My Age of Investment

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As night fell and the lights began to turn on, a party was being held lively in a spacious manor villa in Pacific Heights, San Francisco.

Among a large group of white people, Xia Jingxing, who has a yellow face, looks particularly dazzling. His well-tailored black dress highlights his tall and heroic appearance that is different from the old white men present, attracting the attention of the ladies around him.

Under the direct or covert attention of countless eyes, Xia Jingxing walked leisurely on the lawn, holding a tall wine glass in his hand, clinking glasses and chatting with every guest who came to greet him with a gentle smile. , and from time to time he would tell a few jokes, making the people around him laugh.

Those who didn’t know, thought he was the protagonist of today’s banquet.

The host of the banquet, Michael Moritz, was not angry at being robbed of the limelight. He just stopped and watched silently.

After a while, when no one came up to greet Xia Jingxing, he walked forward with a smile, spread his arms and made a hug gesture, "Darren, I thought you wouldn't come today."

Xia Jingxing laughed heartily, hugged Moritz and said, "You old man sent the invitation to my house, how dare you not be present."

"Haha, you Chinese are always so humble. How are you doing lately? Many people are concerned about you."

Xia Jingxing glanced sideways at the old man and found that the smile on his face was still bright and he didn't seem to have any bad intentions, so he asked half-jokingly: "Including you?"

"certainly!"

Moritz answered decisively, but Xia Jingxing still felt that the old man had some purpose in inviting him to this banquet today.

After a few words of familiarity, the old man suddenly changed the subject and talked about the pharmaceutical giant GlaxoSmithKline.

"The British are very smart and I have to admire them. They actually came up with an ingenious way to suck up the American subsidiaries through the British parent company, thus transferring most of the profits to avoid taxes. But the IRS is a clever hunter. Any tax avoidance move will be a big mistake." Can't escape their eyes.

Especially those foreign-funded multinational companies, each one is the focus of their tracking and capture. "

Xia Jingxing smiled. The old man had something to say. On the surface he was talking about GlaxoSmithKline, but secretly he was referring to Vision Capital.

Both companies have several major characteristics in common. They are both large foreign companies with a lot of oil and water, and they are easy to handle.

Seeing that Xia Jingxing didn't answer, the old man could only continue to speak slowly: "Actually, the lawsuit can still be fought, and the British boss may not lose.

However, in the face of the huge market interests of the United States, the British government made the most correct choice and compromised, paying a sky-high settlement of US$3.4 billion to the IRS, which became the largest transfer pricing adjustment in the history of the United States.

It seems that Britain is in a bad situation, right? In fact, this settlement amount is only equivalent to their profits in the US market for several years, and is equivalent to the tax payable on the profits they secretly transferred to their British parent company in the past sixteen years.

Strictly speaking, the punishment is not severe. "

Xia Jingxing smiled and said: "So the British and you Americans are real relatives. Breaking the bones and connecting the tendons is relatively easy."

Moritz chuckled, "What kind of relative? I hate the shabby aristocratic look of the British elders the most. The real reason is that someone lobbied Congress to lower the punishment for the British elders."

Xia Jingxing nodded slightly, then continued to remain silent.

Seeing that Xia Jingxing was so dishonest, Moritz had no choice but to stop talking in circles and said seriously: "Darren, you have caused quite a lot of trouble this time."

Xia Jingxing secretly sneered in his heart. He finally showed his fox tail. He knew that this old man was definitely up to no good.

"I've liquidated the fund, what else do I want to do?" Xia Jingxing deliberately pretended to be displeased.

"I heard about this. You ordered all hedge funds to be liquidated. Huge transactions involving hundreds of billions of dollars caused the Nasdaq index to fall for several days.

Many ordinary people who don't know the truth think that you are going to short-sell U.S. stocks again, and they all secretly follow behind.

Alas, you, the King of Wall Street, did not stand up to clarify. Later, the market rose again, and all the retail investors who lost money were scolding you. "

Xia Jingxing shrugged, "Are there not many people scolding me? The American people don't welcome me so much, so I have no choice but to go back to China to make a living."

Moritz looked at Xia Jingxing and felt that this guy was acting. After talking so much, there was not a word of truth in his mouth.

If he hadn't been entrusted by someone, he wouldn't have bothered to fight with this cunning little thing here.

"Okay! Darren, as a friend, let me tell you something. Someone found me and asked me to give you a message: enough is enough, and don't let things get out of hand."

Seeing Moritz's serious expression and slightly threatening tone, Xia Jingxing laughed out loud and said: "These friends are really powerful. First they found Gates as a lobbyist, then they found you, and then they will who is it?

You tell them that I have my own dignity. Even if I starve to death, I will not eat the food they reward me. "

"Darren, don't be like this, this is not what the King of Wall Street should say!"

"Fuck you, the King of Wall Street. If I were really the King of Wall Street, I would be forced by them to liquidate the fund."

"No one forces you, it's your choice."

Xia Jingxing remained silent and looked at Moritz coldly, who also looked at him without showing any signs of weakness.

After a moment, Moritz looked away and said quietly: "Sometimes I really envy you. You just rushed all the way and ended up becoming the King of Wall Street."

"Just say I'm reckless."

Moritz smiled and said: "Talent can cover up all shortcomings, and everyone is always tolerant of talented people.

But it really doesn’t work this time!

Your deliberate dumping of stock angered many people and cost them hundreds of millions of dollars. "

A sneer appeared on Xia Jingxing's lips, why didn't you say that I made a profit for them that was dozens of times more than the loss?

