Rise of the Argentine Empire

Buffett is now a young man, not even 23 years old, with just over a year since graduating with his master's degree. Although he is considered a remarkable genius, he is not worth Saint Hessel personally befriending.

For now, it's enough to have Sane befriend him. When he establishes his company, we can make a guaranteed profitable investment. Currently, the most important thing is to formalize and develop Sequoia Capital.

Since Saint Hessel came to the United States, Sequoia Capital's development speed has accelerated, but this mainly relies on Saint Hessel's guidance, which is not sustainable.

After arriving in New York's Wall Street, Saint Hessel plans to truly expand Sequoia Capital's strength and completely formalize it.

Lower Manhattan is home to more than half of America's 200 largest companies, such as General Electric, US Steel, and AT\u0026T.

Besides Wall Street, its area also includes Snow Tree Street, Broad Street, Nassau Street, William Street, Exchange Place, and Lower Broadway.

Merrill Lynch caught his eye. Ten years ago, it would have been a good merger target. With Sequoia Capital's ample funds, Merrill Lynch developed rapidly after World War II, but it is on the eve of its great rise, making a opportunistic move very suitable.

However, Charles Merrill believed that serving a broader public beyond traditional Wall Street clients held limitless business opportunities. By Merrill Lynch's 10th anniversary in 1950, it had become the world's largest brokerage firm. Last year, Merrill Lynch's total revenue exceeded $60 million, with a profit of approximately $10 million. Compared to it, Sequoia Capital is just a kid.

Even for Saint Hessel now, Merrill Lynch's scale and profits are similar to Sequoia's, so neither acquisition nor merger is cost-effective.

Because of the year-end performance push, the combined profits of Sequoia Capital and Blackstone Investments exceeded an astonishing $20 million. Of course, this cannot be made public, and it has almost reached the level of the top 5 on Wall Street. There are also approximately $30 million in profits scattered across different new companies, with these funds further dispersed across hundreds or thousands of accounts.

Among them, the largest recent profit came from DuPont, the flagship company of the DuPont Consortium. They held a large amount of General Motors stock, but the stock market value was far lower than General Motors. At that time, a company called Graham went long on DuPont and short on General Motors. Saint Hessel simply cleared out most of his General Motors stock and invested in DuPont, earning a full $7 million.

Saint Hessel will certainly continue to invest in General Motors. Currently, General Motors' stock price is $30 per share, and in the foreseeable future, it will be at least $60 per share. Such a guaranteed profitable business is always welcome.

In early 1953, there were a total of 1532 stocks on the New York Stock Exchange, making it not easy to select suitable companies for investment. Therefore, he tried to invest in some predictable large companies, such as IBM, Coca-Cola, Sears, and so on.

Even with the memories of later generations, he cannot guarantee that those small companies will definitely grow into large companies. Everything is subject to change.

Currently, Saint Hessel can make money by exploiting loopholes through some small tricks, but Sequoia cannot continue to make money in the increasingly regulated US securities market and then invest in Argentina.

After the Great Depression of 1929, the US stock market began to enter an important period of standardized development. From 1933, it entered a relatively stable recovery period, and it was not until 1954 that the average price of stocks was able to recover to the high point of 1929.

In 1933, the United States abolished the gold standard and promulgated the 'Securities Act' and the 'Glass-Steagall Act'. In 1934, the United States promulgated the 'Securities Exchange Act'. In the same year, the US Securities and Exchange Commission was established in accordance with this law. In 1940, the United States promulgated the 'Investment Company Act' and the 'Investment Advisers Act'.

Up to this point, the US capital market, after more than a century of self-evolution, saw for the first time laws regarding securities issuance, trading, and investment funds, and also established a regulatory agency for the first time. This series of institutional constructions formed the basic framework for modern financial system regulation and laid the foundation for the development of the US financial market in the following decades.

Saint Hessel has about a year to arrange the stock market layout, and now he has enough money.

December 30, 1952,

Saint Hessel met Anna at his manor residence. She was wearing a white shirt and tight-fitting old jeans, looking quite charming.

