Chapter 507: 507

The "tradition" of Morgan Stanley emphasized by Bob Baldwin refers to the business model of Morgan Stanley.

Specifically, take IBM's issuance of bonds to the public domain as an example. Morgan Stanley obtained the exclusive underwriting right from IBM, and then, acting as a wholesaler, convened hundreds of securities dealers and brokers to sit together and settle the matter according to their respective sales capacity.

It's that simple. Millions of dollars of commissions easily fall into Morgan Stanley's pocket, which is also a reason why Morgan Stanley is called an aristocrat in investment banking.

For a long time, in Morgan Stanley's eyes, it has been a rough job to rush to the front line to sell bonds. Such an investment banking aristocrat naturally disdains it.

Of course, Morgan Stanley's business model has its own strength. Morgan's gold lettered signboard is worth this price. Moreover, not any bond can be labeled as Morgan. Morgan Stanley still cherishes its feathers and will carefully evaluate and screen.

But now the times are different. Financial services are no longer as mysterious and unattainable as before, and large enterprises prefer to deal directly with Underwriters who rush to the front line of sales like Solomon brothers. IBM is an example.

Morgan Stanley's mistake was that it had a bad relationship with IBM and did not understand the latest developments of IBM, so that it was unaware of IBM's acquisition of Huanyu computer company and issuance of bonds.

At this time, Morgan Stanley has only two options for IBM to issue bonds: accept IBM's conditions, participate in the bond issuance with Solomon brothers and Gaoyi as a co underwriter, or force IBM to hand over the exclusive underwriting right to Morgan Stanley under the threat of refusal.

The former option will make Morgan Stanley lose the face of the aristocracy in the investment banking industry. More importantly, once the old business model breaks the Convention, other Morgan Stanley customers are likely to follow IBM's footsteps.

In fact, Morgan Stanley has been challenged since the 1970s.

For example, in terms of Zhengfu customers, Zhengfu in Australia, which has become a loyal customer of Morgan Stanley since 1946, has turned to Deutsche Bank, Morgan Stanley's arch rival.

For another example, in terms of corporate customers, international energy giants such as Texaco and Mobil, which were originally on the list of Morgan Stanley's top customers, began to bypass Morgan Stanley and issue bonds directly to institutional investors; Exxon launched a "Dutch tender" when issuing bonds to encourage competition among investment banks.

The most well-known name of this game should be the IPO of Internet age giant Google in the "old script", which aims to avoid more benefits for investment banks.

But these are not as big as the impact of IBM's request for Morgan Stanley to jointly underwrite bonds. It has the meaning of "slave" rebellion and breaking Morgan Stanley's golden shackles.

Bob Baldwin's tough stance of maintaining "tradition" was quickly unanimously agreed by the participants. He must not get used to the stinking problems of IBM.

You are now deeply involved in the vortex of antitrust investigation. The prospect of the company is full of uncertainty. Like at & T, it is likely to be disassembled. How can you lack the gold lettered signboard of Morgan Stanley when issuing bonds at this time? But if you want to get Morgan Stanley's support, you can only give Morgan Stanley the exclusive underwriting right as before.

Bob Greenhill, who is responsible for maintaining the relationship between Morgan Stanley and IBM, is naturally the only person to negotiate with IBM, which can also be regarded as an opportunity to make up for his mistakes.

As a result, Bob Greenhill went and returned quickly. "IBM strongly rejected our proposal of exclusive underwriting and decided to lead the bond issuance by Solomon brothers, Goldman Sachs and Gaoyi."

Bob Baldwin was stunned. "Is IBM making decisions so fast?"

Bob Greenhill shrugged. In order to try to get rid of the responsibility of neglecting to maintain the relationship between Morgan Stanley and IBM, he added: "in order to deal with severe inflation and interest rate fluctuations, current corporate treasurers have a special preference for competitive solutions, and IBM thinks it has complied with this trend."

Bob Baldwin, who was relieved, realized that Morgan Stanley's exclusive underwriting strategy for many years might really die. He couldn't help being very depressed. He asked, "I can understand that IBM chose Solomon brothers and Goldman Sachs to jointly issue bonds, but what's the way for Gaoyi?"

