He held back his impatience and talked to the other party for a while, until Makula walked in, "Robert, come to my office and continue the discussion." Don is here too, so let's be together. ”

Robert seemed a little reluctant, but he nodded in agreement, and Tang Huan didn't bother to ask anything, and followed Marcula to the office of the chairman of the board of directors, and found that Jobs, Scott, and several other Apple directors were also there.

Before the three of them sat down, Jobs said to Robert with an unhappy face: "Aren't you very connected on Wall Street, hurry up and find another underwriter." ”

"Morgan Stanley is already the best partner. Robert replied in a muffled voice.

As soon as he heard the content of their conversation, Tang Huan guessed that this was discussing the listing of Apple's stock, but it didn't seem that the atmosphere was very harmonious.

It turns out that as the leader of the new industry of personal computers, Apple's many circumstances are groundbreaking, and the same is true for IPOs.

Morgan Stanley's gang was extremely conservative, and after evaluating data such as net worth, they gave a unit price of $12 per share, and even when it provoked the displeasure of the company's founders and the first group of venture capitalists, Jobs jumped to his feet and said, "We are such a great emerging technology company, and it is so worthless in the eyes of you bankers?"

It is conceivable how the two sides broke up unhappily in the end.

Tang Huan rubbed his eyebrows and muttered to himself, Jobs is really ignorant and fearless. Not at all polite to the elite from Wall Street.

In his opinion. Robert is not without reason. At this stage, Morgan Stanley, commonly known as "Big More" in the financial circles, should be the best partner, and it and Goldman Sachs and other companies have a pivotal position on Wall Street.

Morgan Stanley's history can be traced back to the 1930s, when the United States was torn into the Great Depression by an economic crisis, and most people blamed the 1929 Wall Street crash for the collapse.

In order to curb speculation, the U.S. Congress passed the Glass-Steagall Act in 1933. i.e. the Banking Act 1933.

One of the regulations is that commercial banks, which mainly focus on deposit and loan business, will be completely separated from investment banks that make profits by playing securities, forming a mechanism similar to a firewall.

The Act eventually forced J.P. Morgan & Company to abandon its investment banking business and become a single commercial bank.

The reason for this choice was that at that time, commercial loan services of commercial banks could bring greater profits than investment banking.

At the same time, the company's managers believe that the political environment will eventually change in the future, and the Glass-Steagall Act will be repealed. As a commercial bank, J.P. Morgan & Co. was able to resume investment banking operations quickly. Otherwise, it will be difficult.

So in 1935, J.P. Morgan & Co. closed down its investment banking division entirely.

Partner Henry Morgan, grandson of the famous John Morgan, and Harold Stanley led the firm's investment bankers to establish a new securities firm named Morgan Stanley, which became a partner of the New York Stock Exchange in 1941.

These elites have a very accurate grasp of the future, and the provisions of the Glass-Steagall Act are indeed being phased out and replaced.

For example, allowing the Federal Reserve System to regulate interest on deposit accounts was abolished by the 1980 Savings Institutions Deregulation and Monetary Control Act.

The original prohibition on bank holding companies owning other financial companies was also removed by the Financial Services Act Modernization Act, which came into effect in 1999.

It can be said that this change is almost inevitable, because the United States is so isolated, while the European countries do not follow suit, and naturally have a certain advantage in the competition.

However, with the popularity of bank holding companies like department stores, which are involved in any financial business, the potential risks are also increasing, but fortunately, they can be transferred through globalization, and the turmoil in the world capital market that began in the late first decade of the 21st century may not be unrelated.

Under the leadership of these visionary financial elites, Morgan Stanley's growth speed can be imagined.

Recognized by such a big guy and has the value of operating the market, Apple should be happy, how can it casually slap the table for a little problem.

You know, these guys who play finance have begun to stop talking about the so-called demeanor, and when they used to help the client implement the acquisition, they would try their best to attract or persuade the acquired party to agree, and they would never openly force the merger, which can be called a civilized norm, but after entering the 1970s, it was directly a hostile takeover by the overlord.

For example, in July 1974, Morgan Stanley, the most reputable company in investment banking, was the first to take part in an attempted hostile takeover of ESB, the world's largest battery manufacturer at the time, on behalf of its Canadian client, the International Nickel and Chromium Corporation, INCO.

