昆禾头条
当前位置:首页»财经»丑小鸭简短

5分钟英文故事 5分钟辣椒英语-商业故事精读-软银的投资王国

日期:2019-12-26 来源:5分钟英文故事 评论:

[摘要]IT BEGAN WITH one of the most lucrative investment pitches in history. In September 2016 Masayoshi Son, boss of SoftBank...……

IT BEGAN WITH one of the most lucrative investment pitches in history. In September 2016 Masayoshi Son, boss of SoftBank, a Japanese internet and telecoms firm, painted a picture for Muhammad bin Salman, then Saudi Arabia’s deputy crown prince, of how his country might be transformed by technology. The prince was wooed. “45 minutes. 45 billion dollars. So $1bn per minute,” exulted Mr Son. 故事要从历史上最赚钱的投资投标开始。 2016年9月,日本互联网和电信公司SoftBank的老板孙正义(Masayoshi Son)为当时的沙特阿拉伯副王储穆罕默德·本·萨勒曼(Muhammad bin Salman)描绘了他的国家如何通过技术改造的蓝图。 王子被说服。 “45分钟。 450亿美元。 所以每分钟10亿美元,“孙先生说道。【lucrative:well paid]【woo:pursuit solicit】

Nearly two and a half years on, Mr Son has disbursed or pledged $70bn of the $100bn vehicle that Prince Muhammad’s billions seeded. The Vision Fund, as it is known, owns stakes in around 70 young tech companies, including household names like WeWork, a property startup, and Slack, a workplace-messaging app. A big bet on ride-hailing—with stakes in Uber, Grab, a Singaporean firm that operates across South-East Asia, Ola, an Indian outfit, and China’s champion, Didi—collectively covers most of the world. A fresh injection of $1.46bn into Grab on March 5th lifted its ride-hailing holdings to $23bn.近两年半的时间里,孙先生已经支付或承诺了包括穆罕默德王子百亿美元在内的1000亿美元汽车中的700亿美元。 众所周知,Vision Fund拥有大约70家年轻科技公司的股份,其中包括家喻户晓的物业创业公司WeWork和工作场所消息应用Slack。重注在打车行业,股权包括Uber,Grab(一家在东南亚经营的新加坡公司),一家印度公司Ola和中国的Didi,几乎覆盖全球。 3月5日,它新注入Grab14.6亿美元,将其持有的打车公司股票持有量提升至230亿美元。【disburse:spend use] [pledge: warrant assurance]

The scale of Mr Son’s project upended the cosy world of Silicon Valley venture-capital (VC) firms. Its unspent $30bn alone is four times the size of the next-biggest pot of VC cash. So when Mr Son recently said that he wants to raise a new $100bn fund every two or three years, investors struggling to comprehend how the first one operates did not take him all that seriously. Son先生项目的规模颠覆了硅谷风险投资(VC)公司的舒适世界。 他没花掉的300亿美元的就是下一个最大VC现金流的四倍。 因此,当Son先生最近表示他希望每两到三年筹集一笔1000亿美元的新基金时,投资者难以理解第一个1000亿好像并没有被他很当回事。

Now SoftBank has begun the process of raising Vision Fund 2. No terms or structure for a second giant fund have been finalised, meaning it cannot yet be officially marketed. But options are being explored. The plan is to raise up to $100bn. The sum could also be lower, say people familiar with the situation.现在SoftBank已经开始筹集Vision Vision 2.但条款或结构还没敲定,这意味着它尚未正式上市。 但正在探索各种选择。 该计划将筹集高达1000亿美元。 知情人士说,筹资总和也可能比预期低。

