\u6469\u6839\u58eb\u4e39\u5229\u7684\u4f20\u5947CEO John Mack\u7684\u81ea\u4f20\u3002\u521a\u53c2\u52a0\u5de5\u4f5c\u65f6\u4e00\u5ea6\u662f\u975e\u5e38\u719f\u6089\u7684\u540d\u5b57\uff0c\u6240\u4ee5\u6709\u79cd\u5929\u7136\u7684\u597d\u611f\u548c\u5438\u5f15\u529b\uff0c\u8ba4\u771f\u8bfb\u4e86\u4e00\u904d\uff0c\u8001\u7237\u5b50\u8fd8\u771f\u633a\u5389\u5bb3\uff0c\u4e24\u8fdbMS\uff0c\u529b\u4e3b\u6536\u8d2dDean Witter\uff0c\u6253\u4e0b\u73b0\u91d1\u6d41\u7684\u575a\u5b9e\u57fa\u7840\uff1b\u91d1\u878d\u5371\u673a\u65f6\u633d\u6551MS\u4e8e\u6c34\u706b\uff0c\u5f53\u65f6\u5dee\u70b9\u5c31\u8981\u5ba3\u5e03\u7834\u4ea7\u4e86\u3002\u5728CSFB\u7684\u77ed\u6682\u51e0\u5e74\u4e5f\u662f\u80fd\u6551\u4e4b\u4e8e\u6c34\u706b\uff0c\u4f3c\u4e4e\u4e00\u76f4\u5728\u706d\u706b\uff0c\u9762\u5bf9\u5404\u79cd\u60c5\u51b5\u603b\u80fd\u505a\u51fa\u6210\u7ee9\uff0c\u8fd9\u662f\u975e\u5e38\u96be\u5f97\uff0c\u5176\u4eba\u751f\u7ecf\u9a8c\u8fd8\u662f\u975e\u5e38\u53d7\u7528\u7684\u3002<\/p>\n\n\n\n
On one level, this is a book about how a talker became a listener, a listener became a better person, and a better person became a better leader. My self-confidence came naturally, but I had to learn how to foster confidence and collaboration in others, and to get groups of people to produce substantially more than they would as individuals. I saw firsthand that leaders are made, not born. Leadership is a discipline, something you practice. Like salesmanship, some learn it more easily than others, but it can be learned.<\/p><\/blockquote>\n\n\n\n
\u9886\u5bfc\u8005\u4e0d\u662f\u5929\u751f\u7684\uff0c\u4e5f\u662f\u53ef\u4ee5\u540e\u5929\u57f9\u517b\u7684\u3002John\u4ece\u5f88\u80fd\u8bf4\u53d8\u6210\u5f88\u4f1a\u542c \uff0c\u4ece\u4f1a\u542c\u5230\u6210\u4e3a\u66f4\u597d\u7684\u81ea\u5df1\uff0c\u518d\u6210\u4e3a\u66f4\u597d\u7684Leader\uff0c\u4e00\u6b65\u6b65\u53ef\u4ee5\u540e\u5929\u4e60\u6765\u3002<\/p>\n\n\n\n
Through the Great Society and its war on poverty, the federal government attempted to solve urban and rural problems. Starting in the mid-1960s, inflation began to ratchet up, eroding the value of the savings accounts where many Americans kept their money.<\/p>
It was also a boom time for America. Astronauts were walking in outer space. People were investing in the country. A surging middle class wanted to own a piece of the companies that undergirded the US economy\u2014corporations like Xerox, IBM, General Foods, and the Ford Motor Company, which had unveiled its sexy Mustang at the 1964 World\u2019s Fair in New York. Millions of Americans jumped into the stock market.<\/p>
At one point, unprocessed transactions added up to $4 billion. People on the Street often referred to this problem as \u201cthe paperwork crunch.It got so bad that in August 1968, when I started at Smith Barney, the NYSE was closed every Wednesday just to battle the massive paper pileup, and sometimes it had to close early on other days.<\/p><\/blockquote>\n\n\n\n
\u7f8e\u56fd\u5728\u4e0a\u4e16\u7eaa60\u5e74\u4ee3\u539f\u6765\u4e5f\u641e\u8fc7\u8131\u8d2b\u653b\u575a\uff0c\u771f\u6709\u70b9\u50cf\u4eca\u5929\u7684\u4e2d\u56fd\u3002\u901a\u80c0\u73af\u5883\u4e0b\uff0c\u4e2d\u4ea7\u5f00\u59cb\u7092\u80a1\u3002\u5bfc\u81f4\u4ea4\u6613\u6240\u5904\u7406\u7684\u7eb8\u8d28\u5355\u5b50\u90fd\u51fa\u73b0\u4e86\u5361\u987f\uff0cNYSE\u90fd\u5f97\u5468\u4e09\u505c\u5e02\u4e00\u5929\uff0c\u8fd9\u4e5f\u5e26\u6765\u4e86\u672a\u6765\u8ba1\u7b97\u673a\u5904\u7406\u7684\u5de8\u5927\u9700\u6c42\u3002<\/p>\n\n\n\n
By the time my twenty-fifth birthday came around in November 1969, I had learned something that would be true for the rest of my career: you have to recognize change. You have to embrace the hard choices that change demands. Most of all, you have to do your best to look into the future to get out ahead of whatever is coming. Otherwise, you will fail. This is as true on Main Street as it is on Wall Street.<\/p><\/blockquote>\n\n\n\n
25\u5c81\u751f\u65e5\u65f6\u987f\u609f\u4e86\uff1a\u8981\u8bc6\u522b\u53d8\u5316\u3001\u62e5\u62b1\u53d8\u5316\uff0c\u6839\u636e\u53d8\u5316\u7684\u9700\u6c42\u9009\u62e9\u8fce\u96be\u800c\u4e0a\u3002<\/p>\n\n\n\n
Having money let me do that. I saw money as a way to reach my goals: to be independent, to be respected, and to help people. These things were important to me, and I worked hard to achieve them. I lasted six months at Loeb Rhoades. In my four years on Wall Street, I had already worked at three firms, which was unusual then. I kept switching jobs because I wanted to work with people who made me stretch. I didn\u2019t want to feel like I was settling.<\/p>
The lesson here: never sell yourself short.\u201d<\/p><\/blockquote>\n\n\n\n
