My Age of Investment

  Chapter 991 32 Billion Dollars

   "Bad sound?"

   Xia Jingxing stared at Abel, frowned and said, "What's the bad sound?"

"The Paulson Fund made 15 billion U.S. dollars this year, Claire Capital made 14 billion U.S. dollars this year, Goldman Sachs' proprietary trading department made more than 6 billion U.S. dollars, and Envision Capital’s Xiaoxue No. 1 and Xiaohan No. 1 Funds made a total of Around 5 billion dollars..."

  Abel took his fingers and counted the major subprime short positions this year, and then changed his words: "However, Merrill Lynch lost $7.9 billion in the third quarter, and Morgan Stanley lost $9.4 billion in the fourth quarter..."

   Liu Hai smiled and said, "Will you be willing to bet and lose. Since you have chosen to bet against people in the subordinated debt market, you must have the consciousness of losing money."

  If we lose, then the financial reports of several of their institutions will be very good, and their stock prices will rise sharply. "

   Abel nodded slightly, “That’s right, there is no question of who is innocent in fighting between institutions.

  The property market has deteriorated in an all-round way, and the loan default rate has skyrocketed, causing a large number of homeless people.

  Banks and various credit institutions have taken their houses away, and many people can only take their family to set up tents in the park or sleep in the car.

  I don’t know which colleague who lost his eyes and published the estimated short profit list on the Internet.

  Now these homeless people are all gathering online to denounce Wall Street shorts. They think it is these big-profit financial capitalists that caused their family to live on the streets. "

   "Joke!"

   Liu Hai sneered and said, “I can only blame the government for the loose credit environment these years. Any cat or dog can borrow money.

  Banks and other credit institutions that securitize subprime mortgage assets are also guilty, and investment banks underwrite these bonds, causing global investors to suffer losses.

  Of course, low-income homebuyers are indeed the victims of this subprime mortgage crisis.

  But don’t forget, didn’t they have a house a few years ago? Is a proletarian!

  Since you have never had it in the past, how can you talk about losing? Just treat it as a dream! At least I didn't have to pay rent to live in a big house for a few years. "

   Abel shook his head and laughed. “If the people at the bottom have this wisdom, they won’t keep mixing with the bottom. They are the least thinking group and are the easiest to be incited.

  Currently, the voice of online condemnation is not too big, the impact is limited, and no offline rallies have been initiated.

  But the property market and financial market continue to deteriorate like this, and I believe things will happen sooner or later.

  I have no other meaning when I say this. It is just a reminder for the company to find a way to get out of this growing whirlpool of public opinion as soon as possible. "

Speaking of this, Abel took a deep look at Xia Jingxing, and said in a deep voice: "Especially our Vision Capital. Many old white men on Wall Street seem to be an alien. Those gamblers who lose money are very hostile to us. For a financial institution controlled by white people, they might not be like this."

  The bangs are uncomfortable, but what the other party said is the truth and cannot be refuted.

   Jiang Ping frowned and was silent.

  Xia Jingxing was more calm than the two. He nodded slightly at Abel, smiled and said: "Your discovery and reminder are very good. We really have to find a way to get out of this whirlpool of public opinion."

   Liu Hai asked: "How to escape?"

  Xia Jingxing had a long-standing case about this: “Whoever makes more money can attract the public’s attention to them.”

   Liu Hai’s eyes lit up and he clapped his hands and said: "This is good! Paulson is now a fame and fortune.

  You need to know that his fund was only 1 billion U.S. dollars in asset management scale last year, which is not as good as ours. It has now expanded into a behemoth with 28 billion U.S. dollars in asset management. "

  Speaking of this, Liu Hai’s eyes are full of envy, “Paulson’s first short-selling fund was only a few hundred million dollars in size, even our fraction.

  But they continue to announce their performance, and countless funds flock to the Paulson Fund. Every year, they can collect five or six billion US dollars just by collecting management fees.

  If our results are announced, Envision Capital’s hedge fund asset management scale may have exceeded US$50 or 60 billion. "

   "You want me to die!"

  Xia Jingxing did not have a good air, "If all the profits are superimposed on Vision Capital, our company will generate 25 billion U.S. dollars in revenue this year. Paulson must thank you!"

   Liu Hai smiled, "That guy Paulson is probably in pain and happy now."

  Jiang Ping nodded slightly, and then said: “The outside world speculates that we have made 5 billion US dollars. Although it is not the top performance this year, it is still eye-catching enough.

  Also, our fundraising work for several new funds went smoothly. "

   Abel smiled and said: "And the rate has been increased, and the excess revenue share has increased from 35% in the past to 40%. Even so, it can't resist the enthusiasm of LP to subscribe.

  As of now, the New York office has managed 9 funds including two hedge funds of funds, and the actual asset management scale has exceeded US$32 billion. "

Speaking of this, Abel spread his hands, "But it is a pity that the 10.6 billion U.S. dollars returned by Claire Capital will be transferred out, and the funds left in the Envision Capital System are only about 21 billion U.S. dollars. This number has just reached the threshold of the world's top ten hedge funds."

  Xia Jingxing smiled, Claire Capital’s money is all his personal, and the first phase of shorting the subprime mortgage has ended, and of course it will be transferred away.

  In addition, in the Paulson Fund, there are more than 2 billion U.S. dollars of unsettled capital and profit, all of which belong to his personal income, and have not been transferred in or out through Vision Capital.

  After deducting the money from Claire Capital, the 21 billion US dollars that Vision Capital manages are all LP money, about half of which is the initial capital invested by LP, and the other half is the profit earned for LP.

