On the plane, Musk and Zhou Buqi kept complaining about the profit-seeking nature of the capital side and hated it deeply.

Zhou Buqi expressed his understanding. He was in this business, so he was well-connected.

Capital and the technology industry have irreconcilable conflicts.

In the technology industry, unless it is simple work such as agency, comprador, assembly, etc., this is very easy; but doing some research and development and making some long-term planning are taboo for employers.

The reason behind this is that the employer is too poor.

The big capital on Wall Street is all private equity funds. They are large funds organized by a group of top financiers who absorb wealth from all over the world. The main source of income for these financiers who operate private equity funds is profit dividends, which is less than 5

%, 10%, the most powerful ones have 20%, 25%.

Many still have guaranteed profits, usually an 8% annualized profit guarantee.

Only when the annualized return exceeds 8% can the capital receive a 20% profit dividend.

In order to ensure that dividends can be obtained every year, the companies invested by the capital must be required to maintain growth year by year. The manager of the private equity fund is very rich and may not care too much, but his management team of dozens or hundreds of people must rely on

Pay dividends to maintain a comfortable life. Without dividends, the quality of life will decline.

This creates a contradiction.

The technology industry is different from other industries in that it is explosive. It may be that performance has been sluggish for many years, and then suddenly a certain project is successfully developed and suddenly explodes, with performance increasing several times.

This is seriously contrary to the investment logic and way of making money of private equity funds.

Therefore, the world's top funds are very cautious when investing in the technology industry. Neither Warren Buffett in the United States nor Lin Yuan in China do this.

Occasionally, there are a few big guys who are willing to participate in investments in the technology industry, and they constantly put pressure on the management, asking for conversion into profits and short-term performance growth.

Silicon Valley has a love-hate relationship with Wall Street capital.

If you don’t have capital, you can’t do it and you can’t do it, so you have to pursue it; if you have capital, you will be constrained, you will be constantly pressured, and it will be very uncomfortable.

This kind of internal contradiction is precisely the key point that Zhou Buqi can take advantage of.

Now is the financial crisis, and the elites on Wall Street are equally depressed and short of money. What they hope most is to receive profit dividends from the funds they manage.

As for whether Netflix's stock price will skyrocket in the future, it doesn't matter at all.

Netflix has skyrocketed, which is even more beneficial to private equity funds.

But human nature is selfish.

When doing something, it must be good for yourself first. By selling Netflix's shares, the management team of the private equity fund can get profit dividends. This is the most important thing.

As for the interests of investors...they don't understand it anyway, so it's not important.

The lower you are, the greedier you are.

Capitalists cannot be greedy. On the contrary, capitalists' consolidation of their position and maximization of interests rely on the sharing of interests. The more you share, the more you get. The greed shown by capitalists is greed from the bottom, taking advantage of human nature.

Weaknesses. For example, the panic buying of hunger marketing, the monopoly of subsidized consumption, and the viral expansion of "cutting one knife".

Fund traders on Wall Street are also social elites with an annual income of millions of dollars. In Zhou Buqi's eyes, they are the real bottom, and he can easily use this human nature to control them.

With Goldman Sachs taking the lead, the right owner was quickly found.

At 9:30 a.m., Zhou Buqi met his first client - Capital Research Fund, which is Netflix's largest institutional shareholder, holding 5.33 million shares with a total value of US$70 million.

The other party refused without thinking, even if the premium was as high as US$160 million.

After some communication, it turned out that Netflix’s stocks were mainly concentrated in one of its emerging industry funds, which lost as much as 16.5% this year.

It's completely hopeless.

Unless Zhou Buqi is willing to pay $1.9 billion for the $70 million worth of stock, they can't reach their 8% annual return target.

The deal fell through.

I went to the second Black Rock Group store and got good news.

Black Rock Group holds 4.03 million shares, a share of 6.5%. This stock is in one of its mixed funds, and the current annual return is 5.2%!

There is not much difference from the predetermined target of 8%!

Find someone quickly and calculate quickly!

After hearing that there was a buyer, the CEO of Black Rock Group hurried back from other places to resolve the matter personally.

This is so important!

Employees at the bottom care about the 8% growth target, which is related to their year-end bonuses. Top executives care about longer-term plans.

The better the performance of the fund, the more investors will subscribe.

