1988 - 2nd Quarter (1)
1988 - 2nd Quarter (1)
"Haa-. You really are something......."
About 10 minutes later, Diana, who had finally emerged from the lingering afterglow of her climax, looked at me and spoke.
Not glaring, but giving a haughty, sidelong glance.
She wasn't really angry.
I just smiled back at her.
"I told you I brought condoms. What if you really end up getting pregnant by accident?"
Did she think my words were just to lighten the mood?
"I'm serious."
"......?"
"If a child is born, I'll take responsibility. Money or whatever, everything. Just give birth."
"My, my opinion matters too!"
Diana, whose entire body had suddenly flushed bright red even though I hadn't caressed her, turned her head away to avoid my gaze.
Even though she says that, her nipples are honest.
Who would have thought the kids would peek out without even being touched.
Jalggeurak (A soft, clicking sound).
"......."
"......."
We simultaneously turned our heads to look at Ara.
"Ara?"
Because Ara had suddenly taken a strange posture, lying her upper body on the floor and only placing her lower body on the sofa.
"Does something hurt?"
Was the posture too uncomfortable?
Though a full nelson is a position that puts a lot of strain on the woman too.
"No. It's not that."
"Then why?"
"I'm trying to get the baby deeper inside."
"......."
Hmm.
I wonder if that's effective.
Anyway, it's cute, so it's fine.
"What on earth did you teach her?"
"Who knows."
I scratched my head.
While I was training her to my tastes, there's no way I taught her that kind of action.
"Anyway! From now on, use a condom, please!"
"I refuse."
"What?"
"It's noisy, just have the baby."
"......Are you really insane?"
Diana muttered with her eyebrows furrowed.
"How did I end up......."
"But it was good, right?"
"Please just shut your mouth."
I want a child so very much.
That was also the reason I started shooting blanks into countless women in my previous life.
Seedless watermelon, my ass!
Well, it's not that there's no seed.
"I even gave you a hefty incentive, so cheer up a bit."
"......That, I am grateful for."
"Huh?!"
Ara, who had been lying down, swiftly turned her head toward Diana.
Why's that?
It was the correct reaction for a Wall Street girl.
Ara really does seem a bit lacking in financial sensitivity.
"Ah! Ahem! I, it's not because of the money!"
"But you wouldn't do it without the incentive, right?"
"You, you're really something! Is that what you should say! What do you take me for!"
She took the bait.
To be baited this easily, she must still lack experience.
"Let me say it again, people like us shouldn't fall in love with each other."
Saying that, I grabbed Diana's waist and pulled her toward me.
"Eek! Let go!"
"You said you'd do it even without profit."
"Who said......!"
"Then, you won't do it now?"
"......No."
The strength drains from Diana's body, which had been resisting.
"I knew it."
I whispered in her ear and then lightly kissed her cheek.
"Really, how did I......."
Diana muttered with a pouting expression.
"Ara."
"Yes. Master."
"Let's go wash up soon."
I took Ara's hand and helped her up.
Since there's no shower in the office, we had to stop by home to wash before going to the restaurant.
"You brought a change of clothes, right?"
"Do I look like I have any?"
"Then we'll have to buy a set. Let's go."
"Wait a moment! Some tissue......."
Diana, who was dripping white semen from between her thighs, said that, but...
"Unni. If you tighten up, it won't drip."
"What?"
Ara answered as if it were nothing.
Come to think of it, what's up with Ara's pussy that it doesn't leak a single drop of semen?
Of course, Diana is the normal one, and Ara is the weird one.
Ara didn't know such common sense.
"Neither of you are normal."
Diana made a pouting face.
Inside the fine dining restaurant we had reserved.
"Corporates aren't showing any particular movement."
Diana said while eating her appetizer.
As expected, delicious food loosens a person's mood, her expression had brightened considerably.
Maybe it's because we shared a light petting session and some intimacy while showering together.
"That's to be expected. I didn't think they'd come in right away."
It's stocks anyway, not derivatives.
There's no margin call, and if the stock price falls a bit, you just don't sell.
Knowing that it will rise soon, I can't help but feel this at ease.
Regression really is cheating.
Not just because you can preempt big opportunities, but because you don't have to tremble in anxiety every day, worrying about cutting losses.
In a way, that might be even more amazing than information on stocks that will moon.
The person who puts their spare money into the S&P 500 and lives an ordinary life has a higher return than a fund manager who trades every day and takes stomach medicine.
Why can't fund managers beat the market?
Because they're stupid?
That can't be.
It's because they have limited time and no mental leeway.
Being a fund manager is a job where the act of 'holding on' itself is impossible.
"Is that so?"
Diana tilted her head but soon accepted it and moved on.
"More importantly, why are you suddenly touching grains?"
"A drought is coming, you know."
"Isn't that temporary? On our side, there are hardly any clients getting into derivatives, so it didn't matter, but I heard the sales side was in an uproar because they hit limit down."
It seems the retail side doesn't know about stop hunting.
