Simon was chatting with Bryce Levison in a low voice, and a slightly hoarse and old greeting came from his ear: "Hey, Simon."

Turning his head and looking, it turned out to be Warren Buffett.

Simon is at the top of this social pyramid, and is not the first time Simon has come into contact with Buffett. He has met in some social occasions before, but he is not familiar with him.

Tonight's meeting was not deliberately arranged.

Simon knew that Buffett would attend and planned to have a chance to meet him. In fact, both parties knew their mutual goals. Otherwise, Buffett, a 65-year-old man, would not have asked for an invitation to attend such a fashionable party.

In history, the reason why Buffett agreed to sell the Metropolitan ABC Group to Disney in 1995 was that it was also seen that the impact of cable TV and the Internet on traditional public TV networks was becoming more and more obvious, so he chose to cash out at a high level. The facts basically proved the correctness of Buffett's decision.

After the new century, including FOX, the four major public television networks in the United States have basically declined all the way. TV programs with ratings of 20 to 30 million viewers in the early days became less and less common after the millennium. Although they have been making money, they are far inferior to the increasingly prosperous cable TV and the Internet, and can only become vassals of major media groups.

Buffett's cash-out time seems a little early, but it is in line with the investment principle of the veteran investor not pursuing the last US dollar. It is this steady investment strategy that allowed Buffett, who was in the original time and space, cleared the two houses of stocks early before the subprime mortgage crisis, avoiding the impact of Berkshire Hathaway.

He smiled and stood up, shook hands with Buffett, and then casually introduced Bryce beside him. After greeting him, Simon whispered in the woman's ear. After Bryce turned around and left reluctantly, she sat down with Buffett.

Buffett watched Bryce walk away like a mermaid and joked with Simon: "I really envy you young people."

Simon also smiled and said, "Warren, you are not old at all."

Speaking of which, Buffett is actually in a state of "one house and two wives".

The investment tycoon had separated from his original wife in the 1970s, but the two had never divorced. Over the years, they have been in various public occasions as husband and wife. At the same time, Buffett has lived with another partner, which is considered a husband and wife.

It is rumored that the relationship between the three is very good. Buffett is now sending holiday greeting cards to relatives and friends, and even the signatures are signed by the three. In recent years, many media have joked that Warren Buffett has two wives out of various thoughts.

In fact, Buffett's wife is not worth mentioning in the circle of rich people.

When a person can get in touch with the scenery at the top of the pyramid, he will inevitably find that many things are far beyond the boldest fantasy of the past.

In addition to being Grande's stingy when it comes to spending money, Buffett is no different from ordinary super rich people in other aspects. One of them is that he often attends various top social gatherings.

Of course, except for charity parties that require donations.

After politely complimenting the party, Buffett turned to Igrit, and asked Simon endlessly about the company's various questions. Although the billionaire is 65 years old, his memory and thinking are still quite sharp and agile. Many data related to Igrit seem to be imprinted in his mind.

And, obviously, Buffett is confused and questioned about Igret's rapid rise in financial data.

In history, no matter how surging the Internet wave was, Buffett was determined not to involve new technology industries that he was not familiar with. This even led to Buffett being thrown away by shareholders on the spot at the Berkshire Hathaway annual meeting, accusing him of missing the best investment opportunity.

Now, the old-school and conservative Buffett obviously still can't understand the Internet: "So, Amazon Online Mall is indeed the most serious business. Simon, have you ever thought that divesting this part of the business or reducing investment in this area can develop more stably, so that the stock price growth potential after Igret's listing will definitely be greater."

Simon realized that Buffett was interested in Igret's IPO.

This is not surprising at all.

Buffett’s favorite thing is companies that have ‘moats’. Nowadays, Igret, whether it is advertising or software businesses, can be said to be ‘high and deep’, and no other company in the industry can compete with it.

