Reborn America, this is my time

The Dutch auction, which originated in the Netherlands, is a price reduction auction.

The auctioneer will start the auction from a very high price, and if no one raises his hand, he will gradually lower the selling price until someone is willing to buy and raises his hand to make a deal.

At first, this auction method was only popular for valuable antique calligraphy and paintings, because sellers did not want to see their collections being picked up by others. Later, when the tulip scam broke out, this auction method allowed sellers to make more profits. It became the mainstream hype at the time.

After that, it flowed into the financial market and continued to appear in IPOs.

The most traditional method is the hammer auction, but that is too cumbersome, so financiers have improved the method. On the day of the auction, all invited investors write on slips of paper the number of shares they want to buy and the price they are willing to pay.

For example, one investor wants to buy 100 shares of stock for $100, and another investor wants to buy 500 shares of stock for $95. After everyone has made their bids, the underwriters will allocate shares from high to low according to the big guys' bids until all the shares are sold.

To be fair, the price the guy who gets a share of the purchase ends up paying is based on the lowest price among all allocated investors, which is the last successful bid.

When this kind of game occurs, it is impossible for investors who want to obtain more shares to lower the purchase price.

They just raise the price!

Only then can you stand out from countless competitors!

Of course, Dutch auctions also have shortcomings. If the company you want to list is not well-known, then using this method is simply humiliating yourself. On the other hand, as long as the target company is strong enough...

You can break the rules!

The most well-known example is Google. When they went public in 2004, they used a Dutch auction, which pushed their shares to $85 during pricing.

Although on the first day of listing, their closing price was 100.33, which was a very large gap compared with the pricing, everyone in the industry knew that this was the best result after their game with financial capital.

Because initially, the vampires on Wall Street hoped that Google would sell more than 30 million shares. After withstanding the pressure, Google decided to issue 25.7 million shares. Later, because Wall Street investment banks wanted to buy these shares at a low price and only wanted to buy these shares in the range of US$108 to US$135, Google was extremely angry and once again lowered the number of issuances. Five million and one million shares.

When Google achieved a price-to-earnings ratio of 80 times with an extremely low issuance of 19.6 million shares, everyone who laughed at it was just pretending to understand. With the help of Stanford, Google turned a round of financing from other companies into a It was split three times, and more cash was obtained at the expense of issuing a few additional shares.

At the same time, the interests of founders and early investors are also preserved.

And this is actually the root of the crazy curses of the financial giants on Wall Street. This even made Goldman Sachs directly give up its underwriting rights for Google's second financing in 2005. They did not want to be fooled again.

Because the Dutch auction can prevent financial capital from arbitraging profits, in the vast majority of listings led by investment banks, those on Wall Street will refuse to use this method to price the company.

And once someone uses this method...

In New York, Morgan Stanley headquarters, Robert Baldwin felt his face burning with pain.

He felt like there was a big footprint on his face!

The lingering smell of West Coast sea salt made him breathless!

The report from his subordinate made him grit his teeth and widen his eyes!

There was even a cry of anger in the heavy breathing!

"Did Merrill Lynch really say that Ethan Jones decided to sell his shares in a Dutch auction?"

His eyes were red and he looked at his subordinate word by word.

"Yes...yes..." The middle-aged man who came to report nodded, sweat breaking out on his forehead, "Mei...Merlin made it clear...this is the will of Ethan...Qiongqiong Jones. …”

"The auction location... is even at Stanford..."

"Fuck! Fuck!! Fuck!!!"

The positive news made the chairman of Morgan Stanley instantly furious!

Like a bull in pain, he cleared the table in front of him!

"MFxxk!"

"Ethan Jones, son of a bitch!"

"He's playing tricks on us!"

"He definitely didn't do it on the spur of the moment!"

"He definitely had a premeditated plan!!!"

Robert Baldwin has seen it!

Everything Ethan Jones did before, it was all for the disgusting people now!