John\u5e74\u8f7b\u65f6\u4e5f\u8ffd\u6c42\u8fc7\u9ad8\u6536\u5165\uff0c\u5e0c\u671b\u80fd\u591f\u66f4\u72ec\u7acb\u3001\u66f4\u88ab\u5c0a\u91cd\uff0c\u4f46\u6700\u540e\u8fd8\u662f\u53d1\u73b0\u94b1\u5e76\u4e0d\u662f\u4ed6\u60f3\u8981\u7684\uff0c\u5b66\u5230\u4e86\u6700\u91cd\u8981\u7684\u4eba\u751f\u7ecf\u9a8c\uff1a\u4e0d\u8981\u8ba9\u81ea\u5df1\u8ffd\u6c42\u77ed\u671f\u5229\u76ca\u3002<\/p>\n\n\n\n
At 10:00 a.m. on my first day at Morgan Stanley, I saw how flawlessly the partnership worked. The firm was pricing a $100 million bond issue for AT&T. Every New York partner sat at the big boardroom table. Every partner spoke. Every partner was heard. They debated vigorously but respectfully. Then, one by one, they went around the table and voted. Whatever the price, it had to be a majority. This is because the partners were risking their own money. At the end of the meeting, they set the coupon\u2014the annual interest rate paid on the bond\u2014at seven and an eighth. I had never observed anything like this before. I felt that Morgan Stanley was completely committed to its clients\u2019 success.<\/p><\/blockquote>\n\n\n\n
\u5927\u6469\u65e9\u671f\u7684\u505a\u6cd5\u8fd8\u662f\u5f88\u503c\u5f97\u5b66\u4e60\u7684\u3002\u6bcf\u4e2a\u5408\u4f19\u4eba\u90fd\u53c2\u4e0e\u3001\u8fa9\u8bba\u3001\u6295\u7968\uff0c\u591a\u6570\u4eba\u51b3\u5b9a\uff0c\u975e\u5e38\u826f\u578b\u7684\u5408\u4f19\u4eba\u6587\u5316\u3001\u7cbe\u82f1\u6587\u5316\uff0c\u60f3\u4e0d\u6210\u529f\u90fd\u96be\u3002<\/p>\n\n\n\n
Working with British Petroleum and Standard Oil of Ohio, Morgan Stanley served as the investment banker for the gargantuan deal. It raised a record $1.75 billion in financing for the project. Seventy-six institutional investors were involved, led by the Prudential Insurance Company, which committed to buying $250 million in bonds. We worked on the sale for months. I can\u2019t believe I remember this, but I think the coupon was ten and five-eighths. Morgan Stanley\u2019s Investment Bank side earned fees for setting up the deal, and the Sales side earned commissions for placing the bonds. The deal was completed in 1975, after which construction began. Crude started pumping through the Trans-Alaska Pipeline System in 1977.\u201d<\/p><\/blockquote>\n\n\n\n
17.5\u4ebf\u7f8e\u5143\u7684\u9879\u76ee\u878d\u8d44\u8fd8\u662f\u975e\u5e38\u7cbe\u5f69\u7684\uff0c10.58\u7684\u7968\u606f\uff0c76\u5bb6\u673a\u6784\u53c2\u4e0e\uff0c75\u5e74\u505a\u5b8c\uff0c\u4e24\u5e74\u540e\u5c31\u770b\u5230\u8de8\u963f\u62c9\u65af\u52a0\u7ba1\u9053\u7684\u5b8c\u5de5\u3002<\/p>\n\n\n\n
\u201cPrice is important, and relationships are important. But looking back on my career, I would say relationships have the edge. This isn\u2019t the case with every client, but it\u2019s true with a large majority. If you are creative and come up with good ideas, you get in the door, but relationships always win out over time.\u201d<\/p><\/blockquote>\n\n\n\n
\u5173\u7cfb\u81f3\u4e0a\uff0c\u751a\u81f3\u9ad8\u4e8e\u5b9a\u4ef7\u3002\u8fd9\u70b9\u5728\u91d1\u878d\u5e02\u573a\u4e0a\u611f\u89c9\u90fd\u9002\u5408\u3002<\/p>\n\n\n\n
Van Scoy had certain strategies. He liked to corner as many bonds as he could in a sinking fund\u2014bonds designed to be retired\u2014until he owned the majority. Then, because the bond issuer had to retire a certain number of bonds each year, Van Scoy used his leverage to approach the issuer and demand a higher price.<\/p>
This is a real lesson: don\u2019t avoid the hard things or the difficult people. I forced myself to call Van Scoy again and again. It was not easy for me to pitch him because he had forgotten more about bonds than I knew back then. But in winning Van Scoy\u2019s trust, I launched my career.<\/p>
I think you can be taught to be a better salesperson, but to be good at it, some traits are nonnegotiable. You have to be comfortable talking with strangers. You have to have the confidence to speak up. You have to have the ability to get people on your side. The most important characteristic: you have to like people and show a genuine interest in them.<\/p><\/blockquote>\n\n\n\n
Van Scoy\u7684\u6545\u4e8b\u5f88\u6709\u5e2e\u52a9\u7684\uff0c\u8981\u6562\u4e8e\u6301\u7eed\u6253\u7535\u8bdd\uff0c\u54ea\u6015\u603b\u662f\u53cd\u590d\u78b0\u58c1\u3002\u4e5f\u662f\u91cd\u8981\u7684\u4eba\u751f\u7ecf\u9a8c\u3002<\/p>\n\n\n\n
Today, if you want to reach someone, there are multiple ways to do it. But back in the 1970s, there were no pagers, no cell phones, no email, no texts. We had three methods of communicating: letters, landlines, and in person. Mail was too slow. So we were either on the phone with clients or meeting with them. Voice mail was in limited use, but I can\u2019t think of a single situation where it would be okay to send a client\u2019s call\u00a0 to a recording. I believe that to this day. The client relationship is fragile. It has to be constantly watched over and nurtured. Rival salespeople from other firms circle, hawklike, ready to snatch up any opportunity. An unanswered call loses business.<\/p>