Bob Greenhill replied sadly, "this is an investment bank from Xiangjiang, Asia. It has a sharp vision. It has bet on a lot of listed companies involved in the acquisition and merger exchanges we matched, and has made no less difference. The Huanyu computer company acquired by IBM this time is invested by Gaoyi. It is estimated that Gaoyi has used its energy in the process of this acquisition."

Bob Baldwin, the normally high Morgan Stanley elder brother, finally remembered some impressions of Gaoyi and frowned: "in this way, Gaoyi is a very good speculative role. Isn't it in the hands of the securities and Exchange Commission?"

"In terms of operation methods alone, Gaoyi really doesn't leak. At most, it's just going to the securities and Exchange Commission to make an explanation." Bob Greenhill heard that Bob Baldwin wanted to kill Gaoyi, an outsider. He wanted the other party to divert his attention so that the storm of IBM's "betrayal" of Morgan Stanley could be turned over as soon as possible, so he thought again, "Apple, the direct competitor of IBM personal computer company, should have an IPO plan," he said

If you put it in normal times, a small apple computer company will certainly not see Bob Baldwin's eyes, but at this time, he is very interested. "Then collect the information of apple computer company. By the way, there are more detailed information about Gaoyi and David Gao."

……

IBM and Morgan Stanley parted ways, which shocked Wall Street. At the meeting between Gao Yi, Solomon brothers and Goldman Sachs, Gao Xian heard words of schadenfreude.

There is more gossip. It is said that Morgan Stanley suddenly purchased a batch of Hitachi calculators and put them in the office, which would never happen before.

Gao Xian has no energy to waste on these talks. At present, his first priority is to complete the business of issuing IBM bonds cleanly and beautifully.

The scale of IBM's bond issuance to the public domain this time was US $1.5 billion, setting a record in this field, and Gaoyi was equally divided into one-third of the issuance share, which means that Gaoyi is on an equal footing with Solomon brothers and Goldman Sachs in this business.

The biggest significance of this is that Gaoxian · Gaoyi has taken a step further to the center of Wall Street.

In other words, this business becomes a model, and then Gaoyi has capital to contact the financing needs of Zhengfu and large enterprises like investment banks such as Morgan Stanley.

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Solomon brothers and Goldman Sachs, who are in a good mood, have tried Gao Xian. If Gao Yi can't fully absorb the issuance of 500 million US dollars of bonds, they can help.

Gao Xian naturally won't accept the so-called "good intention" of having ulterior motives and hiding a knife in a smile. If Gao Yi doesn't even have such energy, it's better to live honestly in the hot pit of Xiangjiang.

As far as IBM bonds are concerned, although IBM suffered from antitrust investigations after entering the 1970s and its operation has gone downhill, its previous background is too strong. Therefore, IBM bonds have an excellent reputation and are rated as the highest AAA level, that is, the risk is less than 5%.

At the same time, as the world currency, the US dollar continues to depreciate and the domestic inflation in the United States is high, so buying IBM bonds is a good way to preserve assets.

In the United States, Gaoyi is not as rich as Solomon brothers and Goldman Sachs, but Gaoyi has the same deep heritage in Xiangjiang and even in Asia.

Not to mention anything else, in order to precipitate assets, only those rich, powerful and royal family members do not buy dollar assets, and the most ideal assets are the stocks and high-rated bonds of the top 50 companies of S & P.

When Gao Yi returned to Xiangjiang with the news that he was underwriting IBM bonds, the subscription amount exceeded US $100 million in less than a week, which really made Gao Xian hard on Wall Street.

To tell the truth, even if Gaoyi does not make money in underwriting IBM bonds, Gaoxian will lose money, because qualifications must have a recognized accumulation process. Otherwise, how can we strive to share the larger cake of the upcoming privatization of British state-owned enterprises?

While personally taking charge of Gaoyi and underwriting IBM bonds, Gao Xian has to worry about IBM personal computer company.

