Chapter 112： Fund No. 3
At present, the securities department of Meta Investment Company has three parts of investment. The $800 million of Fund No. 1 is used for investment in subprime loan bonds. Together with the newly added $200 million, the investment scale has reached $1 billion.
No. 2 Fund 500 million is used to short the stocks of companies related to subprime loans; the last part is the investment in gold futures.
After Chen William consulted John Paulson's opinion, he is ready to add a private equity fund - Fund 3.
The investment threshold of this fund is 1 million US dollars, the annual management fee is 2% of the investment amount, the commission rate is within 50% of the rate of return, and 20% of the income is charged; the rate of return is in the range of 50%-100% , 25% of the income will be charged; if the rate of return is over 100%, 30% of the income will be charged.
As the fund's manager, John Paulson can receive 20% of the commission as a performance commission. That is to say, if the rate of return of this fund is 50%, then he can get 50%*20%*20% of the total investment amount of the fund, which is 2% of the performance commission. If the income can exceed 100%, then his performance improvement will be very impressive.
After the fundraising of No. 3 Fund, there will be a one-year closed period, and then the redemption window of the fund will be opened.
This also means that William Chen has accepted the cooperation of Rick Walton. The current investment of Fund No. 3 includes Rick Walton's $100 million and Alicia's $2 million - this is William Chen, who was accepted by Alicia before, got a 30% stake in her law firm.
In addition, William Chen gave his assistant Erica a salary of $1 million in advance and invested in this private equity fund. Adding in the $10 million from Uncle Tom, Fund 3 now has an investment of $113 million.
At the same time, as another proposal to cooperate with William Chen, Rick Walton contacted MGM and put in $30 million to MGM so that they could support it until February next year, so that he got MGM 1.67% stake in Gaomei.
According to the tacit agreement reached by William Chen and Rick Walton, if William Chen decides to acquire MGM in the future, he will transfer this part of the shares to William Chen at the original price of $30 million.
There is no unprovoked contribution in the world. According to Rick Walton's current conditions, it is beneficial to William Chen, unless he is really so sure that William Chen's foundation will bring him very rich returns.
But if he's so sure, why not invest it himself? Because there is no experienced manpower?
William Chen does not believe this, because through John Paulson, he learned that in the information currently available to John Paulson, there are already at least 5 funds that are shorting bonds related to subprime mortgages, It's just that these funds are small funds, and the largest fund size is currently only 50 million US dollars.
This is not surprising. To put it bluntly, those who are now investing in shorting subprime mortgage bonds, including John Paulson, in the eyes of the top Wall Street players such as Goldman Sachs and Merrill Lynch, are Wall Street fringes.
When Lloyd, the CEO of Goldman Sachs, heard the name of John Paulson of Meta Investment Company and asked Carsten, the head of the investment department, Carsten answered him: John Paulson? He was just a third-level fund manager.
That's it, in their eyes, John Paulson, whose fund size was about 100 million US dollars, was only at the third level on Wall Street, and he couldn't get into their eyes at all.
As for the other small funds with less than $50 million in capital, in these people's eyes, they are nothing more than marginal people who follow them and pick up scraps.
However, the development of things is so dramatic. These marginal people eventually overturned the proud throne of those top investment banks. After the subprime mortgage crisis, most of them have grown into big men with a scale of more than 1 billion US dollars, and some of the most famous ones. , and even the size of the fund exceeds $5 billion.
So back to Rick Walton, how likely is it that he can see early that William Chen's Fund No. 3 may bring him 10 times or even dozens of times returns?
Therefore, his current actions are more like a gesture of goodwill towards Chen William. Now what William Chen needs to figure out is, what is the reason?
When Chen William saw his shadow reflected from the glass door, he was indeed handsome and tall.
At this time, he suddenly had an idea: F**K, he didn't like himself, after all, even Chen William himself often indulges in his own appearance when looking in the mirror, lamenting God's partiality, so This possibility is not without - I'm your brother, but you want to fall in love with me?
No wonder he had this kind of speculation, after all, there is too much same-sex love on the American side.
Uh... I can't say the same, no matter where it is, there will be a certain chance of this kind of situation, but in other places, the acceptance of this kind of thing will be very low, so those people will deliberately hide their sexual orientation. , so in the eyes of ordinary people, it seems that there are no such people around.
When a phenomenon has a common probability, but there is no one around you, then the only possibility is that it is not at all, but is hidden.
