Chasing Stars in Hollywood

New York.

The date was March 27.

At the Gramercy Hotel in Midtown Manhattan, a business reception was underway.

A week after Igreet Corporation announced its external financing plan, despite no firm deals being struck, the phones of many high-level executives within the Westeros system had been ringing off the hook.

To address the various questions from potential investors uniformly, the Westeros company decided to host this reception in New York, inviting a slew of senior executives from Wall Street investment banks and funds.

"Simon, Boeing's current market value is just under $12 billion. Do you really think it's reasonable to value a four-year-old internet company at $15 billion?" 

In the hall, Simon listened to Stephen Friedman, Chairman of Goldman Sachs, half-jokingly complain. Simon smiled and replied, "Stephen, if you're looking for a stable investment with a 10% or 20% annual growth rate, you can certainly buy Boeing stock. The airline industry won't be obsolete anytime soon. However, if you want higher returns, you can't avoid taking on some risks. Speaking of which, I haven't checked Boeing's stock recently. If it's still below $12 billion, I'll have Laurence buy as much as he can."

Stephen Friedman knew Simon was referring to Laurence Fink, head of BlackRock Asset Management under Cersei Capital.

Since BlackRock Asset Management moved from Blackstone Group to Cersei Capital, its growth had been rapid. The mutual fund-type investment company recently managed assets exceeding $120 billion.

The investment standards of a mutual fund focus on low risk, primarily investing in stable large-cap stocks and high-rated government and corporate bonds to ensure capital safety. Although such investments don't yield high returns, the sheer volume of the fund still generates significant profits.

Goldman Sachs, however, couldn't afford to be so conservative.

After a moment's thought, Stephen Friedman said, "But Simon, $1.5 billion is still too high. How about $1 billion? Goldman Sachs is very sincere in making this deal. $1 billion, and Igreet agrees to go public within three years. We can sign the equity transfer agreement soon."

Simon chuckled and gestured toward the surrounding crowd. "Stephen, you must understand, this is a seller's market right now."

Stephen Friedman saw that Simon's tone, though polite, left no room for negotiation, which made him somewhat displeased.

However, he kept his emotions in check. Despite Simon being only 25 years old, he was not someone Goldman could manipulate. On the contrary, even if this deal didn't go through, Goldman Sachs still hoped to secure roles in the upcoming IPOs of Daenerys Entertainment, Igreet Corporation, and other companies in the Westeros system.

In recent years, it was the IPOs within the Westeros system that attracted the most industry attention.

Regarding Igreet's equity, there were internal debates at Goldman Sachs. Some believed they should acquire it all, while others thought it was significantly overvalued. Stephen Friedman himself was undecided. Despite climbing to the position of Goldman's chairman, his understanding of the emerging internet industry was limited.

In his view, the recent surge in Cisco and AOL's stock prices displayed clear signs of irrational exuberance.

Yet, the explosive growth of the internet industry and the dominant position of these new tech companies, supported by strong revenue growth in recent years, were tangible realities, making future stock price predictions difficult.

With the "Information Superhighway Initiative" announced, Stephen Friedman was very optimistic about the internet industry. However, investing in this field now either meant taking on significant risks or facing high costs, with the potential for substantial losses if misjudged.

Goldman Sachs was highly competitive internally. Any severe investment mistake could jeopardize his position as chairman.

For Igreet's 10% stock, $1 billion was a figure Goldman's core executives generally found reasonable, provided Igreet went public within three years. Acquiring these shares, Goldman also hoped to secure the underwriting rights for Igreet's future IPO.

However, seeing tonight's turnout, Stephen Friedman realized that securing the deal for $1 billion was nearly impossible.

In the hall tonight were representatives from Goldman Sachs, Morgan, Lehman, First Boston, and even the struggling Solomon Brothers. Also present were executives from fund companies like Vanguard, Blackstone Group, KKR, and other peripheral or even international capital forces.

Though the reception was ostensibly about Igreet's 10% stock, most attendees targeted the broader Westeros system.

The Westeros system had been closely aligned with Morgan Stanley in recent years. Unless significant changes occurred, Morgan Stanley was almost certain to be the lead underwriter for Daenerys Entertainment Group's IPO next year.

However, given the massive scale of Daenerys Entertainment's IPO, even if Morgan Stanley took the lion's share, there might still be opportunities for others to get a piece of the action.

Moreover, beyond Daenerys Entertainment Group, Igreet, LTD Group, Tinkobel, and Verizon Telecom all had significant IPO potential in the future. Even after going public, many companies would still need to issue additional stock or debt, which presented significant business opportunities for the major Wall Street investment banks.

And with a bit of savvy, Simon Westeros wouldn't limit himself to working solely with Morgan Stanley.

The 25-year-old had amassed nearly $100 billion in wealth in just seven years, proving he was far from a simple-minded individual.

Considering this, Stephen Friedman became more determined to secure the equity deal.

After a few more words, as they were parting, Friedman suddenly asked, "Simon, are you planning to sell all 10% of the shares to one company?"

Simon's eyes flickered, and he shook his head. "Not necessarily. $1.5 billion is indeed a substantial sum. If Goldman and other investors want to pool resources to buy the shares, and we can reach an agreement, that would be fine."

Pleased with the response, Stephen Friedman said, "In that case, how about dinner on Monday evening to discuss further?"

Simon shook his head with a smile. "Monday is the Oscars."

"Oh, I forgot about that. Well then..."

