The Son of Finance of the Great Age

  Chapter 350 An Unexpected Confrontation

   "Are you sure this is the work of an organization?" After going to work during the day, Billy King reported the situation to Julian Robertson immediately, "Tiger" pondered for a moment, and then asked with a frown.

"You can't go wrong!" Billy King's head clicked like a chicken pecking at rice. "Each purchase is 2 billion won. After one transaction is over, I immediately sell another one. It seems that I don't care at all." It will cause a price rebound, or the market's attention, this kind of obviously provocative transaction, as long as anyone with a little trading experience can see it."

Julian Robertson was silent for a while, stroked his hair and thought for a long time, and then said slowly: "It should not be the Central Bank of Korea, they are already too busy to take care of themselves. According to what you said, they have sold at least hundreds of millions of dollars of position. But if it wasn’t for the Central Bank of Korea, then there are only a handful of people with such financial resources. Could it be that they are currently bullish on the Korean won?”

"There is also such a possibility!" Glancing at Julian Robertson secretly, seeing that "Tiger" did not perform, Billy King went on confidently and boldly, "Maybe they are shorting the Korean won just like us. The above operation can be sure that the other party has believed that the Korean won has fallen to the bottom, and the current behavior is to close the position at hand."

After a pause, Billy King went on to say: "I just considered this possibility, so I didn't take more won positions. After all, if the opponent is a character with good hands and eyes, we may not know something if we know it." things, then we will be passive.”

"Passive?" Julian Robertson snorted disdainfully, and said with a tigerish face, "You should know the average price of our positions. Due to insufficient preparations, we still have about 1 trillion won on hand that has not been settled in time. Sell ​​it, and now there is a huge buyer in the market, how can this opportunity be missed?"

   "But...but now the Korean won is approaching the level of 1600 to 1, I am worried that if I continue to short at this level, there is not much room for profit." Billy King persuaded worriedly.

  If Tiger Fund sells Korean won at this time, on the one hand, it will lower the average price of all positions. On the other hand, because the Korean won fluctuates too much, if there is a rebound, it may reduce their previous profit margins. Although he disagreed with the big boss, and he also held the idea that one more thing is worse than one less thing, Billy King still persuaded him a little more.

Julian Robertson's face darkened, and his expression was a little displeased. He glanced at Billy King meaningfully, and said slowly after a long while: "Don't worry, I have a sense of proportion. In a few days, there will be more from the South Korean side." The bad news is coming, and the current crisis is not over."

  After Julian Robertson glanced at him displeasedly, Billy King was extremely nervous, afraid that the boss would misunderstand him, after all, his Korean identity was there. He left Julian Robertson's office covered in fine beads of sweat. He was still in a daze. It wasn't until he walked a long way that he came back to his senses and thought carefully about what Julian Robertson said just now. The boss had already made arrangements. Thinking about his ridiculous worry, he felt happy instead, humming a brisk melody and went back to the apartment to rest.

  …

  On December 12, some members of a South Korean foundation civil society group and the National Union for Democracy and the Korean Unification Party held a rally in Seoul, demanding that the government start new negotiations on the $57 billion rescue plan reached with the International Monetary Fund. They believe that this rescue plan is a naked "humiliation". South Korea has lost its economic autonomy in front of the International Monetary Fund led by the United States and Japan, and the South Korean economy has become a vassal of foreigners.

In addition to the demonstrations, the leaders of these organizations issued public statements calling for punishment of President Kim Young-sam and his administration, declaring a "relentless struggle against the agreement reached between South Korea and the International Monetary Fund," while protesting against the U.S. and Japan Using the IMF to carry out "economic aggression" against the Korean economy.

  The number of these people is not very large, only a few dozen or so, but the impact on the market is like a nuclear bomb. Analysts believe that this may be a test by South Korean political groups, with the ultimate goal of taking advantage of the general election to completely negate the Kim Young-sam regime. Such concerns eventually led to general concerns about whether the new South Korean cabinet, which is about to go to general elections, will continue to implement the current agreement, and in this case, the Korean won has naturally plummeted again.

  Just 4 minutes after the opening of the day, the Korean won fell by 9.9%. There was a wave of selling in the market, and a new figure was refreshed almost every second for the Korean won to US dollar. Just when it was almost approaching the lower limit, Zhong Shi made a decisive move and started buying on a large scale at the 1720 position.

After a series of tens of billions of won purchases entered the market, the decline of the won was stabilized. After watching the real-time exchange rate on the screen stop falling, Zhong Shi had time to wipe the cold sweat off his forehead. I secretly said in my heart that it was dangerous.

"A small group of dozens of people can cause this kind of situation. It seems that investors' confidence in the Korean won has really fallen to the bottom. It is not an exaggeration to describe it as jittery!" After taking a deep breath, Zhong Shi's face was still With an expression of lingering fear, "But this news is very strange. It didn't come sooner or later, but it happened at this time. Could it be a coincidence?"

   As soon as he thought of this, Zhong Shi couldn't sit still. After ordering the traders to stabilize the market, he quietly returned to the office, picked up the phone and dialed a number that started with 0082.

   "What? You don't know either?"

   "..."

   "It seems that someone with ulterior motives is playing tricks. The other party is still hiding very deeply. According to your judgment, who is the most likely one?"