In the United States, it is different. After all, LGBT has even risen to the level of political correctness. The so-called LGBT is the abbreviation of lesbian, gay, bisexual and transgender, so these people dare to express their own Identity, especially in the gathering place of white and left in Hollywood, it is necessary to pay attention to this aspect. Do you dare to agree or disagree? Hmph, you discriminate, we will drown you with our saliva.
Therefore, the way of thinking on both sides is different. In the United States, when considering this aspect, it will naturally include the LGBT situation, so it is no wonder that William Chen has this concern.
Because of Rick Walton, although I saw that he had a good time chatting with Lindsay and Britney that day, didn't they take anyone away in the end? So who knows if it's because of his sexual interest or because of his girlfriend's relationship with them?
Thinking of this, Chen William was also a little troubled. With his appearance, not only did he have to prevent women from thinking about him, but even men had to guard against him, and he was tired.
"Rick, there's one thing I'm curious about."
So, after Rick Walton came to Meta Investment Company to sign the contract to invest in Fund No. 3 and became their investor, William Chen asked this question that he was more concerned about while chatting with him. .
"I saw your investment, some in movies, some with me, and you promised to invest in Roger's right show, but it seems that you are not very interested in your family's retail industry?"
"It's not surprising, William, if you understand how our family manages Wal-Mart, then you understand."
Rick Walton walked to the window, took out a cigarette case, lit a cigarette, turned around and said to William Chen:
"At Walmart Group, I can go in and do things, but I can't change their decisions. When my philosophy doesn't fit with them, then the result is that I have to stay away."
"Your philosophy?"
"Yes Actually, I envy you, William, you see the future of the Internet, and it can be seen from your investments, those Silicon Valley companies, Twitter companies, Siri companies, companies, and Netflix, and I agree with that, the Internet will change the way people live.”
When Rick said this, he sighed: "But Walmart can't see this, or rather, although they have made some attempts at this, in my opinion, these are far from enough."
"Amazon is constantly developing, but Wal-Mart, on the other hand, is still shackled. The management, including my uncle Robertson, are cautious and follow my grandfather Sam Walton's philosophy and dare not make innovation in the slightest."
"What makes people feel suffocated is that no matter what they do, they always bring out Sam's principles and Sam's spirit first, and do things within this framework. Two years ago, they even dismissed Amazon, now what? Amazon is already encroaching on Walmart's territory, and it will continue to squeeze Walmart's development space in the future. Oh, there may be no room for development, and it can only continue to go downhill."
"Yes, I believe that sooner or later, they will have to change, but I think by then, it will be too late."
No. 2 Fund 500 million is used to short the stocks of companies related to subprime loans; the last part is the investment in gold futures.
After Chen William consulted John Paulson's opinion, he is ready to add a private equity fund - Fund 3.
The investment threshold of this fund is 1 million US dollars, the annual management fee is 2% of the investment amount, the commission rate is within 50% of the rate of return, and 20% of the income is charged; the rate of return is in the range of 50%-100% , 25% of the income will be charged; if the rate of return is over 100%, 30% of the income will be charged.
As the fund's manager, John Paulson can receive 20% of the commission as a performance commission. That is to say, if the rate of return of this fund is 50%, then he can get 50%*20%*20% of the total investment amount of the fund, which is 2% of the performance commission. If the income can exceed 100%, then his performance improvement will be very impressive.
After the fundraising of No. 3 Fund, there will be a one-year closed period, and then the redemption window of the fund will be opened.
This also means that William Chen has accepted the cooperation of Rick Walton. The current investment of Fund No. 3 includes Rick Walton's $100 million and Alicia's $2 million - this is William Chen, who was accepted by Alicia before, got a 30% stake in her law firm.
In addition, William Chen gave his assistant Erica a salary of $1 million in advance and invested in this private equity fund. Adding in the $10 million from Uncle Tom, Fund 3 now has an investment of $113 million.
At the same time, as another proposal to cooperate with William Chen, Rick Walton contacted MGM and put in $30 million to MGM so that they could support it until February next year, so that he got MGM 1.67% stake in Gaomei.
According to the tacit agreement reached by William Chen and Rick Walton, if William Chen decides to acquire MGM in the future, he will transfer this part of the shares to William Chen at the original price of $30 million.
There is no unprovoked contribution in the world. According to Rick Walton's current conditions, it is beneficial to William Chen, unless he is really so sure that William Chen's foundation will bring him very rich returns.
But if he's so sure, why not invest it himself? Because there is no experienced manpower?
William Chen does not believe this, because through John Paulson, he learned that in the information currently available to John Paulson, there are already at least 5 funds that are shorting bonds related to subprime mortgages, It's just that these funds are small funds, and the largest fund size is currently only 50 million US dollars.
