M1979 :: Volume #3

#249: Accident

LNMTL needs user funding to survive Read More

After eating meal dinner, Li He has not gone upstairs, after the sunset, beginning decorated lantern on, he wants to stroll everywhere, the night light, the crowd, heavy traffic. 吃饭晚饭以后,李和也没有上楼,日落之后,华灯初上,他就想到处逛逛,夜晚的灯光,人群,车水马龙。 The narrow street, ding the car(riage), doubledecker bus. The light folds the shadow to interlock, most matches with Friday night, does not have strolling of goal. 窄窄的街道,叮叮车,双层巴士。灯光叠影交错,和周五的夜晚最搭配的,是没有目的的漫步。 Has walked following over -bridge is wharf, can meet 34 street singers, will also see a not too big nor too small ferris wheel, the fluorescent blue light is labelling the intermediate belt of Hong Kong, in each building has working overtime of shuttle the city elites, the light, the tall buildings and bar fuse the unique mode of life, different busy, same sad happy. 顺着天桥一直走就是码头,一路可以遇上34个街头歌手,还会看见一个不大不小的摩天轮,荧光蓝的灯光标注着香港的中环,每栋大楼里都有穿梭的加班着的城市精英们,灯光、高楼大厦和酒吧融合成独特的生活模式,不同的忙碌,相同的悲喜。 He stands in the ferry spot, is the tall buildings, the singing sound of street singer disperses gradually in the wave light is clear. Is blowing the salty wet sea breeze, looks that lights are bright, always likely has actually shown the old movie of slow motion, has the faint trace the rhythm mood. 他站在渡口,身后是高楼大厦,街头歌手的歌声渐渐散在波光粼粼。吹着略带咸湿的海风,看着一片灯火灿烂,却总像是放了慢镜头的老电影,有着丝丝呀呀的节奏情怀。 Li He asked even Songdao who suddenly stands, „does have to think stays in Shenzhen?” 李和突然问站在旁边的平松道,“有没有想过留在深圳？” „I, if stays in Shenzhen, your one person are unbearably busy?” even Song lived it up in Capital City, although Shenzhen has also been full of the energy, but made him same firmly decide with Su Ming, he was not glad. “我要是留在深圳,你一个人忙不过来吧？”平松在京城里热闹惯了,虽然深圳也是充满了活力,可是让他跟苏明一样下狠心过来,他还是不怎么乐意的。 „The southern future can be our supreme headquarters. In the future all centers of gravity in Shenzhen and Guangzhou. Now Shenzhen opened land auction, you do not want the construction developer field, is the good opportunity, we are still emptying in the place of snake mouth.” “南方将来会是我们的大本营。将来所有的重心都会在深圳和广州。现在深圳已经开放了土地拍卖,你不是要建商场嘛,是好机会,我们在蛇口的地还在空着。” State-run 500 look at the capital, foreign capital 500 looks at Pujiang, privately operated 500 look at Shenzhen, as a result of the market economy growth early, the price mechanism is playing the decisive effect in the commodity and essential factor resources deployment, the fair, public and fair characteristics of market fully manifest here, does not depend on the relations not to depend on the pure market competition environment of taking the easy way, Shenzhen is becoming the paradise of privately operated pioneer. Therefore from here, the investment environment of Shenzhen is to suit the private economy development, if Li He wants to be potential achievement in the private economy domain, not compared with a Shenzhen better place. 国营500强看首都,外资500强看浦江,民营500强看深圳,由于市场经济发育早,价格机制在商品和要素资源配置中发挥着决定性作用,市场的公平、公开、公正特性在这里充分体现,不靠关系不靠讨巧的纯粹市场竞争环境,深圳正成为民营创业者的乐土。所以从这里来说,深圳的投资环境是适合民营经济发展的,李和要想在民营经济领域有所作为,没有比深圳更好的地方了。 If in native place, Li He even to make the contribution, will have a mind to be incapable, too many uncertainty, too many hard to deal with characters, sooner or later exhausted that he makes, is somewhat realistic, he has to acknowledge. 如果在老家,李和哪怕想做贡献,都会有心无力,太多的不确定性,太多的难缠人物,早晚会把他弄的筋疲力竭,有些现实,他不得不承认。 Li He compares to regard as important even Song, brain is sometimes easier-to-use than Su Ming, otherwise did not meet he to say these many. 李和还是比较看重平松的,有时脑子还是比苏明都好用多了,不然也不会合他说这么多。 „ Elder Brother, my this just married. „ even Song is not glad, actually he not necessarily has the big expectation, he currently has the car(riage) to have the room to have the status in Capital City, comes to the south is also looks for the crime to receive, feeds on illusions to draw cakes to stave off hunger, for him is not solid. “哥,我这刚结婚呢。“平松还是不太乐意,其实他未必就有多大的期望,他现在在京城有车有房有地位,到南方来也是找罪受,望梅止渴画饼充饥,对他来说都不实在。 „My other arrangement person.” Whom Li He calculates to ask to take over control of real estate again. “那我另外安排人吧。”