Yining won only because he had inside information-Qin Xiang was a hawk. Before he left, he made it very clear what he said to Yining. When he returned to North Korea, his cloth business was basically yellow, and all Yining's judgments were based on this.

It is Qin Xiang who can change the major policies of the imperial court. In contrast, Wu's, Su Jiaer and others only had some money transactions with two officials sent by the court. Whether it is Song or Han Zhuren, their power is only to implement the current policies of the imperial court. They are all small people who can't talk in front of Qin Xiang, let alone change the policies of the imperial court. The information directly comes from, which is a huge information advantage compared with Wu and others. In financial operation, the advantage of internal information is always a cross-dimensional blow. Only when the information advantages of ourselves and our competitors are not obvious to each other can we talk about insight, market operation, technology and other things.

First of all, there is a little difference between Yining's operation and shorting. When Wu bought the silk contract, he sold the futures contract. After the transaction is completed, the contract ownership is also delivered, and the position has been emptied. In other words, people who buy futures contracts can deliver directly from silkworm farmers, so there is nothing wrong with Yining. This is not empty. Short selling means that every time you sell, it is equivalent to opening an empty position, which needs to be filled before the contract expires.

If you really want to short, Yining has no silk, but he has been selling it at a high price. Then after a few months, the price of silk fell, and then he bought spot silk to fulfill the contract.

Therefore, Yining's operation is actually a typical "pump and dump" of silk futures. Make use of the information difference to earn the difference, because in the whole process, Yining did not "short sell" and sold real futures contracts.

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Television is too idealistic and flawed.

There is something wrong with using preserved eggs to "hedge" cloth in TV series. Preserved eggs occupy an independent market relative to the cloth industry. This proverb means that not putting eggs in one basket is to spread risks and build a portfolio. In the final analysis, whether the fabric business is booming has little to do with the preserved egg business. How to use this to hedge the risks of textile industry? If the old cloth industry continues, Sue's cloth industry will be in vain. Hedging should be a bit negatively correlated. For example, the loom business is a hedge against Yining's operation of closing the cloth industry-Yining's operation will make a lot of money if the old cloth business is not done, but the loom business will lose money because the old cloth is not woven; If the old cloth business continues, the main warehouse in Yining will explode, but the loom can still make up for it. This arrangement can be said to be a reasonable hedge.

Second, it is a bit unrealistic to buy Wu's silk futures at the price of 10%. Because the ownership of the silk contract is in the hands of Wu. It's just that the government stopped purchasing, so there is no cash and the turnover is not enough. However, although the Su family has abundant cash, it is far from monopoly. Jiangning City, aren't there any other banks and businessmen interested in buying some silk futures at low prices? It is certain to sell at a discount, but Wu really doesn't have to ask to bargain with other pawn shops, money houses and bosses, and selling silk may not be impossible. It seems that Yining is the only possible buyer of this play, but it is still a bit idealistic.