Dong Qiangqiang kindly reminded: "Even if you want to divide, do you have to say hello to Lao Maozi and Anderson in advance? I heard that some shareholders don't like dividends. They think that only management without a pattern will divide the money when they see it. There is a pattern. Everyone will use the money to continue expanding production.”
"Don't worry, I will definitely communicate with them. They are also shareholders. If dividends are distributed, they will definitely be included."
"I remember that they only took 25% of the shares when they first invested. Although they invested another 6 million euros later, did you give them more shares? If you give them dividends, how many shares are you going to give them? According to the maximum number 25% to start with? Or higher?”
"I plan to divide it at 25%. The 6 million euros cannot be converted into company shares. The company's valuation is only 2 million euros, and 6 million euros can buy three people, so I can't give it."
When Dong Qiangqiang thought that this was indeed the truth, he immediately changed the question: "Then don't you plan to invest the profits and compound them?"
"You forgot that I studied mathematics. Do you know how to compound interest? Of course interest compounding is sexy, but what if you lose money? Wouldn't all the joy of a good harvest be gone? We have to be able to earn money, but don't worry, I definitely won’t share all of last year’s profits, so I’ll share half of it, and leave the remaining half to the company as working capital. Maybe we can expand the team. This was my first thought.”
"Do you have any other ideas?"
"If the other party objects (to the dividend), then naturally we cannot divide it. But if the other party does not object, it means that the other party is indeed what they said and will not dictate our decision-making. Then we can let go and stop doing things hesitantly. And This time the dividend is still based on the 25% shares they hold. If they have any objections, they will definitely raise it all at once. It is a worry for us to find out what the other party thinks. After all, when the money comes in, there are no requirements. If you don’t give me shares, you can’t blame me.”
Since taking the money from Sergeira and Anderson, Duanmu has been restrained and cautious. However, after Anderson conveyed Sergeira's oral instructions, Duanmu began to talk about buying stocks but did not take any actual action. Dong Qiangqiang thought that Duanmu was brave. It didn't suddenly become big, but he was using this method to build his own psychology. Now that he heard what he said, Dong Qiangqiang realized that Duanmu wanted to test the other party through dividends, and suddenly realized that the other party was indeed more thoughtful than himself.
"You'd better ask a lawyer first." Dong Qiangqiang is very clear about his position as a minority shareholder: he only makes suggestions but does not make decisions. "As for me, whatever happens is up to you."
"Then I will first find a dividend announcement from a listed company as a template. Once it is written, let the lawyer change it. If there is no problem, let the lawyer send it to the other party. After all, we have lawyers now." There was a crackling sound from Duanmu's side. , "You don't have Internet access there, so I will dictate the latest progress of the options in my account, and you can take notes and write them down. From the book, except for three losses in our investment portfolio, the others have floating profits. "
Dong Qiangqiang suddenly became nervous when he heard that someone was losing money. Because the investment funds include not only their own funds, but also Lao Maozi's money. The initial investment of 6 put options for Chanchan reached 100,000 euros, and Meng Dilong even reached 130,000 euros. He couldn't help but think: If you can't even protect your principal, can it still be called an investment?
"Let's talk about the compensation first. Are there any big guys with 100,000 euros? I remember you mentioned at Christmas that Meng Dilong was compensated. How much was it?" Dong Qiangqiang tried his best to sound calm.
"Oh, I might have said it wrong at the time. Meng Dilong didn't pay compensation, but the floating profit was much less."
Dong Qiangqiang breathed a sigh of relief: "Let's talk about compensation first."
Duanmu reported the names of two US stocks, but Dong Qiangqiang had no impression.
Dong Qiangqiang was confused: "Did we buy this? I don't remember it at all."
"I want to apologize to you. I bought these two items. The cost was 30,000 (Euro). If I pay them all now, I can get back a little over 50,000 (Euro) in total." Duanmu said apologetically, "It's all I won’t explain more if you follow the trend, it’s my fault and it won’t affect your dividends.”
