The room held three formally dressed individuals—a woman and two n—all of whom exuded arrogance in a way rarely seen even in elite business circles. Stockbrokers are, in minor matters, arrogant people with iron resolve in their veins. Even those magnates who make money without a clue how to play on Wall Street understand that rules or wallets don’t define success; one must have the instinct to predict behavior and detect the patterns lost as the market moves with unquantifiable forces.
Soros hadn’t been particularly skilled, but now they were facing Julian Robertson—one of the few who foresaw the dot-com crash in 2001. Contrary to what so naïve observers believe, Wall Street did know how to navigate that crisis. Many funds had clear visions and made enormous profits. Though 2008 was catastrophic and crushing, it was anticipated, though not in ti to prevent disaster.
What stands out more than mories that seem to co from another life? Julian was a favorite among investors, now much older than when he launched his investnt fund seventeen years ago. Before that, he spent thirteen years as a novice, burning the midnight oil, conducting his research.
Long ago, he’d seen risky trades. Many of his friends had jumped out of windows or abandoned that life, becoming teachers or switching to less demanding professions. It had been so long since he’d been part of those intense circles that he hardly recognized the speculation bubbling in Asia. They had done little but sit on their hands for years, trying to ignore the bets forming. He listened quietly as Raimon placed a $500 million check on the table, requesting assistance with one of the most audacious and tightly orchestrated operations ever attempted. His words spilled out like a symphony from a man with pudgy hands, who rattled off a thousand reasons why this plan, shrouded in secrecy, required strict confidentiality contracts. The transactions, executed in micro-segnts through interdiaries, had always been accurately calculated.
–So what I want is to use so of your most skilled staff to help execute this operation, with your funds acting as a cover. There’s just one detail: the commission paynt is 2% based on the mandatory tax rate. In return, of course, we’ll provide insider information. – Raimon said, trying to project that he had everything under control.
The arrogance evaporated with words that seed too bold, and as the boldness persisted, Tiger Managent was known to use space in Morgan Stanley or Goldman Sachs like it was their own, building positions and only paying the required commissions.
Julian Robertson spoke up, trying to do what he could without pausing for the debates brewing among his advisors. Billy Carson watched him closely, and Julian returned the gaze, ensuring neither of them flinched. They summoned what strength and habits they had left to assess each other while Raimon kept talking about the idea of profit, the looming crises, and the opportunities ahead.
–What can you do when there's nothing left to do? – A phrase ant to draw sothing out of the young man, though Raimon refused to budge, twisting the favor to serve his own goals. It was clear that the errors were part of a psychological contest.
…
Billy laughed at Raimon’s words. The man always hit the mark when it ca to making a fool of himself, and never flinched when confronted—it was masterful, at least when it ca to wasting ti.
He stretched the confidentiality contract between his fingers, careful not to smudge anything. The errors within leapt off the page like starving dogs. Still, even as they read through, they didn’t pause to sigh at the obvious flaws, which seed deliberately placed to test them.
–So what do you want from us, kid? – asked Julian Robertson.
–We want backing, because what we’re doing is probably legal but morally questionable. We only ask for confidentiality. – Raimon said, with a sigh of relief. – That, and we must admit we can't operate properly without a firm’s support. We’ll make several tightly tid moves with zero room for error, and we need experts to help solve problems without fixed deadlines. –
What can people do when they don’t know what they’re looking at? Sotis, all they can do is take the ti to affirm and correct. Billy looked at the contract Julian Robertson was now signing, saying nothing—unlike those around him, who were counting on his foresight in future negotiations. And when a great investor—king, not a fool, was involved, people knew the weight behind Billy’s investnts, like how he had absorbed Apple and made it his own. The other tech companies they touched grew in their ways.
He examined the confidentiality clause and saw it covered just three individuals. Julian, in his way, was deeply intrigued, and it was clear that any basic calculations left on the table were now irrelevant.
–I might be wrong, but what we need now is that damn information—and of course, we’ll negotiate the commission based on it. – Julian Robertson responded. Billy nodded to Raimon, not wanting to compromise any of the numbers laid out. The operations were ticulously planned, detailed by the day, covered over fast-moving months, and each reflected a bold strike—varied figures matched to gains that would be reinvested five tis. The scales didn’t matter anymore; the punch had numbed the minds of the traders in the room. And now, without realizing it, they were fully aware that the price of participating might be going up.
