Chapter 1096 (1/2)

Simon's step-by-step view of the NASDAQ index is actually a steady sitting in Diaoyutai. In the past 1996, the

vistlo system has already completed the layout of a series of situations after the collapse of the new technology bubble, and the new technology companies under its control have considerable cash reserves at this time.

For Julian Robertson, the head of the Tiger Fund, these days have been a time of pins and needles.

As a staunch bearish in the new technology industry, Robertson initially thought that the NASDAQ index would turn 12 shares last year, and it would not last until January at the latest. Therefore, even without Richard Mellon Schiff's encouragement, he planned to suppress all the assets of the Tiger Fund, just for a fight.

However, December 1996 has passed and January 1997 has passed. Now, the time has entered February 1997.

Compared with the 5426 point at the end of the US election on November 6 last year, the NASDAQ index did not change its direction in a few months. On the past Friday, under the pressure of their short capital, the NASDAQ index still reached a new high of 6437 points.

In three months, the Nash index has increased by 18%.

Since last year's election, the Tiger Fund started to build its position, which was completed in late December. With a total principal of about US $12 billion and an average leverage of three to five times, it holds all kinds of short contracts with a scale of nearly US $50 billion. In the past Friday, the book losses of all short sellers totaled $7.3 billion, and the losses had exceeded 60%.

The loss is more than half.

Due to the size of the position is too large, in order to ensure adequate margin ratio, Robertson has had to close some positions.

Now, the most important issue facing the hedge fund boss who has risen with Soros in recent years is whether he should thoroughly clear his position and admit defeat.

Or, the last fight?

Julian Robertson firmly believes that the economic bubble of the flexible economy will not escape the economic law. The people who are aware of the fact that the bubble of the NASDAQ is already very serious and may burst at any time. Even if the vested interest group headed by the vistlo system is using the power of the whole Federation to renew its life for the Nasdaq, it will not change.

Maybe tomorrow.

The question is, how many tomorrows can Tiger Fund support?

New York.

Although it's Sunday, most of the time? Julian Robertson still works in the Tiger Fund's headquarters in lower Manhattan, more than 3:00 p.m.? Mainly to appease investors from all sides.

It's a fine day at the end of winter.

It's still cold.

Near four o'clock in the afternoon? Leaving his office, Robertson drove to the upper east side and met his old friend, another hedge fund boss, George Soros, in a coffee shop.

George Soros looked out the window at Robertson, who was looking out at the building with the sun slanting to the West. ”So? How are you doing?” he asked

Julian Robertson regained his mind, took a sip of some hot coffee and said, ”I'm going to wait another month.”

Soros didn't venture to inquire about how much the other side had lost. He thought for a moment that he was sure and silent. He said, ”or, it's good for you to clear your position now. If everything goes well, you can bet with me on Southeast Asia. If everything goes well, you should be able to recover most of the losses this year.”

Julian Robertson shook his head and grinned bitterly: ”George? You should know that I am clearing my position now. Investors will definitely ask for liquidation. I have no chance to turn to Southeast Asia.”

Soros was silent again.

What Robertson said is the fact that hedge funds are high-risk areas, which everyone knows, but if they lose too much, investors will still ask to withdraw their funds.

It can be said that if the Tiger Fund can't wait for the turn of the NASDAQ before the funds run out, it will have to close down this time.

Since last year, Soros, who has been quietly in Southeast Asia, has not participated in the bet on technology stocks, but has always been paying attention to the trend of the Nasdaq market. As of the day before yesterday's close of 6437 points, in his opinion, it is already a very high level. You know, at the beginning of this decade, in 1990, the Nai index was only about 300 points, and it rose 20 times in just seven years. No country's normal stock market can reach this level.

However, clearly abnormal, everything happened, and still continues.

Soros has recently become more and more convinced that igritte has a good chance of becoming the first company with a market value of US $1 trillion in the history of US stocks. After all, compared with many other small technology companies in the second and third tier, igritte is indeed very successful. Even based on Friday's closing market value of $773.1 billion, the price earnings ratio is only 221 times.

Well, it seems that 221 times is not suitable to use the ”talent” figure. However, compared with many enterprises whose P / E ratio has exceeded 500 times or even 1000 times in the Nasdaq market, 221 times is already a fairly healthy P / E index. In the end, the market value reached 1 trillion, which is only about 280 times.In fact, it is not too much for igritte to maintain a strong momentum of 60% growth rate and 280 times P / E ratio after its annual revenue exceeded $30 billion.

It's just a weekend gathering of two old friends. Julian Robertson doesn't mean to ask Soros for help. Soros puts forward his own suggestion, but Robertson doesn't accept it, so he doesn't say any more.

The topic then becomes casual.

”You say, what is the boy doing now?”

Seeing that Julian Robertson asked about this, Soros showed a little gossip smile: ”he must be in New York now. Maybe you have heard that he made the girl of the Lauder family pregnant with a child. Although he didn't plan to get married, he was still responsible. He would visit her every week.”

Julian Robertson followed with a smile: ”it seems you are not well informed. In fact, more than one woman is pregnant.”

Soros just smiles.

Of course he knows.

However, in Soros's view, the child that the girl of the Lauder family is pregnant with is the most important. Because after that child is born, it will be a Jew with another identity.

At the beginning, he also attended a party held by the Lauder family.

In western society, ethnicity is never irrelevant. The more minorities such as Jews, the more they value it.

People still don't know the ethnicity of Simon westero himself, but now the Westeros have a Jewish child, and according to the latest news, he is still a boy, and the young man quite agrees with the identity of the heir, so the Westeros system will be very beneficial to the Jews in many ways in the future.

Julian Robertson noticed Soros's clear smile and probably understood something. He was not Jewish, and he did not venture to comment on it.

After taking another sip of coffee, Julian Robertson finally felt some emotion, even slightly unconvinced: ”George, how did he do it in 1987?”

”Who knows?” Soros also shook his head when he heard Robertson talk about his tragic defeat: ”that time Frankly speaking, I believe that he is a psychic, otherwise it is impossible to make such accurate prediction

Without the windfall of the 87 stock market crash, a young man might still be a Hollywood director, even the top one.

It's not right.

Even if not in 1987, if the other side bets on the Internet in advance, it can at least create igritte at this time.