Simon's approach to the Nasdaq Index is to sit firmly on the Diaoyutai.
In the past 1996, the Westeros system had already completed its response to a series of situations after the new technology bubble burst in advance. Each of its new technology companies had considerable cash reserves at this time.
For Julian Robertson, the head of Tiger Management, these days have been stressful.
As a staunch bearer of the new technology industry, Robertson initially believed that the Nasdaq index would turn around in December last year and would not last until January at the latest. Therefore, even without Richard Mellon Scaife's presence, On the other hand, he also planned to sell off all of Tiger Fund’s wealth just for a chance.
However, December of 1996 has passed, January of 1997 has also passed, and now, time has entered February of 1997.
Compared with the 5426 points just after the U.S. election on November 6 last year, the Nasdaq index has not only not turned around in a few months, but this past Friday, despite the efforts of their short capital to suppress it, the Nasdaq index It still reached a new high, reaching a high of 6437 points.
In three months, the Nasdaq's cumulative gain has reached 18%.
Tiger Management started building positions after the election last year and completed it in late December. With a total principal of approximately US$12 billion and an average leverage of three to five times, the size of various short contracts held was close to US$50 billion. This past Friday, the accumulated floating losses of all short sellers reached US$7.3 billion, a loss of more than 60%.
More than half were lost.
Due to the large size of the position, Robertson has had to close some positions in order to ensure a sufficient margin ratio.
Now, the most important question facing this hedge fund tycoon, who has risen with Soros in recent years, is whether to completely clear out his positions and admit defeat and leave.
Or, a last ditch effort
Julian Robertson firmly believes that no matter how flexible an economic bubble is, it cannot escape the laws of economics. Anyone with a discerning eye understands that the Nasdaq bubble is very serious at this time and may burst at any time, even if the vested interest groups headed by the Westeros system use the power of the entire federation to Will the Nasdaq survive? The result cannot be changed after all.
Maybe tomorrow.
The question is, how many more days can Tiger Fund last
New York.
Although it was Sunday, Julian Robertson still worked at Tiger Fund's headquarters in lower Manhattan for most of the day. At around three o'clock in the afternoon, he was mainly busy trying to appease investors from all sides.
It's a sunny day at the end of winter.
Still very cold.
Shortly before four o'clock in the afternoon, Robertson left his office and rushed to the Upper East Side by car. In a coffee shop, he met his old friend, another hedge fund tycoon, George Soros, who he had known for many years.
The two greeted each other and sat down. After the waiter brought the coffee and left, George Soros looked at Robertson who was looking at the setting sun on the building outside the window and asked, "So? How are you doing lately?"
Julian Robertson came back to his senses, took a sip of the hot coffee, paused, and then said: "I plan to wait another month."
Soros didn't take the liberty to inquire how much the other party had lost? He thought he was mostly sure, but he was silent for a moment and said: "Or, it's not a bad idea to clear your position now and bet on Southeast Asia with me? If everything goes well, we should be able to recover most of it this year." loss."
Julian Robertson shook his head and smiled bitterly: "George? You should know? If I liquidate my position now, investors will definitely ask for liquidation. I have no chance of turning to Southeast Asia."
Soros was speechless again.
The truth Robertson said? Everyone knows that hedge funds are a high-risk field, but if they lose too much, investors will still ask for their funds to be withdrawn.
It can be said that if Tiger Fund cannot wait for the Nasdaq to turn around before running out of funds, this time it will have no choice but to liquidate and close its doors.
Soros, who has been quietly making plans in Southeast Asia since last year, has not participated in betting on technology stocks, but he has always been paying attention to the trends of the Nasdaq market. The closing price of 6,437 points as of the day before yesterday was already a quite outrageous high in his opinion. You must know that at the beginning of this decade, in 1990, the Nasdaq was only around 300 points. In just seven years, it soared 20 times. The country's normal stock market can reach this level.
However, even though it was obviously abnormal, everything still happened and continues.
Soros has recently become more and more convinced that Igret has the potential to become the first company in the history of the U.S. stock market with a market value of US$1 trillion. After all, compared to many other second- and third-tier small technology companies, Igret is indeed very successful. Even based on the market value of US$773.1 billion at Friday's close, the price-to-earnings ratio is only 221 times.
