The double standard of the Anglo-Saxon people is famous all over the world.

But within themselves, they don't see it that way.

At this moment, many giant crocodiles gathered in the face of the aggressive Abel.

In the face of Abel's attitude of course.

For a moment, they were a little speechless.

According to this strong word of Abel.

He's right.

The annual operating income of the four major investment banks is as high as $30 to 40 billion, which is not much different from their market value.

But the investment profit is not even half of Smith Capital.

This is mainly because investment banks' investments are not profitable every time.

According to his rhetoric, even the famous "Wall Street Bulldog" Richard Forder.

I can't find any good reason to refute it.

Unlike the Chinese people, the Chinese people like to do things and stay one step and see each other in the future.

The Ansar style is to take advantage of your illness to kill you.

I'm strong, I'm reasonable.

Take advantage of these people and don't know how to fight back against themselves verbally.

Abel spoke.

"That's the proportion." Abel smiled and said:

"If you are interested, you can come and talk to me later. If you're not interested, we're not reluctant."

"After this, Smith Capital's private placement will be open to you as always~"

"The food and drinks Hilton prepared tonight were good. And the red of Château Margaux, which I think tastes great."

"You can give it a try~"

After finishing speaking, Abel didn't give them a chance to refute, and left directly with a smile.

As soon as he was gone, Richard Fored said with some anger:

"That's too much! 500 billion dollars? He dared to think of it!"

The presidents of the other three investment banks didn't speak, but they all nodded their heads as if they agreed with Richard Foord's words.

$500 billion market cap?

The stock price of General Electric, the largest company in the United States by market capitalization, is only close to $600 billion.

But General Electric has a long history, from the Edison era to the present, there are hundreds of years.

There are also countless scientific and technological patents and a large number of subsidiaries, which are the pillars of science and technology in this country.

Such a behemoth, it is still a listed company.

Its market value is now more than $500 billion.

David Komansky, the CEO of Merrill Lynch, who has not spoken much tonight, said leisurely:

"Mr. Smith may just not want to accept anyone into Smith Capital. He simply offered such a price that we couldn't accept."

David Comansky's statement suddenly became the most accepted possibility for everyone to reappear.

"It's excessive, indeed." Philip Purcell made it clear: "Morgen Stanley has announced that he is no longer interested in taking a stake in Smith Capital!"

"It's the same with Goldman Sachs!" Paulson said.

Lehman Brothers and Merrill Lynch didn't speak, but the two CEOs also nodded in cooperation beside them.

It looks like tonight's capital giants.

Because Abel just exaggerated and outrageous quotes.

The four major investment banks gave a unified answer of refusal.

Many of the crocodiles looked at Buffett, who smiled.

"Mr. Smith's price is outrageous. Coca-Cola has a market capitalization of $150 billion."

Warren Buffett said, "I don't think Smith Capital is more valuable than Coca-Cola."

Buffett's statement once again got the nods of many people in this small circle.

For a while, the predators began to verbally crusade against Abel Smith and Smith Capital.

At that moment, it seems that no one is interested in Smith Capital anymore

Interested.

Even George, who just came to join in the fun, quietly said to Steve, the family's private investment manager:

"Originally, I was also interested in taking a stake in Smith Capital. But now it's too expensive."

The stake was too expensive, and George felt that it was not necessary.

But he thinks that Smith Capital's private placement can still be bought.

He is not very good at math, but he still knows how to calculate the 283.9% return.

Steven nodded, also thinking that what the boss said made sense.

Among the people present.

There is not much to say, just two people from the Texas consortium.

And the two old men of Mahogon and Rockefeller.

The other side.

Abel, who left the crocodile circle, didn't think that his offer just now was too high.

He had this confidence in himself, or rather, in his "talent".

He feels that he has his own "talent" to act as an investment manager.

It's worth the price!

As for whether Wall Street agrees with it, that's Wall Street's problem.

After leaving the giants, Abel rediscovered David Mellon.

In the latter's somewhat surprised look, Abel asked:

"David, do you think that if we set up a few more fund companies, there will be more people subscribing?"

This aspect of the content before we begin today.

He hadn't said that to David.

That's exactly why David was surprised.

But as soon as he said it now, David also changed his way almost without thinking:

"No problem at all~ BOSS, you didn't see me coming down just now, and I was blocked by them. A lot of people write cheques on the spot and want to join us."

There's such an exaggerated return figure out there.

There were so many Wall Street giants on the scene who were silent about it.

This confirms that Smith Capital is not lying, people are so powerful.

Such a miracle was created.

Almost all of the guests attending tonight's reception were high-net-worth individuals.

These people have money, and they usually need a money manager.

A lot of people's money is handed over to private independent investment financial advisors.

Generally, they are invested in investment banks and securities companies.

Now Smith Capital, I don't know how many times stronger than these companies.

So why not put your money into the strongest Smith Capital?

Two and a half months, 289.3% ROI.

Where to find this kind of yield?

In fact, Abel also knows that wealth moves people's hearts.

Such a high return on investment, such an exaggerated profit margin.

