My 1999

If one of them defaults, the compensation will be no more than 5 billion.

Even if both parties default, they can still make 40 billion.

Both A and B think that this deal is beneficial to them, so they immediately make the deal and everyone is happy.

Now Xu Liang's Hongyan Fund is also doing CDS.

However, he did not do real estate subprime debt.

Instead, he did CDs based on corporate bonds issued by top American companies.

The corporate bonds issued by these top 100 companies are generally rated 3A, and the annual handling fee is only 0.02%. Even if it is 2A or A, the highest handling fee is only 0.5%.

As long as you bet right, you can make a lot of money.

And you don't have to bear the notoriety of shorting subprime loans.

Let's go back to the smart A and B.

After B did this insurance business, C was jealous.

C ran to B and said, how about you sell these 100 CDS orders to me, and give you 200 million for each contract, a total of 20 billion.

B thought, it would take 10 years to get my 40 billion, but now I can get 20 billion with one transaction, and there is no risk, so why not?

Therefore, B and C immediately made a deal (equivalent to C receiving 30 billion insurance money and assuming insurance liability).

In this way, CDS was divided into pieces of CDS.

Like stocks, it flowed to the financial market and could be traded and bought.

In fact, after C got this batch of CDS, he did not want to wait 10 years to receive 30 billion, but put it up for sale at a price of 22 billion.

D saw this product and calculated that 40 billion minus 22 billion, there was still 18 billion to be earned.

This is the "original stock", which is not expensive.

He bought it immediately (equivalent to D receiving 28 billion insurance money and assuming insurance liability).

C made 2 billion with one transaction.

From then on, these CDS were repeatedly speculated in the market.

In just two or three years, the total market value of CDS reached 62 trillion US dollars.

In comparison, the entire US mortgage market is only 2 trillion US dollars.

Under the manipulation of greedy financial institutions, it was directly magnified 30 times.

This is the real cancer of the US subprime crisis.

Now Xu Liang plans to do B or C, and then resell it after acquisition to make a profit.

After listening to his strategy.

Jiang Xiaoyang understands that this money-making model is fine.

But.

"The US subprime market is already very crazy now. If we join in, if we don't withdraw in time, I'm afraid the loss will be very heavy, and even all the money we earn now will be lost." Jiang Xiaoyang said seriously.

The premium of 10 billion US dollars is only 5%, and 500 million US dollars can be earned in 10 years.

If it is 100 billion US dollars, 5 billion US dollars can be earned in 10 years.

If you resell it, you can make half of it, which is 2.5 billion US dollars.

But for this 2.5 billion US dollars, you will bear a loss of 100 billion US dollars.

Once you don't withdraw in time.

All the profits that Hanhua has earned in six years of hard work will have to be filled in.

This risk is too great.

It was so big that Jiang Xiaoyang was frightened. Although she had confidence in Xu Liang, she shook her head vigorously.

"Absolutely not, the risk is too great.

The US subprime mortgage market has gone crazy, and it is unknown when it will collapse, so such a high-risk investment must not be made." Jiang Xiaoyang said firmly.

Xu Liang sighed, he knew it would be like this.

After all, no one except him knew that the US subprime mortgage, which now seemed crazy, would collapse in 2007.

Although he could force his way through, he would undoubtedly alienate Jiang Xiaoyang.

This was not what he wanted to see.

There are many ways to make money, but if the tacit understanding between the two was broken, it would be difficult to get it back.

"Then buy stocks, especially technology stocks.

Although you can't make a lot of money, if you add leverage, you can still guarantee an annual growth of more than 20%."

Before the subprime mortgage crisis, the global economy was developing rapidly, and the market value of all large companies was growing rapidly.

The only difference was the size.

Jiang Xiaoyang agreed, glanced at the man next to him, and hesitated slightly.

"If you really want to invest in CDS, it's not impossible, but the amount cannot exceed 10 billion US dollars."

Xu Liang waved his hand, "As you said, the risk is too great. We have made enough money, there is no need to take such a big risk."

"Then can we short sell directly? With the current situation of US subprime mortgages, it may collapse at any time."

Jiang Xiaoyang continued.

"It's not the right time yet."

Xu Liang said.

It will take nearly two years for the subprime mortgages to really collapse.

