Wall Street Legend

When people have money, they hope to become famous. Although donating money and materials is partly part of the idea of ​​tax avoidance, it also helps others, and the credit cannot be erased.

Mr. Dalio of Bridgewater Associates recently had a project. At this moment, he asked Ye Dongqing: By the way, I am planning to hold a charity donation in the near future. The scale will be larger than today. I hope the rich can donate part of it. Funds are used for research on some neurological diseases, mainly Alzheimer's disease and Parkinson's syndrome. My father died of Alzheimer's disease. Until now, there is still no effective treatment. I hope you will also I can come and participate.”

This was to get Ye Dongqing to donate money. It was for charitable purposes and was part of the social responsibilities of the rich, so it was not considered rude.

Ye Dongqing almost didn't hesitate and said readily: Okay, but I'm a little busy recently and may not be able to be there in person. If I really don't have time, I will have someone bring my check over, okay? As for what happened to your father, I terribly sorry.

It doesn't matter, I like him better, but I have to admit that he was really a jerk when he was alive.

He must have been hurt for some reason. As an American, Mr. Dario has never been shy about such topics.

He was a little curious, but he didn't ask any questions. He chatted with Dalio and Mr. Seth Klarman, and when the time came, they walked on stage together. Old Soros still didn't show up until the host Mr. James Simmons conducted the interview. After finishing the opening remarks, I saw the figure of this old man who was all-powerful on Wall Street.

Although he was late, people still applauded enthusiastically. After all, it was Soros. The founder of Quantum Fund has so many legends about him. Anyone who is in the financial circle must know his name.

He was behind the attacks on the pound, the lira, and the peso, as well as the Southeast Asian financial crisis in 1997. This old man was naturally good at focusing on the national system and distinguishing a country's economic environment and conditions from the smallest details. If there is a problem with the monetary policy, then seize the opportunity to unite hot money from various countries to speculate.

They may not make as much money as Ye Dongqing, but they have huge influence. After successively conquering various countries in the financial market in 1997, they have not yet recovered and are in a state of collapse.

Of course, these economies have had problems before, otherwise they would not have been able to seize the opportunity.

In recent years, economists from various countries have thoroughly studied the root causes of those crises and found and corrected the deficiencies. Therefore, the old Soros has no dazzling achievements in recent years, and he is just looking for more opportunities like ordinary investors.

A speculator, like Soros, is considered the pinnacle. To this day, he is still the number one person in the hedge fund industry.

In fact, even if he does nothing, the currencies he is targeting will depreciate. Old Soros has only accelerated the devaluation process. Ye Dongqing admires him very much. At this moment, he got up from the single sofa and shook hands with the old man with a smile. greet.

…

There are not many highlights in the seminar itself. It is nothing more than each expounding his own ideas, everyone exchanging arguments together, and trying to learn something from other people's ideas.

The scope of the topic is relatively open. Just say what you have to say. It is other people's business to listen or not. Mr. Seth Klarman is holding the microphone at this moment to explain to people the positive and negative impacts of economic globalization. From this era Judging from the above, for the United States and American businessmen, the overall positive impact outweighs the negative impact. The US dollar has gone global with globalization. Even if it is a conservative estimate, this dominant position will not be shaken in the next thirty years.

Ye Dongqing listened more carefully, as if he was listening in a classroom. He is also engaged in transnational business now. It is not difficult to understand, and the evaluation is fairly objective. For fund managers, it is very important to learn about global trade and policy trends. It is necessary, many business opportunities are contained in it.

More than 20 minutes later, the elder Mr. Soros talked about the global economic trends since the new century, which generally showed a strong recovery momentum. He also mentioned some developing countries, which he considered to have great development potential.

The general judgment is not wrong. The mistake is that he thinks that compared with China, India and Brazil have more potential in the future. As for the reason, it is still the same old talk, policy situation and so on. Ye Dongqing did not refute it. Hearing the host When asked, he just said that he was more optimistic about China.

Old Soros only thought that he had invested more in China. He smiled happily after hearing this and had no intention of bullying his junior. In fact, he admired Ye Dongqing's courage and extraordinary vision. The top financial circles in the United States are so big. They can always hear about some troubles.

Finally it was Ye Dongqing's turn to speak. He did not intend to be a green leaf today. When he picked up the microphone, a line of headlines appeared on the screen behind him - Are Credit Rating Agencies Really Worthy of People's Full Trust? 》.

As soon as this line came out, people immediately started whispering to each other. Even Mr. Dalio of Bridgewater Associates was a little surprised.

Credit rating agencies, as extremely important service intermediaries in the financial market, are organizations composed of specialized economic, legal, and financial experts that rate securities issuers and securities credit. They have been deeply rooted in people's hearts for so many years. Before buying or selling various securities, stocks, and foreign exchange, you will first conduct investigations through these credit rating agencies.

People can't figure out what went wrong. Looking at the meaning of this title, Ye Dongqing obviously wants to find trouble. This is not a trivial matter. If you are not careful, it can cause a small earthquake in the financial market, especially on Wall Street. The rating is One of the cornerstones of the trading credit system.

I only heard Ye Dongqing say: I admit that those credit rating and valuation agencies can be of great help to us, but who has thought about what will happen to our economic system if the credit rating agencies are no longer fair and objective? What kind of damage? It would be fatal.

As far as I know, S\u0026P’s newly listed CDO category in the past two years has received AAA credit ratings as high as 85%, and Fitch has more than 65% of its mid-level CDOs (collateralized debt obligations). ) product has received a AAA credit rating. However, the actual performance of subprime mortgage bonds in the financial market is not consistent with the overall credit rating they published. It can be said that the opposite is true. The market default rate of subprime mortgage bonds was the third highest last year. It was as high as 8.6% in the fourth quarter, rising again this year. They seem to be acquiescing to excessively high ratings. I think the reputation mechanism is failing. These rating agencies are currently more concerned about charging issuers, creating a policy monopoly. Instead of continuing to be as objective as before...