Bob reminded me that I\u2019m no better than anyone else, that you\u2019ve got to treat everyone with respect, no matter who they are.<\/p><\/blockquote>\n\n\n\n
70\u5e74\u4ee3\u7684\u8054\u7cfb\u65b9\u5f0f\u4e0d\u9519\uff0c\u5ea7\u673a\u3001\u5199\u4fe1\u548c\u89c1\u9762\u3002\u4eca\u5929\u7684\u65b9\u5f0f\u867d\u7136\u591a\u4e86\uff0c\u4f46\u5ba2\u6237\u5173\u7cfb\u8fd8\u662f\u5f88\u8106\u5f31\uff0c\u591a\u89c1\u9762\u624d\u884c\u3002<\/p>\n\n\n\n
Job Two was creating an environment where people felt comfortable telling me what they thought of my performance. It wasn\u2019t enough to tell others the truth; I wanted to hear the truth from them. Otherwise, I wouldn\u2019t improve as a manager. I said, \u201cWhen you come into my office, as long as you shut the door, you can tell me I\u2019m stupid. You can tell me I\u2019m the worst person you\u2019ve ever worked for. You can tell me you hate me. You can tell me my ideas are shit. I don\u2019t care; as long as you say it to my face in my office, I won\u2019t hold any grudges.\u201d<\/p>
And I didn\u2019t. I think a lot of problems in management come from not opening yourself up to criticism. Telling bosses the unvarnished truth about how they\u2019re doing is counterintuitive.\u201d<\/p><\/blockquote>\n\n\n\n
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\u201cWe doubled our talent pool by hiring both sexes\u2014most Japanese corporations didn\u2019t accept women as professionals. But Japanese women from elite families often had extraordinary r\u00e9sum\u00e9s: they had attended Ivy League universities and earned their MBAs at top business schools. Having lived in the United States, they spoke flawless English. Although they had a grasp of American business culture, their real gift was their social connections to the top men at Japanese banks and insurance companies.\u201d<\/p><\/blockquote>\n\n\n\n
\u65e5\u672c\u5973\u6027\u5458\u5de5\u7684\u9ad8\u5b98\u5173\u7cfb\u5e26\u6765\u4e86\u5de8\u5927\u7684\u597d\u5904\uff0c\u8fd9\u4e5f\u662f\u540e\u7eed\u5927\u6295\u884c\u4e3a\u4ec0\u4e48\u90fd\u8fd9\u4e48\u5e72\u7684\u539f\u56e0\u3002<\/p>\n\n\n\n
\u201cAs soon as Christy recounted Stephen\u2019s comment about me being gone all the time, I started a tradition on the spot. I decided to take each child on a weekend trip every year, just with me. The deal I made was that they got to choose the destination\u2014anywhere in the United States. These trips reminded me that I couldn\u2019t let work overtake my life. It was so important to spend time with my kids and to get to know them as individuals. Sitting beside each child on the plane, I asked questions like, If there\u2019s one thing you would like to change about me, what would it be? What\u2019s something you like about our relationship? What do you like the most about me as your dad?<\/p>
Stephen, without hesitating, gave the same answer every year: \u201cDad, you let me be me.\u201d<\/p>
I can\u2019t think of a better compliment for a son to give a father.\u201d<\/p><\/blockquote>\n\n\n\n
\u6bcf\u5e74\u5355\u72ec\u5e26\u5b69\u5b50\u4eec\u51fa\u53bb\u51e0\u5929\u662f\u4e2a\u597d\u4e60\u60ef\u3002\u5173\u952e\u662f\u503e\u542c\u548c\u4ea4\u6d41\u3002<\/p>\n\n\n\n
He was the best kind of employee because he understood a universal principle: bosses hate surprises. <\/p>
Late in 1985, around the time of my forty-first birthday, I was asked to join the committee, along with Anson Beard, who oversaw the Equity Division.\u201d<\/p>
\u201cWhen new partners were elected, they would be told how much money they needed to contribute to Morgan Stanley. When Dick Fisher, who attended high school on scholarship and whose father was an adhesives salesman, had this conversation with Henry S. Morgan, he said, \u201cMr. Morgan, I\u2019m very sorry, I can\u2019t put up the capital.\u201d Mr. Morgan replied, \u201cI\u2019ll put it up for you.\u201d<\/p>
It turned out that Mr. Morgan had done that for several partners. The message he was sending was clear: what mattered was talent. Morgan Stanley\u2019s most valuable assets were the people who walked in the door every morning, leather briefcases in hand.<\/p>
The money the new partners put into the firm earned dividends every year, but there was no immediate payout. Partners were not allowed to withdraw any of their money\u2014either the original capital or the dividends. They didn\u2019t earn a return on that capital until five years after their retirement. Then they were paid out based on the five-year Treasury rate. It was a low return and a long disbursement.<\/p><\/blockquote>\n\n\n\n
