"Mr. Yi said to start going long when the price drops to 47 US dollars, not to go long the moment it breaks below 48." Zhou Mengdie was furious that Manager Gong was deliberately misinterpreting Mr. Yi's instructions.
"If it doesn't fall below 47 US dollars a barrel and actually starts to rise, climbing back to 48 or even higher, I want to see how you'll explain that to Mr. Yi," she challenged. "Your deliberate actions have cost the company five million US dollars!"
"If the price rises back to 48, or even 49 US dollars a barrel, wouldn't that just prove Mr. Yi's instructions were correct?" Gong Bin said, his face ashen.
Zhou Mengdie's words jolted him. She's right, I was too aggressive. It looked too deliberate. I was so sure Mr. Yi's judgment was wrong and that I held all the cards. Now it seems I got carried away. After all, I let my anger toward Yi Anguo cloud my judgment, making me act so impatiently.
"Since the price has returned to 48 or even 49 US dollars a barrel, shouldn't the company have made money instead of losing five million?" he argued, trying to save face.
Even if I win, it won't be an honorable victory. It'll be a stain on my record!
"Really? If you hadn't rushed in and had instead bought at the lowest point of the dip, wouldn't we have earned much more?" Zhou Mengdie retorted.
"Don't talk nonsense if you don't understand! Who could possibly know where the bottom is? What if it had already bottomed out and was about to rebound sharply? If I had missed the opportunity by hesitating, wouldn't that have been another command error on my part?" Gong Bin demanded. "Then you'd just say I didn't follow Mr. Yi's plan. It seems no matter what I do, you'll twist it to make me look like I'm intentionally opposing him."
"How long have you been Mr. Yi's assistant? Why are you defending him so fiercely? Don't tell me you two have some kind of improper relationship?"
"You… How dare you sling mud at Mr. Yi! You're slandering him! I am not that kind of person, and Mr. Yi certainly isn't either!"
While the two of them argued, the international crude oil futures market, after dipping to $47.22 a barrel, finally began to rebound.
"It's rising! The price of international crude oil futures is starting to go up!" a trader exclaimed excitedly.
In fact, many of the traders had also felt that Gong Bin's command was a bit strange. The new Mr. Yi's original instruction was to start going long when the price fell *to* the 47-dollar range, not the moment it broke *below* 48. Although a price below 48 US dollars is technically in the 47-dollar range, there's a huge difference between $47.99 and $47.01.
Standard practice would be to wait and observe, not to rush in and buy. One certainly shouldn't go long while the downtrend was still pronounced and showed no signs of stopping. It was common knowledge that during a market reversal, the bulls and bears would inevitably clash in a fierce battle of offense and defense.
For instance, just as the price began to rebound with a five-point jump, the short-sellers immediately mounted a defense, pushing it down three points from $47.27 back to $47.24.
However, the bulls were gaining strength. Even after the drop to $47.24, they launched a ferocious attack, instantly pushing the price up to $47.30. After establishing a foothold, they continued their advance, climbing to $47.35, then $47.40, steadily regaining lost territory. The bears' resistance, in contrast, seemed feeble as they retreated step by step.
Everyone was glued to the big screen, watching the international crude oil futures market as the price steadily climbed under their intense gaze.
$47.45!
$47.50!
$47.60!
$47.70!
...
In just half an hour, the price surged from a low of $47.22 a barrel to $48.35. It had not only recovered all its losses but had also mounted a powerful counteroffensive. Around $48.35, it met a strong counterattack from the bears, but the bulls ultimately prevailed. They firmly pushed the price up to $48.60 a barrel, maintaining a momentum the bears could not break.
The short-sellers were now struggling just to hold their ground, completely drained of the strength needed for a counterattack. The bulls, on the other hand, continued to launch probing attacks. Although their advance had slowed, they managed to push the price to $48.75 a barrel over the next hour.
Eventually, the two sides reached a delicate equilibrium, trading minor gains and losses. But it was clear to everyone that the bulls were dominant. It was only a matter of time before the price broke through $49 a barrel.
While everyone else cheered, Gong Bin returned to his office, his face dark.