李和再盘算找谁来接管房产这一块。 even Songdao, „elder brother, you, if makes me stay in Shenzhen, I also want.” 平松道,“哥,你要是真让我留深圳,我也愿意。” „Ok.” Li He sees the appearance that even loosen heart unwilling sentiment does not hope, does not want again reluctantly. “算了吧。”李和见平松这幅心不甘情不愿的样子,不想再勉强。 even Song also wants to speak, Li He beckons with the hand, did not want him to say again. 平松还欲说话,李和摆摆手,不要他再说。 Two people just arrived at downstairs the hotel, welcomed Huang Bingxin who ran around in circles in the ground floor. 两个人刚到宾馆楼下,就迎上了在楼底下团团转的黄炳新。 „Mr. Li, was anxious I, luckily you came back.” “李先生,急死我了,幸亏你回来了。” even Song looked at a Huang Bingxin, oneself went upstairs, he who should not know never inquired. 平松看了一眼黄炳新,自己上楼了,不该知道的他从来也不打听。 „Has the matter?” “有事？” „Mr. Li, I recomputated, our operating modes were not completely feasible.” “李先生,我又重新计算了一下,我们的操作方式完全不可行。” Huang Bingxin must worry compared with Li He. 黄炳新比李和还要着急。 The entrance is crowded, Li He hints Huang Bingxin to yield the way, two people by in corner. 门口人来人往,李和示意黄炳新让道,两个人靠在墙角上。 „Why did you say?” “你说说为什么？” „Mr. Li, Goldman Sachs suggested that we bare do spatially! They simply do not have such stock to lend us!” “李先生,高盛建议我们裸做空！他们根本没有那么的股票借给我们！” Li He scolded, „really the world crow was common.” 李和骂道,“果然天下乌鸦一般黑。” No wonder Goldman Sachs dares to pledge that he gives many taking advantage of many! 难怪高盛敢承诺他借多少给多少！ The oversell is very good to understand, when the short selling investor thinks that the future stock, card juan or the price of stock variety will drop, some payment earnest money, borrow some type of stock to sell through the negotiable securities broker merchant first, after the price falls to the certain extent, buys back these stocks to return loaning again, the investor makes a profit in the transaction process, this procedure is called the short selling. 卖空很好理解,当卖空交易投资者认为未来的股票、证劵或期货品种的价格会下降,就缴纳一部分保证金,通过证券经纪商人借入某种股票等先卖出,等价格跌到一定程度后再买回这些股票等交还借出者,投资者在交易过程中获利,这种做法称为卖空交易。 In the mature stock market, makes the stock of spatial to being many borrows, the securities company they are willing to loan the stock, this can collect the rent, in the situation that in the stock holder does not know the circumstances of the matter was loaned, does not need to pass through to make many permission. 成熟证券市场里,做空者的股票是向做多者借的,证券公司他们愿意出借股票,这样可以收取租金,是在股票持有人不知情的情况下被出借出去的,并不需要经过做多者的许可。 „Bare oversell” refers to investor not borrowing the stock, but sells the stock that does not have in the market directly, in the stock price further falls buys back the stock to get the profit again the investment technique. Carries on „bare oversell” so long as swapper buys up the stock before the finalizing date, the transaction attains successfully. “裸卖空”是指投资者没有借入股票而直接在市场上卖出根本不存在的股票,在股价进一步下跌时再买回股票获得利润的投资手法。进行“裸卖空”的交易者只要在交割日期前买入股票,交易即获成功。 To put it bluntly is the bare oversell does not need to borrow the stock, can keep accounts to sell short directly, so long as were finalizing bought up the stock other day is OK. The merit of this procedure is to increase the market liquidity, the shortcoming may be done spatially by the malicious use. 说白了就是裸卖空根本不需要去借股票,可以直接记账卖空,只要在交割日前把股票买入就可以了。这种做法的优点是增加市场流动性,缺点是有可能被恶意利用做空。 Because „bare oversell” sells stock that does not have, the quantity is possibly big, will therefore have the fierce impact on the stock price. 由于“裸卖空”卖出的是不存在的股票,量可能非常大,因此会对股价造成剧烈冲击。 „Bare oversell” system, was the exchange has created the third party in the system, allowed to be spatial, did not need to borrow the ticket after the third party, the direct oversell, and in certain time limit, bought up to make the spatial ticket to make up the difference \; In fact is equal to permitting not by target limit the oversell of short-term. “裸卖空”制度,是交易所在制度上创造了第三方,允许做空者,不用经过第三方借券,直接卖空,并在一定时限内,买入做空券补足差额\;实际上相当于允许不受标的限制的短期的卖空。 In 2008 financial crisis time, the famous big company dies on this, including illustrious Brother Lehman, therefore the US realized that the harm, has made strict bare to make the spatial limit in 2009. 