However, for this investor who pays great attention to profit margins, Igret's flaws are also obvious. The most important thing is that the investment is too radical, which has caused huge losses that he thinks are completely unnecessary. If you cut or get rid of these burdens, Igret will immediately become Buffett's most ideal investment target, with high growth rate, high profit margin, and a corporate moat that peers are difficult to cross.

Of course, Simon would not do this to cater to Buffett's investment intentions, shook his head and said, "Warren, e-commerce is an indispensable part of the Igret business system. This business seems to be a loss, but it can greatly increase the types of services in the Internet industry and thus improve users' adhesion to the Internet. In short, this is a kind of market cultivation. All the businesses that Igret is doing now are like this. As long as the public realizes that there are enough services on the Internet, they will gradually consume directly or indirectly in this field."

Buffy nodded, shook his head, and said, "But, Simon, no lack of capital for any business in the Internet field to develop. I think Igrit can be more focused. You should know that if a company pays too much attention to diversity, the result will often not be too good."

Simon said: "Of course I understand that Egret is actually already making relevant layouts, and I will also streamline this company at the right opportunity, but not now."

What Simon mentioned is the right opportunity after the bursting of the Internet bubble.

The Westeros system's advance exploration of the new technology field cannot stop the normal economic laws of capital society. The day when the bubble burst will come sooner or later.

At that time, not only will the business be streamlined, Simon will also streamline the huge team of employees that has rapidly become bloated. In recent years, in order to pursue rapid expansion, Igret has actually accumulated various problems within it. Simon will use drastic streamlining to solve the problem as much as possible after the bursting of the Internet bubble, so as to achieve a nirvana of this company.

It was obvious that Buffett could not understand Simon's thoughts, and thought it was an excuse from the young man in front of him. He could only shake his head slightly and turn the topic: "Simon, I found that you are planning to acquire ABC, right?"

Simon has actually revealed many flaws in this matter.

For example, ESPN shares obtained from the Hurst family.

For example, last year's large-scale IPO financing.

In the past few years, he has specially handed over several popular TV programs such as "Friends" and "The Story of the Emergency Room" to two other TV networks. Simon's intentions arranged in this way are similar to those of Hollywood's foreign cooperation projects, parasitic penetration. However, in Buffett's view, this obviously has the purpose of deliberately suppressing the development of ABC in order to lower the offer when launching an acquisition. This is actually another fact.

That being the case, Simon simply did not take a turn and nodded, "Yes, after the media integration ban was lifted, further integration in this field to adapt to global competition is an inevitable trend. Metropolitan ABC is my top priority, and of course, not the only option. Warren, if you want, we can talk about the quote now."

Berkshire Hathaway holds 25% of the shares of Metropolitan ABC Group. Buffett actually has a greater say in this company than chairman and CEO Tom Murphy. As long as he agrees, things can basically be finalized.

Buffett did not respond immediately, but instead complained: "Simon, Daenerys's stock price is too high now."

Simon just smiled and shrugged.

I recalled the acquisition plan of Disney's Met ABC in my memory, which was a mixed transaction of half equity and half cash. It is obvious that this time, Buffett was also so thoughtful, but Daenerys Entertainment's stock price is very high now. The investment tycoon does not want to obtain an all-cash acquisition, and is worried that Metropolitan ABC will suffer losses after a stock exchange or partial exchange.

Because of silent attention, Simon knew that the current market value of Metropolis ABC Group is about US$16 billion. Since the Westeros system has driven the recovery of the entire North American stock market in advance, Metropolis ABC's current market value must have exceeded the original timeline. Including the company's debt of about US$3 billion, the acquisition has not yet started. The overall US$19 billion is exactly the same as the total transaction volume of Disney's acquisition of Metropolis ABC in the original time and space.

This time, Daenerys wants to acquire this company, and the total transaction amount must be more than US$20 billion with assets and liabilities.

Simon does not feel at a loss or pressure on this, because Daenerys' market value is actually higher, currently exceeding US$130 billion. According to the financial report of Daenerys Entertainment's fiscal first quarter of fiscal year 1995 released in February, the price-to-earnings ratio has reached more than 120 times that Buffett would absolutely not accept.

