My Age of Investment

   "Pearl, Dad's little padded jacket seems to have gained another two catties, and it's almost growing into a piglet."

On the grass of Walsh Manor, Xia Jingxing held up his half-year-old little daughter with both hands, and then saw this dishonest little guy kicking his calves in mid-air, and at the same time waving her white and tender pair of lotus root with great force. With fat, knobbly arms, he grabs the bow-knot headband tied on his head.

  Because the armpit was locked by the old father, no matter how hard the little guy tried with his hands, he couldn't remove the thing that was in the way on his head, so he could only struggle in vain.

  Looking at the cute naive scene of his fat girl, Xia Jingxing's heart melted in an instant. He temporarily forgot all his troubles and worries, and concentrated on teasing the child.

  Christina on the side pushed the Silver Cross stroller that the Queen and Prince Charles had sat in when they were young, and followed behind the father and daughter with bright smiles.

   "This fat girl seems to be a bit overweight? When her brother was his age, she wasn't as heavy as her."

  Xia Jingxing stopped suddenly, turned his head and said to Christina behind him very seriously.

   "Normal, don't worry, Jessica was fatter than her when she was a child, and she will naturally lose weight when she grows up."

  Hearing this, Xia Jingxing's mind immediately flashed the image of seeing his sister-in-law for the first time at Christina's house a few years ago, and a fat girl with a chubby face appeared bouncingly in front of him.

"It's okay to be like her aunt. If you are fat, you can be fatter. The key is to be cute. Right, Pei'er." After finishing speaking, Xia Jingxing kissed his daughter with a smile, although holding the child was like holding a big weight , but he was reluctant to let go.

   "Hey, where is Xia Zerui?"

  He was busy teasing the little padded jacket, Xia Jingxing suddenly remembered, where did his son go?

  Christina was about to speak, but was suddenly interrupted by a strange sound of "Woooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo~".

  Xia Jingxing and Christina immediately looked towards the place where the sound came from, and saw a miniature locomotive slowly driving out of the woods in the distance.

  The reason why it is called a miniature locomotive is entirely because the locomotive is not big, and it cannot be compared with the kind of locomotive that people often see. Visually, it is as tall as an adult's calf and looks five or six meters long.

  Although the shape is so short, this locomotive is extremely delicately made, with guide wheels, cylinders, moving wheels, connecting rods... there are many necessary parts.

   Not only was the top of the front of the car spraying white smoke wildly, but there were also two people sitting firmly in the middle of the front of the car, one was a security guard in uniform, and the other was his own son wearing a helmet.

  Xia Zerui was originally immersed in the thrill of driving the train and galloping on the rails. After seeing his parents, he waved his little hands to the two of them excitedly, and even yelled to invite his parents and sister to take the train together.

   Soon, the little train passed the rails laid on the lawn next to it, and ran down the mountain along the circular railroad.

"Enoch likes the fourth birthday present you gave him very much. The first thing he does every day when he comes back from kindergarten is to add coal and water to the little train, then climb on the train and run a few laps along the railway around the manor Two days ago, he secretly carried Pei'er to take the train together, but luckily he was stopped by the security guard."

  Xia Jingxing's eyeballs were all round, this little **** was so courageous, he dared to secretly carry his sister who couldn't walk to take the little train. If you don't strictly discipline her, why don't you put my younger sister in a schoolbag and take her to kindergarten next time?

  Seeing that Xia Jingxing looked a little angry, Christina immediately explained: "I have already criticized him, and he has also realized his mistake, and promised me that there will be no next time."

  Xia Jingxing glanced at his son who had run away down the mountain and nodded slightly, not knowing what to say for a moment.

  He basically didn't take care of the two children. Christina was taking care of them all by herself, so it was hard for him to express any opinions.

   At this moment, the housekeeper hired by the family walked over quickly, saying that someone came to visit Xia Jingxing, and the car had already driven to the gate of the manor.

   "Looking for me?"

  Hearing this, Xia Jingxing frowned slightly, how did he find this place? This property has obviously been transferred to Christina.

   While he was wondering, Xia Jingxing's personal mobile phone in his pocket suddenly rang, and he quickly answered the phone.

   After chatting for a few words, I realized that it was Michael Larson who made a special trip to visit.

  After knowing who the visitor was, Xia Jingxing ordered the housekeeper to greet him, and he and Christina walked slowly towards the villa with the baby in their arms and pushing the stroller.

   "Why is Larson here?" Christina asked.

   "I don't know, I haven't contacted him for a long time."

  Xia Jingxing shook his head, he didn't know why Larson came looking for him.

  Larson hadn't seen him since his quarrel with Gates.

  Larson's identity is similar to that of Liu Hai. He is the head of the family office, and he can be regarded as the kind of person who is very close and trusted by the employer.

  The other party came to find him, and Xia Jingxing guessed that it was probably under the instruction of Gates.

  Then why does Gates want me again?

  With such doubts in mind, Xia Jingxing and Christina saw Larson who had just stepped out of the car at the gate of the main building of the manor.

