Duanmu came to Paris for the first time, and everything he saw was new. At his strong request, Dong Qiangqiang parked the car in the parking lot next to the Champs Elysees Avenue. No way, this place is too famous.
After parking the car, Dong Qiangqiang and Duanmu strolled freely on the street. When they came across a luxury store, they walked in and walked around. When they walked out of the store, they exchanged their views on Vivendi in a low voice. Unknowingly, it got dark.
On both sides of the street, you can see long queues of people waiting to dine at restaurants with good decorations. The several restaurants with good reputations that Duanmu found online were all overcrowded. After walking for more than half an hour, he was too hungry to walk and didn't want to just make do with it, so he finally chose a Chinese restaurant that didn't have a waiting list.
The moment he saw the restaurant's sign, Dong Qiangqiang's heart skipped a beat. By coincidence, Duanmu chose the Lily Restaurant where Qin Youbo worked. Dong Qiangqiang glanced at his watch. It was about the same time as the last time he saw Qin Youbo.
"This... is not good." Dong Qiangqiang hurriedly stopped Duanmu who was about to enter when he opened the door.
"Have you eaten?" Duanmu stopped as expected.
"Well, this restaurant is not owned by Chinese." Many Chinese restaurants in Europe are owned by Southeast Asians. Dong Qiangqiang knew that Duanmu also knew this, "It's expensive but not authentic."
"Ahem, forget it, just take a bite and talk about it." Duanmu didn't care about this, "If cooking is not good, we will eat roast duck. If you dare to put up the sign of a Chinese restaurant, it must have roast duck, right? Even if it doesn't have an oven, there should be an ordinary oven. Right? Let's go and take care of ourselves as we come."
Seeing Duanmu's insistence, Dong Qiangqiang could only follow in.
The last time he saw off Qin Youbo, he only walked to the door. This was his first time entering Lily Restaurant.
The decoration in the restaurant is antique, and the overall style is mainly brown. Chinese carvings and hollows such as swastika pattern, chilong pattern, bat auspicious cloud pattern can be seen everywhere on the interior architecture and furniture. Next to the water bar is an offering table to the God of Wealth. Elegant blue and white porcelain and green plants of appropriate heights are scattered throughout the store. Soft and soothing Chinese ancient music echoes faintly throughout the hall. Dong Qiangqiang had to admit that the atmosphere in the store was much more upscale than the Chinese restaurants he had eaten in before in Italy.
Dong Qiangqiang couldn't help but look in the direction of the water bar, but he didn't see Qin Youbo's figure. This made him relieved. At this time, he heard Duanmu whisper in his ear: "It looks like a Cantonese restaurant. The interior style is It’s very similar to the Hong Kong restaurant I had in New York. Maybe there’s no roast duck.”
"Then let's find another one?" Dong Qiangqiang was eager to leave quickly.
"Forget it, let's just go with this one," Duanmu decided with a wave of his hand, "The next one may not have it either."
"Let's go over there. There are fewer people there and it's easier to talk." Dong Qiangqiang was afraid of running into Qin Youbo, so he hurriedly took the lead towards a corner with fewer people.
Duanmu must be really hungry. Although Dong Qiangqiang kept stopping him, he still ordered a full table, including braised oxtail pot, stir-fried pork ribs with black bean pepper, salt and pepper spotted balls, steamed clams with eggs, etc. All were ordered as ordered. The staple food was... I ordered shrimp ball fried rice and beef fried rice, and finally ordered two bowls of hot and sour soup.
Dong Qiangqiang chose freshly squeezed juice because he had to drive. Duanmu ordered himself a bottle of iced Golden Baker.
The temperature in the restaurant was moderate, and after eating the hot dishes, Duanmu soon began to see beads of sweat on his forehead and the tip of his nose, and there was a layer of oil on his face, as if there was an oily film on his face.
"This is much better than what I ate in the United States," Duanmu burped with satisfaction, wiping the oil stains from the corners of his mouth with a napkin, "After all, this is Paris, big cities are different."
Dong Qiangqiang immediately realized that Duanmu was about to talk about business.
"Two things." Duanmu put down his napkin, picked up the cold beer, took a big sip and wiped his mouth, "The first is that I have some ideas on how we can make money, and the second is what should you do next. .”
There were many people dining in the hall, but there was no noise. Only melodious ancient music was played softly. Dong Qiangqiang sipped his juice and listened quietly and calmly.
"I have seriously thought about it. Although the financing for catching cicada went very smoothly, and we both made some money in the German stock market before, our experience in making large investment decisions is not... rich, and experience Most of the time, it changes directly from lessons learned, that is, losing money. We have lost too little money and lack experience, which puts a question mark on whether we have the ability to invest. Do you agree with this?"
There were occasional pauses in Duanmu's speech, his tone was steady, there were no big ups and downs, and his expression didn't change much. He was very calm. Dong Qiangqiang vaguely felt that Duanmu this time was a little different from the last time they met. He nodded in approval and said: "Agree."
"In addition to investigating those suspected listed companies this time in the United States, I also learned from some investment experts about the short-selling mechanism of U.S. stocks. However, after understanding it, I believe that directly shorting U.S. stocks is not the best choice for us."
"Is it because the stock price will fluctuate at any time after short selling, causing our position to be liquidated?" Dong Qiangqiang had read a lot of investment articles in order to write the seminar report, so he reacted immediately.