–So, Raimon, acting as your interdiary from Lux Nation, the parent company, will go to Thailand to negotiate with Perusahaan Otomobil Nasional Bhd (Proton), which owns the Lotus brand, and with gatech in Malaysia, which owns Lamborghini. You’ll request a loan to be converted into dollars, roughly $500 million. – said Gwen Hallaway, a trusted associate of Billy.
–That’s exactly what we’ll do, with full intent and under my na. I plan to request large sums from Goldman Sachs and Morgan at the lowest possible cost. We’ll buy shares in organizations tied to the economies of Thailand, Malaysia, Indonesia, and South Korea. Each entry point will be used precisely, starting with shorting in Thailand on June 1st, followed by Indonesia and Malaysia in July, and Korea in October. The docunts listed exact dates—because betting isn’t just about using your own money, it’s about hitting the bullseye on timing and using the returns for the next round. We're talking billions if the gains co through. – added Gwen Hallaway.
The table read:
• Date: May 14, 1997 (initial speculative attack)
• Suggested ti: 09:00 Bangkok (market open)
• Action: Buy 3-month USD/THB forwards, anticipating baht collapse before August
• FX Forwards (OTC) against the baht
• If possible, binary options (bet on peg break)
• Short Thai equities via proxy (ETF or ADRs)
• OTC puts on SET index (target: 800 → 400), exit August 1997
• Date: July 3–10, 1997 (baht floated July 2)
• Expected return: >100–300% via leverage
–I fully intend to make this bold move. – said Raimon, from leverage percentages to aggressive strategies aid at complete collapse.
Malaysia
Objective: Bet against the ringgit (MYR) and KLSE index, anticipating g domino effect post-Thailand
Key points:
• Current account deficit, real estate bubble
• Highly exposed after Thai collapse
• Mahathir tried to control the market—too late
Operations:
Entry:
• Date: July 17, 1997
• Ti: 10:00 Kuala Lumpur
• Actions:
o Short MYR via 3- and 6-month forwards
o Buy KLSE puts (exp. December)
Instrunts:
• FX Forwards (USD/MYR)
• Equity puts (index)
• Indirect short via regional proxies
Exit:
• Date: September 25 – October 10
• Ringgit devalues from 2.5 to 3.9
• KLSE index drops over 50%
Results:
• FX: 100–150%
• KLSE puts: 250–300%
Indonesia
Objective: Bet against the rupiah and the fragile banking system
Key points:
• Heavy USD debt
• Deep corruption and political instability
• Highly vulnerable to post-regional contagion
Operations:
Entry:
• Date: August 5, 1997
• Ti: 09:30 Jakarta
• Actions:
o Buy puts on IDX (Jakarta Composite)
o Short rupiah via 3- and 6-month forwards
Exit:
• Date: December 5, 1997 – January 20, 1998
• Rupiah collapses from 2,500 to over 10,000
• Market drops over 70%
Results:
• FX: 200–300%
• Puts: 400%
South Korea
Objective: Bet against the won and debt-ridden chaebols
Key points:
• Artificially stable, undervalued won
• Hyundai, Daewoo, others with unsustainable debt
• The IMF intervened in December 1997
Operations:
Entry:
• Date: October 30, 1997
• Ti: 10:00 Seoul
• Actions:
o Buy KOSPI puts (exp. March)
o Short the won
o Indirect short via Japanese or U.S. equities exposed to Korea
Exit:
• Date: January 28 – February 5, 1998
• Won plumts from 850 to 1,800 per dollar
• KOSPI drops from 800 to 300
Results:
• FX: 200%
• KOSPI puts: 400%
...
–This is madness. – comnted Julian Robertson.
–That’s why I need it followed to the letter. Any deviation, even if profitable, will be penalized. I don’t want more than I already have. I want an order. In the anti, the bet is mine alone. – Raimon said.
–Very well. We’ll make arrangents for such a risk. – said Gwen Hallaway. – But first, we’ll need to investigate how to keep the transactions off the radar.–
...
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