"I would like to continue talking about the topic of 'open data'.
In January this year, Era Vanguard submitted a supplementary disclosure document on the source of funds, detailing the initial source of funds--
500 million Hong Kong Dollar seed capital was used to build a position of 355,000 Bitcoin through High Leverage when the average price of Bitcoin was 855 US Dollar.
Midway through, Swing Trading's holdings once reached 550,000 pieces.
Finally, when Bitcoin exceeded 17,000 US Dollar, all positions were cleared, with a net profit of 7.94 billion US Dollar after deducting expenses.
7.94 billion US Dollar, which is almost the entire principal of all US Stocks positions later opened by Era Vanguard.
What I want to ask is - during your operation on Bitcoin, how many people in the market know about your position during the entire cycle from opening to liquidation?
When you cleared your position, Bitcoin was near the all-time high. Almost no one can accurately judge that position."
Zhao Chen placed the teacup on the table, and the sound of the bottom of the cup hitting the wooden tabletop was transmitted to New York's studio through the video link.
Emily Chang's eyebrows moved slightly.
"Bitcoin's position opening and liquidation decisions are all based on independent deductions of public market data and risk-return ratios at the time.
We increased leverage during the position building stage because the market liquidity was sufficient when Bitcoin was at 800 US Dollar, but the price fluctuated greatly.
During the liquidation phase, all orders were sold in batches using limit orders, and there was no concentrated selling on any one trading day.
As for whether the judgment is accurate or not - I won't comment, the market will give the answer."
"The market has already given its answer."
Emily Chang did not let go, and her speaking speed began to increase,
"Era Vanguard made 7.94 billion US Dollar on Bitcoin, and the floating profit on Tesla and Nvidia exceeded 20 billion US Dollar.
When I was preparing for this interview, I sorted through every major transaction of Era Vanguard in the past few years--
Bitcoin, Tesla, Nvidia, SpaceX.
There were almost no major mistakes in the position opening time, cost control and exit rhythm of these four transactions.
There is a saying in the market - Mr. Zhao, did you see something in advance that others did not?"
Zhao Chen's fingers paused on the Zisha Pot cover for a moment.
Emily Chang's question switched from "public data" to "predictive ability". The wording was soft, but the blade was sharp.
She's not asking, "Do you have inside information?" -- inside information is illegal, and she wouldn't use that wording.
What she is asking is something more fundamental - how can one person achieve near-perfect timing in multiple unrelated markets at the same time.
"Emily, if a fund manager has done deeper independent research than others based on public data,
Then he came to a different conclusion than others, and paid for his conclusion with real gold Silver--
Is this considered 'seeing something in advance'?
Our position building logic on Nvidia has been publicly disclosed through 13D filing documents and SEC compliance review--
CUDA ecosystem's moat, Data Center's business growth potential, AI Computing Power's exponential growth curve of demand.
These things were public information in 2018, but at that time most people in the market were still concerned about the slowdown in the growth rate of the game business.
Our position building logic on Tesla was also fully disclosed in the 13D declaration--
Model 3's Capacity Ramp-Up data, Elon Musk's long-term strategy repeatedly emphasized at the Financial Report conference call.
None of this information is inside information."
Emily Chang nodded slightly, but she did not look away.
"I understand your emphasis on compliance boundaries, and I have also seen that the SEC has confirmed that the source of Era Vanguard's funds is legal and compliant.
But my question may be more personal--
From the end of 2016 to the beginning of 2017, you used 500 million Hong Kong Dollar High Leverage to buy 350,000 Bitcoin when there were only 800 US Dollar.
In the middle of the process, I did a band control to push the position up to 550,000, and then cleared all positions when Bitcoin exceeded 17,000 US Dollar.
This entire process - from opening a position to swinging a position to clearing a position - what is the basis for judgment?
At that time, not many institutional investors in the market regarded Bitcoin as a serious asset class.
How did you convince yourself to bet almost all of your fortune when no one else understood?"
Zhao Chen picked up the tea cup and took a sip. The tea was already a little cold.
When he put down the cup, his fingers gently rubbed the lid.
Emily Chang's question is very smart--
She did not question his compliance, nor did she directly question his ability to predict, but she was asking about his "inner decision-making process."
This question is trickier to answer than the first two.
If he said "based on independent research," she would ask, "What kind of research would allow a person to bet his entire fortune on Bitcoin eight hundred US Dollar."
If he said "based on the judgment of the long-term trend of the monetary system",
She would ask, "What kind of trend judgment can be accurate enough to clear positions at the highest point in history?"
"Emily, I understand what you want to ask. But this question has a premise--
You are assuming that my operation on Bitcoin is an 'investment' and is based on some replicable methodology.
In fact, it was closer to a risk judgment at the time.
Five hundred million Hong Kong Dollar was the maximum loss I could bear at that time.
When Bitcoin was at 800 US Dollar, the market value of the entire market was less than 200 billion US Dollar.
Liquidity is extremely poor, the regulatory framework is almost non-existent, and a large number of exchanges can collapse at any time.
Before I opened a position, I deduced all possible paths to zero--
Exchanges run away, supervision is banned, private keys are lost, liquidity is exhausted--
Then ask yourself a question:
If all the 500 million Hong Kong Dollar are lost, can I bear it? The answer is yes.
That's why I entered.
As for liquidation - when Bitcoin exceeded 17,000 US Dollar, the market value exceeded 300 billion US Dollar, and the daily Trading Volume exceeded 20 billion US Dollar.
Market sentiment changed from extreme fear to extreme greed.
I asked myself the opposite question before clearing out:
If I don't sell now, and Bitcoin drops from 17,000 back to 8,000, can I accept it?
The answer is no.
My judgment is that if I don't sell now, I may never wait for a better liquidity window.
So I sold.
The core of this operation is not 'predictive ability', but 'risk tolerance' and 'liquidity judgment'.
I can bear the worst outcome, so I dare to enter the market at the worst time.
I know the best liquidity won't last forever, so I get out at the best time."
Emily Chang was silent on the other side of the screen for a few seconds.