Sheila Ward was a little dazed, and the few words muttered by the young man across from her made her feel an inexplicable aura of despair and desolation.

There should be a long, long story behind this sentence.

However, she had never heard of it.

Alison and Betsy served breakfast. Simon closed the newspaper and smiled again. He seemed to have forgotten the topic just now and said to the woman: "I see you like it here very much. Otherwise, you can spend your time here."

It’s the weekend, I’ll have someone pick you up tomorrow afternoon.”

She had thought about it this way, but when the man brought it up, she subconsciously shook her head and said, "I don't want it anymore. I'm here alone and I don't know where to go."

"There are many places you can go, including the Space Needle, University of Washington, Olympic National Park, and by the way, I heard there is a gum wall at Pike Place Market. You can go check it out and stick a piece of it on it yourself."

Sheila Ward picked up the tableware handed over by Alison, shook her head with a smile and said, "It's disgusting just thinking about it. Besides, it's raining outside, so I'd better go back to Los Angeles with you."

Simon didn't persuade me much.

After breakfast, the group took a speedboat to leave Mercer Island in the middle of the lake, arrived at the Renton Municipal Airport adjacent to the south shore, and boarded a flight back to Los Angeles.

It only took less than two hours to go from the rainy weather in Seattle to the sunny weather in Los Angeles.

After getting off the plane at Los Angeles International Airport, I found that Simon had no intention of leaving the airport with me, so I learned that he had other plans.

Leaving the airport in the car specially called by a man to take her away, Sheila Ward looked at another plane roaring into the sky in the airport, and suddenly she felt as if the pumpkin carriage and the glass slipper had all disappeared.

Cinderella can still wait for her prince.

To him, she would probably be just a passerby.

Disgusting man.

From Seattle to Los Angeles, and from Los Angeles to New York, a continuous flight time of more than six hours, Simon did not waste it, and read various materials prepared by Cersei Capital along the way.

After this period of negotiations, Cersei Capital and Blackstone Group reached an agreement to acquire 50% of the equity of Blackstone Financial Management Company for US$75 million. Blackstone Financial Management Company’s US$3 billion of funds and Lawrence Fink’s team will be transferred as a whole to

Owned by Cersei Capital.

In addition, Janet has re-planned the subsidiaries of Cersei Capital. The three subsidiaries currently confirmed to be established are Cersei Fund Management Company, Apollo Management Company and Black Rock Asset Management Company. Cersei Fund Management Company is naturally the

The other two companies, which are the closest relatives of Cersei Capital, were named by Simon based on the information in his memory.

Needless to say, Black Rock, Apollo Management Company also existed in the original time and space.

In terms of ownership structure, the three subsidiaries are jointly held by the parent company Cersei Capital and the operation team, and each has its own business focus.

Cersei Fund Management Company is mainly engaged in financial hedging business, Apollo Management Company is responsible for alternative investments such as leveraged mergers and acquisitions and vulture investments, and Black Rock Asset Management Company is engaged in mainstream securities, stocks and fixed income and other low-risk investment businesses.

After the establishment of the three subsidiaries, sub-funds 6 to 10 were fully controlled by Cersei Capital again, and funds were allocated to each subsidiary according to the actual situation.

The biggest advantage of this is that the funds raised by Cersei Capital are still nominally held by sub-funds 6 to 10, and each subsidiary team is only responsible for management.

If the subsidiary team suffers losses or other situations, Cersei Capital can flexibly withdraw funds to avoid further deterioration of the situation. Furthermore, it can even directly disband the subsidiary team and cancel the subsidiary. At the same time, the funds will not be lost because of the subsidiary.

Lost due to turmoil.

This adjustment was actually inspired by Janet's acquisition of Blackstone Financial Management.

Blackstone Financial Management's funds were raised separately, and Lawrence Fink's team wanted to change jobs. It was difficult for Blackstone Group to cut out the bottom line and could only choose to compromise and sell the company's shares.

Wall Street has paid very close attention to a series of recent movements of Cersei Capital, and investors’ investment intentions are also very active. Obviously, many people expect Cersei Capital to continue to create the profit miracles that Simon has achieved in recent years.

Faced with the expectations of the circle, Simon doesn't have much pressure.

Because Simon knows very clearly that Cersei Capital does not need to continue to create miracles. This company only needs to produce performance that exceeds that of most of its peers on Wall Street to continue to grow and develop in the future.

With the foresight advantage over the next twenty years and the operation of an outstanding talent team, Simon is very confident in achieving this goal.

In addition to the two teams of Cersei Fund Management and Blackrock Asset Management, Janet has also poached the mergers and acquisitions team from Drexel Securities, which filed for bankruptcy in early January, to form the team of Apollo Management.

The leader of the team is named Leon Black. After receiving the invitation from Cersei Capital and the promise of 30% of the equity, Black quickly gave up his original plan to go it alone and led the team to join Cersei Capital.

We are all smart people. If we work alone, it will be difficult for Black's team to obtain much funds from investors in the short term because of his experience working at Drexel Securities, which just went bankrupt.

In comparison, Cersei Capital directly promised Leon Black $1 billion in starting operating capital, and has already prepared the next phase of the work project for them: conducting vulture trading on the still turbulent U.S. junk bond market.

invest.

The total size of US$200 billion in junk bonds in the United States, a large part of which is very guaranteed to be repaid.

However, because the overall bond market situation continues to deteriorate, the prices of many bonds with solvency have also plummeted. As long as you can find these bonds and buy them at a price far lower than their book value, when the economic situation improves and companies recover,

If the bond is repaid, investors can obtain very generous returns during the bond repayment process.

Finding valuable assets from a pile of financial ruins that seem to be about to disappear is the general idea of ​​vulture investing.

Janet did a lot of research on the U.S. junk bond market last year and accumulated a lot of information, so she and Lawrence Fink talked about vulture investing at a cocktail party at Raybould's house some time ago.
Chapter completed!