Rebirth capital madman
In short, it seems that the personal friendship between Gao Xian and Greenspan has not been alienated by the fact that the other party has become an important and sensitive Fed chairman, such as avoiding suspicion and conflict.
After having a good talk, the two were busy. Greenspan had to deal with Wall Street, the Senate, the White House and the media. There was no lack of an adaptation stage, but there were some small episodes.
For example, about a week after taking office as chairman of the Federal Reserve, Greenspan participated in a heavyweight political commentary program called "this week with David Brinkley" on ABC, which was also broadcast on Sunday, along with similar longevity programs - NBC's meet the media and CBS's face the country, It belongs to the competitive relationship of the challenge arena, and its social influence can be imagined.
This week, created by David Brinkley, has some characteristics of its own. For example, it adopts the form of round table, that is, there is no master-slave relationship of sitting in the middle and respecting the right hand. It is easy to let the invited guests down their guard. In addition, David Brinkley has the superb diction of a big guy host, Greenspan's habit of academic officials telling the truth made a mess.
In response to "whether there will be higher inflation in the future", Greenspan replied that there is no evidence that the inflation rate will rise, but if everyone believes that inflation will happen, their actions will lead to inflation. The Fed is the guardian and the only defender against inflation.
The focus of his speech is often behind the "but". Greenspan thought it was a very simple paragraph, but it gave people a feeling. He hinted that the Fed was indeed weak and weak, and then was unable to resist the impending inflation.
As a result, the capital market immediately responded, bond yields rose and stock prices fell.
On the surface, it gives people the feeling that they can't be broken anymore. Judging from the level of the chairman of the Federal Reserve, it's too superficial and dereliction of duty. When you really need to send a message to the outside world, but you can't reach your real intention, it's equivalent to abandoning a powerful weapon.
Greenspan regretted this. When talking to Sir Gao who had not left the United States, he swore that I would never participate in such talk shows again in the future.
Gao Xian can naturally taste that Greenspan is learning from a quasi central bank governor like himself.
"Dealing with the media must be an indispensable part of the work." Sir Gao said quietly and slowly: "after I became president of Xiangjiang exchange fund administration, I basically only had a dialogue with influential journalists, and ensured that the conversation was not recorded in writing and that the outside world could not know it came from me."
"In this way, the side effects are minimized when using the tool of media to exert the influence of macro policy."
Greenspan nodded thoughtfully, then couldn't help but sigh with chagrin.
In Gao Xian's view, the adaptation period of Greenspan, the new chairman of the Federal Reserve, especially the buffer period necessary to establish prestige in the international community, must be indispensable, so that it has become one of the active variables that promote the occurrence of major shocks.
Greenspan could not omit this step, because he was transferred from the commercial post of economic consulting to the chairman of the Federal Reserve, and his predecessor Paul Volcker was transferred from the chairman of the Federal Reserve of New York, the most powerful member of the Federal Reserve, to the chairman of the Federal Reserve. Bankers obviously "turned" more smoothly than economic experts. For example, they have already had a certain prestige in the international community.
In any case, the Federal Reserve, chaired by Greenspan, has made the high string more traceable in variable analysis.
After congratulating Greenspan on his appointment as chairman of the Federal Reserve, Gao Xian continued to stay in the United States, mainly to consolidate the interests of Gao's business kingdom. Don't be hurt by the next great shock, which is his basic business that can be attacked and retreated.
There are also differences between the three. For example, Lehman Brothers basically let go of the game, and Gao Xian doesn't care much.
After all, the game of capital circle is often a zero sum game, which is more profitable than IQ. There are elements such as creativity, high risk, wolf nature and mercenary. The gene of Wall Street has been deeply engraved in the bones of Lehman Brothers. It is not cost-effective and unnecessary to transform it with all the strength of nine cows and two tigers; The Gaoyi first series and Gaoyi American first series, which are built from scratch by Gaoxian and belong to the real sweetheart, are moving forward steadily behind.
To put it bluntly, dirty work must be done by someone. When it's really hopeless, it's better to deal with it according to the rules of the game of Wall Street.
