My Age of Investment

   As night fell and the lights came on, a party was being held in a spacious manor house in Pacific Heights, San Francisco.

  Among a large group of white people, Xia Jingxing with a yellow face looked particularly dazzling, and a well-tailored black dress set off his tall and straight posture, which was different from the old white men present, attracting the attention of the surrounding ladies.

Under the direct or covert attention of countless eyes, Xia Jingxing strolled leisurely on the lawn, holding a goblet in his hand, clinking glasses and chatting with every guest who came up to him to say hello with a gentle smile , From time to time, he said a few jokes, which made the people around him laugh.

  I don’t know, I thought he was the protagonist of today’s banquet.

   The host of the banquet, Michael Moritz, who was robbed of the limelight, was not angry, so he stopped and watched silently.

   After a while, when no one came forward to say hello to Xia Jingxing, he walked forward with a smile, spread his arms and made a hug gesture, "Dailun, I thought you wouldn't be here today."

  Xia Jingxing laughed loudly, hugged Moritz and said, "You old man sent invitations to my house, how dare you not be present."

   "Hehe, you Chinese are always so humble, how are you doing recently? Many people care about you."

  Xia Jingxing glanced at the old man sideways, and found that the smile on the other person's face was still bright, and he didn't seem to have any bad intentions, so he asked half-jokingly, "Are you included?"

"certainly!"

  Moritz answered decisively, but Xia Jingxing still felt that the old man had some purpose in inviting him to this banquet today.

  After a few words of intimacy, the old man suddenly changed the subject and talked about the pharmaceutical giant GlaxoSmithKline.

"The British guys are very smart, I have to admire them, they actually came up with a clever way to transfer most of the profits to tax avoidance through the British parent company's blood-sucking American subsidiary, but the IRS is a clever hunter, any tax avoidance action Can't escape their eyes.

  Especially those foreign-funded multinational companies, each one is the focus of their tracking and capture. "

  Xia Jingxing smiled, the old man meant something, on the surface he was talking about GlaxoSmithKline, but secretly he was referring to Envision Capital.

  The two companies have several common characteristics. They are both large foreign companies with a lot of money, so they are easy to handle.

   Seeing that Xia Jingxing didn't answer, the old man had no choice but to continue to speak slowly: "Actually, that lawsuit can still go on, and the British won't necessarily lose.

   But in the face of the huge market interests of the United States, the British made the most correct choice, compromised, and paid a sky-high settlement of US$3.4 billion to the IRS, which became the largest transfer pricing adjustment case in American history.

  It seems that the British guy is at a loss, right? In fact, this is not the case. This settlement is only equivalent to their profits in the US market for several years, and is equivalent to the taxable amount of profits that they secretly transferred to the British parent company in the past 16 years.

  Strictly speaking, the punishment is not severe. "

  Xia Jingxing smiled and said: "So the British and you Americans are real relatives. Breaking the bones and tendons is relatively light."

  Moritz chuckled, "What kind of relative, I hate the shabby aristocratic appearance of the British. The real reason is that someone lobbied to Congress and lowered the punishment for the British."

  Xia Jingxing nodded slightly, then continued to remain silent.

   Seeing that Xia Jingxing was so dishonest, Moritz had no choice but to stop going around in circles, and said seriously: "Dai Lun, the trouble you caused this time is not small."

  Xia Jingxing sneered secretly in his heart, finally showing his fox's tail, he knew that it would be no good for this old man to find him.

   "I've already liquidated the fund, what else do I want to do?" Xia Jingxing deliberately pretended to be displeased.

   "I heard about this. You ordered all hedge funds to be liquidated. The huge transaction of hundreds of billions of dollars caused the Nasdaq index to fall for several days.

  Many ordinary people who don't know the truth think that you are going to short U.S. stocks again, and they all secretly follow behind and sell short.

   Alas, you, the king of Wall Street, didn’t come forward to clarify, and the market went up again later, and all the retail investors who lost money scolded you. "

  Xia Jingxing shrugged, "Is there not enough people who scold me? The American people don't welcome me so much, so I can only return to China to seek a living."

   Moritz sized Xia Jingxing up and felt that this guy was acting. After talking so much, he didn't say a word of truth.

  If it wasn't for someone's entrustment, he wouldn't be bothered to fight with this cunning little thing here.

   "Okay! Darren, as a friend, I will tell you the truth. Someone found me, and I hope I can give you a sentence: Enough is enough, don't let things develop to the point where it can't be handled."

Seeing Moritz's serious expression and slightly threatening tone, Xia Jingxing laughed directly and said, "These friends really have great powers, first they found Gates as a lobbyist, then they found you, and then they will who is it?

  You tell them that I have my own dignity, even if I starve to death, I will not eat the food they reward me. "

   "Daren, don't do this, this is not what a Wall Street king should say!"

   "I'm the king of Wall Street, if I really am the king of Wall Street, they will be forced to liquidate the fund."

   "No one is forcing you, it's your choice."

  Xia Jingxing didn't say a word, but looked at Moritz coldly, and the latter also looked at him without showing any weakness.

   After a while, Moritz looked away, and said quietly: "Sometimes I really envy you. You just went on a rampage all the way and ended up becoming the king of Wall Street."

   "Just call me reckless."

   Moritz said with a smile: "Talent can cover up all shortcomings, and everyone has always been tolerant of talented people.

   But this time it really won't work!

  Your deliberate sale of stock has **** off a lot of people and cost them hundreds of millions of dollars. "

  Xia Jingxing's mouth curled up into a sneer, why didn't he say that I had earned dozens of times more than they had lost?