From a certain level, the current development of Envision Capital is on the right track in the true sense. It is no longer necessary for Xia Jingxing to be a trustee, and to use other people’s money to engage in high-risk investments, regardless of profit or loss, it can earn money every year. Management fees of hundreds of millions of dollars.

  Just this management fee can cover the daily operation and R&D expenses of the New York office.

  "How is the operation of Daxue No.2 hedge fund of funds?"

  Xia Jingxing looked at Abel with a smile on his face. Some time ago, the other party had proposed to raise a tens of billions of dollars of hedge fund of funds. He rejected the plan and changed it to raise 500 million.

  Moreover, the 500 million US dollars cannot be invested in any internal funds, and there must be no fraudulent behavior. It is necessary to dig out outstanding external fund managers, such as digging Paulson, dig one, and lie directly to earn.

  Looking at the boss’s playful gaze, Abel smiled and said: “Now the market is very volatile, and hedge funds with poor performance have directly closed down, and funds are flooding into the top hedge funds, such as Bridgewater and Paulson Fund.

  Vision Capital has the same size as theirs, so you can't invest in them, right? People dare not take our money. "

  Xia Jingxing nodded slightly, "That's true, but my request is to let you discover outstanding fund managers like VCs find entrepreneurs. The worse the market environment, the easier it is to dig for gold."

Abel scratched his forehead. It is indeed that he underestimated the difficulty of this matter, because good fund managers do not lack LPs, and everyone is rushing to invest money; and funds lacking LPs often have poor performance and dare not invest blindly. .

  If you make a blind investment, the brand credit of Envision Capital will be corrupted.

  He originally wanted to collect management fees through the fund of funds, but he turned out to be a hot potato.

Xia Jingxing saw Abel’s embarrassment and didn’t make it difficult for him. He sighed, “I’ve said that this hedge fund of funds is not easy to do. A better fund?

  However, all the fundraising has been raised, so I have to finish the fundraising when I cry. Let it be an exploration and try.

  If you can't find a suitable sub-fund in New York, go to Hong Kong.

  There are many excellent hedge fund entrepreneurs, and the financing environment is far less friendly than New York, so it should be very much in need of fund of funds to send charity. "

  After joining Envision Capital, Abel also signed up to learn Chinese for a few years, knowing what it means to give charcoal in the snow, and nodded quickly.

   "By the way, how is the $5 billion PE fund raised?"

  This is the task Xia Jingxing ordered to Abel in Hong Kong.

In order to regain his performance, Abel nodded vigorously and said with a high spirit: "It's very smooth. Now Ari's market value has risen so high. After looking at our return on investment, many institutional LPs have given us the level of investment and vision. It is highly praised.

  Half of the funds has been raised so far, and it should be completed within one or two months. "

  Xia Jingxing smiled faintly: “Then you have to hurry up, Ari’s stock price shouldn’t last long.”

  Abel’s smile suddenly stopped. He didn’t ask the specific reason, but it’s certainly not groundless to see that the boss’s tone was so determined, so he nodded and said that he remembered it, which would speed up the work progress.

  Xia Jingxing turned his attention to Liu Hai and Jiang Ping, and asked about the situation of several funds that invest in stocks and foreign exchange.

  These two investment products used to be the largest asset allocation of Envision Capital’s New York office. However, with the huge profits generated by investing in subprime mortgage derivatives, these two investment products account for a smaller and smaller proportion of the total asset management scale.

  However, this is not normal. Shorting subprime loans is only a temporary action, and will return to these two investment products in the future, so Xia Jingxing still attaches great importance to old products.

  "The financial market is too volatile. You can only go short first, and then wait until it reaches the bottom, and then go long backhand."

  Speaking of this, Liu Haichang sighed: “Leave aside the two parent funds of Daxue No. 1 and Daxue No. 2 and the special fund specially set up for little dogs.

  The US$3 billion stock strategy fund Lixia II under my management and the newly raised US$1 billion event-driven strategy fund Xiaoxue II are now all in short positions. "

  Jiang Ping said: “I’m better here. Xiaoman No. 1 has an asset management scale of 1.8 billion U.S. dollars, and Xiaoman No. 2 has an asset management scale of 1 billion U.S. dollars. These two funds mainly invest in the foreign exchange market, and the funds are still somewhere.

  But another fund, Xiaohan II, like Xiaoxue II, has nowhere to go for $1 billion, so I can only go short the stock market first. "

  Xia Jingxing nodded slightly, indicating that she understood.

  He will not redeem the money from the Paulson Fund for the time being.

  Even so, the cash held by him and Envision Capital is a very large number.

  Clary Capital's 10.6 billion U.S. dollars, plus the more than 21 billion U.S. dollars of all LPs of Vision Capital, totaling about 32 billion U.S. dollars.

  Excluding the more than 2 billion US dollars invested in the foreign exchange market, there are nearly 30 billion US dollars to freely choose investment varieties and investment opportunities.

  It is impossible for such a large sum of money to exist in the bank for a long time. Find a good investment channel, or start the second stage of short-selling.

  The first stage is subprime derivatives, so the second stage should be...

  Xia Jingxing remembered Paulson’s message for Soros, and asked: "Soros’ proposal, what do you think of it?"

   Liu Hai and Jiang Ping glanced at each other, and both nodded, "Feasible!"

  Xia Jingxing took a deep breath and slammed a fist on the table, "Then do it!"

  (End of this chapter)