My Age of Investment

After the two parties sent people to work out the details of the cooperation, Xia Jingxing did not delay at all and immediately arranged for Abel to withdraw US$1 billion from Vision Capital's US$13 billion cash reserve account and inject capital into Greenlight Capital, who was responsible for building a short-selling company. Lehman Brothers' special investment fund.

The fund's profit sharing method is still the industry's old rule, 28% distribution, of which 20% belongs to Greenlight Capital and the other 80% belongs to the investor Envision Capital.

Einhorn doesn't have much opinion on this profit distribution plan. Although Greenlight Capital is already well-known in the industry, investors who invest US$1 billion at one time are rare, at least he has not encountered it yet.

Why not make money from the money delivered to your door?

Xia Jingxing did not care about the profit allocated to Greenlight Capital, because Lehman Brothers was a huge prey, and Vision Capital had already targeted the two fattest hind legs. The two front legs were cut into small halves with knives. The meat can also be cooked faster and save more effort.

Einhorn can stand in front of the public and fight against Lehman. If he succeeds, he will be awarded the title of "Dragon Slaying Warrior" and gain both fame and fortune.

But there is no need for him and Envision Capital to risk the limelight. The idiom of settling accounts after the fall contains the wisdom of the ancestors, and future generations should keep it in mind.

The status of Lehman Brothers in the United States far exceeds that of the domestic "Three Chinas and One China". Its collapse has caused a systemic financial crisis across the United States. With public dissatisfaction boiling, who knows if a scapegoat will be targeted. .

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US$1 billion was quickly credited to Greenlight Capital, and the fund was closed.

This made the last trace of doubt in Einhorn's heart completely disappear. Vision Capital's sincerity is really sufficient!

Even if you use it as a knife for someone once, the price is worth it.

While deploying the short-selling investment of the new fund, he opened fire on Lehman Brothers and exchanged words with Fuld from a distance. The public saw that they were overwhelmed.

In May, Einhorn gave a speech publicly pointing out Lehman's problems, just as he had shorted United Capital six years earlier.

This time, Einhorn came with a detailed investigative report, which directly hit Lehman Brothers' vital points. The impact and destructive power it caused was far greater than the last attack at the investor meeting.

As the time was getting closer to the release of Lehman's second quarter financial report, Fuld, who knew that the lid could not be closed, was busy looking for the lid. In addition, he hated Einhorn, so he arranged for the company's CFO Irene ·Karan had "private communications" with Einhorn.

This communication was like thunder from the sky and fire from the earth, triggering something extraordinary.

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Accompanied by Abel, Xia Jingxing walked into a seven or eight-story building on Fifth Avenue in New York.

As soon as you enter the small building, you can see exaggerated comic characters painted on the corridor walls, such as Iron Man, Spider-Man, Hulk, Thor...

Xia Jingxing stopped, pointed at the wall and said, "It's very handsome, isn't it?"

Abel laughed beside him, "He's quite handsome, but it doesn't look like a good business."

"Why do we use the word "business" to describe it? Can't we use the word "dream"? We are here to help Marvel fans realize their dreams. You must remember this and don't let it slip later."

Abel had a sneer on his face and felt a little disapproving of Xia Jingxing's words.

I believe you!

According to his understanding of the boss, there must be some hidden value in this dilapidated comic company that attracted the boss's attention.

After all, the boss is well-known in the industry and is recognized as having first-class investment vision.

Then again, the boss's vision has only been proven in the two major areas of VC investment and secondary market investment. Buyout controls equity acquisitions. This is the first time in the many years since Vision Capital has been established.

This first shot was not aimed at the technology, Internet, and financial fields that the boss was familiar with, but at a cultural and entertainment company involving comics, movies, games, and other related peripheral products. It was also a company that had been in decline for many years. This made Abel felt very unsure.

Control-type acquisitions are not VC investments, and each investment amount is quite large, which places higher hit rate requirements on fund managers.

If you miss one shot, you may not have the chance to fire a second shot, because you will almost lose all your money.

A few months ago, Xia Jingxing asked him to be responsible for raising a new PE fund with a scale of US$5 billion and named it Autumn Equinox.

The Autumn Equinox Fund is not small, but everyone came here because of the impressive results achieved by Vision Capital’s investment in Ahri. Once the investment encounters setbacks, the reputation that has been built up with great effort will be ruined.

It may not necessarily affect other departments and funds, but the rise of PE funds within a few years will be completely out of the question.

As the head of the Equinox Fund, he will also die with the fund.