Ethan Jones first made wild profits, arousing capital's interest in Apple, making capital eager to join the glorious evolution. After everyone participated in the bidding process, he started to go through the process and engage in speculation. After Federal Securities After the transaction committee's approval letter came out, he tore off the pretense and overturned everything he had done before. This seemed to be venting his dissatisfaction with the low pricing, but in fact...

He is telling everyone!

My territory is mine!

As long as I want, I can play with you any way I want!

Ethan Jones' words made all their previous expectations become a joke!

Ethan Jones' words made all their previous transactions go to waste!

Ethan Jones' words directly caused them to lose 80% of their profits!

This……

"Flower Q!!!"

Robert Baldwin directly lifted the seat and smashed it hard!

It’s not about money anymore!

Their face on Wall Street has been completely lost!

…………

"Did Merrill really say that?"

Meanwhile, Goldman Sachs, John Weinberg and John Whitehead are also looking black at the moment.

Like Robert Baldwin, they couldn't stand the teasing.

But they knew that when the auction location was set in the auditorium of Stanford, this matter must have been approved by countless people, and at this moment, they were the meat on the chopping board!

"Yes, Merrill Lynch did say that Apple will use the Dutch auction method for pricing."

The staff who came to report looked downcast and tried not to observe the boss's expression.

"Okay we got it."

"You go down first."

John Whitehead waved his hand.

The middle-aged man who heard these words immediately stepped back.

As the door closed, the two looked at each other.

The next second, they both saw the burning fire of anger in each other's eyes.

"Ethan Jones went too far this time!"

John Weinberg gritted his teeth and said, "He made a fool of us all!"

"The only ones who have conflicts with him are obviously those families!"

"But he dragged everyone into the fight!"

"This is simply—"

"frenzied!"

"Well..." John Whitehead took a deep breath.

He admitted that his good brother was right.

Ethan Jones has indeed crossed the line this time!

He made the entire Wall Street a mercenary laughing stock!

Although everyone is embarrassed, it means that no one is embarrassed.

But the capital groups in this world are not just these few!

In the current era of highly interconnected information, those in Europe and Asia who wish they were dead will surely laugh at them! And their overseas business will also be hindered!

If your own domestic companies can't handle it, you still want to grab food from other markets?

They were powerful dragons once, but now...

How could there be a powerful dragon that could not level the base camp at the rear?

While Wall Street was jumping wildly, other players on the North American continent were also shocked.

No one thought that Ethan Jones could be so brave.

It directly gave the financial giant a big slap in the face.

Aren’t you coveting my company?

Don't you want to seize my wealth?

you can!

I will put the company on the market according to your ideas!

But I have a special code so that you can’t make a penny! Not convinced?

Hold it in!

When this arrogant face appeared in the minds of those people, Ethan Jones' arrogant look left them speechless. Henry Ford II rubbed his brows and said: "So, those people on Wall Street How do investment banks decide? Will they go to the auction that day?"

"I don't know." The secretary who came to report shook his head.

"Now... Wall Street has become very noisy..."

"Those people are roaring at the top of their lungs, trying to teach Ethan Jones how to behave..."

The non-nutritious answer made Henry Ford snort and shake his head.

But the next second, he also made a decision.

"Prepare money, let's go."

"Boss?" The secretary was a little surprised, "Do we need to communicate with other people?"

"Huh - what are you communicating about?" Henry Ford looked disdainful and said: "Communicate with people on Wall Street about how to boycott Ethan Jones? It's useless!"

"The greatest significance of financial existence is no longer to help production. When they have a profit-making function, they will definitely pursue extreme profits crazily!"

"Without the production function, finance can only harvest value from the entity. As long as the entity is strong enough, let alone finance, even if they want finance to kneel down and call themselves daddy, finance will only We can do it because everyone knows that finance cannot be separated from the entity.”

"Apple is the most dazzling entity at the moment, and computers will definitely be the future."

"So, even though Wall Street has gone crazy, in the end, they will still go."

"As for Ethan Jones?"

"Everyone wants to strangle him to death, but who really dares to strangle him to death?"

"Although Fred Terman is the biggest reason, the game of fate is also the key to keeping him."

