Faced with the expected loss of 40 million lira, Contini smiled bitterly: "Uncle Antonio, it may not be enough. You have to calculate more, because IBC and United Radio are about to start preparing for the establishment..."

Due to Contini's preparations and Marconi's influence, coupled with the efforts to accept army personnel and deal with Matteoti, the opening of the Italian National Radio Station (IBC) was quickly approved. The Italian government owns 30% of the shares but does not directly contribute, but only provides support with frequency, land and other conveniences. The remaining shares are shared by Contini and Marconi, of which United Group owns 40% and Marconi owns 30%. In fact, most of the funds are responsible for Contini, and Marconi only provides some necessary equipment and technical maintenance personnel.

The total investment amount is 10 million lira in the first phase, and it will reach 30 million lira within three years. Almost all of this money will be taken out by Contini's United Group.

However, Contini was not without anything. Both the Italian government and Marconi said that they would not interfere with the specific operation of broadcasts, and control could be controlled by Contini. Mussolini even personally promised that he would not agree to open a national radio station of the same type in the next three years. Of course, the hint was also clear. If there were reports involving the government in the IBC, Contini must be responsible for maintaining "fair and reasonable" - such as "criticism" reports similar to "Youth Daily".

Contini understood this point, and Mussolini would not leave a radio station that caused trouble for himself.

In addition to broadcasting, United Radio will also start to start this year. Of course, the controlling stake belongs to Contini, but investment also requires him to invest heavily. Marconi only invests in technology, patents and some personnel.

"Young master, in this case, the loss budget may exceed 50 million lira, and we are under too much pressure on funds..." Antonio calculated Contini one by one, "United Motorcycle has invested nearly 30 million lira. Although United Airlines has invested less than 30 million, the construction of two bases in Rome and Milan will require at least another 20 million. In addition, the staff salary is quite a lot of money. The radio and radio you just mentioned will invest more than 20 million lira. I expect to spend at least 120 million lira to spend... This is equivalent to 6 million US dollars, and we currently have less than 4 million US dollars in Italy."

Contini nodded: He made more than 15 million profits from Germany, went to the United States with 10 million, and gave 1.5 million to Old Ziano. He only had 3.5 million, which was equivalent to 70 million lira. There was still a gap of 50 million lira from the expenditure this year. This did not count the messy expenses of the Youth Daily newspaper and alliance.

"And our income is pitifully small. I expect the income to be no more than 1 million lira in aviation training. The postal shipping signed just now can only be exchanged for up to 500,000 lira. United Motorcycle's products can be sold. Even if you sell 1,000 vehicles, it will be useless, because I don't think you can make much money..." Antonio sighed, "I know that these expenses are not entirely losses. Many of them have become buildings and fixed assets. It is normal to lose money in the early stage of entrepreneurship, but our cash flow will be severely tested, which is very dangerous for companies. After all, a reasonable profit model has not been formed yet. The strategy you adopt is to develop multiple industries together. At that time, any problem will drag other companies down - even if they are healthy!"

"We have a favorable condition to borrow money..." Contini pondered, "My father used the family industry mortgage to borrow 30 million lira. This money is not counted on the balance sheet. In other words, United Group alone, we are currently in zero debt and can completely borrow money. I believe our assets are still a bit attractive to banks."

“How much do you plan to borrow?”

"United Airlines' Roman base, aircraft can be mortgaged, and land owned by United Motorcycle can also be mortgaged. I think it's not a problem to borrow 30 million lira again, right?" Contini thought for a while, "When the funds are in place, IBC and United Radio should also take shape. I think it's not a problem to continue to borrow 15-20 million lira. In addition, if the funds are really tight, those public transportation shares can also be mortgaged..."

Since Contini used means to obtain loans from Germany and gained some of the vehicles, it would make it natural to invest in public transportation in the subsequent capital. Although Contini could not account for the majority of these companies, 15% of the utility shares are also considered effective collateral for bank loans.

"Young Master, you can do this this year. What about next year? What about the year after tomorrow?" Antonio sighed, "Don't talk about me, I think the industries of United Group will not necessarily be able to make profits in the year after tomorrow. They must rely on continuous investment."

"No need to worry next year. First, United Motorcycle's products will open up sales; second, our speculation opportunities in the stock market will be effective..."

The reason Antonio can still sit down and talk about these issues calmly is that the US $1,000 is still assured. However, when it comes to speculation results, his brows immediately frowned: "Master, if there is a bad news, you must be mentally prepared first. The American stock broker sent a telegram and bought all the first batch of $5 million in stocks, but the US stocks have continued to fall during this period, and we have lost almost $300,000."

"It seems that the decline is not very serious..." Contini smiled slightly, "Buy another $5 million, the purchase list is the same as last time. I hope to complete it before March without attracting market attention."

At present, the US stock market implements a margin trading system. If it exceeds $10,000, you can use a margin account to trade. However, the leverage of stocks is not as high as foreign exchange and bonds. According to risk management and size, at least 10% margin must be paid. However, Contini dares not put all the leverage in full. Mark's speculation tells him a lesson: even if he fully knows the direction of history, the slight correction in the middle is fatal enough, so after he takes out $10 million, he only dares to buy 10 million carefully first, and then carefully put a little leverage. If he goes 10 times in one breath, he will be completely ruined as long as he falls 10%, and the stock market falls 10% is a normal correction.

Antonio couldn't understand Contini's confidence. He believed that the US stock market might rise or continue to fall. Although it seems difficult to lose $10 million in this buying method at present, who dares to predict that it will rise next year? Even if it really rises, it will have to rise enough. If it only increases by 10%, it will be of no use to the situation in Italy. However, he is a smart person. It is only February yet. The money the young master has received from Germany has not been completely spent. He can observe and observe again. When he has to stop, he will force the order to cut off his arm.

"Well, since you are so confident, I will send a telegram tomorrow for the United States to do as it should."

"Don't worry, you will know next year." Contini was full of confidence. "Now that our career is starting out, we must have an indomitable momentum. These are strategic losses. Being petty can't accomplish great things. I have decided that after the stock market rises next year, I will draw some money back to run a bank - opening up a complete financial closed loop!"

Antonio couldn't help but shake his head when he heard this: There are already three loss-making industries, and the young master has set his sights on the newly established bank again. No matter how you look at it, it doesn't seem like a big deal, it's a sign of a big loss. Young people don't keep their feet on the ground and just want to make big news all day long, and they are fighting.

But this sentence cannot be said for the time being, at least it cannot be said yet...
Chapter completed!