Saint Hessel had to admit that she was indeed stunningly beautiful and always easily aroused his desire.

In modern terms, she had that pure yet seductive feel.

Anna's complexion was a little pale, and she had lost some weight, but her complexion was still exceptionally delicate.

Her whole body looked pitiful and moving.

Anna had been promoted to deputy director of a Sequoia retail department. She murmured:

"Mr. Tom, it's been a long time."

She suddenly kissed Saint Hessel on the cheek, and then the two looked at each other for a long time.

"Anna, you are getting more and more beautiful."

Saint Hessel said admiringly.

"Thank you for the compliment, Mr. Tom."

She couldn't help but hug Saint Hessel tightly.

The two discussed some things about Sequoia Capital and shared some interesting stories.

Anna took his hand and followed him to the fifth floor, stopping in front of a room at the top. He opened the door.

Here, you could see the beautiful scenery in the distance.

In the afterglow of the setting sun, the two saw the winter snow scene outside the window. On the opposite hillside, villas were dotted everywhere, reaching the edge of the city.

In the distance, on the opposite shore of the harbor, above the coastal dams and bell towers, the endless white mountains outlined a strange and charming curve under the fiery sky.

"The scenery of the North is magnificent, with thousands of miles of ice and tens of thousands of miles of snow.

Looking inside and outside the Great Wall, there is only vastness; up and down the great river, the torrents are suddenly lost.

The mountains dance like silver snakes, the plains gallop with wax elephants, trying to compete with the heavens.

Wait for a sunny day to see the red-dressed and white-wrapped scenery, exceptionally enchanting.

The country is so beautiful, attracting countless heroes to bow down..."

Saint Hessel couldn't help but think of this poem in his heart. It's a pity that there is no Great Wall here, only some dams and some mountains whose names he doesn't know.

These undulating peaks, some are round and bulging, some are sharply protruding, and some are like curved hooks, and finally a pyramidal mountain, from top to bottom, plunges into the sea.

Behind these gray mountains, the blood-red sunset is a golden glow, dazzling to the eye.

Faced with the magnificent scene of the setting sun, Saint Hesser was a little fascinated and couldn't control himself.

He rarely ran to the top floor alone. This floor was too high, and he usually only studied and read books in the bedroom on the second floor.

"Mr. Tom, this is Tinerward Mountain. I didn't expect you to have such a great viewing platform here."

Saint Hesser couldn't think of any good words other than that poem, so he had to say, "Ah! Yes, the scenery is so beautiful! It's simply God's masterpiece, but it's a bit cold here."

After watching for more than ten minutes, Saint Hesser felt a little bored. The two went downstairs and stayed in the room on the third floor for an afternoon until Saint Hesser sent Anna away in the evening.

"Anna, I'll take you to a dance party tomorrow night, and I'll take you to buy a dress tomorrow morning."

"As you wish, Mr. Tom."

The two said goodbye.

The next day, early in the morning,

After dawn, the first thing he did was shave his face, because shaving in the morning was a habit he had developed since coming to the United States.

For many people, first impressions are very important, especially for those with political ambitions, a good image is essential.

Most of the students at Harvard University are from wealthy families. Saint Hesser has also become much more refined, ordering custom suits.

In addition, because of his handsome appearance, he is often very popular with girls. Many girls in women's colleges even pursue him, but he has rejected them all, focusing on his studies, which has given him an even greater reputation.

Saint Hesser drove to Anna's door and soon saw Anna again. Today, her face was flushed.

The two bought a suitable evening dress in a high-end store in Boston, preparing to attend a small banquet organized by Harvard tonight.

In the evening,

Prince Manor, Saint Hesser drove with Anna.

"Professor Perkins, Happy New Year, this is my female companion Anna."

"Tom, you too, have fun tonight."

"And Anna too."

Saint Hesser exchanged a few simple greetings with Professor Perkins.

"Tom, Happy New Year to you."

Saint Hesser was very popular at the banquet. Most of the attendees were some outstanding students from the law department, as well as teachers.