   Larson is still the same old, smiling and groaning when he sees everyone. After greeting Xia Jingxing and Christina respectively, he praised the child sitting in the stroller.

  After exchanging pleasantries, Christina pushed the baby carriage and left, Xia Jingxing led Larson to a reception room, and the two chatted over coffee.

   While chatting, the topic shifted to Envision Capital.

   "Daren, let's open the skylight and tell the truth. What are your plans for the future of Envision Capital?"

   "There is no future!"

  Xia Jingxing replied indifferently, then picked up the coffee on the table and took a sip, then added: "I can't see the future at all, so there is no need to plan."

  Larson smiled and said: "Don't fool me, how did I hear that Mr. Friedrich, a New York real estate tycoon, is lobbying for you everywhere?"

   "He has a cooperation with me, maybe he can't bear to see the cooperation project being sold at a low price!"

  Hearing this sentence, Larson couldn't help laughing.

   "Daren, I know you don't trust me, but there's no need to prevaricate me with such words."

Speaking of this, Larson paused, then looked into Xia Jingxing's eyes, and said, "Mr. Gates appointed me here, and he also asked me to apologize to you. The unpleasantness that happened before was also because he was He's very sorry that someone was hoodwinked and he was taken advantage of."

  Xia Jingxing remained silent, still putting on an appearance that I don't like this.

  Larson could only laugh dryly at this. He was very helpless. The bosses were fighting against each other and refused to bow their heads to each other, so he, a pawn, could only suffer more grievances.

  Thinking of the tasks Gates entrusted to him, Larson softened his tone and said: "Mr. Gates said that as long as the fundraising of Vision Capital resumes as soon as possible, everything can be restored to the original state.

  How to charge, how to invest, how to exit, all are up to you. "

  So sincere?

  Xia Jingxing sneered in his heart, now he knew he was wrong? It was not like this when I took advantage of the fire to rob and force me to lower my charges!

  In the final analysis, the complete laying down of Vision Capital has affected Gates' interests.

  Taking the $5 billion invested by Gates before, multiplied by 40% of the annual rate of return after the fee is $2 billion.

  Equivalent to every month that Vision Capital is delayed, Gates will lose $200 million in earnings.

  No one thinks there is too much money, only that they don’t make enough.

  His resolute and uncompromising attitude should clear the minds of some people who want to take advantage of the fire.

   In addition, Friedrich has also made some breakthroughs in negotiations.

  The blue blood nobles and the LPs of various institutions are no longer monolithic, and have begun to differentiate.

  For example, the big housekeeper of Gates in front of him, the reason why he came to pass on Gates' apology to him is obviously that Gates is planning to play around with the wind again.

If Gates fully accepts his own conditions, coupled with the work done by Friedrich, it will inevitably lead to a wave of people turning back, then the subsequent fraud lawsuits and IRS tax inspections will no longer be a big deal. The problem.

  Even if there are still a small group of people who want to make trouble, as long as he unites most of the people, he will not be able to pose a big threat to him.

   Therefore, Gates is very important as a weather vane. If he reverses it, he will inevitably drive a large wave of grass to reverse it.

  Thinking of this, Xia Jingxing almost agreed to accept Gates' apology and softened.

   But he held back!

  He still has something to trouble Gates, which can just be exchanged.

  “Even if fundraising resumes next, I don’t plan to do too much asset management.

  Once the scale of asset management expands, someone will jump out and criticize immediately, and they will dislike the low rate of return!

  The rate of return of 20-30% or 30-40% a year is still too low. I really don’t know how much is called high? My heart is so tired! "

Larson laughed and said: "I understand you very well! Take waterfall investment as an example, the average annual rate of return in the past ten years is only 8.6%, which seems not high, but it is actually higher than the S&P 500 index in the past ten years 7.5% annual average yield.

  The most important thing is that the asset management scale of waterfall investment is about to reach 100 billion US dollars.

  Scale is the biggest killer of yield!

  With such a huge amount of money in hand, you simply cannot take risks and engage in high-risk investment activities.

  Even if you take out a small part of the funds for speculation, and the speculation is successful, it will not be able to support the overall rate of return of the investment portfolio.

   This is a common problem faced by the whole industry! Hard to crack! "

  Xia Jingxing nodded lightly, and said with a smile, "Yes, that's why I want to further reduce the asset management scale of Vision Capital, and control the scale within US$10 billion."

   "$10 billion?"

   When Larson heard this number, he was dumbfounded.

  Gates told him to get as many fund subscription shares as possible. The upper limit is no more than 15 billion U.S. dollars, and the lower limit is no less than the 5 billion U.S. dollars subscribed by the previous fund.

  Now that Xia Jingxing has only released a total of 10 billion US dollars of fund shares, can Waterfall Investment subscribe half of it?

   Even thinking about it, I think it is impossible!

   "Daren, isn't this too little?"