The fundraising will follow a difficult five months for Vision Fund 1. By the end of February its assets had increased in value by 25-30%, producing returns for all its limited partners: Saudi Arabia’s Public Investment Fund (PIF), the country’s sovereign-wealth fund, which is contributing the $45bn; SoftBank, which put in $28bn; Mubadala, an arm of Abu Dhabi’s government, which added a further $15bn; and a handful of firms, including Apple and Japan’s Sharp, which invested $1bn each. But a rout in listed internet firms’ share prices late last year exacerbated worries that the fund might have invested at the peak of the tech boom. Meanwhile, Mr Son’s pact with Prince Muhammad entangles it in a geopolitical scandal: the murder last October in Turkey of a Saudi journalist, Jamal Khashoggi, by a team of Saudi operatives, on what Western spooks believe were the prince’s orders. And there are reports of friction between the Vision Fund and thePIF.筹款活动将持续五个月.截至2月底,其资产价值增加了25-30%,为其所有有限合伙人带来了回报:沙特阿拉伯的公共投资基金(PIF),该国的主权 - 财富基金,贡献450亿美元; SoftBank,投资280亿美元; 穆巴达拉是阿布扎比政府的一个分支机构,还增加了150亿美元; 还有一些公司,包括苹果和日本的夏普,每家投资10亿美元。 但去年年底上市的互联网公司股价大跌加剧了人们对该基金可能投资于科技热潮高峰期的担忧。 与此同时,孙先生与穆罕默德亲王签订的协议将其置于地缘政治丑闻中:去年10月土耳其一名沙特记者Jamal Khashoggi被一群沙特特工谋杀,西方人认为这是王子的命令。 并且有报道称Vision Fund和PIF之间存在摩擦。【exacerbate:make worse]

The fund’s daily task is still to hand out cash to entrepreneurs. Four big wagers in the past six months are archetypal: all were on online businesses with aspirations to dominate regional or global markets. In November it put $2bn into Coupang, South Korea’s largest online retailer. A month later it led a $1.1bn round in Tokopedia, an Indonesian online retailer. In February it led another, totalling $1bn, for Flexport, an American logistics firm with the modest goal of creating the “operating system for global trade” by letting retailers and manufacturers arrange ocean and air freight as easily as travel websites let consumers book flights. Chehaoduo, a Chinese firm which aims to improve the experience of buying second-hand cars online, recently received a Vision Fund injection of $1.5bn.该基金的日常任务仍然是向企业家分发现金。 在过去六个月里,四大投入都是典型的案例:所有人都在网上开展业务,希望主导区域或全球市场。 11月,它向韩国最大的在线零售商Coupang投入了20亿美元。 一个月后,它在印度尼西亚在线零售商Tokopedia进行了11亿美元的回合谈判。 今年2月,它又为美国物流公司Flexport带来了另一笔总计10亿美元的资金,该公司的目标是创建“全球贸易操作系统”,让零售商和制造商像旅游网站一样轻松地安排海运和空运,让消费者预订航班。 车好多是一家旨在改善在线购买二手车的经验的中国公司,最近获得了15亿美元的Vision Fund注资。

Assessing the fund’s performance will take years; it runs until 2029. But 2019 will be crucial. The initial public offering of Lyft, Uber’s rival in North America, is the starting gun in what promises to be a busy year for tech listings. Uber, Didi and Slack all look poised to enter the race soon. Their performance will be essential to SoftBank, which Mr Son is transforming into a tech-investing firm. The Vision Fund and its little sister, the Delta Fund (where the Didi stake is parked), make up 44% of SoftBank’s operating income. Small wonder Mr Son is keen on a sequel.评估基金的表现需要数年时间; 它一直持续到2029年。但2019年至关重要。 优步在北美的竞争对手Lyft首次公开募股,是有望成为技术上市繁忙年份的首发。 Uber,Didi和Slack都很快就准备好参加比赛了。 他们的表现对软银公司至关重要,而软银公司正在转型为一家科技投资公司。 远景基金及其小姐妹三角洲基金(DD股份停放的地方)占SoftBank营业收入的44%。 难怪孙先生热衷不减。

Raising the money for the second fund will take more than a 45-minute sales pitch. Even if Prince Muhammad were ready to sign over another $45bn, SoftBank might not want it because of reputational risk. SoftBank’s December sale of part of its Japanese mobile unit, plus other resources, means it can contribute around $24bn to the next fund. The rest would need to come from outside investors such as big sovereign-wealth funds. They would shy away from anything that took most of its money from Saudi Arabia, says a person close to one such vehicle. One American politician has called for startups to reject Saudi cash.为第二只基金筹集资金将需要超过45分钟的销售宣传。 即使穆罕默德亲王准备签署另外450亿美元,SoftBank也可能因为声誉风险而不愿意这样做。 软银12月份出售其部分日本移动部门以及其他资源,意味着它可以为下一个基金出资约240亿美元。 其余的需要来自外部投资者,如大型主权财富基金。 一位知情人士说,他们会回避从沙特阿拉伯获得大部分资金的任何东西。 一位美国政客呼吁创业公司拒绝沙特的现金。