It is impossible that no one is tempted at the scene, and the words just now are just an opening remark.

After hearing David's confirmed answer, he smiled and said, "Then let's open a few more fund companies!"

In the United States, the type of private equity fund that is more familiar to Chinese people.

In the relevant laws of the United States, it is called. Because it comes from the law of 3)1.

Private equity in the United States, it is essentially a private company.

What investors subscribe for is actually the shares it issues with.

Like the first issue of the Smith Fund, it's just a colloquial saying.

Legally, it's actually called "Smith Capital One."

The total share capital is 3 billion US dollars, and the investors contribute to the subscription.

The investment advisor and management team is Smith Capital.

It has fewer regulatory and disclosure requirements than listed companies.

However, there are stricter requirements for fundraising.

For example, there should be no more than 100 investors, and it should be targeted at a specific group of people.

No IPO is possible, and each investor must be a qualified investor, and there are requirements for the investor.

That is, the assets under management are not less than 1 million US dollars, or the net assets of the investor are not less than 2.1 million.

On the Chinese side, they basically followed the American set.

Because it is necessary to raise funds for a specific group of people, it is called a "private equity" fund in the Celestial Empire.

Corresponding to the concept of "public" funds.

The public funds on the Chinese side are more like the concept of "mutual funds" in the United States.

It means that China is called a public fund, and in the United States, it is called a mutual fund.

According to U.S. regulations, LPs who want to buy private equity funds.

One of the two requirements must be met, either the one above has an investment of more than $1 million or a personal net worth of more than $2.1 million.

Mutual funds do not have such a requirement, and the public can buy small shares of 10 or 20 yuan.

Unlike private equity funds.

In the United States, mutual funds have a more passive investment strategy.

Generally, only one index is tracked, or some weighting preference is made on the index, the so-called index enhancement.

There are very few active public offerings like Peter Lynch's at Fidelity.

Now in the twenty-first century.

Because of the advantages of good liquidity and low fees, ETFs have risen rapidly.

The mutual fund business is also much worse than it used to be.

The regulation and requirements for mutual funds in the United States are stricter than those in China.

What's more, the mutual funds in the United States, which are strictly speaking the real ballast of the country's economy.

In the United States, the size of more than a trillion dollars of common funds, the number of more than fifteen!

There are even more than 30 or 40 mutual funds with a scale of hundreds of billions of dollars.

More than 40% of households in the United States hold funds of various investments.

The richest handful, they play private equity.

But most of the middle-class and decent families, they invest in mutual funds.

This huge number of users is under.

Add to that the fact that mutual funds in the United States are already seventy years old.

Over the past 70 years, a large number of large-scale mutual funds have been created.

Most of these large-scale mutual funds are in circulation in U.S. stocks and U.S. bonds.

One-third of U.S. stocks, one-half of U.S. bonds, are bought by these mutual funds.

That's why U.S. stocks or U.S. bonds have completely collapsed.

The reason why the United States will basically collapse.

Imagine a country where the richest and most middle-class 40% of households have their investments and savings down the drain.

What is this concept?

Because of this, the United States has stricter requirements for mutual fund management than China.

This is also the reason why the big four investment banks, commercial banks and investment banks, often rarely involve mutual funds.

The regulation is too strict, the fees are low, and you can't earn a few commissions for your hard work.

They have faster and more profitable ETFs or private placements, and they are not in the mood to manage any mutual funds.

In the United States, a private equity fund is to be formed.

It can be fast because there's no regulation. As long as someone subscribes to be a shareholder, one can be formed in a few days.

As for the formation of mutual funds, its requirements are even more perverted than those in China.

The audit alone takes about half a year or even one to two years.

But there's also the benefit of being a mutual fund, which is that it's easy to gain favor with the country's top 40 percent of households.

Why is Peter Lynch called a stock angel?

It was because of the mutual funds he was in charge of back then that made a lot of profits for a large number of middle-class people in the United States.

In Huaxia, the one who makes money for everyone is called the God of Wealth.

In the United States, the one who makes money for everyone is called an angel.

Mutual funds, Abel will do it later.

And after tonight, he will even publish it in the newspapers: history

Mies Capital will start from scratch and form a mutual fund.

He did this because he wanted to follow the example of Peter Lynch.

Get the support of the most important 40% of families in the country.

This is also the meaning of what he said in his speech just now, "I want to share my talents with every American."

However, it will take half a year to set up a mutual fund and pass various audits, and it will take half a year to start from scratch at the earliest.

And that's when all goes well.

He was in no hurry at all.

The most urgent ones are also those ordinary middle-class investors who want to invest in him.

Before that, he could have created a few other private equity funds.

While continuing to make money, it continues to seduce Wall Street.

This is the meaning of his sentence above, "create a few more fund companies".

To put it simply, a private equity fund in the United States is equal to a company.

David immediately nodded, "No problem. Then when they ask me, I can give them an explanation!"

The two of them finished their conversation quickly. In a few minutes, Abel had already decided on the number of new fund companies and the determination of the total share capital.