Businesses that can tighten the nerves of Gaoxian must also be targeted, mainly funds and stock related investments.
To put it simply, in this period, the establishment of a mathematical model, portfolio and risk hedging mechanism must have taken shape, but there are great differences in the specific implementation.
For example, in order to offset the short risk and trade with "counterparty", the mechanism is more complex and the links are cumbersome. The market making chamber of commerce is demanding in terms of margin and so on.
As a result, many funds set a risk line after they own securities, and once they cross the line, they let the computer program sell automatically.
But if everyone is selling centrally, who will buy it? While all fund customers still focus on immediate redemption, isn't it a desperate situation like a bank run.
Gao Xian's inspection includes such risk hedging mechanisms to prevent what was originally thought to be foolproof in extreme cases from collapsing thousands of miles.
The first Department of Gaoyi and the first Department of Gaoyi American do not reject this internal pressure on management. On the one hand, the enterprising and steady work style personally created by Gaoxian is also the key to the formation of corporate culture; Second, the spread of the argument that "there will be a major adjustment soon" has indeed had a wake-up effect.
What's more, the adjustment of the US stock market did come as scheduled, but it was not the "adjustment" like the Wall Street crash in 1929.
In the mood of "there will be a major adjustment soon", news poured in, such as the rising bond interest rate, the huge international trade deficit of the United States, the threat of the devaluation of the US dollar issued by the US Treasury Secretary James Baker, the fierce attack on ships launched by the Iran Iraq war, so that even oil tankers flying the US flag were hit by missiles in the Persian Gulf, and so on, After reaching the new peak of 2724, the Dow Jones index no longer rose after falling a little as before, but entered an overall downward trend.
Seeing this scene, the most common reaction from the outside world is that it took a long breath, and the disturbing crazy rise finally stopped. The correction of the stock market is a great good thing, which is countless times stronger than the outbreak of the stock disaster!
Therefore, many advanced players, such as Soros, began to actively layout.
After appreciating this paralysis, Gao Xian felt that it seemed chilly behind his neck, especially in Xiangjiang stock market. After a little panic, the Hang Seng index continued to rise and went straight to 4000 points
Chapter 1039: 1039
After having a good talk, the two were busy. Greenspan had to deal with Wall Street, the Senate, the White House and the media. There was no lack of an adaptation stage, but there were some small episodes.
For example, about a week after taking office as chairman of the Federal Reserve, Greenspan participated in a heavyweight political commentary program called "this week with David Brinkley" on ABC, which was also broadcast on Sunday, along with similar longevity programs - NBC's meet the media and CBS's face the country, It belongs to the competitive relationship of the challenge arena, and its social influence can be imagined.
This week, created by David Brinkley, has some characteristics of its own. For example, it adopts the form of round table, that is, there is no master-slave relationship of sitting in the middle and respecting the right hand. It is easy to let the invited guests down their guard. In addition, David Brinkley has the superb diction of a big guy host, Greenspan's habit of academic officials telling the truth made a mess.
In response to "whether there will be higher inflation in the future", Greenspan replied that there is no evidence that the inflation rate will rise, but if everyone believes that inflation will happen, their actions will lead to inflation. The Fed is the guardian and the only defender against inflation.
The focus of his speech is often behind the "but". Greenspan thought it was a very simple paragraph, but it gave people a feeling. He hinted that the Fed was indeed weak and weak, and then was unable to resist the impending inflation.
As a result, the capital market immediately responded, bond yields rose and stock prices fell.
On the surface, it gives people the feeling that they can't be broken anymore. Judging from the level of the chairman of the Federal Reserve, it's too superficial and dereliction of duty. When you really need to send a message to the outside world, but you can't reach your real intention, it's equivalent to abandoning a powerful weapon.
Greenspan regretted this. When talking to Sir Gao who had not left the United States, he swore that I would never participate in such talk shows again in the future.
Gao Xian can naturally taste that Greenspan is learning from a quasi central bank governor like himself.
"Dealing with the media must be an indispensable part of the work." Sir Gao said quietly and slowly: "after I became president of Xiangjiang exchange fund administration, I basically only had a dialogue with influential journalists, and ensured that the conversation was not recorded in writing and that the outside world could not know it came from me."