In the kingdom, fallout from the Khashoggi murder appears to have emboldened bureaucratic resistance to the crown prince. The PIF’s professional investing staff had always looked askance at his pledge of $45bn, which bypassed their processes for allocating money.在这个王国,来自Khashoggi谋杀案的后果似乎已经加剧了对王储的官僚主义抵抗。 The PIF的专业投资人员一直对他450亿美元的承诺表示不满,该承诺绕过了他们分配资金的流程。

Matters came to a head in an act of defiance late last year, when the PIF and Mubadala reportedly used their clout to deprive WeWork of billions of dollars it was about to receive from the Vision Fund and SoftBank. According to reports, Mr Son’s plan had been to put another $16bn into the co-working firm, which many analysts and investors think is overvalued. On January 8th WeWork announced that it was getting only $2bn. That investment was reportedly done at a $42bn valuation. To justify that you must believe that American businesses will stampede en masse towards co-working or “managed space”, observes Chris Lane of Bernstein, a research firm. Co-working as a proportion of all office space would need to rise from 5% in 2017 to nearly a third by 2030.去年年底,当PIF和穆巴达拉利用他们的影响力剥夺了WeWork将要从Vision Fund和SoftBank获得的数十亿美元时,事情开始变得岌岌可危。 据报道,Son先生的计划是向合作公司投入160亿美元,许多分析师和投资者认为这个公司被高估了。 1月8日,WeWork宣布它只获得了20亿美元。 据报道,该投资的估值为420亿美元。 研究公司伯恩斯坦的克里斯莱恩说,你必须相信美国企业会涌入共同工作或将“管理空间”作为所有办公空间的一部分,共同工作空间需要从2017年的5%占比上升到2030年的近三分之一。

In recent weeks people familiar with the PIF’s views have briefed the Wall Street Journal on concerns about the Vision Fund’s governance. In public the PIF supports the fund, and its $45bn is committed. “There is no misunderstanding or conflict with the PIF,” says Rajeev Misra, chief executive of SoftBank Investment Advisors (SBIA) which oversees the Vision Fund. According to people who know the PIF, the fund is one of its best-performing assets.最近几周,熟悉该基金会观点的人士向华尔街日报介绍了对远景基金治理的担忧。 在公共场合,PIF支持该基金,其承诺为450亿美元。 负责监管远景基金的SoftBank Investment Advisors(SBIA)首席执行官拉杰夫·米斯拉(Rajeev Misra)表示,“与PIF没有任何误解或冲突。” 知情人士称,该基金是其表现最佳的资产之一。

5分钟英文故事 5分钟辣椒英语-商业故事精读-软银的投资王国

One day, a poor man is taking a bag of rice to a town. The rice is on the back of his horse but it falls down. The rice is too heavy to lift and he doesn’t know what to do. He only hopes someone can give him some help.

“说实话,乔小姐,听我丈夫讲,那些孩子好像都有很多问题。有个小孩总尿床,体重得有两百多磅……”

Socrates said, “that's the most secret to success. When you want success as badly as you wanted air, you will get it. There is no other secret.”

每个人心中都有着丑小鸭变白天鹅的梦想,《丑小鸭》的故事则是让我们每一个人心中的梦想化为现实。一步步的成长历练,对自己有自信,一定能够成为美丽的“白天鹅”

“哗哗”,一阵大风刮来,花丛里开满了迎春花。

“是的,我已经尝到甜头了,我一路过来,抓了很多小虫子吃。瞧,我的肚子里已经装了不少虫子。”

“可怜的小家伙们,”乔荷娜觉察到雪莉的情绪有了点变化,是个可乘之机,便接着说,“我多么想跟他们每个人都多拥抱几次啊,可是他们人太多了。要是那样的话,我的胳膊都直不起来了,哈哈。您愿意过来安慰他们一下吗,司太太?您那么多胳膊,我敢打赌,您一次就能拥抱好几个人呢!”

