Chen Xi closed the document in his hand, hesitated for a moment, and then spoke:
"Zhao Zong, if the leverage is one to one, all 3.36 billion US Dollar will be bought, which is about 3.7% of the shares of Nvidia.
But you wanted to give all your positions to Nvidia... Since you are so optimistic, why not take this opportunity to get more?"
Zhao Chen took a sip of tea and did not answer immediately.
Su Wantang's eyes also fell on him.
"I'm thinking," Zhao Chen put down the tea cup and said in a calm voice,
"The Tesla position in Era Vanguard's account now has a market value of approximately 5.86 billion US Dollar.
If you use Tesla's stock as collateral to raise funds from an investment bank--"
"Isn't this too risky?"
This time the different opinions came not from the phone, but from Su Wantang.
Zhao Chen tilted his head slightly to look at her.
Su Wantang rarely interrupts him directly when he is making decisions.
She has always been the one who silently carries out the tasks behind the scenes and occasionally reminds them softly.
But at this moment, her brows were furrowed, and there was a rare determination in her tone.
"Xiao Chen, as you just said yourself, Lawyer Lin is responsible for risk control."
She put down the teapot in her hand and sat down opposite him.
"Tesla's stock is the largest bottom position of Era Vanguard, and it is also your most important bargaining chip in the US Stocks market.
Put it up for leverage, just in case Nvidia continues to fall--"
"It won't fall too much." Zhao Chen said, "Below 90 billion is already the end of Panic Selling."
"Are you sure?"
Zhao Chen looked at her and said nothing.
"I know that once you make up your mind, it means you have calculated every step accurately. When you go long Bitcoin, you are also accurate."
Su Wantang's voice is not high, but every word is clear.
"But the market won't go according to your calculations every time.
Nvidia In this wave, the inventory problem will take two quarters to digest. The slowdown in game business growth is structural. Data Center is not big enough--
These are the risks Xi Xi just mentioned, and you admit that she is right."
She paused.
"If you bet on Tesla, if Nvidia falls another 20%, Tesla will also fall, and the value of the collateral is not enough, and the investment bank will require you to make a margin call.
At that time, will you sell Tesla to cover your position, or will you sell Nvidia to close your position?"
Zhao Chen was silent.
Chen Xi held his breath on the side.
This was the first time she saw Su Wantang talking to Zhao Chen in this tone - no
It was a report from a subordinate to his boss, not an assistant's suggestion to his boss, but a person who really cared about him, pulling him back from the edge of the cliff.
The air in the office was quiet for a few seconds.
Suddenly the phone rang again.
Zhao Chen glanced at the caller ID and pressed the speakerphone button.
"Zhao Zong, it's me." Lin Shicheng's voice came from the other side of the ocean again, this time with a hint of urgency,
"I just checked the changes in institutional positions of Nvidia, and there is a situation that I must report to you immediately."
"Say."
"SoftBank. SoftBank of Masayoshi Son."
Lin Shicheng took a deep breath,
"I confirmed through several friends of Wall Street that SoftBank is considering clearing Nvidia."
Zhao Chen's fingers stopped on the armrest of the sofa.
"The news has not been officially announced to the outside world, but Bloomberg has already gotten wind of it."
Lin Shicheng's voice was very low,
"SoftBank invested in Nvidia in early 2017 and bought about 4 billion US Dollar shares. The shareholding ratio is close to 5%. It is the fourth Major Shareholder of Nvidia.
But Nvidia has fallen from the high point in early October to now, and the stock price has been cut in half, and a large chunk of SoftBank's floating profit has been eaten up. Masayoshi Son can't afford to wait any longer."
Zhao Chen's brows slowly wrinkled.
"If SoftBank really announces liquidation,"
Lin Shicheng continued, "Nearly 5% of the shares have been thrown into the market, and the stock price of Nvidia has to go to another level.
At this point in time, if you increase leverage and buy Nvidia--Zhao Zong, this is not buying the bottom, this is catching a flying knife."
The office was so quiet that only the low sound of Bloomberg Terminal's electricity was left.
"Who is Masayoshi Son? He is one of the most aggressive technology investors in the world. Even he can't bear it and wants to withdraw."