Moritz changed the subject and said: "Of course, you made money for everyone in the past, everyone remembers this.

】

But then again, the excess profit sharing of up to 40% was only done by Cohen back then. "

"Okay, don't think I don't understand the market. That Great White Shark is much more ruthless than me. He charges 3% fund management fee every year, plus 50% excess income sharing. Even the LP works for him.

I at least still work for LP. If you can't even accept this, then ask them to find Cohen. That Jew specializes in treating LP's various dissatisfactions. "

Seeing that Xia Jingxing seemed a little angry, Moritz, who thought his plan had succeeded, smiled and said, "Don't use Cohen as an example. That guy's game is different from yours."

"What's the difference? Oh, by the way, that guy Cohen makes quick money. He will be finished in a few years and cause a lot of trouble. He needs others to help wipe his ass.

As for me, I just keep calm and don't cause any trouble to LP.

So, should I charge more than Cohen? How about 4%+60%? "

"If we can guarantee a fund return rate of several hundred percent every year, is that not impossible?"

Moritz threw another weight, then looked at Xia Jingxing with a smile.

"The miracles of those years cannot be replicated."

Xia Jingxing suddenly felt regretful. He really shouldn't have fed meat to these dogs in the first place. He was used to eating meat and now he didn't even want to chew the bones.

The biggest reason why these LPs are causing trouble is the decline in the fund's return rate.

But then again, if he hadn't roped in these people to share the cake, how could he have easily pocketed tens of billions of dollars in profits?

“That’s why we need to make reasonable adjustments!”

Moritz looked at Xia Jingxing and said: "For a fund with a scale of hundreds of billions, it can collect 2 billion in management fees every year. Add in 3 billion in excess income sharing, and it will be 5 billion a year. What else is there to be dissatisfied about?" ? It’s equivalent to how many years Sequoia Capital GP has earned.

And this money should be divided among you alone! It makes me want to switch to a hedge fund. "

Xia Jingxing did a quick calculation in his mind and quickly came up with a result.

These grandsons directly cut the excess income share from 40% to 15%.

Although it is only the first quotation, there is still some room for negotiation, but it will definitely not return to the high level of 40%, and it will be difficult to even reach 30%.

Naturally, Xia Jingxing did not accept this insincere reconciliation condition. He was about to refute it when he was interrupted by Moritz.

“There is also a plan to charge according to the fund yield ladder after deducting management fees and guaranteed returns.

For example, the fund's return rate before deductions is 20-30%, and the excess income share is set at 15%.

The fund's return rate before deductions reaches 30-40%, and excess income sharing is set at 20%.

…

The fund's return rate before deductions exceeds 70%, and the maximum share of excess income is set at 40%.

Fair enough, right? Let your performance speak for itself! "

After hearing this, Xia Jingxing said calmly: "This is completely out of the blue. No foundation would accept such a humiliating share plan.

And I don’t want to continue to manage hedge funds now. Let them hire someone else. "

"Daeron, think about it carefully. Whether the road ahead is smooth or an abyss is a matter of your thoughts.

If they accept this kindness, they will solve all the troubles as quickly as possible.

Lawsuits, accusations, public opinion, everything is no longer a problem! "

Before Moritz could finish speaking, Xia Jingxing interrupted in a stiff tone: "What if you don't accept it?"

"Then I'm afraid your troubles have just begun!"

Moritz paused, his eyes revealing a warning, "Believe me, this is neither alarmist nor a joke! Think about your industries in the United States!

In addition to hedge funds, you also have vc funds.

Zynga, LinkedIn, Groupon, Yelp and many other star companies will soon go public to usher in the harvest season.

There’s also Facebook, Android, YouTube, Tesla, and you and your family office hold large stakes in these companies.

The United States is where you started, and it is also the country with the greatest interests besides China. Tens of billions or even hundreds of billions of dollars in interests cannot and should not be thrown away like garbage.

You cannot become a world-class entrepreneur by running back to China like a coward.

For a young, promising and ambitious person like you, that ending may be more uncomfortable than killing you. "

Moritz looked like he had seen through Xia Jingxing's expression. He simply did not believe that Xia Jingxing would be willing to part with the family fortune that took ten years of hard work.

Yes, Xia Jingxing has indeed created an industry in China with potential and value that is not inferior to that of the United States, but who in the right mind would be willing to give up half of the country so easily?

Xia Jingxing raised his neck and drank the red wine in one gulp, then shook the glass at Moritz, "This wine is good! It's my turn to treat you to a drink next time!"

Moritz smiled, thinking that Xia Jingxing had finally listened to what he said. He was about to strike while the iron was hot and continue persuading him, but was interrupted by Xia Jingxing's sudden movement.

After waving to the waiter in the distance, Xia Jingxing turned to Moritz and said: "Let me tell the people behind you that they can realize the mistakes they have made and find people to lobby them. I feel very happy about this." I’m pleased, but I don’t like the tone of their words!”

After saying that, without waiting for Moritz's reply, Xia Jingxing placed the cup heavily on the tray held by the waiter and left without looking back.

Moritz didn't react for a long time with his attitude of turning away at the first disagreement.

By the time he reacted, Xia Jingxing had already walked several steps away.

Moritz's old face flushed red, and he wanted to stop Xia Jingxing to talk again, but he felt that doing so would reduce his own momentum, so he could only say the quintessence of Chinese culture, Fake, and then silently watched Xia Jingxing go away.

Little guy, if you don’t listen to the old man’s words, just wait, you will suffer the consequences next!

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