Chapter 399

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Japan is one of the top three economic powers in the world. Its stock market has been built for more than 100 years. Japan is also one of the countries with the most stock disasters in the world.

In the past 50 years, there have been 7 stock disasters in Japan, including 3 stock disasters since 1980s. The most serious case is 1991~1992 years of bubble economy.

Since the 1980s, the Japanese economy has shown two extremes. In 1986, Japan's economic trend was stable, driven by automobile, electronics, integrated circuit and other industries, and its strength gradually increased. By the end of the 1980s, Japanese cars had dominated the world. Japan's industries were blooming everywhere in Western Europe and Latin America, and almost all countries were forced to fall under Japan's strong economic strength. The unusual economic boom that began in December 1986 is called "Pingcheng boom".

The Nikkei index continued to rise from 12000 points in 1985. In the great storm of western stock markets on "Black Monday" on October 17, 1987, it took the lead in "Resurrection" after a short-term sinking, which led to the recovery of global stock markets.

Since then, the share price has been rising strongly. It reached 38915 points on December 19, 1989, more than three times higher than the lowest point in 1985. It was 1.6 times that of Japan in that year, and the per capita GNP exceeded that of the United States, Germany, France and Britain. Japan's GNP in the world also increased from 6.4% in 1970 to 13.7% in 1990. Its foreign net assets reached 383 billion US dollars in 1991, ranking first in the world The Japanese people are infatuated with Japan's economic prosperity and the soaring stock market, and have devoted themselves to the stock market.

At that time, how did the Americans on the other side of the ocean feel about little Japan?

In the words of Samos, the old US Treasury Secretary in the Dayton era, "an Asian economic zone with Japan as the peak has caused the fear of most Americans. They believe that Japan poses a threat to the United States even more than the Soviet Union."

In his book currency war, song Hongbing described that when the whole country of Japan was immersed in a climax of euphoria of "Japan can say no", a strangulation of Japanese finance had been deployed by international bankers.

In September 1985, international bankers finally began to act. The finance ministers of the United States, Britain, Japan, Germany and France signed the "Plaza Agreement" at the Plaza Hotel in New York in order to "control" the depreciation of the US dollar against other major currencies. Under the high pressure of US finance minister Baker, Japan was forced to agree to appreciate.

The consistent approach of the United States to deal with small Japan is to force your currency to appreciate and then cut leeks.

However, at that time, little Japan was full of self-confidence and was not afraid of any means. The United States and the United States gradually weakened their economy because of the collapse of the New York stock market, while Japan further rose after the stock market crash.

A large number of cheap capital poured into the stock market and real estate. The annual growth rate of stocks in Tokyo was as high as 40%, and the real estate even exceeded 90%. By the end of 1989, the Nikkei index reached 38915 points, up 300% in three years. The house price in Tokyo also increased very horribly. The total real estate price in a region of Tokyo exceeded the total real estate value of the United States at that time.

At that time, the arrogant little Japan once shouted, "a Tokyo in Japan can buy the whole United States."

But they flower briefly as the broad-leaved epiphyllum index and the abnormal real estate market.

If there were no external destructive earthquake, Japan might gradually achieve a soft landing with moderate austerity, but Japan did not expect that this was an undeclared financial strangulation by international bankers.

Americans buy with a lot of cash. The Japanese think it is impossible for the Japanese stock market to plummet. The two sides bet on the direction of the Nikkei index. If the index falls, Americans make money and Japanese lose money. If the index rises, the situation is just the opposite.

At the end of 1989, the Japanese stock market reached its historical peak, and a large number of stock index short options finally began to prevail.

The stock index option purchased by Goldman Sachs from the Japanese insurance industry was resold to the kingdom of Denmark, which sold it to the buyer of warrants and promised to pay the income to the owner of "Nikkei put warrants" when the Nikkei index fell.

The warrant immediately sold well in the United States, and a large number of American investment banks followed suit, and the Japanese stock market could no longer bear the strength. The uncontrollable crash hit people like an unexpected storm. The dream of becoming rich overnight turned into a nightmare abyss, and panic enveloped the hearts of investors.

