"I'm very sorry, Mr. Soros! Redeeming my shares in Quantum is not because I've lost faith in the fund. It's just that I urgently need funds for a current situation."
Handing over money and letting someone else earn it for you, only to withdraw it abruptly once profits are made, felt somewhat unscrupulous to Carter. This was his first time doing such a thing, and facing Soros, he couldn't help but feel a twinge of guilt.
"It's alright, I understand. Your redemption request has been approved on my end, and the funds will be transferred to your account within three days."
Compared to Carter's complex emotions, George Soros was much more magnanimous. However, Carter could still detect a lingering weariness on Soros' face.
It seemed Soros hadn't fully recovered from Jim's departure.
"By the way, may I ask how Jim is doing lately?"
This question quickly confirmed Carter's suspicion. Just thinking about his and Jim's wild time in Hawaii, Carter couldn't help but picture Jim Rogers in floral shorts, holding a water gun, frolicking among, well, now it should be four, girls.
"Uh, well, he's been relatively stable. Occasionally, he does feel a bit down. Jim has mentioned several times that his departure was due to differing philosophies and that it hasn't affected your friendship. You two remain best friends."
Twenty thousand dollars a month, averaging out to $666.66666 per day — that really was excessively indulgent!
Carter felt a bit melancholic, knowing that all the money he spent ended up being enjoyed by Jim. This melancholic expression inadvertently gave Soros a sense of genuine comfort.
Putting on a smile, Soros stepped forward and patted Carter on the shoulder.
"That's right, we are still friends. And we are friends too! I heard from Julian about your recent situation. Raising three hundred million dollars is no easy task. Keep pushing forward! If you fall short in the end, feel free to call me!"
"Thank you, Mr. Soros. I won't bother you further then. This visit was mainly to..."
"No problem, I understand. Let me see you out."
"Did you get laughed at?"
Downstairs, Julian leaned against the car door, making a playful remark when he saw Carter coming out.
He thought Carter's visit was completely unnecessary. Investing in a fund is a mutually agreed commercial transaction. If you think it's good, you invest; if you need money or lose faith, you withdraw.
It's a perfectly reasonable act, and there was no need to personally inform Soros and even express an apology. There was nothing wrong with it, so why make yourself uncomfortable over it?
"Laughed at! How could I be? You have no idea how touched Soros was when I went to greet him!"
After getting in the car with Julian, Carter exaggeratedly responded to Julian's joke. However, behind the exaggeration, Carter couldn't help but feel a bit melancholic, thinking about Soros' expression and Jim's carefree demeanor.
"Julian, do you think people have two sides to them?"
"What do you mean?"
Sensing Carter's shift in mood, Julian was a bit puzzled. One moment he was joking around, and the next he was suddenly downcast?! How could someone change their mood so quickly?!
"Remember how I spent almost a month vacationing with Jim in Hawaii? I hardly felt any sadness from him. Now look at Soros, who hasn't relaxed his frown since May. I've even noticed some gray hairs at his temples."
"I thought someone like Soros, who could be ruthless and indifferent to things like business reputation and fame, would be cold-hearted, almost demonic."
Thinking about Soros' future nickname and his terrifying influence after successfully shorting the pound, Carter admitted that despite their seemingly good relationship now, he was always somewhat wary of the old man.
He would never share the full story with him, always fearing that the hooked nose might one day stab him in the back.
"On the other hand, Jim is easygoing, constantly cheerful, and very approachable. He values business reputation and seems to be someone who can empathize deeply with others. Yet now, after their ten-year friendship abruptly ended, Soros hasn't recovered, while Jim is out there partying and having the time of his life!"
"It feels so contradictory. If their behaviors were reversed, it would make much more sense."
After hearing Carter's story, Julian's mood also turned somber. Muttering "the duality of human nature," he suddenly pulled the car over.
Seeing Carter's bewildered expression, Julian asked an almost unrelated question:
"Do you remember when I lent you $500,000 to trade silver?"
"Of course I do! But what does that have to do with now..."
Before Carter could finish, Julian interjected.
"Besides silver, you also traded gold. Didn't you notice anything wrong?"
"Wrong? There was..."
Carter's words trailed off.
Thinking back, he had invested a total of $3.2 million in gold. The price rose from $534 to $718 per ounce, a 34.45% increase, yet he made over $30 million, more than 1,000% in returns!
That's the power of futures leverage! Magic!
But then Carter realized something.
Silver futures were also involved back then! Moreover, the price of silver had more than doubled!
If he remembered correctly, the price of silver fluctuated from around $11 to the $23-24 range when he cashed out. If the same futures contracts were involved, given a mere 34.45% increase in gold yielded over 1,000% returns, then with silver's over 100% increase, his actual returns...
Carter didn't know the exact calculation, having not personally handled the silver trades. But without needing exact figures, he realized that Julian's returns to him were far less than what true silver futures could have provided.
"You didn't trade futures back then?"
Memories of his interactions with Julian flashed before Carter's eyes. Their laughter and close bond made it hard for Carter to believe Julian would shortchange him.
He was reluctant to accept this reality. If even Julian Robertson, his most trusted broker, now partner, was deceiving him, then...
Reflecting on his seemingly smooth journey, Carter felt things had gone too well. Barring some divine intervention, such unusually smooth sailing was often a sign of something seriously wrong.
And as the saying goes, if something seems too good to be true, it usually is.