   Moritz changed the subject: "Of course, you made money for everyone in the past, everyone remembers this.

   But then again, as high as 40% of the excess revenue share, Cohen did it back then. "

   "Okay, don't think I don't understand the market, that great white shark is much more ruthless than me. He charges a fund management fee of 3% every year, plus 50% of excess income. Even LPs work for him.

   At least I still work for LP. If even this is unacceptable, then ask them to go to Cohen, that Jew who only treats LP's various objections. "

  Seeing that Xia Jingxing seemed a little angry, Moritz, who thought he had succeeded in his scheme, smiled and said, "Don't use Cohen as an example, that guy doesn't play the same way as you."

   "What's the difference? Oh, yes, that guy Cohen is making quick money, he's going to die in a few years, and he's causing a lot of trouble, and he needs someone else to clean his ass.

  As for me, I am a steady stream of water, and I don't cause any trouble to LP.

   So, should I charge more than Cohen? How about 4%+60%? "

   "If you can guarantee an annual fund rate of several hundred percent, isn't it impossible?"

   Moritz threw another weight, and then looked at Xia Jingxing with a smile.

   "The miracle of those years cannot be replicated."

  Suddenly, Xia Jingxing felt a little regretful. He really shouldn't have fed meat to these dogs back then. He was used to eating meat, and now he didn't even want to chew on bones.

  The reason why these LPs are doing trouble is that the decline in the rate of return of the fund is the biggest reason.

   But then again, if he hadn’t brought these people together to share the cake, it wouldn’t have been so easy to pocket tens of billions of dollars in profits.

   "That's why we need to make reasonable adjustments!"

Moritz stared at Xia Jingxing, and said, "For a fund with a scale of hundreds of billions, it can collect 2 billions in management fees every year, plus 3 billions in excess income, and it will be 5 billions a year. What else is there to be dissatisfied with?" It’s worth as much as Sequoia Capital’s GP has earned for several years.

   And the money is still divided by you alone, alone! It made me want to switch to a hedge fund. "

  Xia Jingxing quickly calculated in his mind, and quickly came to a result.

   These grandsons directly cut the excess income from 40% to 15%.

  Although it is only the first quotation, there is still room for negotiation, but it will definitely not return to the high level of 40%, and even 30% is difficult.

   Xia Jingxing naturally did not accept this insincere reconciliation condition, and was about to refute it when Moritz interrupted.

  “There is also a plan, after deducting the management fee and the guaranteed return, charge according to the fund rate of return.

  For example, the rate of return of the fund before deducting fees is 20-30%, and the excess income share is set at 15%.

  The rate of return of the fund before deducting fees reaches 30-40%, and the excess income share is set at 20%.

  …

  The rate of return of the fund before deducting fees exceeds 70%, and the excess income share is set at a maximum of 40%.

   Fair enough, right? Speak with performance! "

  After listening, Xia Jingxing said calmly: "This is completely whimsical, no foundation accepts this kind of sharing plan that is close to humiliation.

   And I don't want to continue running hedge funds now, let them hire someone else. "

   "Dailun, think about it carefully, whether the road ahead is smooth or the abyss is all in your mind.

  If they accept this kindness, they will solve all the troubles as quickly as possible.

  Litigation, accusation, public opinion, everything is no longer a problem! "

  Before Moritz finished speaking, Xia Jingxing interrupted in a blunt tone: "What if you don't accept it?"

   "Then I'm afraid your troubles have just begun!"

  Moritz paused, his eyes revealed a warning, "Trust me, this is not alarmist talk, nor is it a joke! Think about your industries in the United States!

  In addition to hedge funds, you also have VC funds.

   Zynga, LinkedIn, Groupon, Yelp and many other star companies will be listed soon to usher in the harvest season.

  Facebook, Android, YouTube, Tesla, you and your family office own a lot of equity in these companies.

  The United States is the place where you started, and it is also the country where you have the most interests besides China. The benefits of tens of billions or even hundreds of billions of dollars cannot and should not be thrown away like garbage.

   If you run back to China like a coward, you will not become a world-class entrepreneur.

  For a young, promising and ambitious person like you, that ending might be worse than killing you. "

  Moritz had seen through Xia Jingxing's expression. He simply didn't believe that the other party would be willing to give up the family business that took ten years of hard work.

  That's right, Xia Jingxing has indeed created an industry in China with potential and value that is not inferior to that of the United States, but who is a normal person willing to give up half of the country so easily?

  Xia Jingxing raised his neck and drank the red wine in one gulp, then shook the glass at Moritz, "This wine is not bad! It's my turn to buy you next time!"

  Moritz smiled, thinking that Xia Jingxing had finally listened to his words, and was about to strike while the iron was hot to continue persuading, but was interrupted by Xia Jingxing's sudden movement.

After beckoning to the waiter in the distance, Xia Jingxing turned his head and said to Moritz, "Tell the people behind you for me that they can realize the mistakes they made and go around looking for someone to lobby. I feel very happy about that." It's gratifying, but I don't like the tone of their words!"

   After finishing speaking, without waiting for Moritz to reply, Xia Jingxing put the glass heavily on the tray held by the waiter, and left without looking back.

   Moritz didn't realize it for a long time because he turned his face and left at the slightest disagreement.

  After he realized it, Xia Jingxing had already walked several steps away.

  Moritz's old face was flushed, and he wanted to stop Xia Jingxing to talk again, but he felt that this move would compromise his own momentum, so he could only utter "Guo Quintessence Fake", and then silently watched Xia Jingxing go away.

  Little guy, don't listen to the old man's words, just wait, and you will suffer!