Han Chudong's impression of him was that of a fat old man with white hair. He looked kind and was so rich that others admired him.
As early as last year, Han Chudong had seen his photo in the newspaper, but if it weren't for the name written on it, she would not have recognized him at all.
He did not have an office of his own on Wall Street, but borrowed his subordinates' office for reception. In recent days, he met with some potential investors and was trying to raise the second round of funds.
The total amount is still US$100 million, with an agreed principal preservation period of five years and a minimum investment amount of US$2 million.
Never underestimate the number of rich people.
The rate of return since its establishment has exceeded 8%, which has attracted some capital from others. It has been quickly subscribed for more than 21 million US dollars. Citibank also has the intention to invest and is in negotiations.
Han Chudong was willing to go to the trouble of setting up a private equity fund just to make friends with some people and earn some money.
He didn't care at all about how much money he could raise in the end.
What is certain is that if the future is similar to what he remembers, then those who choose to refuse or wait and see will definitely suffer a great loss.
Warren Buffett arrived ten minutes early. He looked middle-aged, with a 3:7 haircut and a pair of glasses on his nose. He was a little handsome, and he probably looked pretty much the same when he was young.
After he entered the office, Han Chudong looked at him carefully.
By the way, at the end of last year, Han Chudong had taken Buffett as his goal, wondering when he could earn nine figures. Unexpectedly, happiness came so suddenly, and he quickly surpassed his small goal without noticing.
Sitting face to face, Buffett also brought his partner Charlie Munger.
Charlie Munger, who had just celebrated his 50th birthday at the beginning of the year, was politely saying, "I received news that you, Mason, are preparing to raise a fund. With your achievements, it should be very easy. Promising to protect your principal in this economic situation is a very bold move. However, I have analyzed the companies you invested in, and their performance is relatively good, and their development prospects are also quite optimistic."
When businessmen meet, the topic mainly focuses on business. There is nothing else to talk about. The age gap is there.
Han Chudong replied cheerfully: "The currency is depreciating so fast, just protecting the principal is not very attractive. This is a new company, and many people still have difficulty making up their minds, but I think my investment vision is pretty good, so some people are willing to believe in me."
Instead of praising them for how great they are, for a 20-year-old super-rich man to praise how successful two middle-aged and elderly people are is tantamount to a slap in the face.
After Buffett acquired the textile company Berghill Hathaway, he spent $8.6 million to acquire National Insurance Company and National Fire and Marine Insurance Company in 1967, and bought a candy company in 1972. These results were quite impressive, but compared with Han Chudong, the difference was more than just a little bit.
"I also believe that you are an excellent investor. To be honest, I have collected all the information related to your company. Its development speed is unparalleled. Its industrial structure is also very healthy and can bring in a lot of funds. What I admire most is that you don't even have to be restricted by other shareholders. You can meet your needs with your own funds and bank loans."
Buffett took a sip of coffee to moisten his throat and added: "This makes me confused about today's meeting. It seems to me that you don't need us at all. Why did you arrange this meeting?"
"Of course it's an investment. I'm optimistic about Berkshire Hathaway's insurance business, and I'm also optimistic about the candy company called See's. Since I want to invest in your listed company, I should at least give you a heads up in advance to show courtesy.
According to the information I have collected, the stock price has been falling in the past two years, from $90 to the current $58. This does not prevent me from being optimistic about your company's long-term prospects. If nothing unexpected happens, Berkshire Hathaway will be added to the investment list of this private equity fund."
Han Chudong really wanted to invest, not because he thought Buffett had a good vision. He believed that no one could compare to him in this regard. He had just been eyeing the insurance business for a long time, and Berkshire Hathaway happened to have a pretty good insurance subsidiary.
Munger and Buffett looked at each other and saw the surprise in each other's eyes.
Charlie Munger, a short and thin white man, said, "Thank you for your support and respect. I would like to ask, if you choose to invest in us in the end, how much will it be? The securities financing market is not doing well in the short term, and our Berghill Hathaway stock price is seriously undervalued. With your financial support, perhaps it will soon return to a reasonable price, which is a good thing for us."
"The initial investment will be around 10 million US dollars. I haven't considered it yet, but it will be about this. Please keep the news confidential for the time being."
As soon as Han Chudong finished speaking, Buffett nodded and said, "Of course, please believe in Charlie's and my professional ethics. We are never willing to do anything that violates the financial order. It would be great if you could buy some circulating shares from the market. If you want to contact other shareholders, I am willing to communicate on your behalf. Charlie and I have agreed not to reduce our holdings for ten years. I am full of confidence in the future of Berkshire Hathaway."
When the economic situation is grim, the emergence of a powerful and famous investor to provide support is itself good news.
Most stock investors like to follow blindly and only want to see news that is beneficial to them.
There is no wrong version in the 1619 book forum!
If Han Chudong is willing to buy stocks worth 10 million US dollars, it will give reassurance to retail investors and securities firms holding Berkshire Hathaway stocks. The number of people selling stocks will decrease, which will help maintain the stock price stable. The two major shareholders will of course be happy.
People only know Warren Buffett, the stock god, but few know that he has a smart partner, Charlie Munger, who said frankly: "If you have learned about our company, you should also know that the recent decline in stock prices is also related to the loan acquisition at that time. A short-term loan of 14 million US dollars is about to expire, and we are communicating with the bank to continue to borrow money to repay the loan. Cash flow is the shortcoming of our company. At that time, we did not consider it carefully and ignored the possible financial risks.
If you can invest more money and give Berkshire Hathaway a financing, I believe that after this crisis is over, it can bring you rich returns. There is no problem with our company itself. "
Tapping his fingers on the desk, Han Chudong asked a seemingly irrelevant question: "Which bank did you apply for the loan from?"
"...Lehman Brothers was actually a good deal. When I borrowed money, the interest rate was not as high as it is now."
Han Chudong nodded to indicate that he understood, and said:
"Given your debt ratio, there shouldn't be any problem getting a loan. I can help you get in touch with the bank. Financing is possible, but I hope you won't rush to repay the loan. Instead, use the funds for investment opportunities. While the market is sluggish, you can acquire other high-quality insurance companies and focus your business on this area in the future.
As for the funds, you really don't have to worry too much. I am willing to give some support. Too much money may be a bit troublesome. It shouldn't be a big problem to take out 40 or 50 million US dollars at any time..."