\u5927\u6469\u7684\u5408\u4f19\u4eba\u5236\u5ea6\u548c\u4e0a\u5e02\u524d\u7684\u8003\u8651\u3002 \u5927\u6469\u662f\u4e0d\u5141\u8bb8\u5408\u4f19\u4eba\u64a4\u56de\u672c\u91d1\u548c\u6536\u76ca\u7684\uff0c\u76f4\u5230\u9000\u4f11\u4e4b\u540e\u4e94\u5e74\u3002<\/p>\n\n\n\n
\u201cThe IPO was a roaring success. Investors clawed to get at the 20 percent of stock Morgan Stanley offered to the public. Issued at $56.50 a share, the stock closed that afternoon at $71.25. Before we went public, Morgan Stanley\u2019s total book equity value was $305 million. By 4:00 p.m. on March 21, we had sold 5.18 million shares, raising around $300 million. Morgan Stanley\u2019s market capitalization\u2014the value of the company\u2019s total shares of stock\u2014was now about $1.9 billion.\u201d<\/p>
\u201cWhen Morgan Stanley was a private firm, if a partner made a bad gamble, the money came out of their division. The drop showed up in their P&L\u2014profit and loss. Their bonus and their team\u2019s bonuses went down. As we tallied up the revenues at the end of the year, everyone at the firm felt the loss.\u201d<\/p><\/blockquote>\n\n\n\n
\u5927\u6469\u4e0a\u5e02\u65f6\u4f30\u503c19\u4ebf\u7f8e\u5143\uff0c\u4e0a\u5e02\u524d\u7684\u8d26\u9762\u53ea\u67093\u4ebf\u7f8e\u5143\uff0c\u52df\u96c6\u4e863\u4ebf\u7f8e\u5143\u3002<\/p>\n\n\n\n
A single bad apple can spoil the barrel. I don\u2019t put up with bad apples.<\/p>
Firing people who should be fired is nonnegotiable if you\u2019re a boss. Inertia is easier, but it\u2019s never good. Not making a decision is making a decision. You end up with a team dominated by bullies and undercut by incompetence. Everyone else is just demoralized. Before I fire anyone, I go through a checklist. Then I make a decision. It may not be the best decision, but it\u2019s mine. I own it. I don\u2019t like firing people, but if it\u2019s warranted, I\u2019ll do it in a heartbeat. If it has to be done, I get it done.\u201d<\/p>
\u201cThere were a lot of things I would not tolerate. If I asked a question, let\u2019s just say I was not a fan of the blank look, accompanied by a shrug and \u201cI don\u2019t know.\u201d That was a big demerit in my book. Far better to respond, \u201cThis is what I do know, and I\u2019ll get you more info.\u201d I wanted the intel by 5:00 p.m. that day. Four o\u2019clock was better.<\/p>
Most objectionable: lying. I don\u2019t lie, and I detest being lied to. It wasn\u2019t just me. At Morgan Stanley, you were expected to be honest even\u2014especially\u2014when no one was watching.\u201d<\/p>
The backstory to his complaint was this: Salespeople and traders used to be paid a percentage of the revenue they each generated. When I was put in charge, I changed that. Now people in Fixed Income earned a salary plus a bonus. This was not how the rest of Wall Street operated. But my system forced everyone to work with one another. Instead of \u201ceat what you kill,\u201d my team got rewarded for \u201cworks and plays well with others.\u201d More important\u2014and the reason I had the conversation in the Fishbowl\u2014I was making a point. Working at Morgan Stanley was a privilege. Complainers destroy morale.\u201d<\/p>
\u201cI knew all about treating clients right. I had bought plenty of booze and lobsters for the Mellon folks in Pittsburgh. I had had lots of martini and shoot-the-shit lunches. But the point was to have a fun meal that cemented a friendship, not to throw open our wallets in a showy, obnoxious way. That kind of behavior can raise questions in clients\u2019 minds about how we were handling their money. It was okay to spring for a couple of tickets to Cats or Les Mis\u00e9rables on Broadway but not to pay a scalper thousands of dollars for a sold-out Madonna concert at Madison Square Garden.\u201d<\/p><\/blockquote>\n\n\n\n
\u5f00\u4eba\u8fd8\u662f\u633a\u4e0d\u5bb9\u6613\u7684\uff0c\u4f46\u60f3\u597d\u4e86\u5c31\u5f00\u5427\u3002\u6539\u53d8\u5206\u914d\u6a21\u5f0f\u548c\u683c\u5c40\u4e5f\u5341\u5206\u4e0d\u5bb9\u6613\uff0c\u8fd9\u90fd\u662f\u4e0a\u5e02\u5e26\u6765\u7684\u6539\u53d8\u3002\u597d\u597d\u62db\u5f85\u5ba2\u4eba\uff0c\u4f46\u8981\u675c\u7edd\u94fa\u5f20\u6d6a\u8d39\u3002<\/p>\n\n\n\n
\u201cDick Fisher summed up our motivation: \u201cHigh growth rates create wealth. Wealth is what generates business for us.\u201d<\/p>
\u201cI knew Jack and Edwin were right. We had to go for it. We were gambling Morgan Stanley\u2019s reputation, throwing in with people and a country that we knew little about and that twenty years earlier the United States had viewed as an existential threat.<\/p>