Lin Shicheng's speaking speed is getting faster and faster,
"Once Zhao Zong and SoftBank are cleared, the market's interpretation will not be 'Masayoshi Son is wrong', but 'even Masayoshi Son is not optimistic about Nvidia'."
Panic will further amplify, and the stock price of Nvidia will continue to fall.
What we need to do now is not to use leverage to grab funds, but to wait for the Selling Pressure wave of SoftBank to be fully released before entering the market."
Zhao Chen tapped his fingers on the armrest three times.
"Lawyer Lin, SoftBank, can you confirm the clearance time?"
"Sources say it will be early next year, around January 2019."
Lin Shicheng replied, "But Bloomberg's report may come out as soon as December. Once the report comes out, the market will react in advance."
January 2019.
Zhao Chen closed his eyes, and the memory fragments from before his rebirth quickly turned over in his mind.
He remembered clearly - Masayoshi Son indeed liquidated all shares of Nvidia in early 2019, making a profit of more than 3 billion US Dollar.
At that time, the entire Wall Street was laughing at SoftBank for "cutting its flesh to escape the top", but no one thought that in a few years Nvidia would rise to a height that would stun everyone due to the AI wave.
Masayoshi Son later publicly expressed regret on multiple occasions, saying that he "sold Nvidia in tears" and missed 150 billion US Dollar's potential profits.
Only Zhao Chen knows these things at the moment.
But he couldn't say.
"Zhao Zong, I know you are optimistic about Nvidia, and so am I."
Lin Shicheng's voice slowed down, taking on a bitter and sincere tone.
"But being optimistic about a company and buying it at the right price are two different things.
SoftBank's 5% shareholding is more than twice the size of our planned position.
If Masayoshi Son is determined to clear its position, this Selling Pressure is enough to drop the stock price of Nvidia from one hundred and fifty US Dollar to one hundred and twenty US Dollar or even lower.
We are now using Tesla as collateral to increase leverage, which is equivalent to placing our own cards in the hands of others."
Zhao Chen Open your eyes.
The Jiangbeizui outside the window has been completely lit up, and the water surface of Two Rivers Confluence has been dyed pale gold by the morning light.
The lights at Hongyadong on the other side were turned off, the traffic on Chaotianmen Bridge began to intensify, and the entire Chongqing was waking up.
"Lawyer Lin." He finally said.
"Here."
"Still execute according to the previously planned plan. One-to-one leverage, principal 1.68 billion, financing 1.68 billion, total position 3.36 billion.
Financing channels are scattered, don't let anyone spell out our complete position map."
Zhao Chen's voice returned to its unhurried rhythm,
"Nvidia's chips, let's eat them slowly. If Masayoshi Son wants to run, let him run. We will fill the hole he created."
"Understood." Lin Shicheng said with a hint of confusion in his tone.
"Zhao Zong, why do you have to take leverage? It's not that I'm timid, it's just that--
In Wall Street, many more people die from leverage than from stock selection."
"I want enough equity in Nvidia. This is the current strategic direction of Era Vanguard. Increase our holdings in Nvidia at all costs."
Zhao Chen raised the corner of his mouth slightly, "As for the risks you mentioned, I have considered them all.
Go ahead. Under 90 billion, start taking action."
"Received."
Lin Shicheng has no choice but to continue execution.
The phone hangs up.
The office became quiet again.
Su Wantang stood up, walked behind Zhao Chen, and put his hands on his shoulders again.
This time she didn't massage, she just put her hand there gently, and the warmth from her palm was transmitted through her shirt.
"Just now..." she said softly.
"We'll talk about the pledge of Tesla later." Zhao Chen didn't look back, but just stretched out his hand to cover her hand on his shoulder.
"Let Lin Shicheng test the waters first. If I insist on putting Tesla on board today, what will you do?"
Su Wantang was silent for a moment:
"I'll call Lawyer Lin and ask him to persuade you again. If he still can't persuade you--"
"How is it?"
"I'll unplug the network cable in your office."
Zhao Chen was stunned for a moment, then laughed.
This was the first time he really laughed today.
Chen Xi couldn't help but purse his lips.
Zhao Chen Unexpectedly, everyone's fear of Wall Street has been engraved in their bones.
That is because I have succeeded countless times and still cannot break their cognitive inertia.
However, Tesla must be pledged. This was a decision he made long ago.
I just didn't want to add leverage at the time.