Goldman Sachs is most proud of its partnership system, which has allowed Goldman Sachs to stand for more than 100 years and develop into the world's largest investment bank. Pen, fun, and www.biquge.info

A partnership company is an organizational form in which two or more partners own the company and share the company's profits, and the partners are the owners or shareholders of the company. Its main features are: the partners share the operating income of the enterprise and are jointly liable for the operating losses; It can be operated by all partners or by some partners, with the other partners contributing only capital and being responsible for their own profits and losses.

In investment banks, the mechanism of the partnership system allows the material interests of owners and operators to be reasonably allocated and guaranteed by the system.

In a limited partnership investment bank, the limited partners provide about 99% of the capital and share about 80% of the proceeds; The general partner, on the other hand, enjoys economic benefits such as management fees and profit distribution. The management fee is generally charged as a percentage of the total assets under management of the GP, which is about 3%. In the profit distribution, the general partner can receive up to 20% of the investment income distribution with 1% of the capital.

The highest reward a partnership investment bank can give to a good person is to accept him or her as a partner. This reward is based on the fact that employees want to be partners and therefore don't care about short-term income.

After the listing, the number of partners at Goldman Sachs has remained at about 300, and it is renewed by a quarter to a third every two years. Every two years, Goldman Sachs conducts a "partner pool" selection. The selection criteria will be based on the employee's business contribution and cultural fit.

Members of the Partner Pool not only enjoy superior dividends, but also the ability to invest the proceeds in private transactions and buy Goldman Sachs shares at a discount below market value.

In addition to the material incentives provided by economic benefits, such a system also has strong spiritual incentives, namely power and status incentives, and these partners are vice presidents of the company.

Moreover, because the operator is also the owner of the enterprise and takes responsibility, it can self-regulate and control risks in business activities, and it is easy to gain the trust of customers; At the same time, because the excellent business backbone has the opportunity to be absorbed as a new partner, the partnership can motivate employees to be enterprising and loyal to the company, and promote the business into a healthy development track.

Such an institutional arrangement also fully embodies the principle of reciprocity of incentives and constraints.

The partnership system was once considered to be the most ideal system for investment banks because of its unique and relatively complete incentive and restraint mechanism.

Therefore, the headquarters of Goldman Sachs' world-famous Wall Street "85" building has always been the most diligent place for investment banking elites, and being able to become a partner of Goldman Sachs means having countless wealth. Goldman Sachs' punishment and incentive mechanism for partners is very clear, and senior executives generally have a strong sense of risk and responsibility. This has also formed Goldman Sachs' unique culture of pursuing long-term value and ambition. Goldman Sachs became the bank of choice for aspiring bankers, and working here was a symbol of status and status.

Therefore, even after Goldman Sachs went public, it still retains some characteristics of the partnership system, such as the partners still hold a large number of shares in the company and continue to serve the company based on their accumulated customer resources.

However, the disadvantages of such a partnership system are also very obvious, and companies with publicly listed shares do not have the temptation to become partners in the distribution system, and they implement a distribution system based on profit commissions. Due to the innovation of financial instruments, many of the front-line business people are not partners, but they can often generate amazing profits for the company. However, it is extremely unlikely that he will become a partner. For these excellent front-line business personnel, the temptation of becoming a partner after a long wait is more tangible than short-term profiteering. This puts listed companies in an advantageous position when competing for talent with partnership investment banks.

Especially when the company's profits fall sharply, the disadvantages are also very obvious, because since they are not shareholders, partners can leave the company and take a large amount of money with them.

To use an old Chinese saying, it is most appropriate to say that everyone can share prosperity and prosperity, but it is impossible to share hardship.

Therefore, Lu Shangwen's strategy is to use the knowledge of what will happen in the future, not only to make money from Goldman Sachs, but also to make Goldman Sachs make less money as much as possible, or even lose money, so that Goldman Sachs will scatter and the tree will fall.

After all, these things take time and opportunity, so Lu Shangwen is patiently preparing and arranging......

Lu Shangwen was busy and took time to watch the live broadcast of Chloe's finals, although Chloe is very good, but after all, such a high-level model contest brings together the most potential models from all over the world, it can really be said that it is full of talents, good hands, its catty body proportion and appearance are one in a hundred, Chunlan Qiuju, each has its own strengths, it is difficult to distinguish between them, mainly depends on the players' on-the-spot performance and understanding of the work, seeing the performance of the players in front of them in the previous rounds of clothing display, there are many models who performed very wonderfully, Lu Shangwen sweated for Chloe to get a good result in the competition.

Finally, Chloe came on the stage, the long skirt that dragged the floor was not only backless, but also the cloth strip on the waist-baring chest was just the simplest design, that is, a touch of black, but it contrasted the delicacy of the skin and the only difference from the tradition, and the white armpits did enough to make the article, and the visual experience highlighted another sensitive point in addition to the female second sex characteristics.

Lu Shangwen couldn't help but admire the ingenuity of the designer.

But this kind of underwear is not something that ordinary people can express, it is completely tailor-made for Chloe by the Talo Lady.

Although Mrs. Talo admires Chloe very much, Chloe has not signed a contract with Mrs. Tharlo's company after all, and Mrs. Tharlo can do this, and Lu Shangwen plays a key role in it.

Of course, Chloe is indeed very talented, and she interprets it to the fullest, even if Lu Shangwen is a layman, he knows that Chloe should be able to achieve a good ranking even if he can't enter the top three.

At the end of the competition, the models were nervously waiting for the final selection of the judges.

After the results came out, Lu Shangwen was a little surprised, and Chloe finally won the championship by beating Qunfang!

The reason why Lu Shangwen was a little surprised was because such a high-level competition competition can only be described as miserable, and there are many models who can compete for the championship, and anyone who wins the championship may be possible.

However, Chloe won the championship, Lu Shangwen was a small surprise, and it is normal for Chloe to win the championship, after all, Chloe's strength in all aspects is there.

Lu Shangwen is also sincerely happy for Chloe, winning such a competition is equivalent to getting a pass to the world's supermodel, for Chloe, her dream is more than half realized.

For Lu Shangwen, usually after such a result comes out, he doesn't pay much attention to the next award ceremony and the like, but now he is still very concerned about it, because when he politely refused Chloe, he promised to give Chloe a surprise, of course, it was also a big surprise for a domestic company......