In comparison, Metropolitan ABC Group's price-to-earnings ratio is only 37 times.

Seeing Simon smiling and not responding, Buffett frowned slightly distressedly, and then asked: "Simon, do you think Daenerys's stock price still has room for growth?"

Simon shook his head: "Warren, who can tell this kind of thing is accurate. However, I have enough confidence in Daenerys. Many people say that the company's growth has touched the ceiling. However, as long as they pay a little attention to the financial report, it is not difficult to find that Daenerys' quarterly financial report released in February still has a year-on-year growth rate of 39%. I believe this growth will last for a long time."

Buffett frowned and thought for a moment, as if he was determined, and said, "Simon, I can sell Metropolitan ABC to you, but I think my shareholders also need to be protected with sufficient interests, so I hope to get a payment method of cash plus convertible bonds, half cash and half convertible bonds based on the current share price, a 10-year period, with an annual interest rate of 8%.

Every investor has his own specific investment style.

The transaction method of cash plus stocks or bonds is a common method used by Buffett in acquisition transactions. Cash can ensure that it is secure. Stocks or bonds can save a capital gains tax in the short term and maximize profits in the future period. Moreover, what Buffett often asks for risk-free benefits is maximized.

Simon chose to refuse without hesitation: "Warren, if you insist on this, we don't need to continue talking."

Daenerys Entertainment's IPO last year was to prepare for this acquisition of public TV networks. Including the financing during the IPO and some subsequent profits from Daenerys, the current cash reserves of the entire Daenerys Entertainment Group reached an astonishing $17 billion. As long as the cash is not spent, it will inevitably suffer from inflation losses. The larger the cash, the more it is.

Therefore, for Daenerys Entertainment, even if its stock price is very high, all-cash acquisition is the most preferred choice.

Buffett now wants both cash and a stable high-interest bond. He also requires that these bonds be converted into Daenerys Entertainment's future stock at the right time in the future at any time. This investor has enjoyed many good things, but they only agree when some companies are in trouble.

The situation in Daenerys Entertainment is improving. If Simon agrees to this obvious unequal transaction clause, it would be strange if he is not pointed at the nose and scolded by other shareholders.

Even so, Simon didn't want the deal to go out directly, and said slightly softeningly: "Warren, I will definitely not accept this trading model with unequal additional terms. You must be responsible to your shareholders, and I am the same. So, either all-cash or all-stock, or cash plus stock, without any extra terms, otherwise, I can only try to cooperate with the other two TV networks. And, frankly, in Hollywood now, only Daenerys Entertainment, which has enough strength to acquire the three major TV networks. With the development of cable TV and the Internet, the decline trend of public TV networks is very obvious. The later you choose to sell it, or sell it to other companies in the future, you will not be able to get too high prices. If you keep it in your hands, unfortunately, the value of this TV network will shrink faster, just like the current paper media industry."

When Buffett heard Simon's words, his expression remained unchanged and said, "Simon, since you think so, why should you acquire a TV network?"

Simon said: "It's hard to grow a separate network, but this is an essential part of a large media group, which can provide marketing and sales channels for Daenerys' other businesses. I don't think you don't understand this."

Buffett shook his head lightly again, without refuting Simon's argument, but he said scattered again: "Danelles' stock price is really too high."

This old man still wants stocks, but obviously cannot accept Daenerys' super high price-to-earnings ratio of 120 times.

Simon smiled and said, "Then choose all-cash, Warren, you should have heard the news, the capital gains tax will be adjusted soon, and at that time, the 15% capital gains tax rate is nothing to your income from investing in Metropolitan ABC over the years."

Even if the deal is negotiated now, it will take at least three to five months to complete the transaction.

According to Simon's news, if nothing unexpected happens, the capital gains tax reform bill will be passed in May. By then, Berkshire Hathaway, which has held shares in Metropolitan ABC Group for many years, can enjoy the best capital gains tax rate.
Chapter completed!