众
所周知，在2008年秋季金融危机最严重的时候，巴菲特(Warren Buffett)突然向有着金字招牌的投行高盛集团(Goldman Sachs)出手，向其注资50亿美元，获得了以每股115美元的价格买进高盛股票的认股权证。不过，从2010年1月份出版的《名利场》杂志(Vanity Fair)刊登的一篇麦克林(Bethany McLean)对高盛情况的详尽分析中，我们可以更多地了解当时的高盛投资银行家特洛特(Byron Trott)如何向巴菲特草拟了这桩交易，交易又是如何在高盛主要人物的通话中敲定下来。
在去年秋季的那个下午，巴菲特与高盛首席执行长布兰克梵(Lloyd Blankfein)、特洛特和当时的联席总裁温克里德(Jon Winkelried)通了电话，通话简短、具有典型的巴菲特风格。巴菲特在电话中说，他将投资50亿美元，作为交换条件，他要获得10%的高额股息以及未来5年以每股115美元的价格买进更多股票的认股权证。巴菲特对他们说，我正要带孙子们去DQ吃冰淇淋；晚点给我打电话，告诉我你们想怎么做。
当然，他们接受了巴菲特的提议。此外，据麦克林报导，他们还得以利用巴菲特的投资，向其他投资者出售了约57.5亿美元的股票。当然，巴菲特的谈判技巧并非对任何人都有效。（不过，下次我买二手车讨价还价的时候，可能会试试这个老办法："我正要去Arby's买个烤牛肉三明治，你要是接受我的最后提议，就打电话给我！"）
对于巴菲特这个世界上最知名的价值投资者对高盛作出的决定，还有一点让我们感到有趣的是其胆量和直觉。当时，巴菲特对《华尔街日报》说，我没有看帐目，我只是作了判断。这可不是普通散户投资者应该做的决定。不过当你拥有巴菲特那样的优良投资纪录时，你很可能会非常心安理得地作出大胆的决策。
Matt Phillips
We all know how Warren Buffett swooped into Goldman Sachs at the peak of the financial crisis in fall of 2008, sinking $5 billion into the gold-plated investment bank and picking up the rights to buy Goldman shares at $115 apiece.
But in Bethany McLean's exhaustive look at Goldman in the January 2010 Vanity Fair, we get a bit more detail on how the deal was roughed out by then Goldman investment banker to Buffett, Byron Trott, and finalized in a call with with Goldman big shots:
In a very brief--and very Buffett--call that afternoon with Blankfein, Trott, and then co-president Jon Winkelried, Buffett said he would invest $5 billion in exchange for a hefty 10% dividend and rights to buy additional stock over the next five years at a price of $115 a share. 'I'm taking my grandkids out to Dairy Queen,' he told the Goldman men. 'Call me and let me know what you want to do.'
Of course, they accepted. And they were able to leverage Buffett's investment, using it to sell some $5.75 billion worth of stock to other investors. McLean reports. Of course, Buffett's negotiating techniques aren't going to work for everyone. (Although, next time I'm negotiating over a used car, I may try the old, 'I'm going to Arby's for a roast beef sandwich, call me when you accept my final offer!')
Another thing that struck us as sort of interesting about the decision the world's most famous value investor's made on Goldman was its gut nature. At the time, Buffett told the Journal, 'I didn't see a book. I just made a judgment.' Not the type of decision your run-of-the-mill retail investor should make. But when you've got Buffett's track record, you've likely grown pretty comfortable with your gut decisions.
Matt Phillips
But in Bethany McLean's exhaustive look at Goldman in the January 2010 Vanity Fair, we get a bit more detail on how the deal was roughed out by then Goldman investment banker to Buffett, Byron Trott, and finalized in a call with with Goldman big shots:
In a very brief--and very Buffett--call that afternoon with Blankfein, Trott, and then co-president Jon Winkelried, Buffett said he would invest $5 billion in exchange for a hefty 10% dividend and rights to buy additional stock over the next five years at a price of $115 a share. 'I'm taking my grandkids out to Dairy Queen,' he told the Goldman men. 'Call me and let me know what you want to do.'
Of course, they accepted. And they were able to leverage Buffett's investment, using it to sell some $5.75 billion worth of stock to other investors. McLean reports. Of course, Buffett's negotiating techniques aren't going to work for everyone. (Although, next time I'm negotiating over a used car, I may try the old, 'I'm going to Arby's for a roast beef sandwich, call me when you accept my final offer!')
Another thing that struck us as sort of interesting about the decision the world's most famous value investor's made on Goldman was its gut nature. At the time, Buffett told the Journal, 'I didn't see a book. I just made a judgment.' Not the type of decision your run-of-the-mill retail investor should make. But when you've got Buffett's track record, you've likely grown pretty comfortable with your gut decisions.
Matt Phillips
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