut interest rates this year, the market’s expectations for interest rates have dropped sharply, and the ten-year long-term interest rate has also fallen accordingly. Tiger Fund, which entered the market when the interest rate was the highest, made a fortune on long-term treasury bonds. Only a few BPs were slightly lowered, and these national debts were successfully sold, and then the funds were transferred to the Russian market.

  …

   "Bank of America has a quote, YTM is 52%, it has risen 12 BPs from yesterday to today, and the current price is $4950 million."

   In the afternoon, when everything was ready, Julian Robertson came to the bond trading department in person, paying attention to every move here. This situation surprised him when the inter-bank quotation reached his ears.

  The rise of BP means that the market is once again looking down on Russian government bonds, and the yield to maturity YTM is 52%, indicating that the government bonds have fallen below half of their face value. Under such circumstances, everyone knows that this kind of national debt situation is probably not good, but isn't this what Julian Robertson wants?

It's just that at this moment of trance, when the call was made again, the trader on the other side told him with regret that the national debt just now had been sold, and Quantum Fund was one step ahead of them and took the big deal. one.

   This news immediately made Julian Robertson jump up, and he couldn't care less. He immediately ordered the traders to call around to see which banks still have Russian government bonds for sale. He took it for granted that this kind of treasury bonds with ultra-high yields is currently a hot commodity in the market. If he doesn't act faster, he may not even be able to drink the soup by then.

  Under his orders, traders frantically called around, asking investors who had these bonds on hand who would be willing to sell. But after a round of phone calls, except for some small sales orders, they did not encounter tens of millions of sales orders in the market for half a day.

   "Buy, buy for me!" Julian Robertson had already fallen into madness. At this time, his intuition told him that someone was sweeping the market, and coupled with his previous thoughts, he realized that this "person" was Quantum Fund. So he told his traders, "Give me a price increase, and the price increase will be eaten!"

  For these bondholders, the current bet is not the profit of the price fluctuations of these national debts in the market, but the profit after these national debts are cashed out. For example, the current price of this national bond in the market is 49 US dollars each, and when it is cashed, each may be 105 US dollars, and the price difference reaches 56 US dollars. And pure price fluctuation, even if it rises to 55 US dollars per piece, the profit is only 6 US dollars per piece.

  So as long as it is a slightly smarter investor, at this time, they are not willing to sell the national debt on hand. And the entire Wall Street has also fallen into this huge profit gambling game.

  Risks, they are very clear, profits, they are even more aware. Driven by profits, risks are selectively ignored by many people.

   And Julian Robertson at this time is such a person.

  If you can’t buy it at $49, then you can add $10 to $59 in one go. Some hesitant investors began to try to sell the bonds in their hands. These people believed that although there were huge profit margins, the risks were far beyond what they could bear. Tend to sell.

   Gradually, the market began to gain vitality, and the trading volume also increased significantly. But after absorbing it for a long time, Julian Robertson was still dissatisfied with the slow speed, and immediately ordered the trader: "Raise the quotation again, $62."

   It must be noted that the $62 here is not the real $62, but the $62 under the $100 pricing system. In fact, the face value of a national bond may be around US$100,000, and if it is actually cashed out, the amount will be around US$62,000.

As soon as the price of 62 US dollars was put into the market, it immediately caused a lot of exclamation. People asked what happened and why the price of Russian government bonds would rise by leaps and bounds without the stimulation of fundamental news. You must know the current rating of Russian government bonds. already defined as garbage. Many people began to consider whether to sell part of the bonds in their hands.

   Just when they were still hesitating, a big seller appeared in the market. After selling two bonds with a total price of 50 million US dollars at the price of 61.50 US dollars and 62 US dollars, they immediately suppressed the market price again.

Julian Robertson was not stupid when he saw a large-scale sale order in the market. After the transaction was completed, he immediately asked the trader to lower the price. After all, if the price is too high, the other party will give up the idea of ​​continuing to hold it. Neither is a good thing.

  However, the other party did not care about the price drop, and sold a total of 100 million U.S. dollars of Russian bonds through the over-the-counter market at 60 U.S. dollars and 59 U.S. dollars, further suppressing the price. Julian Robertson quickly noticed the other party's determination to ship. Even though he didn't know why, he still dealt with them patiently, and finally spent all the 500 million US dollars he had hastily gathered at the end of the transaction. Including the bonds sold by the other party, the overall price was also controlled at 54 US dollars, which was only 5 US dollars higher than at the beginning.

After the market closed, Julian Robertson was in a good mood. He wanted to ask Soros to go out for dinner, but he was flatly rejected by the other party on the phone. Although he felt that the other party's tone was a bit weird, Julian Robertson, who was full of ambition, didn't think about it. , but thinking about where to spend the weekend.

   Thanks to book friends Kalm and Lan Yan_ for voting monthly! I hope you will support me more~

  (end of this chapter)