Still, Wait For Me

“By the way, Gardener, what's a cdo?” Huang Yaming suddenly asked Xu Tiansheng.

“I would also like to ask.” Kim said.

“Is that what you're asking?” I drank two glasses of wine and Jinshan looked up at his father and said, “It's English... you know what I mean? You can't even spell. Uncle Xu, let's talk about this kind of problem. I'm telling you, my English teacher is very big...”

Old Kim slapped him into mute mode.

“Where did you hear that?” Xu Tiansheng questioned.

“There's a Wayne. Yang's hybrid said he knew you, he came to us and sold us this," Huang Yaming said, "By the way, he also said that a lot of investment firms on Wall Street are doing this. ”

“This son of a bitch is so impenetrable, he does everything. It's a good thing he's not an arms dealer, otherwise he might end up in a world war.” Xu Tiansheng shook his head.

Wayne Yang is probably an intermediary at Wall Street Bank and has sold this to Xu Tiansheng before. Xu Tiansheng asked him to help with the apple. I don't think so. He even found Old Gold and Huang Yaming.

“What did you say?” Xu Tiansheng asked.

“I said I had no idea what the hell it was... and I never heard anyone trying to sell me anything tell me what it was. Then let him go.” Huang Yaming said, "I now ask you, that is, purely boring and curious. ”

“It's complicated.” Xu Tiansheng said.

“No, you don't, do you? Ha...” Jinshan is drunk again.

Xu Tiansheng followed the old gold pattern and slapped him into silent mode.

“Luckily the stinking fish didn't see...” Xiaojinshan rubbed his brainmelon, pitiful, "sooner or later you guys shot me as an idiot. ”

“Secured Debt Certificate, CollateralizedDebtObligation, or CDO, studied in our Department of Finance major. It's complicated, as the gardeners say.” Professionally born Fu Cheng inserted a sentence next to it.

Old Jin and Huang Yaming have to prove that they don't understand anything.

“Let me simplify it, give you an example," Xu Tiansheng thought for a moment and said, "You all know the mortgage, right? Housing loans.”

“Bullshit. These days, you ask the 80-year-old lady what she knows.” Kim said.

“I didn't think you millionaires needed it, you wouldn't know about it," Xu Tinsheng said with a smile. "Inside the mortgage, including the unpaid principal and interest of the house itself, the amount is generally not small and the period is longer. Then, in general, the house itself is collateral. ”

“Now, for example, I'm a bank.” Xu Tiansheng pointed to herself and went on to say: "Then, Jin bought a house today and took out a housing loan with me for a period of 30 years. As a bank, I make money, but I don't think it's too slow to recover it. In order to recover funds quickly, take out his mortgage as mortgage-backed securities, find some institutional guarantees… and sell them. This is the CDO, a mortgage-backed debt security. ”

“Oh.” Huang Yaming said.

“Do you buy it? Share earnings with banks.” Xu Tiansheng asked him.

“If there's any spare money, no problem. Anyway, steady earnings don't pay. Kim, won't he be able to repay his mortgage?” Huang Yaming responded refreshingly.

“Yes, I think a lot of people would be willing to buy this guy if they knew he was a wealthy man like Kim. But would I, the bank, lose so honestly? I will not sell it alone, I will sell it in packages... for example, a hundred mortgages at a time, some of which are homeowners like Old King, some are small business, some are teachers, civil servants... Anyway, I use all kinds of industries, all kinds of people's mortgages as a basis, make CDOs, price them in several grades, and sell them. Are you still buying? ”

Xu Tiansheng looked at Huang Yaming and asked with a smile.

“Big profits?” Huang Yaming asked.

“The different grades, the higher the risk, the greater the gain. Of course, it seems to be doing well at the moment, at least in the United States, where it is now.” Xu Tiansheng said.

“Under what circumstances would I lose? ”

“Among the loan buyers, there are a large number of people who have broken the contract. And the bank will take the house back and it won't sell. ”

“You mean, a lot of people don't want the house anymore? ”

“No more. Not just the house, along with the down payment, that part of the money you paid back, none of it. ”

“Then I'm relieved,” Huang Yaming said, "Buy it, you can buy it. ”

“Why?” continued Xu Tiansheng.

Huang Yaming looked at him and had the audacity to ask, but explained: “I don't know anything about the United States. Regarding our situation in China, the price of the house is rising... I have not seen one of a hundred people out of the way, and the house is no longer needed. ”

“This seems to be the case… In fact, the situation in the United States is similar now, with the government lowering interest rates to encourage home buying, and the real estate market is hot.” Xu Tiansheng said: "But did you ever think that if someone had to cut off his confession because of unemployment, bankruptcy, even though he couldn't afford it, he had to give up his house? ”

“If there was, one or two, wouldn't it be worth anything? Besides, the bank can still get the house back for sale.” Huang Yaming said: "How can there be no risk when doing business? That's a very small risk. ”

“What do you mean, you bought it?” Xu Tiansheng asked again.

Huang Yaming was a little creepy when he asked, hesitating to ask Fu Cheng: “Professional, don't you think? ”

Fu Cheng thought about it and said: “For now, I think 90 percent of the people are like you. Including me.”

“Then buy it. Scare who?!” Huang Yaming said, "Anyway, this is just an example. When you really want to buy it, you have to take the idea yourself. ”

Xu Tiansheng smiled... the idea was not easy to take.