If during the financial crisis, this fund can achieve the expected annual income and give a beautiful report card, it is conceivable that by next year, those retail investors with money will invest their money in Black Rock Group.

.

This is also the reason why capital will strictly require performance growth of technology companies.

It’s not that capitalists care about this, they are all the smartest people. Of course they know that technology companies have to look at the long term and cannot care too much about short-term benefits.

What doesn’t understand are ordinary investors. Once the short-term performance reports of private equity funds are poor, investors will withdraw their capital one after another. Because of the existence of underlying investors, the capitalists in financial operations are very eager for short-term performance growth.

It took me 10 minutes to figure out the account!

This fund, which holds Netflix stocks, has a total size of US$8.2 billion. This year’s income is US$426 million. The guaranteed return rate is 5.2%.8%, which is an income of US$656 million.

This year, Netflix’s share price fell by 28%, resulting in a loss of US$20 million.

In other words, as long as this fund can earn another US$6.56-4.26-0.2=210 million this year, it can achieve the expected goal.

Zhou Buqi will bear part of the US$210 million, and in the remaining two months of this year, it will be operated through other financial means... It is really possible to achieve the expected minimum guarantee goal.

However, Black Rock Group only holds a total of 4.03 million shares.

Because Chen Ran recently bought Netflix shares on a large scale in the stock market, raising the stock price from US$11.3 to US$12.8. Therefore, these 4.03 million shares are worth US$50 million.

How much is the premium?

In fact, in Zhou Buqi's view, even if the premium is 3 times and the US$200 million is forcibly eaten, it is still worth it. Buying Netflix is ​​not an equity investment, but a strategic investment.

However, Zhou Buqi has yet to express his position.

He hired a team of advisers from Goldman Sachs.

Chen Ran, a financial expert from PricewaterhouseCoopers, followed. Chen Ran even recruited her good friend from Wall Street, John Gade, who was helping the Saudi sovereign fund find connections.

After some communication, good news really came out again.

Two other small-scale private equity funds that have in-depth cooperation with Black Rock Group also hold some shares of Netflix. At the beginning, those two participated in Netflix's financing with Black Rock Group...

…

Zhou Buqi is very busy these days!

On October 22, in New York, I met with 7 private equity funds.

On October 23, in San Francisco, he signed an investment agreement with Musk on Tesla, spending US$200 million to acquire 25% of Tesla's shares.

Among them, Tesla only diluted 12.5% ​​of its shares and raised US$50 million; the remaining 12.5% ​​was purchased by other investment institutions for US$50 million.

On October 24, Zhou Buqi went to New York again to continue discussing the equity acquisition of Netflix. Nie Caijun, the CFO of Ziweixing, was also present in person and may stay in charge for a long time.

In the afternoon, he saw a luxurious apartment full of music near Central Park, and he wanted to buy it for himself.

Single floor 760 square meters.

It has an open design.

The overall tones of white and gray are paired with customized dark sofas and carpets. Reflected by the red background wall, it gives people a space for free thinking. The view of Manhattan can be overlooked from high altitude. Coupled with good lighting and permeability, it creates a

Better visuals…

The only disadvantage is that the open-plan design wastes a lot of house area. Just because it is spacious, bright, luxurious and grand, there is too little room design.

The usable area is 760 square meters, with only 3 bedrooms and 4 bathrooms.

The Zhou family has a large population and there is not enough room for them!

But it doesn't matter, Boss Zhou is very rich.

I bought the 21st and 22nd floors in one go, which are the top two floors.

The total price is US$53 million.

On October 25, Zhou Buqi flew to Los Angeles again. Accompanied by investment banks, law firms, and accounting firms, he finally completed the lengthy contract signing with Marvel.

Spending US$420 million to acquire 20% of Marvel’s shares!

This case is too complicated.

Lawyers, accountants, auditors and other related fees alone cost US$1.2 million, and Goldman Sachs paid US$4.5 million in labor fees.

Fortunately, it was finally taken down.

Xu Baihui was so happy that she flew over specially to attend the signing ceremony.

That night, Marvel organized a celebration party at the Hilton Hotel in Beverly Hills. This is where the Golden Globe Awards were held, and many stars came.

Among them are several actors from Marvel movies, Robert Downey Jr., Samuel L. Jackson, Scarlett Johansson, Gwyneth Paltrow...
To be continued...