IBM is not stupid. It won't let Gao Xian lie idle and count money after selling Huanyu personal computer. Gao Xian, the founder of Huanyu personal computer, will also enter the IBM board of directors to escort the next performance of IBM personal computer.

There were no obstacles in the actual operation of IBM's acquisition of Huanyu computer company. After all, Huanyu computer company was not listed. Even important investors such as Huifeng bank listened to Gao Xian's words. Naturally, other investors were not disobedient, not to mention making a lot of money.

At present, the first goal of IBM personal computer company is to market share and make the product sales meet the expectations of Wall Street. It is best to exceed the expectations of Wall Street. As for profit and other indicators, it is not too late to pay more attention in two years.

Obviously, the product price must have a certain impact on the sales of IBM personal computers. As far as the enterprise market is concerned, the available personal computer systems below $10000 are acceptable, because the cheapest small computers, such as the PDP-11 of data equipment company, also cost about $20000.

The 16 bit IBM personal computer, also known as the fourth generation Huanyu personal computer, like PDP-11, has a market price starting from US $5000. Although it has improved with different configurations such as memory, it has not broken through the acceptable psychological threshold of US $10000.

For the sake of market share, IBM personal computers cannot give up the achievements made by the third-generation Huanyu personal computers with a market price of US $1000 or US $2000, the second-generation Huanyu personal computers with a market price of less than US $1000 and the first generation Huanyu personal computers.

To this end, Gao Xian's solution is to let CPU suppliers come up with products with reduced specifications based on 16 bit CPUs and cut supporting chips, so as to greatly reduce the cost of IBM personal computers and create an entry-level version of IBM personal computer products to win price sensitive personal users and home users.

Ironically, personal computers, as their name suggests, should have targeted individuals and families, but at this stage, enterprises are the customers that strongly drive the market demand for personal computers.

Of course, the entry-level version of IBM personal computer can also basically meet the needs of individuals and families, because the software will provide seamless connection.

It can be said that as long as personal computers are equipped with three kinds of software: spreadsheet, word processing and micro database, they are products loved by everyone and paid for.

However, under the pressure of antitrust, although IBM won the whole hardware chain of IBM personal computer, it dared not touch the software. Even to avoid suspicion, when it was known that IBM personal computer was only equipped with an operating system, it took the initiative to instruct IBM personal computer to give users a choice in the operating system.

In any case, software, especially spreadsheets, can be regarded as the biggest contributor for IBM personal computers to win market recognition. Therefore, while launching entry-level hardware products, IBM personal computers can not ignore the boosting role of software.

As for how IBM personal computers contact the advertising industry and even Hollywood to produce exciting advertisements, there is no need to worry about high strings,

He only needs to ensure that IBM's personal computer runs on the right track to ensure that IBM's acquisition of Huanyu computer company and the issuance of bonds have become a stepping stone for Gaoyi's indisputable proximity to the center of Wall Street.

It is worth pointing out that although Gao Xian sold Huanyu personal computer to IBM, it does not mean that he has left the IT industry.

For example, the enterprise application software developed for Huanyu personal computer platform, including spreadsheet, word processing, micro database, finance, purchase, sales and inventory, is still in his hands.

Furthermore, the R & D accumulation of graphical user interface operating system, RISC processor, workstation, server and other technologies is also under the control of Gao's first department.

To this end, Gao Xian integrated such resources scattered everywhere into happy technology according to the plan, and Zhou Wenyao was appointed CEO, which is a direct recognition of his dedication in the United States for so many years.

Gao Xian was busy. The Wall Street Journal suddenly contacted him and wanted to interview IBM's acquisition of Huanyu computer company to explore the story behind the capital operation.

For other interview purposes, Gao Xian can take time to receive, but he successfully fooled IBM into buying Huanyu computer company, which can lead to a lot of follow-up. For example, the dog blood plot of IBM's betrayal of Morgan Stanley will not be meaningless hatred if it is really publicized by the media.

Therefore, Gao Xian came forward in person and sincerely and politely refused, on the grounds that he had something important to deal with and had to start immediately. He'd better wait for a chance to interview again in the future.

Gao Xian was very honest and left the United States the next day, because there was another general trend waiting for him to catch it.

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