Simon interrupted, "Stephen, I'll be heading back to Los Angeles tomorrow and probably won't be back in New York for the next week. If you reach a decision, you can speak with James. He represents me."

Shaking hands again, Friedman said, "Looks like we'll have to do that. I look forward to more opportunities to work together."

Simon nodded, "Of course."

As Stephen Friedman walked away, Simon sipped his wine, quickly processing the recent conversation in his mind.

Goldman Sachs had deep ties with Washington and was firmly entrenched in the Democratic camp.

Since Bill Clinton became president, Robert Rubin, who had been co-chairman of Goldman Sachs with Stephen Friedman, joined the White House as Assistant to the President for Economic Policy, leading the National Economic Council. Simon also knew that Rubin would become Treasury Secretary in a few years.

In the historical timeline, during the 2008 financial crisis, while Lehman Brothers went bankrupt, Bear Stearns was acquired, and other investment banks suffered heavy losses, Goldman Sachs not only avoided losses but profited and became Wall Street's dominant investment bank, partly due to its close ties with the government.

Although the Westeros system already had strong ties with the White House and didn't need to use Goldman as a proxy to connect with Washington, forging deeper relationships with Goldman Sachs would undoubtedly be beneficial.

At the same time, Simon wouldn't neglect the Morgan family, with whom he had a very good rapport.

Goldman Sachs and Morgan Stanley would be the primary partners for the Westeros system in the investment banking sector.

Simon never intended to sell all 10% of Igreet's shares to a single investor.

While Wall Street capital often controlled over a trillion dollars in assets, few entities could quickly raise $1.5 billion in cash.

Given the inherent risks, committing $1.5 billion to a burgeoning internet company for just 10% equity was something even the most daring gamblers on Wall Street would hesitate to do.

Pooling resources with other investors to purchase the shares was the best option.

Morgan Stanley, faced with fierce competition, was very interested in these shares, worried that other companies might acquire them and jeopardize their strong relationship with the Westeros system.

Simon's plan was for Morgan Stanley and Goldman Sachs to jointly raise capital to acquire the 10% stake.

As for other investors in the hall tonight, they were already off Simon's radar for this particular deal.

With his decision made, Simon continued mingling. After speaking with Blackstone Group Chairman Steve Schwarzman, he was about to approach Laurence Fink, head of BlackRock Asset Management, when another middle-aged man in his fifties, wearing old-fashioned round glasses, walked over.

Simon greeted him with a raised glass and glanced at the woman beside him, who whispered in his ear, "Joseph Lewis, Chairman of Tavistock Group."

Neither name was familiar to Simon, but as the man drew closer, Alison couldn't provide more details and stepped back.

"Hello, Simon. I'm Joseph Lewis. You can call me Joe."

Simon shook hands with Joseph Lewis and greeted him. "Hello, Joe."

After pleasantries, Joseph Lewis looked around the hall and said, "I'm a bit late. This place is quite nice."

Simon, observing him, smiled and nodded. "Thank you."

Noticing Simon's curious look, Joseph Lewis quickly added, "Actually, Simon, I run an investment company. Last year, I partnered with Mr. Soros."

Simon instantly understood what Joseph Lewis was involved in.

Financial speculation.

And he had likely been an active player during last year's sterling crisis.

In simpler terms, the man before him held a substantial amount of cash.

Seeing the recognition in Simon's eyes, Joseph Lewis smiled and got straight to the point. "Simon, I'm very interested in the Igreet shares. However, Mr. Reibold

 and Mr. Li told me that you have the final say. So, when can we discuss the deal?"

Lewis's directness impressed Simon, but he shook his head. "Joe, I appreciate your interest in Igreet, but I'm afraid someone has already gotten ahead of you."

Joseph Lewis didn't seem surprised or disappointed, as if he had anticipated this. "That's too bad. But I'm sure we'll have other opportunities to work together. Simon, I heard you're trying to acquire Christie's auction house, is that right?"

Negotiations for the Christie's acquisition were ongoing. Since Lewis seemed aware, Simon didn't hide it. "Yes, that's correct."

"I'm quite interested in collecting. I understand Melisandre is looking for partners in this acquisition. Would you mind if I joined?"

"Of course not. However, Sofia is handling this. You should discuss it with her."

Lewis smiled. "I find dealing with you more efficient. My company is looking for a 20% stake without involvement in Christie's operations. In the future, if you decide to sell, Melisandre will have the right of first refusal. Naturally, as a shareholder, I'd also hope for some special privileges during auctions."

Recognizing the offer's straightforwardness, Simon extended his hand. "Well then, Joe, it's a pleasure to partner with you."

Lewis clearly wanted to establish a relationship with the Westeros system and had chosen an excellent entry point.

Christie's was a relatively modest $1 billion deal, insignificant for the entire Westeros system. His request for a non-controlling stake showed ample sincerity.

As for any underlying motives behind this partnership, Simon could guess but wasn't too concerned.

After chatting a bit more, Lewis delved into his background.

Lewis, a Brit, started with chain restaurants and clubs, moving into financial speculation in the 80s. He had navigated the 1987 stock market crash, the Japanese market bubble, the US bond market collapse, the Gulf War-induced oil crisis, and most crucially, for a currency speculator, the sterling crisis of last year.

Through these ventures over the past decade, Joseph Lewis's Tavistock Group had amassed significant capital, and he was now considering a return to real sector investments.

Had Simon agreed earlier, Lewis would have bought all 10% of Igreet's shares. But he seemed to understand that Simon's decision to sell was not merely about raising funds.

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