Duanmu never mentioned the put options on these two U.S. stocks to Dong Qiangqiang. Although Dong Qiangqiang was a little unhappy, he still patiently continued to ask: "Which one else lost money?"
"Xerox in the United States cost 50,000 (Euro), but now it costs 25,000 (Euro). This is half of the cost."
Dong Qiangqiang was startled when he heard the company name and numbers. He thought for two seconds and immediately reacted: "I remember that in April, the SEC (U.S. Securities and Exchange Commission) accused it of false accounting, and later fined it. We bought it in May last year, did its stock price rise even after it was fined?"
"You remember correctly, at that time, this matter caused an uproar and uproar in the capital market like other companies, and then its stock price fell. But the strange thing is that at the end of last year, for some unknown reason, its stock price slowly recovered. The price has gone back up. When we bought the option, its stock price was 21.2 (European/share), and now it is 22.7 (European/share). It has risen instead of falling. Then our put option will lose money. Fortunately, we bought it. It is valid for one year. If you buy a short-term (option) of three months or six months, it will expire and be forced to be liquidated and completely cleared."
"We must have missed some important information. Can you check it now?"
"Checking, wait a moment." There was another intensive sound of mouse clicks and keyboard typing coming from Duanmu's side.
About three minutes later, Duanmu shouted on the other end of the phone: "After paying the fine in the first half of last year, Xerox reached a settlement with the SEC and re-released historical financial data using new accounting methods, but it neither admitted It also did not deny that it had made any mistakes, and also announced that it would sign refinancing agreements with 57 banks. Wall Street believes that the refinancing agreement can relieve the company of approximately US$7 billion in debt, which will be a major benefit to the full-year profit in 2002 and can significantly Alleviating investor concerns about its finances and financial methods may be one of the reasons why its share price has risen instead of falling."
"When was it announced?"
"At the end of June last year." Duanmu replied.
"The end of June, the end of June..." Dong Qiangqiang was talking while trying to remember what he was busy with at the end of June last year, and why he didn't notice such important good news at all. However, within ten seconds he woke up from a dream. At the end of June, he was He was busy preparing for the graduation exam, getting his diploma and applying to university. He was depressed for a while before applying to university. His mind was not here at all. He thought Duanmu would keep an eye on him, but how could he leave money to others?
Although he had known that he would lose money if he looked in the wrong direction, Dong Qiangqiang was really shocked to lose half of it. He could (forced) accept the rebound in stock prices due to government intervention, but he couldn't figure out why the stock prices of companies that were named as suspects were still trading. It can rise back in a short period of time. If this phenomenon is the norm, then there will be big problems with his and Duanmu's investment logic and the business model of catching cicadas. This really makes him feel anxious and can't help but sigh: "I thought Those who have been named and suspected by the SEC are convinced that they are dead and there is no way to escape, but there is still talk of reaching a settlement, which is really a frog in the well."
But Duanmu does not seem to agree with Dong Qiangqiang's point of view: "It cannot be said that after the SEC raised suspicion, the stock price did fall, but the magnitude and period of the decline were much smaller and shorter than we expected. For us, Losing money is not a bad thing, at least we have accumulated valuable trading experience. Besides, you can’t expect to make a profit on every transaction, right? As long as we make more than we lose, that’s OK.”
Duanmu's reasoning was irrefutable, but Dong Qiangqiang still felt pain in his body. The 25,000 euros were just gone. It was impossible not to feel pain. Duanmu's overly rational and calm attitude made him suspect that the numerical loss did not bring real pain to Duanmu. If 25,000 euros of banknotes were put in front of Duanmu and then taken away, he did not believe that Duanmu would be so calm.
"Go on. Tell me some good news." Dong Qiangqiang said.
