My Age of Investment

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"Pearl, daddy's little cotton-padded jacket seems to have gained another two pounds and is almost turning into a piglet."

On the grass of the Walsh Manor, Xia Jingxing held up his little daughter, who had just turned six months old, with both hands. Then he saw this dishonest little guy kicking his calves randomly in the air, and at the same time waving her white and tender lotus-like hands very hard. His fat arms like knots went to grab the bow headband tied on his head.

Since his armpits were locked by his old father, the little guy couldn't take off the obstructive thing on his head no matter how hard he tried, and could only struggle in vain.

Seeing the cute and naive scene of his fat girl, Xia Jingxing's heart instantly melted. He temporarily forgot all his troubles and worries and concentrated on teasing the child.

On the side, Christina was pushing the silvercross stroller that both Queen Elizabeth and Prince Charles had ridden in when they were children. She followed her father and daughter with a bright smile.

"This fat girl seems to be a little overweight? Her brother wasn't as heavy as she was when he was his age."

Xia Jingxing suddenly stopped, turned around and spoke to Christina behind him very seriously.

"It's normal. Don't worry. Jessica was fatter than she was when she was a child. She will naturally lose weight as she grows up."

Hearing this, Xia Jingxing's mind immediately flashed back to the scene where he saw his sister-in-law for the first time at Christina's house a few years ago. A fat girl with a fleshy face appeared in front of him.

"It's okay to be like her aunt. Just be a little fatter. The key is to be cute. Right, Pei'er." After saying that, Xia Jingxing smiled and kissed his daughter, although holding the child was like holding a big weight. , but he couldn't bear to let go.

"Hey, where is Xia Zerui?"

While Xia Jingxing was just teasing the little cotton-padded jacket, he suddenly remembered, where was his son running to?

Kristina was about to speak when she was suddenly interrupted by a strange sound of "Woooooo~".

Xia Jingxing and Kristina immediately looked towards the place where the sound came from, and saw a mini locomotive slowly driving out of the woods in the distance.

The reason why it is called a mini locomotive is entirely because the locomotive is not large in size and cannot be compared with the common locomotives. Visual inspection is only as high as an adult's calf and five or six meters long.

Although it is so short in appearance, this locomotive is extremely delicately made, with guide wheels, cylinders, moving wheels, connecting rods... all the necessary parts.

Not only was the top of the car spewing white smoke, but there were two people sitting firmly in the middle of the front of the car, one was a security guard in uniform, and the other was his son wearing a helmet.

Xia Zerui was originally immersed in the thrill of driving a train on the rails. After seeing his parents, he waved his little hands at them with great excitement, and even shouted to invite his parents and younger sisters to ride the train together.

Soon, the small train passed by the railway tracks laid on the lawn next to it, and ran all the way down the mountain along the circular railway.

"Yinnock likes this fourth birthday gift you gave him very much. The first thing he does when he comes back from kindergarten every day is to add coal and water to the small train, then climb on the train and run several laps along the railway around the manor. . Two days ago, he secretly carried Pei'er and took the train together, but luckily he was stopped by the security guard."

Xia Jingxing's eyes widened. This little brat was so courageous that he dared to secretly carry his sister, who couldn't even walk, to take the train. If you don't discipline her strictly, should you put your sister in a schoolbag and take her to the kindergarten to play next time?

Seeing that Xia Jingxing looked a little angry, Christina immediately explained: "I have already criticized him, and he has realized his mistake and promised me that it will not happen again."

Xia Jingxing glanced at his son who had disappeared down the mountain and nodded lightly. He didn't know what to say for a moment.

He basically didn't care much about the two children. Kristina took care of them all by herself, so it was hard for him to express any opinions.

At this moment, the housekeeper hired by the family came over quickly and said that someone came to visit Xia Jingxing and that the car had already arrived at the gate of the manor.

"Looking for me?"

Hearing this, Xia Jingxing frowned slightly, how did he find himself here? This property has obviously been transferred to Kristina.

Just as he was wondering, Xia Jingxing's personal cell phone suddenly rang in his pocket, and he quickly answered the call.

After chatting for a while, we found out that Michael Larson had made a special trip to visit.

After knowing who the visitor was, Xia Jingxing ordered the housekeeper to greet him. He and Christina held the child in their arms and pushed the stroller slowly toward the villa.

"Why is Larson here?" Kristina asked.

"I don't know, I haven't contacted him for a long time."

Xia Jingxing shook his head. He didn't know why Larson came to see him.

Ever since he had a falling out with Gates, Larson hadn't been to him again.

Larson's identity is similar to Liu Hai's. They are both heads of family offices. They are considered to be the type of people who are very close to and trusted by their employers.

】

When the other party came to find him, Xia Jingxing guessed that he had probably been instructed by Gates.

So what is Gates looking for me for?