No matter. As I told Bloomberg, \u201cIt\u2019s grow or die. The biggest risk is not to invest.\u201d<\/p><\/blockquote>\n\n\n\n
\u65b0\u5174\u5e02\u573a\u7684\u53c2\u4e0e\u4e0a\uff0c\u6700\u5927\u7684\u98ce\u9669\u5c31\u662f\u6ca1\u6709\u53c2\u4e0e\u3002\u9ad8\u589e\u957f\u521b\u9020\u8d22\u5bcc\uff0c\u8d22\u5bcc\u8fc7\u7a0b\u5e26\u6765\u4e86\u6295\u884c\u751f\u610f\u3002<\/p>\n\n\n\n
\u201cI was there to meet with Shi Dazhen, who would soon head up the newly formed Ministry of Power. To describe him as a government bureaucrat would be to underestimate his reach and authority\u2014Chinese officials were often de facto businesspeople. \u201d<\/p>
\u201cAt the signing ceremony for Long Yuan Power, I sat beside beaming Chinese officials. \u201cSo, why did you choose Morgan Stanley instead of the other banks?\u201d I asked, turning to Shi. With a big smile, he replied, \u201cBecause you, Mr. Mack, were the only banker who came to meet with us without lawyers. You trust us.\u201d<\/p>
\u201cThe key to making the joint venture happen was getting one of the country\u2019s go-to problem-solvers on board. Wang Qishan headed up the twenty-four-thousand-branch China Construction Bank. I took an immediate liking to Wang. He was well read, open to fresh ideas, and driven to raise living standards in China. Four years younger than me, Wang was the son of an engineering professor. At age twenty, he became friends with a fifteen-year-old named Xi Jinping\u2014China\u2019s future president\u2014when they were both sent to do hard agricultural labor as part of Mao\u2019s brutal, anti-intellectual Cultural Revolution in 1968. <\/p><\/blockquote>\n\n\n\n
\u4e2d\u56fd\u7684\u4e0d\u5c11\u653f\u5e9c\u5b98\u5458\u5176\u5b9e\u662f\u4e8b\u5b9e\u4e0a\u7684\u5546\u4eba\uff0c\u76f4\u5230\u4eca\u5929\u4e5f\u662f\u5982\u6b64\u3002John\u4e0d\u5e26\u5f8b\u5e08\u89c1\u5ba2\u6237\uff0c\u7ed9\u5ba2\u6237\u4fe1\u4efb\uff0c\u4e5f\u6536\u83b7\u4e86\u751f\u610f\u3002<\/p>\n\n\n\n
I knew I had put the fear of God in Wei. But I hadn\u2019t done what many executives do in similar circumstances: I didn\u2019t tell her, \u201cCall somebody else.\u201d I didn\u2019t brush her off. I learned a long time ago that you\u2019re not a leader if you act like a bureaucrat. If this situation was as dire as she said, I couldn\u2019t expect someone else to get on the plane. It had to be me. When you\u2019re a leader, sometimes you\u2019ve got to get on that horse and ride into battle. <\/p>
Later, sitting next to Zhu in a reception room, I explained why, if China was trying to reform its economy, the government couldn\u2019t interfere with its state enterprises\u2014in this case, by subsidizing the price of gasoline. \u201cThe whole point of restructuring state enterprises is to make them market-oriented,\u201d I said.<\/p>
Zhu is a formidable, square-faced man with eyebrows as imposing as my own. He looked at me. \u201cMorgan Stanley is doing this deal, and you\u2019re the leader,\u201d he said. \u201cI want you to personally give me a commitment that you will do the best you can to make this deal a success.\u201d<\/p>
I put my hand over my heart. \u201cPremier Zhu, I give you my word. I guarantee I will be involved in every detail of this deal, and it will succeed.\u201d<\/p>
I was. And it did. My reputation means nothing without my word.<\/p>
A few weeks after my trip, the Chinese government allowed the domestic price of gasoline to align with the price of crude oil internationally. On October 19, 2000, Sinopec went public on the New York, London, and Hong Kong stock exchanges, raising $3.5 billion.<\/p><\/blockquote>\n\n\n\n
\u5b59\u4f1f\u540e\u6765\u6210\u4e86\u5927\u6469\u7684\u4e2d\u56fd\u8d1f\u8d23\u4eba\u3002\u539f\u6765\u5f88\u65e9\u5c31\u8fd9\u4e48\u6df1\u5ea6\u53c2\u4e0e\uff0c\u6700\u521d\u4e0d\u8fc7\u4e5f\u662f\u60c5\u6025\u4e4b\u4e0b\u76f4\u63a5\u7ed9\u516c\u53f8\u8001\u5927\u6253\u4e86\u7535\u8bdd\uff0c\u4ece\u7ebd\u7ea6\u62ce\u5230\u4e86\u5317\u4eac\uff0c\u6548\u679c\u53ef\u4ee5\u8bf4\u662f\u76f8\u5f53\u4e0d\u9519\u7684\u3002\u4e2d\u77f3\u5316\u7684\u6d77\u5916\u4e0a\u5e02\u5c45\u7136\u662f\u6731\u603b\u7406\u4eb2\u81ea\u53c2\u4e0e\u51b3\u7b56\uff0c\u8fd8\u8981\u6c42John\u505a\u51fa\u627f\u8bfa\u624d\u641e\u5b9a\u3002<\/p>\n\n\n\n
\u201cWu looked shocked. But as I explained that Morgan Stanley did 50 percent of all the IPOs for Chinese corporations, she started to nod in agreement. At the end of the meeting she said, \u201cNo one has ever talked to me like that, but I\u2019m giving you the business, Mr. Mack. This is the kind of firm I want; a firm that can be direct and tell me the truth.\u201d<\/p><\/blockquote>\n\n\n\n