Xia Jingxing could more or less guess some of Abel's doubts and Xiao Jiujiu's, but he didn't explain too much.

This time he did not waste any time fighting, but made a decision before taking action.

Vision Capital has already invested in several cases of PE growth-stage equity investments, such as Ali, Huiyuan Juice, etc. The investment logic is similar to that of VC, and it is a free ride.

It doesn't matter if the fund's operating level is not that good, because when investing, the business model and size of the target company are relatively mature, and you can just wait for the investment dividends to arrive.

Carrying out holding-type acquisitions is a test of ability and requires the fund team to be deeply involved in the transformation and strategy formulation of the company.

Therefore, over the years, Vision Capital has not made a rash move.

Now he feels that the time is gradually ripe, and it is time to try his hand in the acquisition market.

He didn't choose a particularly complicated case. Marvel was currently not big and was just about to take off, so it was suitable for practice.

If there is an opportunity in the future, Envision Capital will still get involved in more complex acquisition cases.

For example, 3G Capital, the king of consumption, controls the world's largest beer manufacturer Anheuser-Busch InBev, which owns more than 300 brands such as Budweiser, Corona, and Harbin Beer. It also controls restaurants such as Burger King, Oreo, Quduoduo, and Heinz. , food manufacturing brand.

In total, there are two Fortune 500 food and beverage companies, and a chain restaurant company with revenue comparable to McDonald's and Yum! All of them were created by 3G Capital behind the promotion of whale-like mergers and acquisitions in which the big fish eats the small fish. The leverage is soaring. rise.

Vision Capital is actually on the verge of evolving into the world's top capital, but its operating experience is still slightly lacking and needs to be strengthened.

Xia Jingxing chatted with Abel for a while, then walked through the corridor and walked into Marvel Company.

On the wall behind the front desk is a signboard with a red background and white letters "MARVEL", which is also translated as Marvel Comics in Chinese, but Xia Jingxing is still accustomed to calling it Marvel.

The receptionist led Xia Jingxing and Abel into an office, where sat an old white man in his sixties.

The old man's eyes were sharp and his back was straight. When he saw Xia Jingxing and Abel walking in, a smile quickly appeared on his face. He stood up and extended his hand to greet them: "Darren, Abel, welcome to visit Marvel!"

"Mr. Parmut, you're welcome."

Xia Jingxing shook hands with him and looked at the man in front of him, Marvel's largest shareholder, Ike Parmut.

The other party is a Jew who served as a soldier in Israel. He also participated in the famous "Six-Day War" in the 1960s, in which Israel captured more than 60,000 square kilometers from Egypt, Jordan and Syria in just six days. That battle for land.

After retiring from the army, in his twenties, he ran to the United States to make a living. With his Jewish identity and business acumen, he worked hard for more than 40 years, turning from a poor boy living on the street into the largest shareholder of Marvel today. He can be called an inspirational figure.

However, it is precisely because he is too shrewd that his industry reputation has not been very good.

Warmly greeting Xia Jingxing and Abel to sit down, and asking his secretary to bring coffee, Parmut said with a smile: "Darren, you are a famous person on Wall Street now, why did you think of Marvel coming to visit us?

Let me make it clear first that Marvel has almost disposed of all the assets that can be mortgaged and sold.

You won't find any good investment opportunities with us. "

Abel chuckled, "Mr. Parmut, you misunderstood. Vision Capital is not an investment bank, nor is it a commercial bank. We do not engage in mortgage business.

However, I heard that Marvel has almost disposed of its assets. You mortgaged the movie adaptation rights of 10 comic characters to Merrill Lynch, took out a loan of US$525 million, and prepared to shoot a comic book adaptation movie to explore more for the company. Maybe right? "

A glimmer of light flashed through Pamut's cloudy eyes, and he smiled and said: "You guys are quite well informed. Yes, Marvel Studios does have plans to adapt movies from comic books, but they are not preparing for filming, but have already completed filming. Next time I will meet the audience in a few months.

If you two are interested, I will ask someone to send you two tickets to the premiere.

If you think our movie is good, we can try to collaborate in the future. "

Abel was about to speak, but Xia Jingxing stopped him with a gesture.

Xia Jingxing looked at the old man with a smile, "Mr. Parmut, with all due respect, "Iron Man" is not a good adaptation choice. If it were me, I would definitely choose to adapt "Spider-Man". This will definitely make money."

Parmut said in a light tone: "Then you have made the wrong decision. Sony is in charge of Spider-Man."

"We can help Marvel get it back!"