With such questions, Xia Jingxing and Kristina met Larson who had just stepped out of the car at the door of the main building of the manor.

Larson is still the same as before, smiling and groaning when he sees everyone. After he greeted Xia Jingxing and Kristina respectively, he praised the child in the stroller.

After a while of greetings, Christina pushed the stroller and left. Xia Jingxing led Larson to a reception room, and the two chatted over coffee.

While chatting, the topic shifted to Vision Capital.

"Darren, let's talk openly. What are your plans for the future of Vision Capital?"

"What future is there?"

Xia Jingxing replied calmly, then picked up the coffee on the table and took a sip, and then added: "We can't see the future at all, so there is no need to plan."

Larson smiled and said: "Don't be fooled by me. How did I hear that Mr. Friedrich, the New York real estate tycoon, is helping you as a lobbyist everywhere?"

"He has cooperated with me, so he probably can't bear to see the cooperative projects being sold at a low price!"

Larson couldn't help laughing when he heard this.

"Daeron, I know you don't trust me, but there is no need to use such words to prevaricate me."

Having said this, Larson paused, then looked into Xia Jingxing's eyes and said, "Mr. Gates asked me to come here, and he also asked me to apologize to you. The unpleasantness that happened before was also because he was Some people were deceived and he was taken advantage of, and he's very sorry for that."

Xia Jingxing remained silent, still acting like he didn't want to accept this.

Larson could only laugh dryly at this. He was helpless. The elders were fighting each other and refused to bow their heads, so only he, a little pawn, would have to suffer a little more.

Thinking of the tasks assigned to him by Gates, Larson said in a softer tone: "Mr. Gates said that as long as Vision Capital's fundraising is resumed as soon as possible, everything can be restored to its original state.

How to charge, how to invest, and how to exit are all up to you. "

So sincere?

Xia Jingxing sneered in his heart, now he knew he was wrong? This was not the case when they tried to take advantage of me and force me to lower my charges!

In the final analysis, it was Vision Capital's complete collapse that affected Gates' interests.

Take the $5 billion that Gates invested previously, multiplied by the 40% annual rate of return after fees, which is $2 billion.

For every month that Vision Capital is delayed, Gates will earn $200 million less.

No one complains about having too much money, only that they don’t earn enough.

His resolute and uncompromising attitude should clear the minds of some people who want to take advantage of the situation.

In addition, Friedrich also made some breakthroughs in negotiations.

The blue-blood aristocrats and the LPs of various institutions are no longer monolithic and have begun to diverge.

For example, the reason why Gates' butler in front of him came to me to convey Gates' apology was that Gates was obviously planning to take advantage of the situation again.

If Gates fully accepts his conditions, coupled with the work done by Friedrich, it will inevitably lead to a wave of rebellion, and then the subsequent fraud lawsuits and IRS tax audits will no longer be a big deal. The problem.

Even if there is still a small group of people who want to cause trouble, as long as he unites most of them, they will not be able to pose a big threat to him.

Therefore, Gates is a very important weather vane. If he reverses, he will inevitably lead to a large wave of losers.

Thinking of this, Xia Jingxing almost agreed to accept Gates' apology and relented.

But he held back!

He still had something to trouble Gates with, which he could use in exchange.

“Even if I resume fundraising in the future, I don’t plan to have a large scale of asset management.

Once the scale of asset management expands, people will immediately jump out to criticize it and dislike the low rate of return!

A rate of return of 20, 30, 30, 40% a year is still too low. I really don’t know how much is considered high? My heart is so tired! "

Larson smiled and said: "I understand you very much! Take waterfall investment as an example. The average annual rate of return in the past ten years is only 8.6%. It may not seem high, but it is actually higher than the S\u0026P 500 Index in the past ten years. The average annual rate of return is 7.5%.

The most important thing is that the asset management scale of Waterfall Investment is about to reach 100 billion US dollars.

Scale is the biggest killer of yields!

With such a huge amount of money in hand, you simply cannot take risks or engage in high-risk investment activities.

Even if you use a small amount of money to speculate, and the speculation is successful, it will not be able to support the overall rate of return of the investment portfolio.

This is a problem faced by the entire industry! Hard to crack! "

Xia Jingxing nodded lightly and said with a smile: "Yes, that's why I want to further reduce the asset management scale of Vision Capital and control it to less than 10 billion US dollars."

"$10 billion?"

Larson was stunned when he heard this number.

Gates told him to get as many fund subscription shares as possible. The upper limit is no more than 15 billion US dollars, and the lower limit is no less than the 5 billion US dollars subscribed by the previous fund.

Now Xia Jingxing has only released a total of US$10 billion in fund shares. Can Waterfall Investment subscribe to half of it?

Even thinking about it seems impossible!

"Dylan, is this too little?"

Xia Jingxing shook his head violently, "It's too much. If it's too much, it will be difficult to maintain the stability of the fund's income."

