$2 billion?
Are there many?
For ordinary people, this is a number they could never earn in a lifetime.
However, the people present were not ordinary people; they were all hedge fund managers who collectively managed trillions of dollars in wealth.
The Quantum Fund, while not reaching the terrifying scale of trillions of dollars, still manages hundreds of billions of dollars.
However, with only a $2 billion position in the Thai baht, it is probably just a symbolic investment.
Drucken Miller's disclosure of this position now means that the Quantum Fund has not added new funds to its Thai baht position in recent months.
But there is no doubt that this part of the portfolio is profitable.
"Then let's keep this position unchanged, what do you think?" George Soros gave an even more unexpected answer without hesitation.
Those present had mixed feelings about George Soros's attitude.
The senior employees who still had compassion for the ordinary Thai people were relieved. Because this way, at least psychologically, they weren't burdened by the moral responsibility of causing the unemployment of thousands.
However, those who prioritize money have a different opinion.
Ultimately, it's not worth offending Soros over such a trivial matter. Even if these fund managers don't receive substantial compensation from the Thai baht, they can still earn rewards from other markets.
"Sir, I'm afraid this behavior is inappropriate."
Just when everyone thought the situation was settled, a sudden voice rang out. This drew the attention of almost everyone, including Soros.
The speaker was Johnson, and it was he who raised the moral issues that sparked this discussion.
At this moment, he actually stood up to oppose maintaining the current position, leaving everyone, including Skadiel, dumbfounded.
Ultimately, these people aren't politicians; they're fund managers dedicated to managing their clients' funds. To put it bluntly, putting clients first is what they should be considering, not playing the role of saviors and giving away charity everywhere.
$2 billion is less than one percent of the funds managed by the Quantum Fund. If they have to reduce their positions even at this rate, then these people might as well just starve.
Thinking of this, most people looked at Johnson with some dissatisfaction, and couldn't help but feel unhappy with his overstepping behavior.
Just then, Soros spoke up.
"Johnson, do you have any better suggestions?"
Hearing this, the crowd, who had temporarily suppressed their anger, all pricked up their ears, wanting to hear what this bastard had to say.
Drucken Miller remained unmoved, his expression still calm and collected. He was not so simplistic as to believe that Johnson was merely opposing him.
In fact, both he and Soros highly valued Johnson's opinions on Southeast Asian economic issues.
“George, things have changed.”
Johnson immediately got up and fiddled with the television in the conference room for a while. Then, a man with an East Asian face appeared on the screen and spoke a long string of words in a language they couldn't understand.
Just as everyone was puzzled, Johnson explained, "This is Yongchai Suk, the number two figure in Thailand. This speech is a televised address he gave on the evening of the 11th."
"The gist of the statement is that the Thai government will do everything in its power to support the baht and will absolutely not allow it to depreciate. However, this second-in-command did not completely rule out the possibility of devaluation; he added at the end that he could not make that promise."
How could that be?
Everyone was dumbfounded. They never expected that the country's second-in-command would say something so ambiguous.
Do you support it or not?
I doubt anyone present could give a definitive answer.
"Johnson, what do you think he really meant by that?"
Soros isn't stupid. When Johnson raises the question at this point, he's not just asking everyone to play a guessing game. Rather than guessing blindly, it's better to listen to Johnson's insights.
Upon hearing this, Johnson nodded to Soros and then said, "The problem might lie with us."
"You mean we alerted them?"
“That’s right!” Johnson affirmed Skadi’s words and continued, “Our visit to Thailand last time has been reported by the local media. According to the latest news from Thailand, local investors are extremely uneasy about the emergence of American hedge funds in their market, and there has even been a wave of selling Thai baht and buying US dollars.”
Soros gave a wry smile upon hearing this. "People are afraid of becoming famous, just as pigs are afraid of getting fat." After the Mexican peso incident, many investors regarded them as a scourge. It's not surprising that they reacted this way now that they hear about hedge funds appearing in China.
"So, in your opinion, will the Thai government proactively choose to devalue the currency?"
Soros's meaning is clear: if the Thai government chooses to allow the baht to depreciate voluntarily, then there is no need for them to continue to agonize over this issue, and they can turn their attention to other regions.
Johnson paused for a few seconds, then lowered his head to think seriously. After a while, he looked up again, still somewhat uncertain, and said, "Based on the information that has been sent back, and my understanding of the situation there, I think it is unlikely that the Thai government will choose to devalue the currency voluntarily."
"There are also rumors that the Thai government has borrowed a considerable amount of US dollars from several neighboring countries and regions to cope with the financial crisis."
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