\u9f99\u6e56\u7684IPO\u5c45\u7136\u662fJohn Mack\u4eb2\u81ea\u51fa\u9762\u7684\uff0c\u6562\u4e8e\u6307\u51fa\u95ee\u9898\u8ba9\u5927\u4f6c\u8d62\u5f97\u4e86\u673a\u4f1a\u3002<\/p>\n\n\n\n
\u201cSitting at my desk reading the IPO prospectus, I was blown away by Dean Witter, Discover\u2019s revenue flow. Because of credit card transaction fees and the recurrent fees the company earned on its mutual fund business, it covered its overhead within the first four months of the year. Everything from May 1 on was profit. By contrast, Morgan Stanley\u2019s business, based on dealmaking and trading, was unpredictable. We didn\u2019t cover our overhead until September, or even later. \u201d<\/p>
\u201cThings had gone pretty well for Morgan Stanley. But my view was that this momentum would eventually sputter out. We needed to keep innovating; to hunt down new opportunities. The questions we were trying to answer: How do we get more business? How do we diversify our earnings? How do we leapfrog over our rivals?<\/p>
The answer: scale up. We needed to create a larger financial footprint.\u201d<\/p><\/blockquote>\n\n\n\n
\u6536\u8d2dDean Witter\u4e4b\u524d\uff0c\u5c31\u88ab\u5176\u73b0\u91d1\u6d41\u548c\u4e1a\u52a1\u6a21\u5f0f\u6240\u5438\u5f15\u3002\u6bcf\u5e744\u6708\u4efd\u5c31\u8d5a\u51fa\u4e86\u5168\u5e74\u7684\u6210\u672c\uff0c\u5927\u6469\u8981\u52309\u6708\u4efd\uff0c\u663e\u7136\u662f\u4e2a\u66f4\u597d\u7684\u751f\u610f\u3002<\/p>\n\n\n\n
\u201cIN THE LATE 1980s, corporate America began moving away from providing fixed pensions to retirees, instead offering current employees 401(k) plans. This switch changed Wall Street, as baby boomers invested in stocks and mutual funds. According to Charles Geisst in Wall Street: A History, \u201cBetween 1990 and 1997, the amount of money invested in mutual funds increased ten times over<\/strong>, and the number of investors buying them almost doubled.\u201d We couldn\u2019t ignore numbers like that. Morgan Stanley had handled pension funds for decades, but we had no way of reaching average investors. If the firm really was to become a major player, it needed to have access to the single largest pool of assets in the world: US households.And a specific category of stocks had grabbed these investors\u2019 attention: tech.<\/p><\/blockquote>\n\n\n\n
\u7f8e\u56fd\u768490-97\u5e74\u95f4\uff0c\u8001\u767e\u59d3\u5c45\u7136\u5bf9\u5171\u540c\u57fa\u91d1\u7684\u6295\u8d44\u7ffb\u4e86\u5341\u500d\uff01\u8fd8\u662f\u5e02\u573a\u7684\u8d5a\u94b1\u6548\u5e94\u6700\u660e\u663e\u554a\u3002<\/p>\n\n\n\n
\u201cPurcell started negotiating in earnest in December 1996. I think the catalyst that brought him to the table was another merger. NationsBank\u2014soon to be called Bank of America\u2014bought Boatmen\u2019s Bancshares, the biggest bank in St. Louis, Missouri, and the lower Midwest. Purcell must have suddenly recognized that Dean Witter now had another huge national rival. \u201cI\u2019d really like to renew our discussions and see if we can figure out how to put a deal together,\u201d he told us on the phone. That\u2019s when the negotiations got serious.<\/p><\/blockquote>\n\n\n\n
\u5f88\u591a\u5927\u4e8b\u4ef6\u662f\u9700\u8981\u5951\u673a\u7684\u3002<\/p>\n\n\n\n
After we hung up, Phil Duff came into my office and sat down. \u201cLook, John, we\u2019re so bloody close here,\u201d he said. \u201cYou don\u2019t get these opportunities very often. We\u2019ve talked about the other targets that could be candidates for us. But there are two parts to any merger. First, the strategy has to work. Second, and just as important, you have to have a willing party. Those are not easy to come by. Why don\u2019t you call Purcell back and suggest having dinner together, just the two of you.\u201d<\/p>
That night Purcell and I met in a private room at the Box Tree, a tiny, discreet French restaurant on East Forty-Ninth Street. I got home around midnight. \u201cThis is big!\u201d I told Christy, who was waiting up. Next I called Duff. \u201cI got it done! Check your fax machine. I\u2019m sending over a one-pager. It\u2019s the term sheet. We hammered out the financials and the exchange ratio between the stocks.\u201d<\/p>
I continued. \u201cWe agreed on the leadership of the new firm.\u201d<\/p><\/blockquote>\n\n\n\n
\u8981\u89e3\u51b3\u95ee\u9898\uff0c\u5f80\u5f80\u9700\u8981\u6700\u5c11\u7684\u4eba\u53c2\u4e0e\uff0c\u51b3\u7b56\u8005\u7684\u4eb2\u81ea\u53c2\u4e0e\u3002<\/p>\n\n\n\n
