Chapter 246: Margin of Safety

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After listening to Guo Shouyun's words, the people in the conference room looked at each other. William opened his mouth and said, "So, the boss is still inclined to buy Enron?"

"I'm not interested in Enron Investments or Enron Energy & Trade, to be exact. In addition, these two companies account for 95% of Enron's revenue, and I believe that Jeffrey Jilin may not be willing to sell them to me!" Guo Shouyun began.

"But the simultaneous acquisition of Enron and Southern is too much financial pressure on us!"

Jonathan Weil said with opposition in his tone.

"Jonathan, remember I told you before. I'll figure out how to deal with the funding problem. When I feel that the expansion of Pan Pacific Group is putting pressure on our financial security, I will call you and tell you to halt all mergers and acquisitions. Also, counting this year, Pan Pacific Energy has two and a half years, or two years of rapid expansion, and we will enter a 10-year recuperation period in the past period. During this period, streamlining staff, reducing the scope of operations, and reducing corporate debt will become our top goals. At the same time, the Group will not generate more than $1 billion in mergers and acquisitions. So, make the most of this time!"

After a pause and letting everyone digest it, Guo Shouyun continued: "In the next month, your main task is to review this plan, write down any objections, and discuss and form a plan. In order to keep it secret, the whole project was codenamed 'Zheng Guoqu'. ”

"Zheng Guoqu?"

Everyone tasted this awkward name, and most of them, who lacked knowledge of Chinese history, did not know the meaning, only William Zhang, who was Chinese, glanced at Guo Shouyun thoughtfully.

"Oh, yes. During this period, the normal operation of Pan Pacific Energy and Phoenix cannot be delayed!" Guo Shouyun continued.

"Looks like we're going to work overtime again!" Rich Cowcy smiled wryly.

Jonathan Weir shrugged, "We're used to it, aren't we?"

In the past few months, with the company's internal rectification, coupled with a series of mergers and acquisitions, the entire Pan Pacific Group has been overworked, and overtime has become the norm. However, Guo Shouyun's partnership system avoids their evasive psychology to the greatest extent. After all, working for someone else and working for yourself are definitely two very different states.

"Don't worry, I'll be working overtime with you throughout the discussion. From now on, this meeting room will be our office. Guo Shouyun said.

"I'm so much more comfortable!" said Carol Rusmi.

His words won the laughter of everyone present. Guo Shouyun shrugged, he liked this relaxed and efficient working atmosphere.

"Wendy, turn on the projector and let's get started!"

Wendy Solo, who was sitting next to her, nodded, turned on the projector in the center of the office, and text appeared on the rear projection screen that everyone could read.

"The biggest loss-making project for Enron is India's Dabor Power Plant, a $2.5 billion megapower plant with an installed capacity of nearly 2,200 megawatts. Due to political reasons and the lack of strong research before construction, the first phase has not yet generated a penny in revenue, although the first phase has been completed. The next priority is the solution for the Dabor project... ”

With Guo Shouyun's words, the atmosphere of discussion in the conference room gradually became intense. Everyone expressed their opinions, Wendy was responsible for taking the secretary's records, if more detailed data was needed, the information department of Phoenix Company would collect it as soon as possible, and if it could not be collected, it would be written down for the time being.

Except for eating, going to the toilet, or when there were internal affairs to attend to in the Phoenix and Pan Pacific Group, no one left until nine o'clock in the evening.

When Guo Shouyun announced the end of the meeting, everyone dragged their tired bodies out of the conference room. However, when Guo Shouyun was packing up the materials on the table, Barbe Douglas walked over.

"Let's go?"

Guo Shouyun nodded.

"Wait a minute!"

After putting the papers in the briefcase, he raised his hand and gestured, and the two walked out of the office side by side.

"Tell me, what's the matter?"

For Guo Shouyun to guess his purpose, Balbe is not surprised.

"Now, the western states of the United States have lost a lot of money in the California energy crisis, and the utilities that are relatively easy to acquire have basically been bought by us! In short, there is very little room for Pan Pacific Group to expand in the short term. So, it's time to end the California energy crisis!" Balbert Douglas said solemnly.

"How do you know that I have a way to end the energy crisis?" Guo Shouyun asked with a smile after thinking for a moment.