"You have also read Apple's prospectus. You should know that the reason why computer technology develops crazily is because they are catching up with software."

"There are many excellent ideas, but there are very few machines to carry them. Among them, what can consume a lot of machine functions and promote machine iteration is the game of destiny, isn't it?"

“Ethan Jones gets consumers to buy machines.”

"He can enliven the market."

"so--"

"He is the father of Wall Street!"

Although Henry Ford II had a grudge against Ethan Jones, he also admitted that financial development can never be separated from the real economy, because this sentence was told to him by his grandfather.

When his grandfather, Henry Ford, was still alive, he repeatedly stated that Ford cars would never go on the market.

The old man believes that a good company can operate with its own funds, expand with its own funds, and dominate the world with its own funds.

If you can't do it, it's not a problem with the industry, but a problem with you.

Although listing financing can help companies develop rapidly, at the same time, listing financing can also push companies to the cliff. When the actual controllers of the company have already made paper wealth, the pleasure and pressure caused by the sudden rise and fall will make them Companies lose their ability to innovate.

Because they will play the numbers game.

Therefore, when Henry Ford learned that Ethan Jones had rejected Wall Street a few years ago and did not want to take Destiny Game public, he really observed the young man with admiration.

And now...

After discovering Ethan Jones disgusting financial capital with financial instruments.

Although he was still unhappy.

But he still admitted that Ethan Jones had the same style as his grandfather.

While Henry Ford II was making his decision, other capitalists were also raising funds and arranging routes while scolding, and on November 1st, they arrived in Palo Alto in accordance with Apple's requirements.

When they arrived at Stanford, the first thing they saw was Ethan Jones in casual clothes.

He was sparkling in the sun, shaking hands with the guests present and saying hello——

"Mr. Ron Miller, nice to meet you."

"Thank you for your love for Apple, and I hope you can buy satisfactory shares today."

"Mr. Steve Ross, I didn't expect you to come too?"

"You Warner should have prepared a lot of funds, right? I'm going to appreciate your performance later."

"Oh - isn't this Mr. Rockwell? Welcome!"

"I've seen the new computer from Rockwell, and it's very good. If there is a chance, we must communicate well..."

When receiving people, Ethan smiled.

He was really happy at this moment.

Not because these giants who had been against him finally showed up.

But because He extended an invitation to these people, and they came.

Hahahahaha——

After meeting the guys on the guest list one by one, Ethan walked into the auditorium.

When Pac-Man was released four years ago, he was nervous as hell.

Four years later, he was beaming when faced with guys stomping their feet that the U.S. economy was about to collapse.

He blinked at the energetic old principal sitting in the front, wearing a suit and tie, and towards the lean old man next to him, Apple investor Lawrence Rockefeller nodded, and then Ethan raised his hands. The small mallet hit the wooden support with a "snap".

Without any nonsense, he said directly: "Thank you all for taking time out of your busy schedule to participate in Apple's stock auction. I am today's host Ethan Jones."

"I think everyone is familiar with me and Apple, so I won't waste everyone's time. I'll ask the staff to come on and give you pens and paper."

"Today, the total number of shares we auctioned is 31.5 million shares."

"Since there are 270 investors present, even if each person shares 100,000 shares equally, that's still too much, so we decided that the maximum number of shares that each person can purchase shall not exceed 500,000 shares, and the minimum number shall not be lower than 500,000 shares. 50,000 shares. The maximum price quoted for a single share shall not be higher than one hundred US dollars, and the minimum price shall not be less than five US dollars."

"In addition, if all 31.5 million shares are not subscribed today, we will lower the number of new shares issued and the amount of financing."

"You have one hour to fill out the form."

“Just submit your offer by 11 a.m. Western time.”

"Of course, overtime will be treated as a forfeit."

"During this period, you can communicate freely and make phone calls. Our auction has no personal restrictions. I think you all know each other, so..."

"I hope you all have fun."

"Snapped--"

Strike the auction hammer again.

Ethan standing in the center of the stage...

Very cool. (End of chapter)