Then the dot-com mania began to cool. Investors realized that many of the just-hatched tech companies were burning through cash without a glimmer of profit on the far horizon. Suddenly the \u201cnew economy\u201d was revealed to be similar to the \u201cold economy\u201d: you have to have a strong stomach to hold on to stock in a company that is losing value, no matter how cutting-edge and disruptive it claims to be.\u201d<\/p><\/blockquote>\n\n\n\n
\u4e92\u8054\u7f51\u6ce1\u6cab\u7834\u88c2\u7684\u65f6\u523b\uff0c\u6295\u8d44\u4eba\u4f1a\u5bf9\u65b0\u7ecf\u6d4e\u4e5f\u63d0\u51fa\u7c7b\u4f3c\u65e7\u7ecf\u6d4e\u7684\u7684\u8981\u6c42\uff1a\u6280\u672f\u591a\u4e48\u5148\u8fdb\u548c\u521b\u65b0\u5df2\u7ecf\u4e0d\u91cd\u8981\u4e86\uff0c\u5173\u952e\u662f\u8981\u80fd\u62ff\u5f97\u4f4f\u3002<\/p>\n\n\n\n
Phil Anschutz gave me the backbone to do what I needed to do. It was painful, but at the same time I thought, If I\u2019m going to die, I want to die quickly. Staying at Morgan Stanley, I would have died slowly, with cuts every day. I had to leave.<\/p><\/blockquote>\n\n\n\n
\u65e9\u6b7b\u65e9\u8d85\u751f\u3002<\/p>\n\n\n\n
A LOT OF people, especially on Wall Street, have what is known as \u201cthe number.\u201d This is the amount of money that, once accumulated, allows them to walk away from their jobs. It can be $5 million or $500 million. The sum doesn\u2019t matter. The point is, they feel that they\u2019re set for life, and they want out. They might be thirty; they might be fifty-five. They love the money but not the job. Some good people at Morgan Stanley felt this way. I was the opposite. I liked the money a lot, but I was in it for the work. It gave my life purpose and structure.\u201d<\/p><\/blockquote>\n\n\n\n
\u534e\u5c14\u8857\u7684Number\u6587\u5316\uff0c\u8d5a\u591f\u591a\u5c11\u94b1\u5c31\u9000\u4f11\u3002\u8fd9\u6837\u7684\u4eba\u70ed\u7231\u7684\u662f\u94b1\uff0c\u4e0d\u662f\u5de5\u4f5c\u672c\u8eab\uff0cJohn\u7231\u94b1\uff0c\u4f46\u66f4\u7231\u5de5\u4f5c\u3002<\/p>\n\n\n\n
A typical business pays twenty to twenty-five cents out of every dollar of revenue to its employees. Because talent is the primary asset of an investment bank, it usually pays its employees fifty cents on the dollar, with the other half going to shareholders and administrative costs. But at CSFB, sixty cents of every dollar was going to the employees. When you\u2019re talking about hundreds of millions of dollars, those ten extra cents add up.<\/p><\/blockquote>\n\n\n\n
\u4f20\u7edf\u884c\u4e1a\u662f\u628a\u6536\u5165\u768425%\u7528\u6765\u4ed8\u85aa\u6c34\uff0c\u6295\u884c\u80fd\u63d0\u9ad8\u523050%\uff0c\u4f46CSFB\u662f\u7ed9\u5230\u4e8660%\uff0c\u8fd9\u662f\u6709\u95ee\u9898\u7684\u3002<\/p>\n\n\n\n
I knew Gao\u2019s back pain wasn\u2019t the only thing bothering him. The Chinese were angry. On December 19, 2007, when we announced the CIC\u2019s $5.6 billion infusion, our share price was $50.08. Today it was $27.21\u2014meaning their investment had lost almost half its value. Gao told us that CIC wanted to increase their investment in Morgan Stanley from 9.9 percent to 49 percent. But the amount they were willing to pay for the additional 39.1 percent of the firm was insultingly low: $5 billion. \u201d<\/p><\/blockquote>\n\n\n\n
\u8fd9\u4e2a50\u4ebf\u7684\u51fa\u4ef7\u88abJohn\u63cf\u8ff0\u6210\u4e86\u4fae\u8fb1\u6027\u7684\u4f4e\u4ef7\uff0c\u8d81\u706b\u6253\u52ab\u90fd\u4e0d\u6b62\u3002<\/p>\n\n\n\n
\u201cHank began, \u201cWe cannot have chaos on Monday morning. We need you to do something with your firm.\u201d<\/p>
Bernanke then spoke. \u201cJohn, we see things you don\u2019t see. This is much bigger than any one firm. This is about a global crisis. We have to have a solution, and we need a solution for your firm.\u201d<\/p>
Geithner spoke next. He was calm but steely. \u201cWe have a systemic problem,\u201d he said. \u201cEvery bank is in peril. For the sake of the country, we need to eliminate risks. The way to do that is to combine banks and institutions.\u201d They were trying to take a problem off their plate.<\/p>
\u201cYou need to call Jamie and get a deal done,\u201d Geithner said.<\/p>
\u201cTim, out of respect for you, I already called Jamie,\u201d I said. \u201cHe\u2019s not interested.\u201d<\/p>
\u201cYou should call him again. He\u2019ll buy Morgan Stanley.\u201d<\/p>
\u201cYeah, he\u2019ll buy the firm for a dollar,\u201d I said. \u201cLet me ask you a question, the three of you. I have forty-five thousand employees. In New York City, between AIG, Lehman Brothers, Bear Stearns, and Merrill Lynch, probably forty thousand jobs have already been lost. From a public policy point of view, does this make sense\uff1f<\/p><\/blockquote>\n\n\n\n
