Reborn Capital Madman

The "tradition" of Morgan Stanley emphasized by Bob Baldwin refers to the business model of Morgan Stanley.??????Huoran???w?w??

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Take the example of this issue of ibm bonds to the public sector. Morgan Stanley gets exclusive underwriting rights from ibm, and then uses the wholesaler style to gather hundreds of securities firms and brokers, sit together, and follow their own.

Sales ability is enough.

It's that simple, millions of dollars in commissions can easily fall into Morgan Stanley's pocket, which is also one of the reasons why Morgan Stanley is known as the nobleman in the investment banking industry.

For a long time, in the eyes of Morgan Stanley, running around the front line to promote bonds was a rough job, and a nobleman in the investment banking industry, naturally disdained it.

Of course, Morgan Stanley's business model has its own confidence. Morgan's golden sign is worth this price. Moreover, not any bond can be labeled as Morgan. Morgan Stanley still cherishes itself very much.

Feathers will be carefully evaluated and screened.

But now the times are different. Financial services are no longer as mysterious and unattainable as before. In addition, large companies are more willing to deal with underwriters who have reached the front line of sales like Solomon Brothers. ibm is an example.

The mistake of Morgan Stanley was that his relationship with ibm was very bad and he didn't understand the latest developments of ibm, so he realized it after ibm's acquisition of Huanyu Computer Company and issuing bonds.

At this time, Morgan Stanley had only two choices for IBM to issue bonds: accept IBM's conditions, be a joint underwriter, and join Solomon Brothers, Gao Yi in the bond issuance, or use the threat of refusal to force IBM to force IBM to

Leave the exclusive underwriting rights to Morgan Stanley.

The former option will make Morgan Stanley lose the face of the nobles in the investment banking industry like never before. More importantly, once the old business model breaks the convention, other Morgan Stanley customers are likely to learn it.

Follow ibm in the same way.

In fact, Morgan Stanley has been facing challenges since the 1970s.

For example, in terms of the official home client, the Australian home, which has become a loyal client of Morgan Stanley since 1946, has turned to the embrace of Morgan Stanley's archenemy Deutsche Bank.

For example, in terms of corporate customers, international energy giants such as Texaco Petroleum and Mobil Oil, which were originally on the list of Morgan Stanley's top customers, began to bypass Morgan Stanley and directly issue bonds to institutional investors.

Exxon even launched a "Dutch-style bid" when issuing bonds, encouraging competition among investment banks.

The most well-known name for this kind of gameplay should be the iPo in the "old script" of the Internet era giant Google, whose purpose is to avoid investment banks from getting more benefits.

But these are not as impactful as ibm's current demand for Morgan Stanley to jointly underwrite bonds, which has a meaning of "slave" rebellion and breaking Morgan Stanley's golden shackles.

Bob Baldwin's tough stance in maintaining the "traditional" was quickly unanimously agreed by the participants. He must not be spoiled by ibm's bad habits.

You are now deeply trapped in the whirlpool investigation of antitrust investigations, and the company's prospects are full of uncertainty. Like the US Telephone and Telegraph Company, the possibility of being dismantled is very high. How can you lack the golden signboard of Morgan Stanley when issuing bonds at this time?

If you want to get the support of Morgan Stanley, you can only give Morgan Stanley exclusive underwriting rights as before.

Bob Greenhill, who is responsible for maintaining the relationship between Morgan Stanley and ibm, is naturally the best choice to negotiate with ibm, and it can also be regarded as a chance to make up for the mistakes.

As a result, Bob Greenhill went quickly and returned quickly. "IBM's attitude was tough and rejected our exclusive underwriting proposal and decided that the Solomon brothers, Goldman Sachs, and Gao Yi would lead the issuance of the bond."

Bob Baldwin was stunned when he heard this, "IBM makes decisions so fast?"

Bob Greenhill shrugged, in order to try to get rid of the responsibility of neglecting Morgan Stanley-IBM relationship, he added: "To cope with the severe inflation and interest rate fluctuations, current corporate finance executives are right.

There is a special liking for competitive solutions, and ibm believes that he has followed this trend."

Bob Baldwin, who had recovered from his senses, realized that Morgan Stanley had pursued his exclusive underwriting strategy for many years and might be dead. He couldn't help but feel very frustrated and asked casually: "ibm chose the Solomon Brothers and Goldman Sachs to issue bonds together. I

It’s understandable, but what is Gao Yi’s way?”

