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Text Chapter 596, The End of the Carnival (6)

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    The joint-stock system is indeed a great creation, which allows a relatively small amount of capital to drive very large capital. Before the emergence of a large number of joint-stock companies, the number of enterprises that a wealthy boss could control was very limited, because the size of these enterprises  It took up too much of his funds.  With a joint-stock limited company, after raising shares from the public, a small amount of capital is enough to control a fairly large enterprise.  For example, in many companies under the McDonald's consortium, the actual assets McDonald's has invested are not large.  For example, a European steel company is controlled by Macdonald through an investment company controlled by Macdonald Venture Bank.  This investment company owns 30% of the company's equity, not the majority.  However, because other shares are scattered throughout the stock market, the second largest shareholder owns less than 10% of the share capital, and the third largest shareholder owns less than 5%.  The rest are all small and extremely small shareholders.  &nbsp¡·>Novel Therefore, at the shareholders¡¯ meeting, 30% of the equity is enough to make all decisions.  Because the majority of those whose shares are dispersed will not spend a huge amount of time and money to participate in the so-called shareholders' meeting just for the equity in their hands.  In this way, 30% of the equity is almost equal to 70-80% of the past equity.  But this is not the end, because the investment company controlled by Macdonald Ventures is not the only shareholder of Macdonald Ventures. In fact, Macdonald Ventures only holds more than 40% of the shares, and Mike  Much of Downer Venture Capital's money actually comes from deposits and the like, and not all of it comes from the McDonald family. The ratio of bank capital to assets is even less than 10%.  Therefore, after comprehensive calculation, the McDonald family actually used less than 2% of the total assets of the steel company to gain near-absolute control over it.  Similarly, this economic system also makes it easier for big capital to withdraw funds from a certain field.  If it was the era of private companies a few decades ago, if you wanted to monetize a company, you could only auction the entire company. If you were a joint-stock company, you could only sell it to the partners or other interested acquirers.  In any case, you can't do it secretly, and it will be very difficult to find a buyer, especially a buyer who will take the blame.  But under the system of a joint stock company, things are much simpler.  You can sell your stocks bit by bit quietly in the stock market.  And those who buy the stocks you sell probably don't know much about the true state of your company today.  And in the old private company era, with the little money he had, it was impossible for him to take the blame for you.  Now you can conveniently dump a huge scapegoat to them just before the crisis arrives.  (Friends who have sold shares in China's Shenqi know this kind of thing) Now, with the good news of the successful oil development in Alaska, stocks such as steel and shipbuilding are once again generally optimistic. Although the price-to-earnings ratios of these stocks are already too high to look at, but  All kinds of media, including newspapers, magazines, and radio, are constantly optimistic about these companies, and they swore that the prospects of such companies are bright and bright.  Almost no media will jump out and say that the stock prices of these industries are too high.  ¡­ ¡°It seems that we are not the only ones who feel that the stock price is about to have a problem.¡± Graystone said to himself.  He started from the media circuit, so he naturally knows what this phenomenon of all media being consistent means.  This means that the forces behind these media expect these stocks to appreciate quickly, and this expectation is not actually for long-term holding, but for quick profit-making exit.  Therefore, the emergence of this phenomenon means that big capital is generally not optimistic about the prospects.  "Have our funds been withdrawn as planned?" Graystone asked his secretary.  "Mr. MacDonald, we started relatively early, and those who were supposed to withdraw as planned have already withdrawn," the secretary replied.  "Very good," said Graystone.  The stock price has not reached its highest point yet, but Graystone does not pursue shipments at the highest point.  This is not realistic.  Because there is a plunge after the highest point. The closer to the highest point, the more dangerous it is, and the more conspicuous all actions are.  In addition, their shipment volume is so large that they may not be able to sell it in a short time.  Therefore, Gray Stone will not pursue the highest point of shipment.  Moreover, the money earned from this kind of peak shipment is already just a small amount of money for him.  Although it is a small amount of money, it is really sweet.  But no matter how sweet it is, it's not as sweet as big money.  At a certain moment, the most important thing is to grasp the general trend and promote the development of the general trend.  ¡­ ¡°Dad, according to all the information we have received, the McDonald Group has already sold their shares in steel and shipbuilding. I think they feel that the current economic situation is not optimistic.¡±??.  "Little Morgan said to his father, "In addition, I noticed that their divestment in Europe is more obvious.  So I have a guess about what they did.  " "Tell me about it.  "Morgan continued to lie in the rocking chair, raised his eyes to glance at his son, and closed his eyes again. "I'm wondering, does this mean that MacDonald and the others feel that war is approaching?  "Little Morgan said. Morgan opened his eyes all of a sudden. His body swayed in the rocking chair and sat up straight. "Dad, you think, if they just plan to take advantage of possible new crises in the future,  It is certainly understandable that they are now quietly selling some assets that are bound to plummet in the future. However, there are signs that they are even moving some bank assets in Europe back to the country.  This is not normal.  "Morgan Jr. continued, "Normally, when the depression reaches its bottom, they should start buying companies that are seriously undervalued, whether in the United States or Europe.  There will be many such opportunities, so under normal circumstances, they should not throw out so many things in Europe, because if they throw away too many things now, their influence on European governments will be relatively reduced. In this way  , when they buy back when the depression reaches the bottom, it will cause a lot of disadvantages.  MacDonald must have had other considerations in making such a decision.  " Having said this, little Morgan looked at his father a little nervously. "Continue talking.  "Morgan said. "Yeah, Dad.  "Morgan Jr. said, "I think there are only two possible considerations for Macdonald and others to withdraw money from Europe to the United States, one is efficiency, and the other is safety.  First of all, under normal circumstances, the degree of depression in Europe will always exceed that of the United States, which means that by that time, those companies will be undervalued to a greater extent than in the United States.  Therefore, the efficiency of buying them at that time should be slightly higher than acquiring companies in the United States.  Of course, in terms of security, in Europe we will face restrictions from old European consortiums such as Rothschild, which is naturally not as good as at home.  But considering Rothschild's mistake of rashly abandoning the United States and his consideration of leaving an unreliable escape route, he should not have withdrawn so much capital in Europe at this time.  Therefore, I think the only possible explanation is the same: Macdonald judged that during this round of depression, there would be a war in Europe, and the scale of the war would be very grand, so grand that it would be completely out of control.  " "Come and tell me this.  "Morgan said, "You and your team of secretaries should have more analysis, right?  Just such suspicion is not enough to explain the problem.  " "Yes, after we had this suspicion, we worked hard to collect more data and combine them for study.  Dad, you told me that in this day and age, most of the secrets can be learned from the flow of money.  So we carefully studied the dynamics of McDonald's companies that we collected and came to some conclusions.  First of all, although this round of boom is inevitable due to the general situation, if we pay attention, we will find that this boom started when MacDonald leased oil fields to the Germans.  As for the transaction itself, it is not particularly beneficial to MacDonald.  Although this can obviously promote the emergence of prosperity, the emergence of prosperity is inevitable. If it is faster or slower, is it really worth MacDonald sacrificing his own interests to serve the public?  " Having said this, little Morgan smiled. The MacDonald family specializes in hypocrites. Even though they may say good things, they will never do anything to sacrifice themselves for the benefit of the public. "Then do your research.  What is the result?  "Morgan asked. "Through this incident, the McDonald family controlled the excitement of this boom and the direction of capital flow.  From this point of view, although they did not make much in the deal with the Germans, they still took a big advantage overall.  Not only that, we also found that funds flowed on a large scale to shipbuilding and steel.  And we all know how powerful MacDonald is in these two directions.  In this boom, too many shipbuilding companies have emerged in the United States, especially those building container ships.  Too many steel companies, especially those producing ordinary crude steel.  Once something goes wrong in the economy, the value of these companies will almost immediately fall below their cost.  And if the war really breaks out, Europe will definitely place large orders with us. At that time, shipping, shipbuilding, and steel will be very profitable.  Before the war broke out, Macdonald took down most of these companies in one fell swoop. Then after the war broke out, he didn't know how much money he would make from this.  So we suspect that Macdonald may be preparing for a large-scale war in Europe.  "
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