"In this way, the side effects are minimized when using the tool of media to exert the influence of macro policy."
Greenspan nodded thoughtfully, then couldn't help but sigh with chagrin.
In Gao Xian's view, the adaptation period of Greenspan, the new chairman of the Federal Reserve, especially the buffer period necessary to establish prestige in the international community, must be indispensable, so that it has become one of the active variables that promote the occurrence of major shocks.
Greenspan could not omit this step, because he was transferred from the commercial post of economic consulting to the chairman of the Federal Reserve, and his predecessor Paul Volcker was transferred from the chairman of the Federal Reserve of New York, the most powerful member of the Federal Reserve, to the chairman of the Federal Reserve. Bankers obviously "turned" more smoothly than economic experts. For example, they have already had a certain prestige in the international community.
In any case, the Federal Reserve, chaired by Greenspan, has made the high string more traceable in variable analysis.
After congratulating Greenspan on his appointment as chairman of the Federal Reserve, Gao Xian continued to stay in the United States, mainly to consolidate the interests of Gao's business kingdom. Don't be hurt by the next great shock, which is his basic business that can be attacked and retreated.
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Obviously, the focus of Gaoxian's prevention of major risks is on the Gaoyi I series, Gaoyi American I series and Lehman Brothers I series at the forefront of the capital market.There are also differences between the three. For example, Lehman Brothers basically let go of the game, and Gao Xian doesn't care much.
After all, the game of capital circle is often a zero sum game, which is more profitable than IQ. There are elements such as creativity, high risk, wolf nature and mercenary. The gene of Wall Street has been deeply engraved in the bones of Lehman Brothers. It is not cost-effective and unnecessary to transform it with all the strength of nine cows and two tigers; The Gaoyi first series and Gaoyi American first series, which are built from scratch by Gaoxian and belong to the real sweetheart, are moving forward steadily behind.
Businesses that can tighten the nerves of Gaoxian must also be targeted, mainly funds and stock related investments.
To put it simply, in this period, the establishment of a mathematical model, portfolio and risk hedging mechanism must have taken shape, but there are great differences in the specific implementation.
For example, in order to offset the short risk and trade with "counterparty", the mechanism is more complex and the links are cumbersome. The market making chamber of commerce is demanding in terms of margin and so on.
As a result, many funds set a risk line after they own securities, and once they cross the line, they let the computer program sell automatically.
But if everyone is selling centrally, who will buy it? While all fund customers still focus on immediate redemption, isn't it a desperate situation like a bank run.
Gao Xian's inspection includes such risk hedging mechanisms to prevent what was originally thought to be foolproof in extreme cases from collapsing thousands of miles.
The first Department of Gaoyi and the first Department of Gaoyi American do not reject this internal pressure on management. On the one hand, the enterprising and steady work style personally created by Gaoxian is also the key to the formation of corporate culture; Second, the spread of the argument that "there will be a major adjustment soon" has indeed had a wake-up effect.
What's more, the adjustment of the US stock market did come as scheduled, but it was not the "adjustment" like the Wall Street crash in 1929.
In the mood of "there will be a major adjustment soon", news poured in, such as the rising bond interest rate, the huge international trade deficit of the United States, the threat of the devaluation of the US dollar issued by the US Treasury Secretary James Baker, the fierce attack on ships launched by the Iran Iraq war, so that even oil tankers flying the US flag were hit by missiles in the Persian Gulf, and so on, After reaching the new peak of 2724, the Dow Jones index no longer rose after falling a little as before, but entered an overall downward trend.
Seeing this scene, the most common reaction from the outside world is that it took a long breath, and the disturbing crazy rise finally stopped. The correction of the stock market is a great good thing, which is countless times stronger than the outbreak of the stock disaster!
Therefore, many advanced players, such as Soros, began to actively layout.
After appreciating this paralysis, Gao Xian felt that it seemed chilly behind his neck, especially in Xiangjiang stock market. After a little panic, the Hang Seng index continued to rise and went straight to 4000 points
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