Well, 221 times does not seem to be a suitable number to use. However, if compared with many companies on the Nasdaq market whose P/E ratios have exceeded 500 times or even 1,000 times, 221 times is already a quite healthy P/E indicator. . Eventually reaching a market value of 1 trillion, this number is only about 280 times.
Given that Igret can still maintain a strong momentum of annual growth of more than 60% after its annual revenue exceeded US$30 billion, it is not too much to support a price-to-earnings ratio of 280 times.
It was just a weekend get-together between two old friends. Julian Robertson had no intention of asking Soros for help. Soros made a suggestion of his own, but Robertson did not accept it, so he said no more.
The topic then became casual.
"Tell me, what is that kid doing now?"
Seeing Julian Robertson asking about this, Soros showed a gossipy smile: "He must be in New York now. Maybe you have also heard that he made the girl from the Lauder family pregnant with a child, although she was not married. I plan, but I’m still responsible, and I’ll come to visit every week.”
Julian Robertson then smiled: "It seems that you are not well-informed. In fact, more than one woman is pregnant."
Soros just smiled.
Of course he knows.
However, in Soros's view, the child conceived by the Lauder girl is the most important. Because after that child is born, he will have another identity, that of a Jew.
He also attended a party held by a certain Lauder family.
In Western society, ethnicity has never been irrelevant, and the more minority groups such as Jews value this, the more important it is.
Everyone still doesn’t know Simon Westeros’s own ethnicity, but now the Westeros family has a Jewish child, and, according to recent news, it’s still a boy, and the young man quite approves of this heir. identity, then the Westeros system will be very beneficial to the Jews in many aspects in the future.
Julian Robertson noticed Soros's understanding smile and probably understood something. He was not a Jew and did not make any rash comments about it.
After picking up the coffee and taking a sip again, Julian Robertson finally felt a little emotional, even a little unconvinced: "George, tell me, how did he do it that time in 1987?"
"Who knows?" Soros also shook his head when he heard Robertson talking about his tragic failure: "That time... Frankly speaking, I believe that he is a psychic, otherwise it would be impossible to make such an accurate prediction."
If there had not been a huge fortune during the 1987 stock market crash, a certain young man would probably still be just a Hollywood director, even the top one.
Not right either.
Even if there hadn't been the one in 1987, if the other party had bet on the Internet in advance, it would have at least been able to create the Igrit at this time.
No, that doesn’t seem right either.
The emergence of Igrit was completely possible with the cooperation of the entire industry chain, such as America Online, Cisco, and even the performance upgrade of personal computers in the hardware field and Tinker Bayer's Internet peripheral electronic products. etc.
Without the rapid development of the entire industry chain, it would be impossible for Yigrit to reach its current scale.
The development of the entire industry chain requires a huge amount of funds as you can imagine.
Just take the recent reports in the media about the loss of US$1.7 billion in the Amazon online mall owned by Yigrit last year. If there were not the madness to spend US$1.7 billion in one year, and more importantly, the ability to burn US$1.7 billion, Yigret would have been able to burn US$1.7 billion. It is impossible for Gretel's e-commerce business to develop to a revenue level of tens of billions in just five years.
All in all, someone is equivalent to single-handedly pushing the entire Internet industry to what it is today. This is not an exaggeration at all. If it were not for that young man, perhaps the Internet would still be in the exploratory stage at this time.
The basis of all this is, after all, that time in 1987 that the other party had enough capital to do this.
Thinking of this, Soros shook his head slightly and said: "In any case, Simon has completely jumped out of our level now. In the past few days of games, you should have experienced how huge the disparity in strength is. This is just Simon. Do things within the rules. If he breaks the rules, you know, the Westeros system now fully possesses this power, then you will definitely be in no mood to drink coffee with me now."
Julian Robertson wanted to refute, but after a pause, he could only acquiesce.
It’s impossible not to admit it.
Moreover, what Julian Robertson had to admire even more was the vision of that young man.