Well, that usually revolves around prop trading desks anyway.
Even within the same bank, it's not something you'd go around blabbing to other departments.
"It will rise quite a lot from now on."
"Really? Hmm-."
The look of someone listening half-heartedly.
She'll probably regret it later, stomping the ground.
"After we shake out all our inventory, recommend it to the clients."
"Huh?"
"I'm giving you performance."
"You're that confident?"
"Remember the Soviet grain robbery incident?"
"I don't remember, but I've heard a lot about it. That level?"
"It won't be to that extent, but my judgment is it will come close."
"Alright. I'll trust you."
It seems she's caught on to how high-level this information is.
Seeing the corner of her mouth twitch up and her eyes narrow.
She's like a fox.
"Cheers?"
"Yeah."
"Cheers."
Ching-.
The three wine glasses clinked, making a clear sound.
"You're not doing bottoms up today?"
"Pfft! Agh! I almost spat it out!"
"Joking."
"Cough! Ahem! Th, that time, I was just really nervous."
"Come to think of it, I haven't tried those handcuffs yet."
Ara said after just touching the wine to her lips and putting it down.
It hasn't been long since she became an adult, and she said she has no intention of learning to drink.
Well, there's no need to force her to learn to drink, so I left it at that.
"Let's learn slowly."
"Yes. Please handle me however the Boss wishes."
"Ugh. Hearing that kind of conversation makes me feel a sense of self-loathing."
Diana said with a (subtle) expression.
Probably because she knows she's included in that too.
"If you really hate it, you can leave."
It's a lie, of course.
As if I would let her go.
"Alright, I'll do it! Do it! I'm dirty and despicable, for real!"
Diana picked up her wine glass and downed it in one go.
Did I tease her too much?
"If you drink, you won't be able to do it later when we get home, is that okay?"
"......I'll drink moderately."
Diana, with a reddened face, opened a bottle of water.
April 13, 1988.
"You're here!"
"Good morning!"
"......Yeah."
My head is throbbing.
Why on earth do they line up and greet me like gangsters?
"David."
"Loyalty! Loyalty! Loyalty!"
"Why is everyone acting like this?"
Their antics have been increasing lately, but...
I never thought the entire staff would lose their minds like this.
"Well, isn't it because we witnessed the Boss's fantastic dribble from the side?"
"You didn't tell them to do this?"
"......."
"You really told them to......."
"I just floated the idea. If they disliked it, they would have refused."
No matter how much this field is all about results, this is getting a bit creepy.
"But honestly, after seeing that, wouldn't it be weirder not to stick closely by your side?"
Ara nodded as if she understood.
"Even so."
I let out a deep sigh.
The reason for their increased excitement is simple.
Performance.
They don't know how much we bet on grains, but they all know the fact that we bet.
It's only natural since I wrote a report.
Soybeans and corn are moving, even if just a little.
The paper profit so far is about 20 million dollars.
It's only about a 10% rise, but my prediction was correct, wasn't it?
Moreover, what they're really amazed at isn't the grains.
The main profit will come from grains, but they probably can't even imagine that yet.
"Starting today, we'll begin unwinding little by little."
"Isn't it too early? I thought you said we'd see it up to 85 points."
The previous day's closing price for the US Treasury 30-year futures was 88.22 points.
"That's the theoretical low."
"Still, 3 points seems excessively early."
David tilted his head.
It's understandable to think that way since there's quite a distance left to the target line.
But my goal isn't to get maximum profit from the futures.
"I'm going to buy the physical."
"US Treasuries?"
"Yeah. The 30-year."
Come to think of it, I never told him about the basket trade with Salomon.
"T-bonds....... If we're talking timing, now is indeed the right time."
Bond yields are inversely proportional to price.
When yields go up, prices go down; when yields go down, prices go up.
The more profit increases from our short position, the more the price of the physical bonds is also falling, which in turn means bond yields are rising.
"So you'll switch all the profit?"
"Using repo."
"Leverage?"
"Yeah."
"What's the exact strategy?"
"Carry trade."
"Haircut?"
"3.33%."
"30x leverage?!"
David's mouth fell open.
"30x leverage....... What was the duration again, Jackson! Jacksoooon!"
"Yes!"
"What's the duration on the 30-year right now?"
"30-year? 17."
"Then what's the margin call yield with a duration of 17 and a haircut of 3.33%?"
"One moment."
Jackson tapped on his calculator, tilted his head once, and then spoke.
"It's 0.196%. But why?"
"20 basis points?!"
"Yes."
"What the hell?!"
David's head snapped toward me at an incredible speed.
"Advisor! Have you perhaps lost your mind?"
How did he know.
It's true that no one in their right mind would do this.
"Let's unwind the futures first, I said."
If not now, there won't be another chance to do this crazy thing.
The period when the US Treasury 30-year yield hits over 9%, a once-in-a-lifetime opportunity.
In some ways, it's a more important asset than the Nikkei bubble or the dot-com bubble, so that crazy move wasn't greed but a necessity.