"United Capital, the cost (of the put option) is 50,000 (Euros), and now it is 55,500 (Europeans)."
"U.S. scrap products cost 50,000 (Euros), but now they cost 56,800 (Euros)."
"WorldCom cost 50,000 (Euro), and now it's 52,200 (Euro). We bought these three too late, so we didn't get any meat."
"Okay, at least we didn't lose any money." Dong Qiangqiang sighed, "Let's talk about it guys, how is Meng Dilong doing?"
"I get angry when talking about Meng Dilon. We bought the put options (put options) at Meng Dilon when the stock price was 40 (Euro/share). At that time, an option was less than 2 Euros. In August last year, when the stock price was the lowest, it was 9.7 (Euro/share), let me take a look at the option price at that time... Well, it was almost 9.1 (Euro/piece). We had a total of 60,000 options. If we had sold them all at that time, we would have received more than 540,000 (European), minus two times. For the 130,000 euros spent on flowers, the gross profit can reach 410,000 euros." Duanmu said in the tone of Xianglin's Wife, "Hey, it would have been nice if I had sold them all..."
"You are thinking in the rearview mirror. Who could have guessed that it would be like this at the time? It is exactly the same as Xerox (the rebound)." Now it was Dong Qiangqiang who comforted Duanmu, "How much are the stocks now? How much are the options?"
“After the French financial regulatory authorities and a number of banks intervened in September last year, the stock price has rebounded all the way. Today, the stock price is 13.95 (European/share), the options are... 5.91 Euro/piece, and all were sold for 354,600 (European). , excluding costs, the gross profit is 224,600 (Euros)," Duanmu scolded, "My lord, (the gross profit) is almost half less than last August..."
Xerox lost 25,000 euros, Meng Dilong made nearly 200,000 euros less, and Dong Qiangqiang also wanted to curse.
Duanmu was still cursing over there: "This guy has gone out of the bottoming out curve after being intervened. Although it did not rebound to the price before the decline, it did not slide into the single-digit range as we expected. Look at those Some American companies that have been exposed to financial fraud have gone bankrupt, some have turned into penny stocks, and very few have truly rebounded. I’m surprised. Isn’t France a free market economy? Why does France also engage in administrative intervention? This is completely It’s unreasonable, what kind of bullshit capitalism, hey, if I had known, I would have exercised my rights in advance.”
Knowing it earlier, Dong Qiangqiang shook his head helplessly and smiled bitterly: "So what if the intervention is ineffective? There is also the possibility that the intervention will be ineffective and the plunge will continue, and it will not rebound 100%. At least we have learned a few things through these two companies. First, if If you are satisfied with the profits, you should stop profits at any time. Anyway, American options support trading at any time. Secondly, if you encounter a listed company subject to administrative intervention in the future, stopping profits immediately should be the best choice. Thirdly, diversifying investments certainly spreads risks. , but it also disperses the income. Think about it, what if we invested all the first 500,000 euros in Meng Dilong? Isn’t it better than investing in those few who are not painful? "
"That's impossible." Duanmu categorically denied, "The risk of being rich and poor is too great. I can't even pass my level. No matter how little the investment portfolio earns, it still makes sense. We must not put our eggs in it." In the same basket. What we have to consider now is whether to sell it, otherwise the profit may be even less in the future."
"Let's make a unified decision after everything has been said. You can continue talking first." Dong Qiangqiang suggested, "Also, you should also consider that since Meng Dilong has begun to rebound, do you want to hoard some of its shares? Find the lost profits. Come back. And of course Xerox."
"Forget it about these two, buying them is not enough to trouble me, then I would rather buy Volkswagen." Duanmu replied angrily, "I don't care about a company that relies on intervention to rise and a company that relieves debt pressure through financing. interest."
"Where are the other big guys?" Dong Qiangqiang brought the topic back to the right track.