   "..."

   "It's not him? It's not him. This is really beyond my expectation. Has the Bank of Korea made any moves recently?"

   "..."

   "What? Is he crazy? He still wants to sell dollars again at this time. Where did they get the capital? Could it be that embezzlement of IMF funds is not enough?"

   "..."

"Don't worry! The $1 million has already been deposited into your Swiss bank account. As long as this week passes, we will never contact again. No one in this world will know the secrets between you and me, so don't worry .”

   "..."

  Following the beeping sound from the microphone, Zhong Shi's face immediately darkened, and after pondering for a while, he finally came up with a possibility.

"The other side is going to continue to sell short, and they don't give South Korea a chance to breathe. This move should have been prepared a long time ago. Maybe it was because I saw my large-scale liquidation action yesterday, so I couldn't wait to throw it out. The target it is me!"

"Hmph, do you really think the Korean won can fall to 2000? Go ahead and dream! A group of greedy guys, since you want to play, then I will play with you!" Thinking of this, Zhong Shi's face showed a sharp look, looking There was a chilling feeling.

  …

   "Boss, the other party has appeared again!"

   This evening Julian Robertson did not go home at night as usual, but stayed in the company with the evening traders, keeping an eye on the changes on the market.

  When the Korean won was about to fall to the suspension position, buying orders of tens of billions of won suddenly appeared on the market, and a surging selling order was supported at the bottom, which immediately stopped the downward trend of the Korean won. Julian Robertson leaned in front of the screen, looked at it carefully, and confirmed that each lot was a buying order of 2 billion won, and there were more than a dozen lots in one toss. In addition to the board, the trader who operated the phone also confirmed This news.

   "Okay, since you are so optimistic about the won, I'll sell it to you and see how much you can eat!" Julian Robertson was naturally overjoyed. Now the big buyers in the market can not only absorb the spot Korean won they borrowed in a short period of time, but also indirectly give themselves part of the exchange rate profits. This kind of good thing can't be found even with a lantern.

The problem now is that there are too many selling orders in the market. If you don't take the lead, these buying orders may be digested by other sellers. Therefore, Julian Robertson ordered the traders to quickly sell the stocks they had. Korean won spot.

The two organizations began to collide again on the Korean won. This time, the scale was much larger than the previous day, and the intensity was much more fierce than before. The two sides started buying and selling frantically at the position of 1715, and the amount of funds was different. It is calculated in 1 billion won.

   Soon, this fierce confrontation attracted the attention of the entire market, and traders put down their work one after another and began to pay close attention to the battle between the two sides. It doesn’t matter if you don’t stop, because this level of trading can wipe out their buying or selling almost instantly. Therefore, it is very difficult for them to have a chance before the two sides come to a life-and-death result. of.

The identities of the two parties have also been widely speculated by the market. Some people say that the buyer is the Bank of Korea, while others say that it is a hedge fund that took the opportunity to close the position, which is most likely Quantum Fund, Tiger Fund, etc.; The identity of one party has been widely speculated. Among them, Quantum Fund and Tiger Fund have been shot again and become the subject of heated discussions.

No matter what, before the winner is determined, other traders will not bet easily. As a result, the two institutions will fight each other. Others will either stand by and watch, or take advantage of the fight In the middle of the day, I secretly used ultra-short-term to make a small profit where the two sides saw each other.

In this way, Tianyu Fund and Tiger Fund launched a big fight without knowing each other. One kept buying Korean won because he wanted to close his position, and the other was to build more short positions in Korean won. And selling Korean won wantonly, both sides come and go, fighting face to face at several price levels, the market trading volume of Korean won is unprecedentedly enlarged.

   In this way, they fought for most of the night. What surprised Julian Robertson was that the opponent kept buying, and the price remained between 1715 and 1720. Although it looked like the two sides were fighting fiercely and evenly matched on the board, he knew very well that for a period of time, he deliberately slowed down the speed of selling Korean won spot, hoping that the other party would jump out, but the other party did not take this trick at all. Still hovering in this range.

  At that moment, he immediately understood that the other party was indeed not the Bank of Korea supporting the market, but most likely a hedge fund that was closing its position. Thinking of this, he immediately slowed down the momentum of selling. But other people in the market didn't know this situation. When they saw the amount of the seller's amount drop, they thought they had an opportunity to take advantage of it. out of the blank.

At this time, the scene that shocked Julian Robertson the most appeared. The other party did not give in at all, and even no matter who the other party was, they still crazily swept into the Korean won spot in the previous range, as if they were an enemy of the entire market. Stance.

   "Let's stop selling!" After watching for a while, Julian Robertson gave the order to terminate the transaction with a bitter face. The situation is stronger than the person. Through this comparison, he was surprised to find that the other party's financial strength was not inferior to his own, which made him doubt whether his previous judgment was correct.

   "Could it be that the Bank of Korea is unwilling to be lonely and intervened in the market again?"

   Thanks to angel-steel, let me think about it, Xiao Yuting, Dai Qing, hsiaocr and other book friends who voted monthly! Thanks to book friend Shu Awesome for another reward for this book! Thanks to angel-steel for voting! It’s the last day of the end of the month. I hope that book friends who have tickets can support me one last time. Thank you everyone~

  (end of this chapter)