Chapter 484: Innovative and Conservative

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Bank of Merrill Lynch, Lehman Brothers, Bank of Baring, Washington Mutual, there are too many such cases. The subprime mortgage crisis of 2008 was too big to fail, and the U.S. government was forced to guarantee capital injections at the last minute, and Citibank would have been dead.

In each of these financial crises, conservative banks tend to be the most viable, and they can buy a large number of bank assets at a near-free price, overtaking in a corner. Wells Fargo, at such a point in time, completed the counterattack again and again, and took the opportunity to become bigger.

Looking at it this way, is the business philosophy of Rich Fargo consistent with Warren Buffett's three views? No wonder the two old guys have fallen in love with each other and touted each other so much, one has become "the greatest investor" and the other has become "the best bank in the world."

However, in the high-risk financial industry, being conservative seems to be the long-term way to do business. But Guo Shouyun didn't want to spend a lot of time playing the 'tortoise and rabbit race'. Moreover, in the case where there is already the example of Wells Fargo in the past, a simple copy, don't even think of surpassing her.

Of course, Guo Shouyun will not simply choose to innovate. Compared with the dichotomy that foreigners tend to do things in a 'black and white' way, Guo Shouyun, who is still a Chinese in his bones, wants the 'golden mean' more. Neither too conservative nor too open-minded, but take the middle route.

"It's really good to take the pioneer and innovative route, and real estate subordinated debt is also a good direction, but if you want to become a big bank, subordinated debt is still too thin. ”

"What do you mean...?"

"Third-party payment platforms. yPal users can grow their wealth through Phoenix's wealth management platform. Of course, given the scale of today's e-commerce and the fact that the audience for third-party payment is not too large, the cooperation between the two sides has not produced too amazing results. But it also brought a 9.3% monthly asset growth for Phoenix. And that number is growing. It can be seen that with the development of Internet shopping, third-party payment platforms are an important channel for future financial management. We must firmly grasp this channel and lay out early before Seymour and Citi react. ”

Stephen Bryan, despite his recent appointment, is also aware of Phoenix's partnership with PayPal.

"I'm going to treat this as the main business of the new company. ”

Guo Shouyun nodded, "The most suitable third-party payment platform is small and medium-sized wealth management and consumer insurance. Financial management, we Phoenix has done a very mature job, but insurance is still our gap. ”

"How many insurance companies do I buy?"

"No! don't use the insurance just yet. ”

"Why?"

"PayPal's network is available throughout the United States, even all English-speaking countries around the world, as well as Europe and South America. Open financial management, we don't need to set up too many outlets, just need the network is enough. The balance of the profit can be directly distributed to the user's third-party account. But insurance doesn't. Once the user is insured, it means that when the policyholder has a problem and needs us to fulfill the insurance obligation, there must be offline professional insurance personnel to conduct offline verification and negotiation. This requires a sufficiently large multinational insurance company to back it up. Today, we don't have enough capital to acquire or control an insurance company of this size. ”

"Of course, we can also choose to work together. But cooperation that doesn't do much good for us, why should I do it?"

Stephen Bryan pondered for a moment, then nodded in agreement.

"So when are we going to open the insurance service?"

"Wait. Wait until the new Phoenix Bank is strong enough. Guo Shouyun said meaningfully.

In five years, when the subprime mortgage crisis breaks out, the entire financial industry in the United States and even the world will be reshuffled, and there will be enough opportunities for him to complete his layout in the financial industry.

“… Also, although the Internet business is the future focus of Phoenix Bank. However, the expansion of offline outlets cannot be relaxed. I don't want to have tens of thousands of outlets in all cities and villages in the United States, like Wells Fargo, but at least have a network of more than 3,000 banks covering the whole of the United States. ”

"I understand!"

"Finally...!" After glancing at Stephen, Guo Shouyun said calmly, "I want to split the Thunder Fund from Phoenix!"

Stephen Bryan's face changed, and the profit of the Thunder Fund is one of the most important sources of wealth for Phoenix. If it is divided, it will directly affect his interests in Phoenix, who owns shares.

"Why?"

"Although I have no objection to your pioneering and innovative business style. However, high-risk investment projects such as futures and foreign exchange markets should not exist in Phoenix Bank. Phoenix can provide customers with futures and foreign exchange investment platforms, but cannot enter the industry on its own. ”

The stripping of high-risk hedge fund Thunder is the conservative side of Guo Shouyun's operation of Phoenix Bank.

"If you divest Thunder, then Phoenix's valuation will drop a lot, which will directly affect your stake in Phoenix. ”

"I know. However, the Thunder's stay will not have much impact on Phoenix's own capital. What is really affected is the premium of Phoenix. But even so, the remaining Phoenix Fund, Phoenix Capital, and Phoenix Trust alone are enough to guarantee my control in the new company, and that's enough!"

As long as you guarantee your absolute controlling stake and absolute control over the company. As for whether it is 60% or 70%, it is a difference in funding, not in power. If you really need to increase your shareholdings, with Thunder, Guo Shouyun will use the more money he earns from it to invest in Phoenix.

He believes that with his foreknowledge, the income from the capital market will definitely exceed the asset appreciation rate of Phoenix Bank. Therefore, splitting the Thunder Fund is the best choice for him.

Looking at Guo Shouyun's determined expression, Stephen Bryan, who knew him, knew that he could no longer change the result.

"Don't worry, Stephen. Your stake in the Thunder Fund will not change as it goes. ”

"Thank you. However, I am worried that Ruben d'Estaing will abandon this merger plan when he learns of your decision!"

"Our original intention was to just buy First Franklin Financial, a subsidiary of National City Bank, and if he gave up, we would follow the path we had set at the beginning and make Merrill Lynch the next target. We have nothing to lose. ”

Stephen Bryan smiled and nodded.

"Do you need to see him again?"

"Nope. You go talk to him about it. There's a lot of work to do in New York!"

"Isn't going well on the Roosevelt side?"

"No, it's Unocal. Chevron also took an interest in it and was secretly thwarting my acquisition. ”

"Chevron?"

"Not bad!"

"It's a pity that after I left Goldman Sachs, I lost its information advantage, otherwise this incident would have reminded you earlier. ”

"You came to Phoenix to help me earlier, you have a stronger information advantage than this!" Guo Shouyun waved his hand and said.

"And what are you going to do?"

"I've sold it all to the Roosevelt family, and of course I have to make good use of their strength. ”

Stephen Bryan nodded, "If it weren't for me leaving Goldman Sachs and coming to Phoenix, I'm afraid this matter would have been decided by now." ”

Poaching the extremely capable Stephen Bryan from Goldman Sachs undoubtedly disgusted Goldman Sachs' board of directors. Goldman Sachs, which originally assisted Anping in acquiring Unocal, became ineffective. But even so, Guo Shouyun has no regrets.

Top talent is far more important than wealth, and the acquisition of Unocal did not fail, but it was delayed for a while.

"You're more important than Unocal!"

Looking at Guo Shouyun's undisguised appreciation and trust, although Stephen Bryan has been in the workplace for decades and the city government is bottomless, he can't help but be a little more moved!

"Thank you!"

"You're welcome, let's go, let's go around again. ”