2008年金融危机的时候,许多有名的大公司就是死在这上面,其中包括赫赫有名的雷曼兄弟,所以美国认识到了危害,在2009年才做了一个严格的裸做空限制。 If Li He such crude person has played really bare spatial, the luck good possibly to gain, if the luck is not good, he not only need turn into the poor wretch, but also possibly is in the debt, the yellow crane travels can also lead the sister-in-law, he can only study Ding Xiezhao most tall building to jump down, looks to have the opportunity of rebirth. 李和这样的半吊子要是真玩了裸空,运气好可能赚,要是运气不好,他不但要变成穷光蛋,还可能欠一屁股债,黄鹤跑路还能带着小姨子,他只能学丁蟹找最高楼跳下,看有没有重生的机会了。 He is impossible to have the love because of Horne's level, has the guts to be spatial Bear Stearns and Brother Lehman publicly gains greatly gains especially. 他也不可能有爱因霍恩的水平,有胆量公开做空贝尔斯登和雷曼兄弟大赚特赚。 In the 19 th century, had railway company Harlem, his leader was the US first richest family Fanderl Bill, was called „captain”, was at that time the US biggest shipowners and biggest railroad leader, his wealth has it is estimated accounted for at that time US gdp 1%. 在19世纪,有个铁路公司哈莱姆,他的掌门人是美国第一个首富范德尔比尔,人称“船长”,是当时美国最大的船东和最大的铁路掌门人,他的财富据估算占了当时美国gdp的1。 Harlem railroad spreads the advantage spatial news, the speculator thinks that they have the opportunity to make an issue using the Hudson river railroad stock. While Hallam stock price achieves the high spot time, they initiated to the oversell attack of Hudson river stock. They sell short Hudson, forcing the match to increase the earnest money, the create alarm, forcing the stock price to further drop, attempts to level in the low position to gain the price difference greatly. 哈莱姆铁路传来利空消息,投机者认为他们有机会利用哈德孙河铁路股票做文章。正当哈勒姆股价达到高点的时候,他们发起了对哈德孙河股票的卖空袭击。他们卖空哈德孙,迫使对手增加保证金,制造恐慌,迫使股票价格进一步下降,企图在低位平仓以大赚差价。 Vanderbilt counter-attacks immediately, he lets his manager sells outright in the market all „seller's option power”. 范德比尔特立刻反击,他让他的经纪人买断市场上所有的“卖方选择权”。 Fandebierde is rich with his companion! 范德比尔德跟他的同伴有钱！ They do not care! They all bought! 他们不在乎！他们全买了！ In early July 1863, Vanderbilt drew in a net. When contract expire, the speculators of oversell purchase the Hudson river railroad stock to the market, in the discovery market simply does not have the seller, because of all Hudson river stocks in Vanderbilt's hands. When the stock price is almost overnight rises dramatically from 112 US dollars to 180 US dollars, Vanderbilt starts to request these speculators to implement the agreement to him to pay the stock. 在1863年7月的上旬,范德比尔特收网了。当合同到期的时候,卖空的投机商们到市场上去购买哈德孙河铁路股票,却发现市场上根本没有卖家,因为所有的哈德孙河股票都在范德比尔特的手里。当股票价格几乎是在一夜之间从112美元飙升到180美元时,范德比尔特开始要求那些投机商履行协议向他支付股票。 Then, oversell must always also the stock? Whose at this time did the stock buy from hand? Fandebierde. 然后,卖空者总是要还股票的吧？这个时候股票从谁手里买？范德比尔德。 These pitiful bad luck eggs this time discovered that in the market only has a seller, that is Vanderbilt. Vanderbilt natural disposition is broadminded, he had not insisted makes these get sucked in the trap that oneself construct is the spatial speculators to carry out the contract immediately. Otherwise, he is willing to lend the stock that they must at this time, but the daily interest reaches as high as 5%. 这些可怜的倒霉蛋们此时发现市场上只有一个卖主,那就是范德比尔特。范德比尔特生性宽宏大量,他并没有坚持让那些深陷于自己构筑的陷阱中的做空投机商们立刻履行合同。反之,他愿意借给他们此时所必需的股票,但每日的利息高达5%。 Actually what in the middle of this case is most important is Fandebierde this school of money really many... 其实这个案例当中最重要的是范德比尔德这一派钱真的好多… Therefore the Li He difficult position lies in this, if he has met Vanderbilt's such match plate, he can die is very ugly, does spatially is not fearful, bare will do spatially will be very fearful. 所以李和的困境就在于此,如果他遇到了范德比尔特这样的对手盘,他会死的很难看,做空不可怕,裸做空会很可怕。 If market, only then 1 million circulation stocks, but he actually did to empty 2 million, when the time comes must level, other 1 million, he did not have the place to buy, possibly instead turned sells the shoplifting lowly the farce. 如果市场只有1000000的流通股,而他却做空了2000000股,到时候要平仓的时候,另外的1000000股,他根本没地方买,可能反而变成低卖高买的闹剧。
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