  Xia Jingxing shook his head violently, "It's a lot, and it's difficult to maintain the stability of the fund's income if there are too many."

  Larson persuaded: "But a big fund also has its great benefits. Sometimes it can overwhelm people with power."

   "No, no, no, I don't dare to take any more risks. At this stage, stability is the first priority."

  …

  No matter how Larson persuades, Xia Jingxing will only set a total of 10 billion US dollars in fund shares, and the rate of return cannot be guaranteed if it is too much.

  This answer made Larson feel very helpless, and he didn't know how to complete the task assigned by Gates.

  Xia Jingxing still put on a look of indifference, but in fact his heart was already full of joy.

  Controlling the fund share is also a trump card in his hand. Whoever is disobedient and makes trouble will reduce his fund subscription share.

  Anyway, after nearly ten years of honing and forging, Envision Capital has established its own brand in the industry, and there is no need to worry about not having the support of investors.

  Singapore's Temasek, Abu Dhabi's Mubadala, and China Investment Corporation, the sovereign wealth funds of the three countries, each can easily subscribe for billions or even tens of billions of dollars in Vision Capital's fund shares.

  Among them, Mubadala, he even gave them a guarantee, allowing the other party to invest up to 20 billion US dollars in Vision Capital.

  Fund raising is a very difficult step for many start-up hedge funds, but it is very simple for Vision Capital.

   Therefore, Vision Capital is qualified to pick and choose, and choose whose money to take.

   When taking money from others, you can also choose to offer some additional conditions.

For example, Abu Dhabi will give blood transfusions to Xinxin Group, which is constantly bleeding; Temasek will open the door for the launch of Xinxin Group, Suiren lithography and other projects in Singapore; Development Escort…

  In the United States, he can’t be too powerful. To avoid some troubles, he must bring the blue-blooded aristocrats to make money together, and he must also give the California public servants’ retirement fund, the Stanford University Foundation and other institutions LP a face.

  Gates is a powerful rich man, if he can not be offended, it is best not to offend him.

   But even so, according to casual statistics, his planned fundraising ceiling of 10 billion US dollars is also a joke.

  Even if the scale is strictly controlled, he must raise at least tens of billions of dollars, and it is easy to offend people if he raises less.

  For a powerful rich man like Gates, who only gives others hundreds of millions of dollars of fund subscription shares, it is like sending beggars, and it is easy to offend people.

  Of course, this is based on the fact that Vision Capital has helped Gates earn tens of billions of dollars, otherwise Gates would not be so reckless as to allocate 10%-15% of his entire net worth to the hedge fund of Vision Capital.

  With enough bargaining chips in hand, Xia Jingxing can naturally ask for conditions.

  Looking at the frowning Larson, Xia Jingxing smiled and proposed another plan: "Mr. Gates is my best friend and my idol when I was young, so he is naturally different from others.

  I can open a back door to waterfall investment alone, but I also have one condition. "

  Larson asked without thinking: "What conditions?"

   "You guys will participate in the competition against Android!"

  Hearing this, Larson's eyeballs almost popped out. Didn't you used to kill people without selling them? Why did you change your mind now?

   Larson is not stupid, and soon he thought of another possibility.

"You're thinking…"

   Before Larson could finish speaking, Xia Jingxing quickly interrupted: "Yes, as you imagined, Microsoft publicly offered 40 billion US dollars to buy Android."

   Larson's mind is a little confused, when did I think so?

   And this quotation... is too high, right?

  He was a little worried about Xia Jingxing's intentions. Could it be that he wanted to make a fake show for real?

  In the past two years, only a Yahoo that made Microsoft almost lose their pants, and now an Android that basically has no revenue, but it wants to quote 40 billion U.S. dollars?

  Larson looked at Xia Jingxing, who was talking loudly, and reminded in a low voice: "Daren, Microsoft's board of directors will not agree to such a high offer?"

   "I know, so I just let you quote the price, and then simply contact for a few rounds. You don't need to really pay for it."

   Larson was too lazy to pierce Xia Jingxing's daydream, thought for a while and said: "Well, I will try my best to fight for you, but I can't guarantee that Ballmer will agree to such behavior that may cause Microsoft's stock price to plummet.

  What is the current market value of Microsoft? $204 billion!

   It is crazy to take out one-fifth of its own stock to acquire a mobile operating system developer whose market share and industry status are not stable, and its profit model is not clear! Shareholders will use the actions of selling stocks to express their anger at Microsoft's management's stupid behavior. "

   "It's okay, after everything is settled, the stock price will rise again."

   "Then Facebook's stock price will definitely fall! Maybe there will be a class action lawsuit against you by Facebook investors."

   "You don't have to worry about that!"

  …

  Xia Jingxing didn't bother arguing with Larson any longer, whether he deserves to cooperate or not, just a quick word and it's over, why so much fuss.

  Gates’ shareholding in Microsoft has been reduced at this moment, so there are not many left. This kind of thing that hurts the company and benefits oneself, so why hesitate, just learn from my big cancer stock and it’s over.