On the evening of September 7, 1998, Eastern Time, Quantum Fund’s headquarters in New York.
George Soros, the boss of Quantum Fund, nicknamed "Financial Tycoon", smiled and said to another person of similar age sitting opposite him: "Jim, thank you very much for your reminder. If it weren't for your reminder and persistence, I think I would have suffered a great loss in this action to block the Hong Kong dollar, and even lost the previous profits."
The man whom Soros called "Jim" shrugged slightly and said, "George, we are friends. Although we are not working together now, Quantum Fund was established by the two of us after all. I can't bear to see Quantum Fund fail."
Compared to Soros's somewhat ferocious face, this Jim seems very kind. This man is Jim Rogers, who founded the Quantum Fund with Soros and was once Soros' most trusted partner.
However, Jim Rogers left the Quantum Fund and started his own business as early as 1980. Outsiders thought that he and Soros had fallen out, but in fact, the relationship between the two remained very good.
In fact, the fact that two people can now sit alone in an office and talk about things is enough to prove the relationship between them.
"Anyway, Jim, if it weren't for you, this action to block the Hong Kong dollar would definitely cause me to suffer huge losses, not just $800 million. Looking at the series of financial regulatory measures issued by the Hong Kong government today, I feel very lucky. Jim, if it weren't for you, I would have lost at least $2 billion like Goldman Sachs and Morgan Stanley."
Jim Rogers waved his hand and said, "George, this is mainly because you have kept a clear head. I know your character. If you had not kept a clear head ten days ago, I am afraid I could not persuade you. Fortunately, you listened to my advice and took the initiative to leave there. George, this is actually a victory for you. Although you lost $800 million, you have gained more experience through this incident, which is a victory."
Soros nodded, then frowned and said, "Jim, you watched the whole battle. Tell me, was the huge amount of money that came in at the last critical moment the money that Hua Xia took out? If it weren't for that money, the short-selling force would have an absolute upper hand, and the Hong Kong government would be powerless to turn the tables."
"The time was too short, and the battle was too intense. I have no idea where the long funds that entered the market at the critical moment came from." Jim Rogers shook his head, "But my feeling tells me that the funds should not be China's support funds! If my judgment is correct, there must be a traitor among you."
Soros also nodded and said, "In fact, I have been thinking about this matter these days. I have the same opinion as you. This should be the work of an insider. But who is the insider?"
Rogers smiled and waved his hand. "George, I think you still don't understand. In fact, in that blocking battle, no matter whether the funds finally entered the market or not, your final outcome was doomed from the very beginning. Premier Zhu of the other side is a very strong person. Since he openly said that 'the Chinese government will maintain the prosperity of Hong Kong Island at all costs', he will definitely do it. He is a respectable wise man and a formidable strong man. I don't think you will face him, so I advise you not to participate in that final decisive battle."
Soros smiled bitterly and nodded, "Yes, I misjudged his determination. We deserved our defeat!"
"Okay, George, don't worry about this anymore. Although the lesson this time is very heavy, firstly, your loss is not that big, and secondly, you can understand one thing through this incident, that is, don't go to war with the other country easily. Forty years ago, the federal army was defeated on the Korean Peninsula, which has proved the strength of that country. Now, you have lost to that country again in the financial market, so in the future, you must never try to challenge that country again, that country is not something you can challenge."
Soros smiled and said, "After this decisive battle, I have certainly seen this clearly. I will not do stupid things again. But I am very unwilling to accept it. Where did the funds that entered the market at the last critical moment come from?"
"Morgan Stanley, Goldman Sachs, Lyon, Ives, Salomon, Huijia, and Merrill Lynch all suffered heavy losses in the decisive battle that day. They would never do such a thing. Julian's Tiger Fund is deeply mired in the ruble quagmire, and he doesn't have the funds to mobilize such a huge amount of funds to enter the market. But apart from these people, who else has the ability to come up with such a large amount of funds to enter the market and fight against us? That is a huge amount of funds of at least 60 billion Hong Kong dollars! Even I can't come up with that much money!"
Rogers also shook his head. There was no doubt that it was pointless to pursue the matter further now.
The names mentioned by Soros earlier are all well-known investment banks in the world today. On the surface, these investment banks are doing legitimate business, but everyone knows that the dirtiest guys in the world are these investment banks.
Even Soros' Quantum Fund and Julian Robertson's Tiger Fund looked as innocent as a 13 or 14-year-old girl in front of these investment banks.
Although these investment banks appear to be honest on the surface, the dirty things they do secretly can only be described in four words - too numerous to list!
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