“Although the U.S. stock market allows investors to short-sell unfavorable stocks, short-selling has costs. In addition to paying interest on securities lending to the brokerage and returning the stocks upon maturity, sufficient margin must be paid to the brokerage before the securities lending.
Because we are a new company, not one of those large institutions with a long history and good reputation on Wall Street. Once a broker lends us stocks and we end up losing money or even going bankrupt due to improper operations, resulting in the inability to return the stocks to the broker on time, the broker will have to pay for it themselves. The cost of buying back stocks from the market, but securities firms are not stupid, so they have to collect a part of the deposit in advance as a risk control method when the securities lender becomes insolvent. I asked someone that the cost of securities lending on Wall Street for a newly established offshore fund company like ours is not low. If we have 500,000 funds, 30% or more may be used as deposits, and the efficiency of fund use will drop immediately. "
"If you short U.S. stocks, margin cannot be bypassed." Dong Qiangqiang agreed.
“In addition, although U.S. stocks can achieve T+0 trading on the same day, the time for fund withdrawal is not T+0, but T+3. That is, the money obtained from shorting stocks on Monday can only be obtained on Thursday, and U.S. stocks stipulate that the same batch of stocks must be withdrawn. Short selling can only be done once. If you want to do short selling repeatedly, you have to buy back the stocks you sold before you can short the second time. But there are two risks here. First, the stocks you borrow from the brokerage have a time limit. Yes, it must be returned at maturity. If you short a certain stock, but in the end due to various reasons, investors vote with their feet to raise the stock price again, then you will suffer losses. Second, naked short selling is allowed in U.S. stocks. Naked short selling means that for those short-selling institutions with a large number of securities lending qualifications, in order to avoid trouble, they may not actually obtain the stocks from the securities dealers when lending securities, that is, the stocks are not actually delivered. There is only a limit recorded in the brokerage's lending system, and as long as the securities lender automatically returns the securities lending related fees to the brokerage upon maturity. The brokerage itself does not even hold the stocks it can lend, and the brokerage also cooperates with other brokerages The stock quota is "borrowed", as long as the relevant fees are paid when it is due. This creates a strange and interesting phenomenon: a stock may have only 10,000 shares in circulation, but the number of shorted shares exceeds 10,000 stocks. Although the securities exchange laws and market trading systems of the United States have regulations on short selling, the supervision of short selling during actual transactions is not strict. This results in investment institutions that engage in naked short selling being able to use the time difference to sell a stock. Direct delisting or inability to trade. If this happens, although you have made money from shorting the stock, you have lost the deposit and credibility paid by the brokerage. It will be difficult for you to obtain low-cost prices from the brokerage next time. Borrowing stocks. And the financial circle says whether it’s big or small, once you can’t borrow stocks from one brokerage, it will be difficult for you to borrow stocks from other brokers.”
"Then can't we also sell naked?" Dong Qiangqiang asked, "'The monk can move, but I can't?'"
"We are not qualified enough. Brokerages will review the company's paid-in registered capital and past historical records before lending stocks. Although short selling sounds high-end, the water inside is very deep. What I just said is only what I know. There are also Many extreme situations may cause us to capsize in the gutter. For example, as soon as you sell short, the securities firm behind you asks you to return the stocks in advance. What should you do? As soon as you finish shorting, the listed company immediately recruits a group of long institutions to help pull up the stock price. If you get up or release good news, and the stock price rises instantly, what should you do? So in the final analysis, there is one sentence: short selling does not necessarily make money." Duanmu concluded.
"So the short selling of a certain stock that you have been talking about before is not really to borrow securities from a brokerage, but to buy its American put option product, right?" Dong Qiangqiang has been in contact with Duanmu for a long time, and he guessed it right away. He thought, "This can not only maximize the efficiency of the use of funds, but also avoid short-term fluctuations in stock prices. American options are not as rigid as European options and can only be exercised on the expiration date. As long as we make money along the way, Ready to sell anytime.”
Duanmu picked up the beer on the table and sipped Dong Qiangqiang's juice: "Bingo! American options are our drill bit. As long as we find a suitable ground, we drill down until the money is like water, like oil, and like a sweet spring. gush out.”
Before Dong Qiangqiang could say anything else, he heard someone shouting not far away: "Why are you here?"
He knew from the voice that the person calling him was Qin Youbo. He was getting more and more afraid of something, but he couldn't leave, so he had to stand up and smile at Qin Youbo who was walking over: "I just came in when I was nearby. Are you going to work today?"
In fact, the last sentence was nonsense, but Dong Qiangqiang didn't know what to say to her. He had already treated her to a meal at her request a few days ago.
Qin Youbo was wearing the work clothes of the restaurant at this time. Although the clothes were plain, they could not stand up to his handsomeness. He looked good in anything.
She glanced at the shiny Duanmu, signaled Dong Qiangqiang to step aside, raised her chin towards Duanmu, and said with a half-smile, "Is this your friend?"
Seeing her weird look, Dong Qiangqiang suddenly realized that there was something in her words, and hurriedly denied Sanlian: "No! No! Don't think about it!"
"Don't worry," Qin Youbo showed an understanding smile, "We are all adults, and I won't gossip with my aunt."
Dong Qiangqiang couldn't laugh or cry when he heard this: "He is my entrepreneurial partner..."
Before he finished speaking, he heard a magnetic male radio voice coming from behind him: "Hello, Duanmu Xinghao, nice to meet you."
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