"HealthSouth, the industry is spreading rumors that there may be problems with their audit, and the stock price has been falling. The put options have risen well recently, and there may be room for growth. The cost was 100,000 (European), and now it is 197,000 (European). "
"Swiss Re, it just announced a loss of 100 million Swiss francs in 2002, and also announced that it will reduce stock dividends. We bought (put options) when the stock price was 158.2 (Europe/share), and now (the stock price) is 73.6 (Euro/share) shares). The cost is 100,000 (Euros), and now it can get back 224,000 (Europeans).”
"Munich Re, it and Swiss Re are almost inseparable. Although its 2002 annual report has not yet been released, if you manually add the first three quarters of financial reports that have been disclosed, you will know that 2002 is definitely not a good year for it. We buy (put options) At that time, its stock price was still 252 (European/share), but now (the stock price) is only 73.6 (European/share). The cost was 100,000 (European), and it was sold out for 321,100 (European), which is comparable to Meng Dilon, and Munich Re's downward trend does not seem to be over. After the 2002 annual report is disclosed, the stock price is expected to fall, and the options can rise a little more, but it is hard to say how much."
"Everyone's performance is very impressive." Dong Qiangqiang looked at the calculated numbers and felt a little comfort in his heart.
"Finally, there are the put options on the German market and the French market. Both of them were recommended by you and were bought in early July last year. When we bought the German DAX30 index, the DAX was still 4,400 points. Now it is only It’s 2,600 points, and it’s indeed a sharp drop. It can be seen that the German DAX is closely linked with the US stock market. You have a good vision. The cost is still 100,000 (European), and now it is 145,400 (European). The French CAC40 index also fell. , but the drop was not as severe as the DAX30. It fell from 3735 points to 2729 points, and stopped falling after falling 1000 points. The French seem to be quite proud. The cost is still 100,000 (European), and now it is 129,000 (European). The basic situation is this. Last year’s pre-tax profit was about 720,600 (European). What is Mr. Dong thinking now?”
Dong Qiangqiang threw the pen onto the draft paper, made two circles and stopped.
"I really didn't expect it. It feels like a dream." Dong Qiangqiang pressed the philtrum hard, and the pain was very real.
"I didn't expect so much? Are you feeling better now than before?" Duanmu joked.
“Losing money and making money seem easy, but it feels so unreal.”
"Looking back on my regrets, none of these (options) have been sold yet. Their trading validity period ranges from half a year to one year. If you don't sell them now, some of them may have room to rise in the future. Of course, they may rise back. It also exists."
"My idea is: All the stock (put options) can be sold out. The current income is not low, and if it is not profitable, when will it be the end? The examples of Meng Dilong and Xerox are right in front of us." Dong Qiangqiang just now I had already thought of a plan when I listened to Duanmu's counting.
"I have no objection to anything else, but can Munich Re (put options) wait a little longer? Its annual report last year hasn't been released yet, and I think the stock price can fall further."
Dong Qiangqiang thought for a while and replied: "If you plan to wait for the annual report to be released before selling, I suggest selling 90% first, which can be regarded as protecting the fruits of victory and leaving a tail. If the stock price continues to fall, we have something to think about. If not If it falls but rises, we will get out quickly, and we can accept making less, what do you think?"
Duanmu didn't stutter at all: "It's up to you."
Several crisp mouse clicks came from the receiver, and then Dong Qiangqiang heard Duanmu let out a long breath on the other end of the phone: "Done. There are only two index put options left. Do you want to sell these two? Or do you think they are Will it continue to fall?”
"Duanmu, do you think there are chances for the US stock market this year?" Dong Qiangqiang suddenly asked.
"Based on the information I communicated with my colleagues in the U.S., the trading data of the U.S. stock market in the first two months was pretty good, and there was a sense of steady recovery. Moreover, other U.S. economic indexes in the past two months were also good, and seemed to show a bit of vitality. "While employment is still not growing as fast as the economy, it may take some time."
(End of chapter)