This is not surprising. To put it bluntly, those who are now investing in shorting subprime mortgage bonds, including John Paulson, in the eyes of the top Wall Street players such as Goldman Sachs and Merrill Lynch, are Wall Street fringes.
When Lloyd, the CEO of Goldman Sachs, heard the name of John Paulson of Meta Investment Company and asked Carsten, the head of the investment department, Carsten answered him: John Paulson? He was just a third-level fund manager.
That's it, in their eyes, John Paulson, whose fund size was about 100 million US dollars, was only at the third level on Wall Street, and he couldn't get into their eyes at all.
As for the other small funds with less than $50 million in capital, in these people's eyes, they are nothing more than marginal people who follow them and pick up scraps.
However, the development of things is so dramatic. These marginal people eventually overturned the proud throne of those top investment banks. After the subprime mortgage crisis, most of them have grown into big men with a scale of more than 1 billion US dollars, and some of the most famous ones. , and even the size of the fund exceeds $5 billion.
So back to Rick Walton, how likely is it that he can see early that William Chen's Fund No. 3 may bring him 10 times or even dozens of times returns?
Therefore, his current actions are more like a gesture of goodwill towards Chen William. Now what William Chen needs to figure out is, what is the reason?
When Chen William saw his shadow reflected from the glass door, he was indeed handsome and tall.
At this time, he suddenly had an idea: F**K, he didn't like himself, after all, even Chen William himself often indulges in his own appearance when looking in the mirror, lamenting God's partiality, so This possibility is not without - I'm your brother, but you want to fall in love with me?
No wonder he had this kind of speculation, after all, there is too much same-sex love on the American side.
Uh... I can't say the same, no matter where it is, there will be a certain chance of this kind of situation, but in other places, the acceptance of this kind of thing will be very low, so those people will deliberately hide their sexual orientation. , so in the eyes of ordinary people, it seems that there are no such people around.
When a phenomenon has a common probability, but there is no one around you, then the only possibility is that it is not at all, but is hidden.
In the United States, it is different. After all, LGBT has even risen to the level of political correctness. The so-called LGBT is the abbreviation of lesbian, gay, bisexual and transgender, so these people dare to express their own Identity, especially in the gathering place of white and left in Hollywood, it is necessary to pay attention to this aspect. Do you dare to agree or disagree? Hmph, you discriminate, we will drown you with our saliva.
Therefore, the way of thinking on both sides is different. In the United States, when considering this aspect, it will naturally include the LGBT situation, so it is no wonder that William Chen has this concern.
Because of Rick Walton, although I saw that he had a good time chatting with Lindsay and Britney that day, didn't they take anyone away in the end? So who knows if it's because of his sexual interest or because of his girlfriend's relationship with them?
Thinking of this, Chen William was also a little troubled. With his appearance, not only did he have to prevent women from thinking about him, but even men had to guard against him, and he was tired.
"Rick, there's one thing I'm curious about."
So, after Rick Walton came to Meta Investment Company to sign the contract to invest in Fund No. 3 and became their investor, William Chen asked this question that he was more concerned about while chatting with him. .
"I saw your investment, some in movies, some with me, and you promised to invest in Roger's right show, but it seems that you are not very interested in your family's retail industry?"
"It's not surprising, William, if you understand how our family manages Wal-Mart, then you understand."
Rick Walton walked to the window, took out a cigarette case, lit a cigarette, turned around and said to William Chen:
"At Walmart Group, I can go in and do things, but I can't change their decisions. When my philosophy doesn't fit with them, then the result is that I have to stay away."
"Your philosophy?"
"Yes Actually, I envy you, William, you see the future of the Internet, and it can be seen from your investments, those Silicon Valley companies, Twitter companies, Siri companies, companies, and Netflix, and I agree with that, the Internet will change the way people live.”
When Rick said this, he sighed: "But Walmart can't see this, or rather, although they have made some attempts at this, in my opinion, these are far from enough."
"Amazon is constantly developing, but Wal-Mart, on the other hand, is still shackled. The management, including my uncle Robertson, are cautious and follow my grandfather Sam Walton's philosophy and dare not make innovation in the slightest."
"What makes people feel suffocated is that no matter what they do, they always bring out Sam's principles and Sam's spirit first, and do things within this framework. Two years ago, they even dismissed Amazon, now what? Amazon is already encroaching on Walmart's territory, and it will continue to squeeze Walmart's development space in the future. Oh, there may be no room for development, and it can only continue to go downhill."
"Yes, I believe that sooner or later, they will have to change, but I think by then, it will be too late."
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