“哎呀,疼死我了!”这时只听到小粉在叫嚷着,美美隐约看到一条虫子正撕咬着小粉。

丑小鸭继续走着,没有一个人愿意帮助他。冬天好不容易过去了,春天来了,丑小鸭长得更大了,能够在空中飞翔了。

Yet reports of the PIF’s discontent have drawn attention to three interrelated problems that perplex other investors, too. First is Mr Son’s control over the Vision Fund’s investment decisions. He and Mr Misra are its only top decision-makers. Usually VC firms have several such “key men”. By early 2017 the fund had secured billions of dollars but relatively few people or processes. Usually the team comes first, then the money. Now it has the staff, and legally mandated procedures for vetting firms, signing off on investments, preventing conflicts of interest and so on. But interviews with entrepreneurs suggest that things may not have changed all that much. “His team did loads of due diligence on us but The fund’s daily task is still to hand out cash to entrepreneurs. 然而,有关PIF不满的报道引起了对三个相互关联的问题的关注,这些问题也困扰着其他投资者。首先是Son先生对Vision Fund投资决策的控制权。他和米斯拉先生是其唯一的最高决策者。通常,VC公司有几个这样的“关键人物”。到2017年初,该基金已获得数十亿美元,但只有较少的人或流程。通常是团队先到位,然后是钱。现在它拥有工作人员和法律规定的审查,签署投资,防止利益冲突等程序。但对企业家的采访表明事情可能并没有发生太大变化。 “他的团队对我们进行了大量的尽职调查,但该基金的日常任务仍然是向企业家提供现金。

Then there are Mr Son’s deeply held convictions about technology, which make some SoftBank shareholders worry that he may be overvaluing unicorns (unlisted startups valued at $1bn or more). The Vision Fund is often the sole investor in a financing round. It therefore sets its own prices. It injects far more capital than most VC firms can marshal, so Vision Fund startups had no need to test the market late last year. The share price of Nvidia, a rare listed firm in the Vision Fund, has fallen by 39% since early October, and the fund disposed of its stake. But the tech sell-off provoked no big write-downs of unlisted investments (or none that has been individually disclosed). There must have been cases where, if a new funding round had been required, it would have been a “down-round”, where a new injection of capital values a firm lower than an earlier one, says Mr Lane of Bernstein.然后是Son先生对技术的深刻信念,这使得一些SoftBank股东担心他可能会高估独角兽(非上市初创公司价值10亿美元或更高)。 远景基金通常是融资回合的唯一投资者。 因此它设定了自己的价格。 它注入的资金远远超过大多数VC公司可以编组的资产,因此Vision Fund初创公司无需在去年年底对该市场进行测试。 远景基金中上市公司Nvidia的股价自10月初以来已下跌39%,该基金出售其股权。 但技术抛售并没有引发非上市投资的大笔减记(或者没有单独披露过的投资)。 伯恩斯坦的莱恩先生表示,如果需要新的一轮融资,必然会出现这种情况,即新的注入资本价值低于早期资本价值。

The stock market, for its part, values SoftBank itself at a steep discount to the sum of its listed constituents , despite a $5.5bn share buy-back in February. Worries that Mr Son is paying over the odds are thought to be a big factor. Take WeWork: when Mr Son slashed his investment to $2bn, SoftBank’s shares leapt by 6%. A third concern is SoftBank’s habit of buying stakes in startups, “warehousing” them on its balance-sheet and transferring them to the Vision Fund, usually at a higher price, occasionally at a lower one. In the six months to the end of 2018 SoftBank transferred 11 investments, including stakes in Uber and Grab, into the Vision Fund, netting $300m. A stake in Didi bought by SoftBank in 2017 for $5.9bn will soon go to the fund for $6.8bn.尽管2月份股票回购价为55亿美元,但股票市场对SoftBank本身的估值远低于其上市成分股的总和(见图1)。 对Son先生支付赔率的担忧被认为是一个重要因素。 以WeWork为例:当Son先生将其投资削减至20亿美元时,SoftBank的股价上涨了6%。 第三个问题是SoftBank习惯于在初创公司购买股份,将其“存入”资产负债表并将其转移到Vision Fund,通常价格较高。 在截至2018年底的六个月内,软银将11笔投资(包括优步和Grab的股权)转入Vision Fund,净赚3亿美元(见图2)。 2017年以50亿美元的价格收购的Didi股份,很快将以68亿美元进入该基金。

There are two reasons for such transfers: the PIF’s other investments, and Mr Son’s need for speed. His $7.7bn stake in Uber, for example, moved from SoftBank to the Vision Fund late last year after around eight months of sitting on SoftBank’s balance-sheet that case SoftBank made no gain). The PIF had a $3.5bn investment in the ride-hailing firm from 2016 and was wary of increasing its exposure, according to people familiar with the situation. The PIF’s Uber stake also meant it worried about Mr Son’s investments in Uber’s competitors—Didi, Grab and Ola. They all took time to go into the fund.这种转移有两个原因:PIF的其他投资,以及Son先生对速度的需求。 例如,他在优步的77亿美元股权,去年年底从SoftBank转到Vision Fund,此前大约八个月坐在SoftBank的资产负债表上,软银没有收益。 据熟悉情况的人士透露,PIF从2016年开始投资35亿美元,并且对增加曝光率持谨慎态度。 PIF的Uber股权也意味着它担心Son先生对Uber的竞争对手Didi,Grab和Ola的投资。 他们都需要花时间才能并入基金。