If you enter the game now, you will pay 2% to 5% insurance premium every year. Although it doesn't sound much, if Xu Liang invests 100 billion US dollars, it will be 2 to 5 billion US dollars a year.

It's too much.

After being rejected, Jiang Xiaoyang didn't say anything more.

...

I returned home in the afternoon.

Looking at my mother carrying a thermos bucket.

"Mom, what are you doing...?"

"I made some old hen soup for Bingbing. She just gave birth and needs to replenish her body."

"Mom, she has a special nutritionist who will balance her nutrition every day according to her physical condition. Don't worry about it."

"The nutritionist is the nutritionist, and I am the mother-in-law. If I don't care, she will blame me in the future." Wang Lingxiang said.

"Mom, with me here, which of your daughters-in-law dares to regulate it?"

"That won't work. What I hate most is people who say one thing and do another." He waved his hand to interrupt Xu Liang's words, "It's getting late, I should go too, in case Xiaoyang sees me again."

Looking at her figure walking quickly outside, Xu Liang opened his mouth, sighed, and shook his head slightly.

At this time, the old man in a brown sweatshirt walked in from outside with his grandson.

Seeing him, the little guy's eyes lit up and he struggled in his grandfather's arms.

"Dad, hold me."

Xu Liang hurried forward to take the child.

He rubbed his son's little face affectionately.

"Where's your mom?"

"I cooked chicken soup for Bingbing."

After nodding in understanding, "Did she say when she would be back?"

"No. But she will definitely be back before dark. By the way, Dad, where did you take Yangyang?"

"I went to the entrance of the alley to chat. It's rare for me to come back, so I chatted with some old friends."

"Chatting, it's not that simple, right?"

The old man nodded without disguising.

"The old man Liu in the alley in front always said that I was a bad chess player when we played chess before. When I went to Singapore and Hong Kong before, I specially hired a teacher to teach me how to play chess.

I feel that my chess skills have greatly improved, so of course I want to get back at him."

There was a proud look on his face.

"This time I beat him in five games. Seeing the old guy's face turn red with embarrassment, haha..."

Xu Liang shook his head.

Old child, old child, the older he gets, the more stubborn he becomes, and the more he cares about some trivial disputes.

After laughing for a while,

"Liangzi, Kaiyue and Yuanbao are in Beijing?"

"How did you know?"

"I called Yuanbao this morning and he told me."

"Yuanbao can make phone calls?"

"Of course, my grandson is smart and can learn it once he is taught. ... I am asking you a question, is Yuanbao in Beijing?"

"Didn't your grandson tell you?"

"Hurry up, are you looking for a fight?"

The old man glared and raised his hands.

This posture is exactly the same as when he beat himself when he was a child.

"Here we are, here we are. In the yard behind Sixi Building, if you want to go and see, I will ask the driver to take you there tomorrow."

Xu Liang said hurriedly.

"What are you doing tomorrow? Call the driver now and ask him to take me there."

"My mother is not at home. If you leave, who will take care of Yangyang?"

"Don't you have me?"

Xu Liang said confidently, "I have to go to work.

Dad, it's not worth the extra half day."

The old man hesitated for a moment, but still nodded.

"By the way, Liangzi. In a few days, your uncle's family from Quancheng will come over. You can arrange it."

"Why are they here?"

"What else can they do? Visit relatives."

"Tsk tsk, I have lived so long and I have never seen them visit relatives. But guests are guests, and his family has found a partner for Gangzi. We should treat them well out of courtesy and reason."

Xu Yongpei was relieved.

He was really afraid that his son would not like them.

"Don't worry about this matter. I will ask someone to find a better hotel for them to stay."

"Hotel? There are so many empty rooms at home. It would be great to let them stay at home and save money."

"There are only rooms in the backyard at home. The front and middle yards are occupied by bodyguards and servants. I don't want outsiders to live in our backyard.

Okay, that's it."

Interrupted his father.

He would not compromise on this aspect.

The family in Quancheng was a relative to his father, but a complete stranger to him.

Let strangers live in his own home?

How is it possible.

Seeing his son's insistence, Xu Yongpei opened his mouth but didn't say anything more.

"By the way, Dad, I'm going to Europe on a business trip in a few days. I'm afraid it will take a long time to come back. When the family from Quancheng comes, you can host them. What to eat and drink, you decide."

