Dallas County, Alabama. It has the largest deer herd in the United States, and it is a great hunting season from September to November.

A closer look at the 170,000 acres of jungle in the Dallas Wildlife Management Area (MA) reveals that in addition to the scattered log cabins, there are many large trees with a small platform erected on them, and a long ladder leading to the ground.

These platforms all have a common name tree station.

It was getting late, and only a glimmer of afterglow in the western sky remained, and on the highest tree on the hill stood an old man with gray hair and ear protectors.

"Little cutie, that's it, don't move。。。。。 Good...... Look at your beautiful fur。。。。。。 Gee... The gray-haired Cal Icahn greedily looked at a white-tailed deer in the sniper scope with his head shaking, his fingers lightly tapping on the trigger.

"Carl, your phone. A muscular old man who looked a few years younger than Cal Icahn emerged from his hut next to the tree and shouted Kar Ikan's name.

The deer's sense of hearing and smell is very keen, and the white-tailed deer in the sniper scope immediately pricked up his ears and looked around vigilantly.

"Tsk!" Carl Icahn looked disgruntled, climbing down from the tree with his seven-millimeter Winchester M70 rifle on his back.

"If it weren't for your loud voice, we would have eaten roast venison in the evening. Cal Icahn muttered to the bald old man, "Henry, I really shouldn't have invited you to join me in the deer hunt, this is the third time you have scared away my prey." ”

The bald-headed Henry shook his head disapprehantly: "You really shouldn't bring me along, I'm an animal protectionist, and hunting is not for me." That's right, your satellite phone. ”

Carl Icahn picked up the phone, a few words, and then said: "Okay, I know, you continue to investigate, check whether Tinder Source has invested in similar companies before, okay, that's it." By the way, don't hang up the phone yet, if you don't have anything important in the past two days, don't call me, the president of Goldman Sachs is not your operator. ”

Cal Icahn hung up, and Henry laughed, "It seems that you have to make some gains before you go back to New York." ”

The bald man is none other than Henry Paulson, who took over as president of Goldman Sachs last year.

Carl Icahn picked up a bottle of whiskey, poured two glasses, and handed one to Henry Paulson: "As a hunter, you have to be more patient than your prey to make a difference." ”

Henry Paulson raised his glass: "Your latest prey is the Tinder Source? ”

Karl Icahn said slowly: "Tinder Source is a listed company today, but there will always be a day when it will be listed, and it always doesn't hurt to do more research now." It's like a deer hunt, you have to know how many ribs its heart is under to be killed with one shot. I waited thirteen years for the U.S. Steel takeover to find the right opportunity, and as I said, I was patient. ”

Henry Paulson's voice was very low, and he laughed twice: "I met with Cowys' president, Rauld Blankefen, the other day, oh, Roald used to do it in the block trading department of Goldman Sachs. Cowyce is a hedge fund owned by Tinder, and as far as I can see, they are not short of money and there is no need to go public. ”

Karl Icahn smiled confidently: "No, Tindersource will definitely go public, at least their investment banking business will be spun off separately for IPO." ”

"Oh?" said Henry Paulson, with a playful look, "why do you think so?"

Carl Icahn shook the wine in his glass: "Henry, remember the stock price of Yahoo on the day it went public?"

Henry Paulson raised an eyebrow: "Of course, it was a miracle that the first day closed up 200 percent to close at $33." ”

Carl Icahn smiled: "Yahoo's share price has risen to $147 yesterday, and if you count the rights issue, their stock price has risen nearly tenfold. And now, the miracle of the entire IT industry is still happening. ”

"This succession of miracles is both numbing and insane. A business that could have been done two years ago for $500,000 now needs at least $5 million. Tinder has indeed caught up with the good times, and many of the projects they have invested in have now risen to incredible levels, bringing them huge returns. ”

"But while this hot market has brought them huge returns, it has also caused the operating costs of their new business to rise sharply. I've taken a closer look at their recent investment cases, and compared to a year ago, their operating costs per project have increased by 267 percent. And this cost rise continues, and by the end of next year, their operating costs per project are expected to more than double compared to now. ”

"However, it is not so easy to realize the shares of the projects they have invested in, and it may not be long before they face the problem of lack of funds. Compared with looking for you Goldman Sachs or Citi to make a high-cost financing plan, going public is the most reasonable choice. ”

Henry Paulson narrowed his eyes: "Even so, if they only take out 20% of the shares for listing, or even increase the issue to 70% many times, as long as Zack holds more than 30% of the shares, it will be difficult for you to achieve your goal." ”

Carl Icahn laughed and said, "Henry, don't tell me you have no doubts about the current NASDAQ. We all think the same thing, the current Nasdaq is so crazy that the bubble caused by this irrational investment behavior will burst sooner or later, but it is difficult to tell when it will collapse. ”

"Crises throughout history have taught us that whoever gains more from a crisis will be the first to fall in a crisis. At that time, Tindersource and Cowyce, whose IT Internet is the main investment object, will inevitably fall into a greater crisis than other investment companies. ”

Henry Paulson smiled: "Your assumption is too idealistic, in fact, there will be all kinds of precursors when the crisis comes, as long as they run fast enough and can maintain enough cash flow, even if they lose a lot in the crisis, it may not really be fatal." After the crisis, with their previous portfolios, there is still a lot of hope for a turnaround. ”

Carl Icahn took a sip of whiskey, and the corners of his mouth slightly raised: "What if the cash flow is cut off at this time? As far as I know, Goldman Sachs and Tinder Source also have a lot of financial cooperation... ”

Henry Paulson waved his hand: "I am the president of Goldman Sachs, and I must be responsible for the interests of Goldman Sachs." My team and I will only make decisions that are in the interest of Goldman Sachs shareholders. ”

Carl Ikan laughed: "For the Goldman Sachs board of directors, the icing on the cake and the bottom line are the most beneficial decisions for shareholders. ”

Henry Paulson stroked his forehead with one hand: "Instead of being whimsical here, consider Buffett's criticism of you, and your investors don't seem to be happy with your recent series of actions." ”

Carl Icahn shrugged: "I said I only do long-term business. I'm not just looking at one company, but I also have several small hedge funds on my list. As for Warren Buffett, my investors don't care about what he says, they only care about the ROI I give them. In fact, over a decade, my average return on investment has been seven percentage points higher than Berkshire Hathaway. Warren Buffett is just trying to get a reputation for justice. ”

Henry Paulson snorted: "It is precisely because of Buffett's reputation that he will gain the trust of investors, and Berkshire Hathaway can be more than three times the size of yours." Goldman Sachs has been working with you for more than a decade, and every year in those years, shareholders and directors have raised objections to Goldman Sachs' support for you. At least on the surface, you should be a little more restrained. ”

Carl Icahn said disapprehantly: "Okay, okay, it's just a matter of buying up a few seemingly bad companies, saving them from the brink of collapse, and forcing the union to sign an unfair deal by the way, it's not a big deal." Tomorrow I'm going to buy the farm machinery company in Wisconsin that is about to go out of business. Cheers. ”

Henry Paulson drank the whiskey from his glass, "You're such an old bastard. ”