"Intuition!" After a pause, Balbe looked at him and smiled, "Besides, I think the source of this solution to Enron's dilemma must be someone within Enron who knows a lot about its operations." ”

Looking at Barbe Douglas with a gleam in his eyes, Guo Shouyun turned his head and continued to walk forward after looking at it for a moment.

"Balbe, in our Chinese culture, the 'fox' is usually used as a metaphor for shrewd people, and I would like to give this metaphor to you!"

"Fox?" After a hint of surprise flashed on his face, he caught up with Guo Shouyun's footsteps, "Can I understand this as a compliment to me?"

"Of course!"

After nodding, Guo Shouyun continued: "Regarding ending the energy crisis, I do have some solutions. However, this is not the time yet. ”

"Why?"

"The contract for the acquisition of the Southern Company has not yet been finalized!"

"The Southern company has nothing to do with the energy crisis. After all, they are not affected by the energy crisis in California.... Speaking of this, a flash of abruptness flashed across Barbe Douglas's face, "It's Goldman Sachs and Morgan?"

Guo Shouyun's footsteps stopped, although he recovered quickly. But it also allowed Barbe Douglas to confirm his guess.

Sighing at the shrewdness of this old man who has been in the elite of American society for half his life, Guo Shouyun nodded.

"I once signed a VAM agreement with Goldman Sachs, Morgan, Citigroup and Bank of America! I can't tell you too much about the details of the agreement because of the confidentiality agreement. ”

Barbé Douglas nodded, "Apple, Pacific, Southern California, and the companies we acquired before, plus the current Southern Company, the reason why everything went so smoothly is because Goldman Sachs, Morgan, Citigroup, and Bank of America are behind it?"

"And Enron! They also contributed a lot!" Guo Shouyun said.

"You're in a dangerous situation!" said Balbe Douglas with a serious expression.

Having sat as chairman and CEO of Pacific Power & Gas for more than a decade and dealing with Wall Street, he knows all too well the appetites of greedy financial giants. To be able to get them to help with all their might, it is necessary to pay several times more than the fair price.

"It's a bit dangerous, but at the moment, I'm going to have more chances of winning. After a pause, looking at the old man who was still frowning, Guo Shouyun smiled and patted his arm, "Relax, Balbey!" In fact, even if I lose all the companies such as Pan Pacific, Phoenix, Google, LinkedIn, Matrix, and Guo's, as long as I can still write books, I will still be a billionaire." Winning or losing the game has no impact on my life, what really affects me is the height I have reached in my career!"

"Looks like you've been prepared for a long time!"

"Of course!" Guo Shouyun nodded, "At the beginning, I knew what the worst outcome I could accept was. Based on this, I was able to respond calmly and calmly in the face of intense pressure from Enron, Goldman Sachs, JPMorgan, Citigroup, and Bank of America, and try to avoid making bad decisions due to emotional mistakes. ”

Nodding his head clearly, Barbe Douglas smiled, "I feel like you're more like you're doing a concentrated portfolio." Pan Pacific, LinkedIn, Matrix, Phoenix, Google, Apple, Ruby, Guo's, make up a value portfolio with different risks and different industries. You decide on the position of each company based on the opportunities that arise in the market. And the copyright income you earn on your writing is the margin of safety you establish. As long as you don't threaten this margin of safety, you're free to operate within the risk you can tolerate, even though many of these operations seem to be incredibly risky!"

After listening to this discussion, Guo Shouyun was slightly stunned for a moment, then nodded with a smile.

"It's a little different, but that's what it basically means!"

"Whew...!"

Barbe Douglas let out a long sigh in Guo Shouyun's surprised eyes.

"I know what you're really thinking, and I know what to do next... I'll pick up the pace for the acquisition of Southern Company, and I'll vote for Enron's acquisition if you feel safe it!" After a pause, Balbe smiled, "Even though I'm old, I still want to go crazy at the end of my career." ”

"Haha, Warren Buffett is 71 years old and hasn't even thought about retirement. You're five years younger than him, so it's time to keep moving forward in your career. ”

"That old guy has a twinkle in his eyes when he mentions investing, and I'm not like him. ”

"You know?"

"Well, after meeting at a charity fundraiser organized by the Ministry of Finance in '96, there has been a connection. ”

"Yes, then you're going to have to introduce me then. I've wanted to ask him for advice on value investing theory for a long time!"

"It's easy. I think he'd love to talk to a young genius like you, too!" ......

The two of them who were talking gradually disappeared into the corner of the stairs.

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