Chapter 25: Fairness Does Not Exist in This World

Facing the persuasion, Zhang Yang merely offered a calm smile and voiced his thoughts: "One must try new paths in life. Besides, the status of a fresh graduate is only valid for one year; if things truly don't work out, I can always pull back from the brink in time."

According to the Securities Law and the Administrative Measures for Securities Practitioners, individuals employed in the securities industry are strictly prohibited from trading stocks during their tenure. Even after resigning, there is a "quiet period" ranging from six months to two years, during which one is forbidden from participating in any capital market investments within China.

Why is the regulation so stringent? It is because fund managers and other securities professionals can often leverage their positions to gain advance access to inside market information. Trading with insider information is akin to possessing the ability to foresee the winning numbers of a lottery. For instance, if you learn through securities firm channels that a policy—such as halving the stamp duty—is about to be implemented, the stock market will undoubtedly surge. Even if the margin is small, the news itself is guaranteed to drive the market upward. If fund managers were allowed to trade for their own accounts, they could simply dump ten million into the market; even a one percent gain would yield one hundred thousand. This is the terrifying reality of insider trading.

Many in the lower echelons of finance have sacrificed their dignity for such information. It is no exaggeration to say that the financial circle is far more debauched and devoid of moral bottom lines than the entertainment industry.

As for the internship position promised by Tao Yuang, Zhang Yang held it in utter contempt. He was no naive greenhorn; he was a fund manager with decades of investment experience and a reputable name on Wall Street. In the financial world, an internship is, frankly put, three months of free labor. Those who actually manage to secure a permanent role either trade their dignity or come from wealthy backgrounds—these have become the unspoken rules of the industry. Breaking free from corporate shackles to work for himself—that was what Zhang Yang truly wanted.

***

Listening to Zhang Yang pour out his heart, Wang Xingbang found his reasoning sound. Young people ought to venture out and explore. He sat down and said, "In that case, it is not my place to say more. You two go ahead and talk."

Having been through it all, he knew that young people were headstrong and wouldn't turn back until they hit a brick wall. In his youth, Wang had also believed he could carve out a career in the United States, so he ignored his family's advice and insisted on staying in the American financial hub of Wall Street. However, as he encountered more of life, he gradually realized the gap between himself and others—not a gap in ability, but a gap in background and status.

Because he had yellow skin, the status of Chinese-Americans in the 1960s and 70s was even lower than that of Black Americans. He was perpetually stalled in his promotions, forever relegated to the periphery of financial institutions. Most absurdly, an elderly female superior nearing retirement had once invited him to a hotel for a "heart-to-heart" talk that lasted all night. He couldn't refuse, but after going, he couldn't get the scent of her aging skin out of his senses for a month. After such trials, a weary Wang Xingbang chose to return home, eventually entering the education system to become a professor of investment studies.

Tao Yuang subconsciously checked his Rolex, then turned to Zhang Yang and said, "Since you have your own ideas, Junior Brother Zhang, I respect your choice."

***

"By the way," Tao continued before Zhang could speak, shifting the tone of the conversation. "I heard that you have been selling market research reports to other students in the investment program. Is that true?"

"It is." Zhang Yang did not deny it; he had already guessed the general purpose of the other man's visit.

"Admirable, truly. The brains of a top student are always sharp. Back when I was in university, I never thought of creating market research reports to make money," Tao said, following Zhang’s lead and offering lavish praise.

"It is just a small venture, nothing compared to the accomplishments on your resume, Senior Brother Tao," Zhang Yang responded with feigned humility, tossing the ball back to Tao, which left the latter feeling cornered.

As the saying goes, one does not strike a smiling face. Tao Yuang had intended to lull Zhang into a false sense of security with honeyed words and then steer him into abandoning the sale of his reports, but Zhang wasn't giving him the chance. There was no other way; he had to play his hand.

"Ahem." Tao coughed twice and stated his purpose. "It’s like this, Junior Brother. I have a favor to ask. You know that the Huaxin Simulated Trading Competition is a graduation test. As the person who recommended students from Shanghai University of Finance and Economics to Huaxin Securities, I bear the risk. Could you perhaps pause the sale of your reports? I will compensate you for the lost income. I have no other motives; I simply want to maintain the fairness of the competition."

When Tao finally revealed his true objective, Zhang Yang was already prepared. He gave a calm smile and seized upon a loophole in the other man's logic: "Senior Brother Tao, are you suggesting that my market reports are undermining the fairness of the competition?"

"That is exactly what I mean," Tao nodded slightly. "Your reports break down the data so thoroughly that even the analysts at Huaxin Securities praise them. They truly hinder our ability to judge the students' genuine capabilities."

He continued to butter Zhang up; any ordinary student facing such a sweet offensive would likely have conceded. But Zhang Yang shook his head and said, "Market reports are merely integrated documents of public data. Success in actual operations depends on individual ability. Warren Buffett is a subscriber to the 'Best’s Insurance Market Report,' but you don't see every other subscriber becoming a globally recognized stock god like him, do you, Senior Brother?"

The office fell into a tense silence. It was clear that Zhang Yang had no intention of stopping his sales.

***

Wang Xingbang, sitting to the side, chuckled inwardly. He caught the subtext in Zhang Yang’s words—it was a jab at Tao Yuang. Translated, it meant: *If you claim my report ruins the fairness of the competition, why don't you subscribe to the 'Best’s Insurance Market Report' and see if you become a stock god yourself?*

Tao Yuang, barely thirty, was still too young. He failed to grasp the nuances of the language and continued to stress fairness: "What you say has some merit, but have you considered that your reports harm the interests of the students who didn't purchase them? It is unfair. All I want to maintain is fairness!"

Zhang Yang looked Tao straight in the eye and asked, "I would like to ask you, Senior Brother: do you believe that absolute fairness exists in this world?"

"Of course. Birth, death, and time—these are fair to everyone. As for other matters, we only need to strive for relative fairness," Tao replied instinctively. He knew well that society lacked such equality, but birth, death, and time were things everyone experienced.

However, Zhang Yang shook his head and countered: "While it is true that everyone has twenty-four hours a day, the twenty-four hours of a construction worker and those of an elite white-collar professional are worlds apart. A worker might spend twelve hours laboring, while the professional works no more than eight, sometimes even less. In effect, the professional gains four hours of disposable time over the worker. As for birth and death, those are simply unavoidable events. Between being born into a wealthy family versus a poor one, or dying at thirty versus dying at a hundred—where is the fairness in that?"

Zhang Yang paused for half a second before continuing: "We have two courses in our studies: Macroeconomics and Microeconomics. We cannot just study the macro while ignoring the micro. You say my reports destroy the fairness of the competition, but have you considered how many students with limited access to information I am helping, compared to those with wider channels?"

Tao Yuang was left completely stunned, rendered speechless. Even Wang Xingbang, the old professor, fell silent, his mind drifting back to his own days on Wall Street.

Fairness? There really is no fairness in this world. What is called fairness is merely a macro perspective; when viewed through a micro lens, nothing is ever truly equal.

Seeing that the other man had no answer, Zhang Yang added, "If my market reports can help students with limited information reach the same starting line as the others, does that not count as maintaining the fairness of the competition?"