In recent months, Saint Hesser has become quite familiar with them, and even has many good friends.

"Thank you."

Anna looked at Saint Hesser from the side and thought he was really handsome and charming.

At this moment, Anna seemed to see a ripe and tempting fruit on the tree, wishing she could feast on it immediately. However, reason told her that although the fruit was good, it must be tasted after the meal, so she restrained herself.

When the New Year's bell rang in New York, Saint Hesser ushered in his first New Year abroad in Boston. Saint Hesser and Anna drove back to the manor. After night fell, the transparent night sky was like a light veil, covering the vast fields on both sides of the road.

Saint Hesser and Anna snuggled together tightly, watching this bright spring day disappear silently. [space]

The two spent another wonderful night.

The next morning, Saint Hesser lit a cigarette and walked to the window.

"Cruz, can I invite you to my house?"

Anna's address to Saint Hesser became even more intimate.

"I'm afraid I can't these days. I have to prepare the development plan for Sequoia Capital in the new year."

Saint Hesser refused. The two were just having a brief affair, so forget about meeting the parents.

"Okay."

Anna felt very lost and felt that she was Cinderella, reaching too high.

Saint Hesser comforted Anna, but did not agree to her request. He might be returning to Argentina in a month or two.

He asked the security guard to drive Anna away, and then he continued to prepare for work. For him, it was very important to formalize Sequoia now.

……

Saint Hesser screened a group of new and creative employees,

He imitated Merrill Lynch and established Sequoia Training School, recruiting potential employees. One of the newcomers, John Guffran, caught his attention. After several rounds of testing, Saint Hesser signed the employee at a high price.

And the company's system construction is completely moving towards standardization, but this is far from enough. Like Merrill Lynch and Salomon, these investment companies basically have four or five thousand employees.

And Sequoia Securities has less than 1,000 people, so he needs more talents. He personally formulated various interview materials and recruited a large number of genius employees.

This is still not enough. He has set his sights on some relatively mature and not too large securities companies, conducting negotiations and acquisitions.

Seine negotiated with several standardized but moderately sized securities companies and achieved certain results. The negotiations were quickly successful.

Sequoia Capital quickly got on a faster track.

Saint Hesser also referred to some "The Wolf of Wall Street" and militarized management methods to allow Seine to manage the expanded Sequoia Investment. This is very important. A good company system can at least ensure that Sequoia can continue to develop normally and sustainably in the next few years.

Obviously, Saint Hesser's idea is no problem. Seine has also attracted a large number of general partners with the support of Saint Hesser. Currently, most of the large securities firms in the United States are operating on a partnership model.

……

After this merger and acquisition, Sequoia Investment Company was officially renamed Sequoia Investment Bank.

The following is a discarded draft, I can't finish writing it today, refresh it later.

……

At this moment, Anna seemed to see a ripe and tempting fruit on the tree, wishing she could feast on it immediately. However, reason told her that although the fruit was good, it must be tasted after the meal, so she restrained herself.

When the New Year's bell rang in New York, Saint Hesser ushered in his first New Year abroad in Boston. Saint Hesser and Anna drove back to the manor. After night fell, the transparent night sky was like a light veil, covering the vast fields on both sides of the road.

Saint Hesser and Anna snuggled together tightly, watching this bright spring day disappear silently. [space]

The two spent another wonderful night.

The next morning, Saint Hesser lit a cigarette and walked to the window.

"Cruz, can I invite you to my house?"

Anna's address to Saint Hesser became even more intimate.

"I'm afraid I can't these days. I have to prepare the development plan for Sequoia Capital in the new year."

Saint Hesser refused. The two were just having a brief affair, so forget about meeting the parents.

"Okay."

Anna felt very lost and felt that she was Cinderella, reaching too high.

Saint Hesser comforted Anna, but did not agree to her request. He might be returning to Argentina in a month or two.

He asked the security guard to drive Anna away, and then he continued to prepare for work. For him, it was very important to formalize Sequoia now.