Bob Greenhill replied depressedly: "This is an investment bank from Xiangjiang, Asia. It has a very tricky vision and has bet on many listed companies involved in the acquisition and merger exchanges we matched, and has made a lot of profits.

Huanyu Computer Company acquired by ibm this time was invested by Gaoyi. It is estimated that Gaoyi has made a lot of energy from this acquisition process."

Bob Baldwin, the most popular Morgan Stanley, finally remembered some of his impressions of Gao Yi and frowned: "In this way, Gao Yi is a very good at speculation. Isn't it?

The handle falls into the hands of the Securities and Exchange Commission?”

"From the operation method alone, Gao Yi is really invisible. At most, he just goes to the Securities and Exchange Commission to explain." Bob Greenhill heard that Bob Baldwin wanted to kill Gao Yi, an outsider, in his words.

The chicken scared the monkey. He wanted the other party to divert his attention so that the storm of ibm "betrayal" Morgan Stanley would be overturned as soon as possible. So he thought about it again and pondered: "Apple Computer, a direct competitor of ibm personal computer company.

, there should be plans for ipo."

If it were to be put in normal times, the small Apple Computer Company would definitely not be able to see Bob Baldwin's eyes, but at this time, he was very interested, "Then collect the information about Apple Computer Company, by the way, there is also about

More detailed information about Gao Yi and David Gao.”

...

ibm and Morgan Stanley parted ways, which shocked Wall Street a lot. At the meeting between Gao Yi and the Solomon brothers and Goldman Sachs, Gao Xian heard gloating words a lot.

There is also more gossiping news that Morgan Stanley suddenly purchased a batch of Hitachi calculators and put them in the office for use, which would never have happened before.

Gao Xian didn't have the energy to waste these topics. His first priority is to complete the issuance of ibm bonds cleanly and beautifully.

ibm's issuance of bonds to the public sector this time was US$1.5 billion, setting a record in this field. Gao Yi divided the issuance share by one-third, which means that Gao Yi at least in this business, and

The Solomon brothers, Goldman Sachs, are on par.

The biggest significance here is that Gao Qian's Gao Yi has taken a step further towards the center of Wall Street.

In other words, if this business is made into a template, Gaoyi will have capital, like investment banks such as Morgan Stanley, to contact the financing needs of large enterprises in the main offices and large enterprises.

The Solomon Brothers and Goldman Sachs in a very good mood once tested Gao Xian. If Gao Yi cannot fully digest the issuance of $500 million bonds, they can help.

Gao Xian naturally would not accept this so-called "good intention" of having ulterior motives and hiding a knife in his smile. If Gao Yi doesn't even have such energy, then he should just stay in the hot pit of Xiangjiang honestly and live a life.

As for ibm bonds alone, although ibm suffered from antitrust investigations after entering the 1970s and its business went downhill, its previous foundation was too strong. Therefore, ibm bonds have excellent reputation and are ranked as the highest.

The risk is less than five percent.

At the same time, the US dollar, as the world currency, is constantly depreciating, and the US domestic inflation is high, so purchasing ibm bonds is a good way to preserve asset value.

In the United States, Gao Yi is not as good as the Solomon brothers and Goldman Sachs locals who have accumulated over the years, but Gao Yi is also in Xiangjiang and even in Asia that has spread.

Not to mention anything else, the wealthy and powerful and royal members alone do not purchase US dollar assets in order to accumulate assets, and the most ideal assets are the stocks of the top 50 companies in the S&P, high-rated bonds, etc.

When Gao Yi sent back the news of his underwriting of ibm bonds back to Xiangjiang, the subscription amount exceeded 100 million US dollars in less than a week, which really made Gao Xian stand firm on Wall Street.

To be honest, even if Gao Yi underwriting ibm bonds does not make money, Gao Xian will lose money and make a name for himself, because the qualifications must have a recognized accumulation process. Otherwise, how can we strive to share the upcoming privatization of British state-owned enterprises?

This bigger cake?