Some are white-faced, some are red-faced, and in this acquisition, Goldman Sachs participated under the banner of "anti-takeover consultants".

Upon learning of Morgan Stanley's hostile intentions, the ESB quickly called Freemande, who was in charge of Goldman Sachs' mergers and acquisitions department at the time, and asked for his help.

At nine o'clock the next morning, Freeman sat in the office of the owner of ESB in Philadelphia.

When he learned that the bid price was $20 per share, up $9 from the previous trading day, he suggested that the ESB use a "white knight" approach against INCO or file an antitrust lawsuit.

With the help of Goldman Sachs and the White Knights, INCO ended up paying a whopping $41, and ESB's shareholders saw their shares rise by 100%.

From this incident on, first Morgan Stanley, and then First Boston, both played the role of hostile takeovers, while Goldman Sachs was the pillar of anti-hostile takeovers, and jointly staged a drama of takeovers and anti-takeovers.

Morgan Stanley, which participated in hostile takeovers, made record revenues, and Goldman Sachs helped companies that suffered hostile takeovers to bring in friendly bidders, known as White Knights, to participate in the bidding, inflate the purchase price or take antitrust lawsuits to snipe at the hostile takeovers, which was also a source of fame and fortune.

It is not difficult to see from this that these investment bankers, similar to the lawyers who take it all from the plaintiff and the defendant, whether they play the devil or the angel, they still make a lot of money and have a lot of energy.

Apple, which is destined to enter the stock market, must learn to get used to the rules and make good friends. You know, in the future, you will be praised by the other party to the altar of a market value of $700 billion, becoming the first company in the history of the United States to exceed this figure in market capitalization.

Therefore, whether Morgan Stanley wants you to lie down or lie on your stomach, you have to put on a smiling face, and you can't make a petty temperament, let alone make a mistake.

If there is a disagreement, you can be coquettish, and you can also hook up with one woman and two families.

In Tang Huan's memory, there were two investment banks in charge of Apple's IP0 in his previous life: one was Morgan Stanley, a traditional Wall Street company, and the other was Hambredit&Quist, or Humber Quest, in San Francisco.

The latter also helped Genentech (Genentech), Netscape, Amazon and other companies to successfully carry out IPOs, which can be described as remarkable results, and was finally favored by JPMorgan Chase and accepted into the account.

It can be seen that Humber Quest has a more positive understanding of the value of emerging technology companies like Apple.

While Tang Huan was thinking about it, the quarrel in the office also became fierce, and some people even maliciously speculated, "Morgan Stanley gave such a price, shouldn't it be to rely on its own strength, underwrite our stocks, and sell them to other investment banks, so as to make a fortune from it." ”

"There's no need to be so suspicious of Morgan Stanley's professionalism, right?" Robert, who was the matchmaker, was both depressed and aggrieved, "As for choosing the underwriting issuance method or the agency issuance method, didn't you have time to discuss." ”

Hearing this, Tang Huan frowned, and said in his heart, even if you cross the river by feeling the stones, there is no need to make such slow progress.

However, Morgan Stanley is indeed too conservative, and the price is very inappropriate. You know,In this time and space,I have greatly expanded the application field of Apple's second-generation machine through office software and function expansion cards,Far from being comparable to other types of personal computers that are often used to play games on the market。

And there is a clear data reference in the original time and space, on the day of Apple's stock listing, the bankers finally set the stock price of $22 per share, and by the close of the day, the stock price had risen to $29.

The gap between the two is too big, according to Tang Huan's prediction, the issue price of Apple's shares will be more than $25, otherwise, my brother has done so much for Apple, what is the picture.

Makula noticed the change in Tang Huan's expression, raised his hand to signal everyone to be quiet, and asked, "Tang, what do you think about the IPO?"

Tang Huan didn't want to waste time by arguing senselessly like in front of him, with this kind of work, his brother might as well go home and change the child's diaper, so he expressed his thoughts without giving up.

"Ladies and gentlemen, I think you should first calm down. If Apple goes public, it will be a precedent for the PC industry. Since there is no precedent to follow, it is not surprising that Morgan Stanley has given a traditional assessment in accordance with conservative thinking. ”

Jobs, who was arguing with a dry mouth just now, had already moistened his throat, he looked at Tang Huan, who had not sprayed for a while, and asked, "Then according to your meaning, accept the price of Morgan Stanley?" (To be continued......)