Some people may suddenly become rich in just ten years and become super tycoons at the top of the world's richest list. However, under normal circumstances, people who suddenly reach the top of the pyramid often lack enough wisdom to cope with the rapid changes in class.
Human time and energy are limited.
In just ten years, it is very rare to be able to achieve the ultimate in one thing.
Simon Westeros has enough wisdom at the same time to achieve the ultimate in many things. This is not just something that can be solved by intelligence. There is never a shortage of smart people in the world, but often the smarter the person is, the more unsophisticated he is. Know how to dodge and maneuver, because this wisdom of dealing with people can only be obtained through repeated failures in dealing with people and encountering obstacles.
The question is, where did Simon Westeros find so much time to acquire these
All these questions, unless someone is willing to reveal them, will probably always remain a mystery.
Upper West Side, Manhattan.
While the two old men were drinking coffee together, Simon was personally preparing dinner with the two women.
It’s like experiencing life.
The Spring Festival is coming soon in China, and Chen Qing has no plans to go back. Because of her pregnancy, Lin Su, who inevitably had various worries in her heart, did not return to China to celebrate the New Year with her family this time.
Simon didn't think anything of it at first, but he realized Lin Su's depression after noticing it.
It doesn't matter after all.
So comfort and make up for it as much as possible.
However, after spending an afternoon with him, and even driving Chen Qing away this evening, he and Lin Su enjoyed their own world. The next morning, when he accidentally discovered the tears in the corners of the eyes of the woman in his arms, Simon realized that things were still the same. Quite serious.
After a little heart-to-heart talk, I roughly understood.
Pregnant women are more sensitive after all.
Although Lin Su usually looks shrewd and capable, especially in front of Chen Qing, he always has an unyielding spirit. Although he is always bullied, his character is definitely not weak. However, after getting pregnant, as a woman who still carries certain traditional Chinese concepts in her bones, it is inevitable to worry about gains and losses.
Even if Simon promised that his future children would know the surname 'Westeros'.
However, it is still difficult for a woman to have any sense of security without a legitimate marriage and a real status.
Simon Ben interrupted his return to Los Angeles on Monday. Seeing this situation, he discussed with the two Jennys privately and then made the decision to take Lin Su back to China to celebrate the New Year together.
Do some things by the way.
It’s Monday, February 3rd, the 26th day of the twelfth lunar month in the Chinese lunar calendar, and there are only three days left before New Year’s Eve.
When she learned that Simon was taking her back to China to spend the Spring Festival together, Lin Su felt that something was wrong. She knew very well that men were not as free as they imagined. If they went to China to celebrate the New Year, they would probably not be able to come back for at least a week. Just last week there was a long-short confrontation on the Nasdaq market. The media over the weekend There was still a lot of discussion online. What if something happened while he was away and he couldn't handle it in time
Simon didn't talk too much to Lin Su about this.
To get to where we are now, if we don’t even have the freedom to leave as we please, what’s the point of everything
Depart directly on the same day.
Um.
Chen Qing was left behind.
After all, some things this time were not suitable for Chen Qing to get involved with.
Chen Qing personally escorted the two of them to the airport and watched the Boeing 767 disappear from the sky. She was resentful on the surface, but she had more expectations in her heart. The man promised that he could have a child when she turns 30. She is 28 this year, which is not that far away.
By that time, men will definitely be able to drink a bowl of water.
Thinking of this, Chen Qing even felt a little uneasy, wondering if her father would carry a chicken feather blanket and beat her out together with his unruly couple.
This, well, probably not.
Because she was criticized for her fortune in a fortune telling when she was a child, and because of her temperament that gradually came true as she grew up, what her parents had been worried about all these years was that she would learn bad things and cause harm to others. Even when she was a child, she was severely beaten in a deep memory, and her father specially took her to watch the execution. , the kind with brains splattering, just to keep her from going astray.
Although.
When she saw certain scenes, she only felt excited and not afraid at all.
If you think about it this way, your parents' expectations for her are actually very low. When the time comes, I will take a 'Simon Westeros' back and say that this is my man. Although, she must be a fifth, sixth, seventh, or something like that, but it is enough to meet her parents' expectations.