"Business trip to Europe? When do you leave?"

"The day after tomorrow."

"So urgent?"

"Is it urgent? I've already arranged it half a month in advance, but I just haven't told you yet."

"Dad, donkey; Dad, donkey."

The little guy who was bored by the two people's conversation began to struggle and make noise.

"Donkey? What donkey?"

"Fish! Donkey, what ears." He took the little guy over, "Come on, grandpa will take you to see the carp outside."

Watching the old man and the child go away, Xu Liang came to the study on the second floor.

Started to pack some documents.

Although he would not stay in Europe for too long this time, he would go to the United States after leaving Europe, and then transfer to Japan from the United States. It would be almost the New Year when he returned to China.

So, some necessary information should be brought with him.

At 6:30 in the afternoon, my mother came back.

The expression on her face was obviously very happy.

Jiang Xiaoyang came in a few minutes later than her.

After the family had dinner and chatted for a while, they left.

Xu's father, Xu's mother and the nanny lived on the first floor, and Xu Liang and Jiang Xiaoyang lived on the second floor.

Dongdong...

There was a knock on the door.

"Come in."

Jiang Xiaoyang walked in wearing a loose purple lace silk nightgown, long hair draped over her shoulders, and outstanding grace.

She was 173 cm tall, and although she was already a mother who had given birth to a child, her figure was still slim, and her bust was also plump.

She wore light makeup on her face, and she was no longer as strong and fierce as she was in the company. She looked noble and elegant.

She wore black transparent stockings on her calves exposed outside the skirt.

Purple and black complement each other, revealing a hint of temptation in the mystery.

Facing Xu Liang's gaze, she placed the cup in front of him.

"I added a little honey to the jasmine tea I made for you, try it."

Xu Liang nodded and took a sip.

"The sweetness of honey suppresses the astringency of jasmine, it's great."

"As long as you like it."

"Of course I like what you make."

"I have something you like more."

"What?" Xu Liang asked subconsciously.

Jiang Xiaoyang smiled charmingly, and with her delicate hands, she untied the thin straps on her silk pajamas.

The silky fabric slid quickly to both sides under the action of gravity.

The scenery inside also appeared in front of Xu Liang without reservation.

How to say it?

It was looming, and the temptation was full.

Jiang Xiaoyang, wearing sexy underwear, came over with a cat step and sat directly on Xu Liang's thigh, her beautiful eyes flowing.

Her slender fingers drew circles on his chest.

Tempting words.

"Tang Yan is in the bedroom next door, do you want to come?"

Xu Liang directly expressed his attitude with his actions.

He picked up the beauty and ran to the next door.

He pushed the door open and saw Tang Yan was there.

She was wearing red sexy lingerie, standing with Jiang Xiaoyang, complementing each other, which was simply a crime.

There was nothing to say.

Xu Liang directly took out his eighteen martial arts and served the two beauties well.

Unfortunately, even if the two of them joined forces, their endurance attributes were a bit poor.

The eighteen martial arts were only half performed, and the two could no longer bear it and surrendered directly.

Xu Liang could no longer bear it and gave his energy directly to Tang Yan.

He was very excited this time, and there was a high probability that he would win the bid directly.

After a simple wash in the bathroom, he came to lie on the bed.

Holding the beauties on the left and right, his super strong recovery ability made him pass the sage mode.

"Why are you so active today?" Xu Liang turned his head and asked.

"You're going to Europe soon. I won't see you for a long time. Of course I have to satisfy myself first." Jiang Xiaoyang said.

"Haha, not necessarily. If you don't tell the truth, you will be punished."

He pinched the center of the car light.

Jiang Xiaoyang shuddered, "No, I'll tell you. I rejected your investment plan during the day. I'm afraid you won't be able to let it go. I'll give you some advice at night."

Xu Liang knew she was talking about rejecting his investment in American CDs.

"I like this kind of advice mode. I'll continue it in the future."

Jiang Xiaoyang rolled his eyes at him and turned to chat with Tang Yan opposite.

As they talked, the two people who were already exhausted fell asleep quickly.

Xu Liang was very energetic.

His mind was also particularly empty.

He subconsciously thought about the next trip.

Time passed little by little, and he fell asleep unconsciously.