“So let me tell you something else, it's relative to the CDO, and in general, if there's no artificial intervention, the CDO goes up, it goes down, the CDO goes down, it goes up.” Xu Tiansheng said.

“What the hell?” Huang Yaming asked.

“CDS, credit default swap. Generally used to hedge against risks, or…"

“Or what? ”

“Empty. ”

“… how to play? ”

Xu Tiansheng thought a little bit and said to Huang Yaming: "So let's continue with the example just given. Now that's going on, you bought a lot of CDOs. ”

“Well, then what? ”

“Then, for example, Little Golden Mountain," Xu Tiansheng pointed to Little Golden Mountain lying on the table and said, "Little Golden Mountain now thinks that the CDO in your hand will turn into a pile of scrap paper... so he decides to empty you. ”

“Is that because he's drunk? Either you filmed me stupid.” Huang Yaming smiled.

“Anyway, he now thinks the CDO in your hand is going to be a pile of scrap paper, decides to empty you... so he goes to a bank or insurance agency to buy an insurance policy for the CDO in your hand. This insurance, that's what I just said about the cds. ”

“What's going on? Huang Yaming said," I'm confused. Why is he buying insurance for me? Who's the beneficiary? ”

“Good question. If it's the insurance business that we normally come into contact with, for example, if you suddenly run to the insurance company right now to buy a personal accident insurance policy for Li Er's son at the school door, you pay the money and then the beneficiary is you... this is not allowed.” Xu Tiansheng said.

“Bullshit, if that's all allowed, isn't it a mess? Buy one, kill one. Buy one, kill one. It's not who I am anyway.” Jin interjected.

“Yes, but I just said this cds, it allows. Xiao Jinshan buys insurance, handling fees and annual premiums for the CDO you have, he pays. If the CDO in your hand turns into scrap paper, you lose money... banks and insurance agencies, you lose money.” Xu Tiansheng said.

“What about me? Pay me back? ”

“No compensation. It's none of your business.”

“At least through me, then?” Huang Yaming asked.

“Neither do I.” Xu Tiansheng said.

“I go... it's me who plays with this, but it has nothing to do with me? ”

“That's what I mean. He doesn't even need to know you. The only connection between you two is life and death... completely opposite each other. You lose, he earns. You earn death, he loses. ”

“Stop it, according to you, this is not insurance at all, it is...”

“What is it? Say it.”

“Gambling. ”

“Bingo, that's right.” Xu Tiansheng takes a deep breath, "this is a gamble and a super big bet that can be expanded indefinitely. He can bet not only on you, but also on San Li Si Wang Er Ma Zi, on anyone... as long as there is a bank or insurance institution willing to sell, as long as he has the money to pay the premium, he can even bet the whole of Wall Street. ”

Xu Tiansheng finished his remarks, gazing at everyone on the loop table, of whom he was cold... as if he were really about to make a big bet for a century.

“How much would that cost?” Old King seemed excited.

“The CDS itself comes with 10 to 20 times more leverage. That is, because you only have to pay a few percent a year for cash… so if you have a billion, you have the guts, you have a short judgment period, you can… bet 10 billion, 20 billion in other people's hands.

The problem is your money has to last the day you win the bet. Also, the bank or insurance agency that sold you the cds can't go bankrupt, and if it goes bankrupt, you won't win any more. Nobody's paying you. ”

Xu Tiansheng poured herself a glass of wine after she finished her speech and put her head down.

Kim looked at him and suddenly smiled and said, "You're excited. ”

“Oh, isn't that an example?” Fu Cheng also looked at Xu Tiansheng.

“Holy shit, you don't want to be serious, do you?” Huang Yaming stood up and said, "Don't be ridiculous, we're making good money now, don't be so excited. Agreed, we don't buy CDOs, CDS, we don't buy... whoever we love, we make money on our own. ”

Xu Tiansheng nodded after thinking about it.

“Let's be serious, Ting Sheng, don't scare me." Huang Yaming continued, "I understand what you mean. Don't bully me. I didn't study well in college. I also studied history seriously in high school. CDS really wants you to say that winning method, winning so much, unless...”

“Unless what?” Xu Tiansheng asked.

“The economic crisis!” Huang Yaming Dao.

Xu Tiansheng smiled brilliantly.

“I'm kidding. I don't like gambling all my life. You don't know that. I don't even know Mahjong. ”

In fact, Xu Tiansheng was really hesitating... and stupidly moving.

He knew that Zhou Yuande would not give himself too much time. And her assets are so rich, her strength is really too strong, she just reveals soft gold at the tip of the iceberg, normally enough for Xu Tiansheng to eat for years.

And a pit like Saipan, Zhou Yuandai, even if he fell deeper, was just tickling his boots off. She has plenty of room to turn around.

Xu Tiansheng was afraid that he would not have the opportunity to develop slowly, and did not dare to expect Zhou Yuande to suddenly let himself go...

His only chance, perhaps only once, is to set up a big shock, dig a super big hole... a big hole where an ant can bury an elephant and bury her all at once.

Xu Tiansheng is looking for a super cemetery for Zhou Yuandai… for example, subprime loan crisis, Wall Street.

However, it would be difficult for her to get into the Bureau completely and not be discovered.