By April 2003, it had dropped as low as 7607 points. The cumulative decline was as high as 63.24%, creating the largest decline in the history of the Japanese stock market. Real estate fell for 14 consecutive years. The wealth of the whole country has shrunk by nearly 50%.

This stock market disaster almost destroyed all the achievements of Japan in recent years. Its vicious consequences in Japan are comparable to the great depression in the 1930s. In the book "financial defeat", the author Yuanzhong Yoshikawa believes that in terms of the proportion of wealth loss, the consequences of Japan's financial defeat in 1990 are almost the same as those in the Second World War.

。。。。。。。

Although Tracy failed to catch up with the gluttonous feast of the previous stock market disasters since his rebirth, he just caught up with the dividends brought by the economic recovery. To be honest, buying up in the financial market is definitely much less risky than selling short.

Short selling is the thrilling stimulation of high-value pair gambling. There are too many uncertain factors. If you are careless, you may lose everything.

Buying up is different. As long as you comply with the general trend, you can lie down and make money. Of course, buying up is certainly not profitable. Sometimes you can't be greedy. If you are locked up, you really want to cry without tears.

However, these are not what Tracy is worried about. With a super first-class operation team and huge financial support, he is destined to be a dealer rather than a harvested leek.

Tracy doesn't need to know much about finance. He just needs his eyes that can see through the general trend in the next ten years to point out the direction for his team.

In the acquisition of ebx group, his simple and crude plan was questioned by radical general Anthony, which was unexpected.

However, the other party's method is indeed more secure, and it can save him a lot of money. Tracy considered it carefully and accepted his opinion.

Anthony put forward different ideas, not that he lost his momentum, but that the process of acquiring listed companies is fundamentally different from hedging in futures.

The acquisition of a listed company is also called M & A. if you want to complete the acquisition, you need to acquire most of the shares of the listed company and become the largest shareholder of the company in order to complete the acquisition.

However, the steps are more complex.

Usually, the first step in M & A of a listed company is to send a letter of intent and purchase to the acquired party, which is a necessary step in the acquisition practice and not required by law.

However, the main significance of issuing and purchasing books is to understand the attitude of the acquiree. Generally, mergers and acquisitions of companies are bona fide mergers and acquisitions, that is, mergers and acquisitions will occur only after negotiation, consultation and agreement of both parties.

If the acquired party does not agree with the acquisition or resolutely resists, that is, when there is a hostile acquisition, the acquisition will not occur.

First issue a letter of intent for M & A and ask for directions. If the acquired party agrees to the M & A, it will continue to develop downward. If the acquired party does not agree to the M & A, it needs to do work or stop here and stop the M & A.

In this way, through the form of letter of intent, it is clear from the beginning to avoid detours and waste of money and time. Secondly, the significance is that the letter of intent has explained the main conditions of M & A, so that the other party can know at a glance whether to accept or not, and how to modify what is not accepted, so as to formally pave the way for the next step.

The significance of the third point is that with the letter of intent, the acquired party can directly submit it to its board of directors or shareholders' meeting for discussion and resolution.

The significance of the fourth point is that the acquired party can make the secrets correctly disclosed to the acquired party not known to outsiders in the future, because the letter of intent contains confidentiality clauses, requiring that both parties to the acquisition cannot disclose or publish the relevant information they know, whether the acquisition is successful or not.

With these four meanings, M & A parties are generally willing to issue a letter of intent at the beginning of M & A, so as to form a convention.

Of course, this traditional M & a method is relatively soft and friendly.

However, Tracy and Anthony don't think so. From the long-term layout and pressure on the stock price of ebax, they both tend to "malicious acquisition", or "anti acquisition strategy".

The way of "malicious acquisition" is much simpler than traditional acquisition. It has been said before that "malicious acquisition" can be launched as long as we get a certain equity quota and have absolute voting rights through the circulation market or in the hands of small shareholders.

The idea of this trick is to control shares first, then control the board of directors, then elect the chairman, then fire the CEO, and finally achieve annexation.

People who use this technique are called "Black Knights" in the Jianghu.

Yes, this is the "Black Knight" mentioned in major film and television online novels, and it is also the role played by Tracy and Anthony.