Although the company had made a profit and he would receive a commission bonus, he felt no joy at all. The crude oil market had indeed bottomed out and rebounded, just as the new manager, Yi Anguo, had predicted. He, on the other hand, had insisted that the price would continue to fall, breaking below $40 a barrel and returning to the $33 era. Now, he had been proven wrong. How could he possibly be happy or accept this outcome?
It feels like everyone is laughing at me.
At the beginning of the year, he had predicted that the colder-than-usual winter in Europe would cause international crude oil prices to rise, and he had been right. Later, he had accurately predicted that with the warming climate, prices would inevitably fall. His predictions had been incredibly precise, earning the company substantial profits and him a handsome reward. It had also allowed him to smoothly oust the former deputy manager and take his place. Being promoted from investment team supervisor to deputy manager meant not only higher status but also a much larger salary and bigger commissions.
This success had made Gong Bin incredibly smug. So when Yi Anguo had criticized his investment plan, he had been unable to accept it, insisting that his own judgment was correct.
In reality, Yi Anguo had no intention of targeting him. He had simply happened upon the investment file, which had jogged a memory, prompting him to intervene. He was merely trying to fulfill a small part of his responsibility. Besides, it would be pretty shameless to just slack off and collect a high salary without taking an interest in anything.
Yi Anguo received an indignant call from his assistant, Zhou Mengdie. She reported what Gong Bin had done, accusing him of deliberately misinterpreting his instructions and causing the company to lose out on several million US dollars in potential profit.
Yi Anguo just smiled. He wasn't angry. People in the corporate world were always scheming, sucking up to their superiors and stepping on their subordinates, all for the sake of promotions and raises. But give them a chance to topple their boss and take their place, and many wouldn't hesitate. Gong Bin had deliberately twisted his words, buying in the moment the price dropped below $48 a barrel, hoping to see him fail, lose his footing in the company, and leave in disgrace.
Gong Bin would never have guessed that Yi Anguo hadn't even wanted to work at the Chen's company in the first place; he had only accepted the position as a reluctant compromise. His own foundation wasn't yet stable, and maintaining a good relationship with the Chen father and daughter was advantageous, offering only benefits and no downsides. He saw no reason to be disrespectful to them.
In the following days, the price of international crude oil futures rose steadily. Despite daily fluctuations, it remained within a normal range. After breaking through $50 a barrel, it never looked back. The price really took off in June. On June 17th, it successfully surpassed $55 a barrel.
Yi Anguo's total account assets now reached 4,177,500 US dollars.
He decisively bought another 500 long positions, bringing his total to 1,000 long contracts.
On June 23rd, the price of international crude oil futures broke through $57 a barrel, setting a new record.
On the 28th, it surpassed $60 a barrel. By this point, Yi Anguo held 1,000 crude oil futures contracts, and his total account assets had swelled to over 10 million US dollars.
Yi Anguo always favored a conservative and prudent investment strategy, so he maintained ample margin reserves. As the price of crude oil continued to rise, his available margin naturally grew with it. As long as a position isn't closed, the unrealized profit adds to the margin. The price had risen from his entry point of $47.26 to $60, and his assets had grown from an initial 100,000 US dollars to over 10 million US dollars, all in just 41 days.
He could have been more aggressive, buying more contracts to earn even more money. But Yi Anguo wasn't one to be blinded by immediate profits. He preferred a safer, more conservative approach, choosing to earn a bit less rather than take on excessive risk. If he got too greedy and his account was wiped out, he would have to start all over from zero.
"Now that you've closed the positions, are you going to keep trading?"
Ding Jing had personally witnessed Yi Anguo turn 100,000 US dollars into over 10 million, a hundredfold profit. Ding Jing knew Yi Anguo had never dealt with futures before and had struggled with even the most basic operations at first. If she didn't know this, she would find it impossible to believe that a complete novice could turn 100,000 US dollars into over 10 million in just 41 days.
"Of course," Yi Anguo said with a nod and a smile. "This is a great opportunity to make money! It would be a waste not to."
"But let's not rush. We'll watch the market for a bit and see how it moves, whether there's a correction."
"Any correction probably won't be too significant. Once it finds its new floor and starts to rise again, I'll buy another thousand long contracts."
"By the end of August, I aim to turn this ten million dollars into thirty million."
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