Larson advised: "But big funds also have great benefits. Sometimes they can use their power to overwhelm others."

"No, no, no, I don't dare to take risks anymore. At this stage, stability is the first priority."

…

No matter how much Larson tried to persuade him, Xia Jingxing insisted on only setting a total fund share of 10 billion U.S. dollars. Any more would not guarantee a rate of return.

This answer made Larson feel helpless and didn't know how to complete the task assigned by Gates.

Xia Jingxing still had a nonchalant look on his face, but in fact, he was already happy in his heart.

Controlling fund shares is also a trump card in his hand. If anyone is disobedient or makes trouble, his fund subscription shares will be reduced.

Anyway, after nearly ten years of hard work and forging, Envision Capital has established its own brand in the industry, and there is no need to worry about lack of support from investors.

Singapore's Damascus, Abu Dhabi's Mubadala, and China Investment Group are the sovereign wealth funds of three countries. Each of them can easily subscribe to billions or even tens of billions of dollars of fund shares from Vision Capital.

Among them, Mubadala, he even gave others a guarantee, allowing them to invest up to US$20 billion in Vision Capital.

Raising funds is a difficult step for many start-up hedge funds, but it is very simple for Vision Capital.

Therefore, Envision Capital has the right to be picky and choose whose money it takes.

When taking money from others, you can also optionally impose some additional conditions.

For example, Abu Dhabi wants to provide a blood transfusion to New Core Group, which is constantly losing blood; Tan Masi wants to open the door for projects such as New Core Group and Suiren Lithography Machine to land in Singapore; China Investment Group wants to facilitate Fuxing Industries and Overseas Holding in Singapore. Domestic development escorts...

In the United States, he can't be too strong. If he wants to avoid some troubles, he must bring the blue-blood aristocrats and local snakes to make money together, and also give face to LPs such as the California Public Employees' Retirement Fund and the Stanford University Foundation.

If you can't offend a wealthy and powerful person like Gates, it's best not to offend him.

But even so, according to casual statistics, his planned fundraising cap of US$10 billion is a joke.

Even if he strictly controls the scale, he will have to raise at least tens of billions of dollars. If he raises less, he will easily offend people.

A powerful rich man like Gates only gives people a few hundred million dollars in fund subscription shares, which is like sending a beggar away, and he can easily offend people.

Of course, this is based on the fact that Vision Capital has helped Gates earn tens of billions of dollars. Otherwise, Gates would not be so reckless as to allocate 10%-15% of his entire net worth into Vision Capital's hedge fund.

With enough chips in hand, Xia Jingxing can naturally make conditions.

Looking at the frowning Larson, Xia Jingxing proposed another plan with a smile: "Mr. Gates is my best friend and my idol when I was a child, so he is naturally different from others.

I can open a back door to waterfall investing alone, but I also have a condition. "

Larson asked without thinking: "What conditions?"

"You will participate in the competition against Android next time!"

Upon hearing this, Larson's eyes almost popped out of his head. Didn't you never sell me even if I was beaten to death? Why have you changed your mind now?

Larson was not stupid, and he soon thought of another possibility.

"You're thinking……"

Before Larson could finish his words, Xia Jingxing quickly interrupted: "Yes, as you thought, Microsoft has publicly quoted US$40 billion to purchase Android."

Larson's mind is a little confused. When did I think this way?

And this quote... is too high, right?

He was a little worried about Xia Jingxing's intentions. Was he trying to be fake?

In the past two years, Yahoo, which almost cost Microsoft its money, was acquired. Now, Android, which has basically no revenue, is asking for US$40 billion?

Larson looked at Xia Jingxing, who was opening his mouth widely, and reminded in a low voice: "Darren, will the Microsoft board of directors agree to such a high offer?"

"I know, so I just let you quote the price and have a few rounds of contact. You don't need to actually spend any money."

Larson was too lazy to poke holes in Xia Jingxing's daydream. He thought for a while and said, "Okay, I'll try my best to fight for you, but I can't guarantee that Ballmer will agree to this kind of behavior that may cause Microsoft's stock price to plummet.

What is Microsoft's current market value? $204 billion!

It is really crazy to spend one-fifth of its own stock to acquire a mobile operating system developer whose market share and industry status are not stable and whose profit model is not clear! Investors would sell their shares to express their anger at the foolish behavior of Microsoft management. "

"It's okay. When everything is settled, the stock price will rise again."

"Then Facebook's stock price will definitely fall! Maybe some Facebook investors will launch a class action lawsuit against you."

"You don't have to worry about that!"

…

Xia Jingxing was too lazy to argue with Larson too much about whether he should cooperate or not. He just said a quick word and that was it. Why bother talking so much.

Gates's shares in Microsoft have been reduced to very little at this time. Why are you still hesitating about something that harms the company and benefits yourself? Just learn from my big cancer stock.

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