\u5dee\u70b9\u7834\u4ea7\u6216\u88ab\u6536\u8d2d\u7684\u5371\u6025\u65f6\u523b\uff0c\u80fd\u591f\u679c\u65ad\u62d2\u7edd\u592e\u884c\u884c\u957f\u3001\u8d22\u957f\u7b49\u5927\u9886\u5bfc\u7684offer\uff0c\u786e\u5b9e\u4e0d\u5bb9\u6613\u3002 \u5927\u6469\u4e5f\u5c31\u5728\u8fd9\u4e2a\u679c\u65ad\u7684\u62d2\u7edd\u4e4b\u4e0b\uff0c\u8d62\u5f97\u4e86\u81ea\u5df1\u7684\u751f\u5b58\uff0c\u5f53\u7136\u540e\u9762\u641e\u5b9a\u65e5\u672c\u8fd8\u662f\u5f88\u5173\u952e\u7684\u3002<\/p>\n\n\n\n
\u201cAT THE END of our call, I believed that Nobuo and I had reached a tentative agreement that Mitsubishi would buy up to 20 percent of the firm for as much as $8.5 billion. We expected a signed letter of intent to follow almost immediately. But my work was not done. Gao and his team were still next door. I knew as CEO that I was the one who had to deliver the news. I went to the conference room and told them that we had just reached a deal with Mitsubishi. Irate, they packed up and left for the airport.<\/p><\/blockquote>\n\n\n\n
\u540c\u65f6\u5728\u548c\u65e5\u672c\u548c\u56fd\u5185\u8c08\uff0c\u56fd\u5185\u7684\u4eba\u8fd8\u5728\u73b0\u573a\uff0c\u7406\u5e94\u662f\u66f4\u6709\u673a\u4f1a\u7684\uff0c\u4f46\u73b0\u5b9e\u5374\u975e\u5982\u6b64\u3002\u5f53\u7136\u4ef7\u683c\u672c\u8eab\u4e5f\u662f\u95ee\u9898\uff0c\u56fd\u5185\u7684\u4ef7\u683c\u662f50\u4ebf\/39.9%\uff1b\u65e5\u672c\u4eba\u5f00\u4ef785\u4ebf\/20%\u3002\u6c38\u8fdc\u4f1a\u6709\u7ade\u4e89\u5bf9\u624b\uff0c\u4e0d\u8981\u5149\u6253\u81ea\u5df1\u7684\u5982\u610f\u7b97\u76d8\u3002<\/p>\n\n\n\n
\u201cThis meant a lot to me. James had been a strikingly calm, stalwart presence. When other people were agonizing that we were running out of cash, James was focused on how we could raise more money. It was a real-life example of the principle\u2014never be part of the problem, always be part of the solution.\u201d<\/p><\/blockquote>\n\n\n\n
\u7ec8\u8eab\u53d7\u7528\u7684\u539f\u5219\uff1a\u6c38\u8fdc\u53bb\u60f3\u89e3\u51b3\u95ee\u9898\u7684\u529e\u6cd5\uff0c\u800c\u4e0d\u662f\u6210\u4e3a\u95ee\u9898\u7684\u4e00\u90e8\u5206\u3002<\/p>\n\n\n\n
In the meeting with Gao and Lou, I was calm and direct. I explained step-by-step how the deal came together with Mitsubishi. Lou was emotional. I listened attentively; I didn\u2019t get defensive. I just sat there and took it. When the meeting ended, I didn\u2019t know if I had succeeded in repairing the rupture. Then I headed to the airport, feeling pretty beat down.<\/p><\/blockquote>\n\n\n\n
\u5927\u6469\u5b9a\u589e\u8fd9\u4ef6\u4e8b\uff0c\u5c45\u7136\u8981\u7531\u9ad8\u897f\u5e86\u548c\u697c\u90e8\u957f\u8fd9\u6837\u7684\u5927\u9886\u5bfc\u4eb2\u81ea\u51fa\u9762\uff0c\u697c\u8fd8\u5927\u53d1\u96f7\u9706\u3002\u771f\u662f\u6bcf\u4e2a\u5b98\u5458\u90fd\u662f\u5546\u4eba\u7684\u611f\u89c9\uff0c\u4f3c\u4e4e\u6574\u4e2a\u56fd\u5bb6\u90fd\u5728\u505a\u751f\u610f\u3002<\/p>\n\n\n\n
The regulators had finally signed off. We could close the deal on Monday, October 13. But there was a problem. October 13 was a bank holiday\u2014both in Japan, where it was Health and Sports Day, and in the United States, where it was Columbus Day (now Indigenous Peoples\u2019 Day). This meant that Mitsubishi could not wire us the $9 billion. The New York Stock Exchange, on the other hand, was open. We could not risk having another day like Friday. We couldn\u2019t survive our stock price being battered, possibly all the way down to zero. We had to get that money in hand before the markets opened.<\/p>
The investment team came up with an unorthodox solution. Would Mitsubishi write Morgan Stanley a check for $9 billion?<\/p>
\u201cIt doesn\u2019t even have to be a certified check,\u201d Kindler said.\u201d<\/p><\/blockquote>\n\n\n\n
\u91d1\u878d\u5371\u673a\u5f53\u65f6\u7684\u5371\u6025\u4e4b\u4e0b\uff0c\u4e09\u83f1\u94f6\u884c\u7684\u679c\u65ad\u662f\u4ee4\u4eba\u656c\u4f69\u7684\uff0c\u5373\u4fbf\u5982\u6b64\u8fd8\u662f\u80fd\u9047\u5230\u8f6c\u4e0d\u4e86\u5e10\u8fd9\u79cd\u6280\u672f\u6027\u95ee\u9898\u3002\u60c5\u6025\u4e4b\u4e0b\u5c45\u7136\u91c7\u53d6\u4e86\u5199\u652f\u7968\u7684\u65b9\u5f0f\uff0c\u4f30\u8ba1\u8fd9\u4e5f\u662f\u5386\u53f2\u4e0a\u6700\u5927\u989d\u7684\u4e00\u7b14\u652f\u7968\u4e86\u5427\u3002<\/p>\n\n\n\n
For me, taking the money was a nondecision. I knew that if I didn\u2019t and something blew up, I\u2019d be out of business. I reached across the conference table, picked up the term sheet, signed it, and slid it back over. \u201cAren\u2019t you going to go back to your board and ask for permission?\u201d Thain asked, staring at me in disbelief.<\/p>
I looked at him. Are you kidding me?<\/p>
\u201cI\u2019ve got my board on twenty-four-hour call,\u201d I said. \u201cOf course my board will approve it. And if they don\u2019t, maybe I\u2019ll get lucky and they\u2019ll fire me.<\/p><\/blockquote>\n\n\n\n
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