Anthony's method doesn't mean how kind he is, but this blunt knife meat cutting method is more in line with the rules of the mall. As long as the operation is good, it won't cause a large-scale rebound.

Tracy's almost unreasonable Jin Yuan offensive, although it can make the collapse of ebx group a little faster, it is easy to be labeled as unruly.

Such a simple and crude approach, not to mention whether it will cause panic and resistance from most shareholders, is that it is difficult for the CSRC. (there are not many BBS here.)

……………….

After discussing the acquisition strategy with Anthony, Tracy and Anthony took the lead to discuss the specific action plan in the conference room of the presidential suite of the four seasons hotel the next day.

In the small conference room, there were seven or eight people sitting around the long table, led by Tracy and Anthony. In addition to a secretary who made the minutes of the meeting, the rest were the heads of various investment groups and the elite managers who nicotine has brought to Tokyo.

The meeting room was filled with the smell of coffee. With Tracy's nod, Anthony took out the plan and distributed it, waiting for them to have one.

Anthony said: "Ladies and gentlemen, it's time to test us. From now on to the end of August, whether we can win this battle depends on your ability. I don't want to say more. I only look at the results rather than the process of this acquisition of ebx. After the acquisition is completed, corresponding rewards will be given according to your achievements. If something goes wrong, I'm sorry... Either you hand in your resignation or me Send you away. "

Anthony said, paused, looked around for a week, found that everyone had no objection, and continued: "since everyone has no opinion, I'll assign the task."

He looked at a middle-aged man with a beard and said, "cole, your first team is responsible for recovering our funds in the stock market. Within half a month, I don't care what method you use, I must have $1.5 billion in cash in front of me. This is my minimum requirement. If you can't do it... Well, you should know the consequences."

"Return 1.5 billion cash in half a month... This... Our loss will be great..."

"Huh?" Anthony frowned, and a fierce look was directed at Cole.

"I..." Cole's heart clicked, swallowed his saliva, hardened his head and said, "no problem. I guarantee that the funds will be in place within half a month and 1.5 billion cash will not be less."

"Good, I'll wait for your good news." Anthony smiled faintly and then looked at another team leader. He looked only in his early 30s, with brown hair and glasses. He looked more gentle.

"Lord, your second group continues to short the shares of ebx. Contact the insurance institution or investment institution that holds the shares of ebx. I don't care where you borrow it and what the interest is. I have to raise enough 200 million dollars to release the shares these days."

"No problem, president."

"Very good!"

The group leader named Lord agreed happily, Anthony nodded with satisfaction, and then continued to assign tasks to other groups.

It includes contacting the minority shareholders who have contacted before and purchasing their shares from them at a price higher than the market. Secondly, spreading adverse news and further adding chaos to ebx.

The meeting lasted three hours. At noon, Tracy took these people to enjoy a delicious meal in the western restaurant of the four seasons hotel.

Then he took Anthony back to the suite.

In the living room, Anthony sat on the soft sofa. Tracy came out of the bedroom with a delicate wooden box in his hand.

"Boss..."

"Sit... I've brought you something good," said Tracy, opening the wooden box inlaid with gold around the four corners, and a row of glittering cigars came into view.

Anthony's eyes brightened. Tracy took out a cigar and handed it to him. He said, "you should have heard of Gurkha's Royal top custom cigar."

"Heard of..." Anthony took the cigar and looked carefully. "A million dollars a box of top cigars... Tut tut Tut, a smell of Franklin."

"Ha ha, that's how it feels to me. After baking with fire, it doesn't harden in a while."

Hearing this, Anthony unconsciously smoked the corners of his eyes. He knew the boss's habit. He only smelled the smell and rarely smoked. He thought that such a good cigar was so wasted and the meat hurt.

"This box is for you. It's a waste to put it in my hand." Tracy pushed the box in front of him and said before Anthony reacted, "what do you think of the trend of the yen?"

"Ah?"

"Yen! As far as I know, the exchange rate of the yen against the US dollar was as high as 120:1 last year, but it has dropped below 120 this year, and now it has dropped to 112. I think the yen will continue to appreciate in recent years."