While personally taking charge of Gaoyi and underwriting ibm bonds, Gao Xian also has to worry about ibm personal computer companies.

ibm is not stupid, so I won’t let Gao Xian lie down leisurely after selling Huanyu personal computer. Gao Xian, the founder of Huanyu personal computer, also needs to join the ibm board of directors to protect the next performance of ibm personal computers.

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There are no obstacles in the actual operation process of ibm's acquisition of Huanyu Computer Company. After all, Huanyu Computer Company has not been listed, and even important investors like Huifeng Bank listen to Gao Xian's words. Naturally, other investors do not disobey, let alone make a big profit

One turn.

At present, the first goal of ibm personal computer companies is to market share, so that product sales meet, and it is best to exceed Wall Street expectations. As for indicators such as profits, it is not too late to pay attention to them in two years.

Obviously, product prices must have a certain impact on the sales of ibm personal computers. In terms of the corporate market, available personal computer systems under $10,000 are acceptable because the cheapest small computers, such as data equipment companies

PDP-11 also costs about 20,000 US dollars.

The 16-bit ibm personal computer, which is also a 4th generation Huanyu personal computer, has a market price starting from 5,000 US dollars. With the different configurations of memory and other configurations, although it has increased, it has not made any breakthroughs.

An acceptable psychological barrier of ten thousand dollars.

For market share, ibm personal computers cannot give up the third-generation Huanyu personal computers with a market price of one or two thousand US dollars, the second-generation Huanyu personal computers with a market price of less than one thousand US dollars and the first-generation Huanyu personal computers.

To this end, Gao Xian gave a solution to let CPU suppliers come up with reduced specifications based on 16-bit CPUs, and reduce supporting chips, thereby greatly reducing the cost of ibm personal computers and creating an entry-level version of ibm.

Personal computer products, to win price-sensitive individual and home users.

It is ironic to say that as its name suggests, its target customers should be individuals and families, but at this stage, the customers that strongly drive the demand for the personal computer market are enterprises.

Of course, the entry-level version of ibm personal computer can basically meet the needs of individuals and families, because the software will provide seamless connection.

It can be said that as long as personal computers are equipped with three types of software: spreadsheets, word processing, and micro databases, they are products that everyone loves and pays for money to buy.

However, under antitrust pressure, although ibm took down the entire hardware chain of ibm personal computers, he did not dare to touch the software. In order to avoid suspicion, when he knew that ibm personal computers were only randomly equipped with one operating system, he took the initiative to do so.

Instructs the ibm personal computer to give users the right to choose in terms of the operating system.

No matter what, software, especially spreadsheets, can be regarded as the biggest contributor to the market recognition of ibm personal computers. Therefore, while launching the entry-level hardware product, ibm personal computers cannot ignore the boosting role of software.

As for how to contact the advertising industry in ibm personal computers, even Hollywood, and produce exciting advertisements, you don’t have to worry about Gaoxian.

He only needs to ensure that ibm personal computers run on the correct track, so that ibm can acquire Huanyu Computer Company and issue bonds, becoming an indisputable stepping stone for Gao Yi to get close to the center of Wall Street.

It is worth pointing out that although Gao Xian sold Huanyu's personal computer to ibm, this does not mean that he has left the IT industry.

For example, enterprise application software developed for Huanyu's personal computer platform, including spreadsheets, word processing, micro databases, finance, purchase, sales and inventory, is still in his hands.

Going further, the research and development accumulation of graphical user interface operating systems, risc processors, workstations, servers and other technologies is also under the control of Gao's team.

To this end, Gao Xian integrated such resources scattered everywhere into Gaoxing Technology according to the plan, and Zhou Wenyao became CEO, which is a direct recognition of his diligence and hard work in the United States for so many years.

Gao Xian was busy, and the Wall Street Journal suddenly contacted him and wanted to interview ibm for an interview to explore the story behind the capital operation.

If it is for other interview purposes, Gao Xian could have taken time to receive it, but he successfully fooled ibm to acquire Huanyu Computer Company, which has resulted in many follow-ups, such as the bloody plot of ibm betraying Morgan Stanley, which would have been really taken to the media

Promoting everywhere will make you feel unnecessary and hate.

So Gao Xian came forward in person and sincerely declined, on the grounds that he had something to do and had to set off immediately. It would be better to wait for the opportunity to interview him in the future.

Gao Xian was very honest and left the United States the next day because there was indeed another trend waiting for him to go and capture.