After the talks, David Mellon acted immediately.

David was on the podium again, smiling as he held the microphone.

The lights at the reception site also dimmed.

The spotlight fell on David, and David smiled and said:

"Good news for everyone. Smith Capital will re-establish five more fund houses in the future."

"The total share capital of each fund house is US$3 billion."

"If anyone wants to be our LP, then later, you can contact me or contact Smith Capital~"

"Also, starting tomorrow. Smith Capital will submit an application to the relevant authorities for the incorporation of a mutual fund."

"Just as our great Mr. Abel Smith said."

"Smith Capital is willing to share success with any American!"

David's re-appearance, as well as the announcement of the news.

What was triggered was even warmer applause than when Abel went up to give a speech just now.

It's not because David is more popular than Abel.

It's because Abel's speech, although it was very well said (after all, the lines designed by the think tank) were quite inflammatory.

But it has nothing to do with them, the guests present are all rich and rich.

Only a tiny fraction of them joined the first phase of Smith Fund.

What they want more is to be like these people.

Share in the success of Smiths Capital.

Now Smith Capital has expressed its willingness to take everyone to play.

David, who announced the news, naturally received the greatest applause.

Most of the guests applauded warmly.

Richard Forde quickly negotiated with the CFO of Lehman Brothers, as well as the CXO who accompanied him to the scene.

「. All right. Since you think so, let's try again!"

Looking at David on the stage, he thought of Smith Capital's next big move.

Wall Street's bulldogs, gritted their teeth.

Richard Fored found Abel's direction and walked towards him.

Just halfway through, Richard Fored bumped into Paulson, CEO of Goldman Sachs.

"Hey~I'm sorry~"

"Ah~I'm sorry, I didn't pay attention~"

After hitting someone, Richard Fox and Paulson quickly apologized to each other.

As soon as they apologized, they recognized each other's identities.

Richard Forde immediately spoke, "Christian, where are you going in such a hurry?"

Paulson was silent for a moment, glancing in the direction Richard Fored had just come.

protect

Erson didn't answer and asked, "Richard, where are you going?"

"Uh" Richard Forde didn't want to say, he wanted to go over and talk to Abel again.

Who called him when he quoted in Abel just now, he was the one who reacted the most, and he was the one who refused the fastest.

Now he was the first person to talk to Abel

This seems a bit unreasonable.

But Paulson saw through Richard Forder's approach at a glance.

Because Paulson saw the other side.

Just now it was categorically stated that Morgen Stanley is no longer interested in Philip Purcell, Smith Capital.

The old guy, on the other side of the party, also walked towards Abel at this time.

Following Paulson's line of sight, Richard Forder, who also saw Philip Purcell's movements, was stunned.

The CEO of Lehman Brothers immediately knew that Philip Purcell said one thing, but in reality he was doing another!

Madefaq, it looks like everyone is the same!

He glanced at Paulson, who was next to him with thick eyebrows and big eyes, and saw that the latter was also looking at him.

This made Richard Forde understand right away.

It's not just Philip Purcell who thinks the same thing, but so does the thick-eyed Paulson.

That's just over there, everyone shouted together that they were no longer interested in Smith Capital.

Privately

I didn't look at Richard Forde himself, I just wanted to go to Abel's side!

Paulson is also heading that way.

Philip Purcell was about to walk up to Abel.

"Ha~ Everyone's not stupid. Everybody has an idea~" Paulson whispered softly, self-deprecatingly.

Richard Forder was expressionless.

But at this moment, the Wall Street bulldog also agrees with Paulson's statement.

Abel Smith's offer was too much, and he was right.

But it's not impossible to talk about it.

The so-called sky-high asking price to repay the money, there is no such proverb in Europe and the United States.

But there is also a similar statement.

Abel reported 500 billion US dollars, and everyone doesn't have to really pay according to this price.

What's more, if it really comes at this price, other conditions can also be discussed.

The most important thing is that as long as Abel can really help everyone make money.

In fact, the valuation of 500 billion US dollars is not unacceptable to everyone.

I just said that over there, except for being a little angry at first.

There are also those who want to deceive other peers and make other peers believe it.

Let them no longer be interested in Smith Capital.

In this way, I can take an extra bite, and if it is useful or not, I will act first.

At present, at least the kind of performance just now.

Richard Foord felt that it was of little use to the big four investment banks and to the savvy investors.

They should have been in contact with Abel, and they should have had the same ideas.

"Let's go together."

The Wall Street bulldog whispered to Paulson, "Maybe we can talk to him again." Let's see if it's going to happen."

Paulson nodded.

If you don't go over, Philip Purcell, who spoke categorically just now, is going to talk to Abel!

"Look over there~" Paulson suddenly heard Richard Forder say.

"Warren Buffett is going that way too."

Paulson turned his head.

He saw Buffett, who just said he was not interested, and he was really going over there.

Sure enough, in front of interests.

Everyone is still honest.

The Future in Parallel Time and Space, U.S. Department of the Treasury. Long Paulson thought to himself.