The Vision Fund’s investing processes take time. If Mr Son wants approval faster than limited partners can mobilise capital—for instance to fend off a rival VC fund ready to pounce on a choice asset—he gets it done through SoftBank, says a person who knows him, adding admiringly, “you gotta love him.” Vision Fund的投资流程需要时间。 如果Son先生想要获得可以快速动员资金的能力 - 例如阻挡竞争对手的VC基金抢夺资产 - 他通过SoftBank完成了这项工作,一位了解他的人说道,恭敬地说,“你必须爱他“。

Transfers of assets are disclosed to SoftBank’s board and approved by the Vision Fund’s three-person investment committee. But Mr Son has clout on both sides of the transaction. He sits on SoftBank’s board as chief executive. Vision Fund’s triumvirate consists of him, Mr Misra and another SoftBank employee. People from the PIF, Mubadala and other limited partners attend investment-committee meetings but only as observers. The PIF wields a veto, but solely over investments exceeding $3bn.资产转移向SoftBank董事会披露,并由Vision Fund的三人投资委员会批准。 但是,Son先生对交易的双方都有影响力。 他是SoftBank董事会的首席执行官。 Vision Fund的三巨头包括他,Misra先生和另一位SoftBank员工。 来自PIF,穆巴达拉和其他有限合伙人的人参加投资委员会会议,但仅作为观察员。 The PIF持有否决权,但仅超过30亿美元的投资。【triumvirate: threesome】

People close to the Vision Fund and SoftBank say that warehousing is likely to diminish. The ride-hailing portfolio has now mostly moved to the fund and a $3bn lending facility has been set up to let Mr Son move quickly without calling on SoftBank’s balance-sheet. Governance is being tightened; the fund is interviewing potential independent non-executive directors to sit on the board of SBIA, according to a person familiar with the situation. Messrs Son and Misra have every reason to ensure that the Vision Fund’s procedures are pristine; potential investors in Vision Fund 2 will scrutinise how disciplined the first fund has been in allocating capital.与Vision Fund和SoftBank关系密切的人士表示,仓储可能会减少。 现在,乘车投资组合大部分转移到该基金,并设立了30亿美元的贷款工具,让Son先生快速行动,而无需变动SoftBank的资产负债表。 治理正在收紧; 据一位知情人士透露,该基金正在采访潜在的独立非执行董事担任SBIA董事会成员。 Son和Misra先生完全有理由确保远景基金的程序是不受腐蚀的; Vision Fund 2的潜在投资者将仔细审查第一只基金在分配资金方面的纪律性。

The new fund is also likely to avoid the original’s overdependence on two big outside investors. SoftBank would prefer a diverse pool of backers; ideally, none would carry outsized clout, says an investor. The firm also wants its arrangements to become more “normal”, in the mould of Blackstone or KKR, two veteran asset managers. The relationship between Vision Fund 2 and SoftBank would be more “arms-length”; transfers between them would occur infrequently, if ever. People close to the first fund insist that the operation is growing up. That claim will be put to the test.新基金也可能避免原来对两大外部投资者的过度依赖。 SoftBank更喜欢多元化的支持者; 一位投资者表示,理想情况下,没有一个会带来超大的影响力。 该公司还希望其安排在两位资深资产管理公司Blackstone或KKR的模式下变得更“正常”。 Vision Fund 2和SoftBank之间的关系将更加“持久”; 如果有的话,它们之间的转移很少发生。 接近第一只基金的人坚持认为该行动正在成长。 该声明将受到考验。

丑小鸭的故事全文 恶搞漫画

狐狸张开她的嘴说:“公鸡是我的,不是你们的。”就在那时,公鸡跑到了树底下。

那首先就要有一双翅膀才行,所以儿时天空东南飞的大雁便是我的向往,总在秋季大雁从头顶飞过时让我遐想想连篇。

“您说的可能是韦恩,”乔荷娜说,“韦恩绝对不会再放火了。并且,他偷了东西以后,都会立刻归还失主的。韦恩那天立刻就把手表还给您的丈夫了,不知他跟您提这事了没有?”

雪莉听到电话铃声后,绝对不会立刻去接,而总是等到手头的活儿忙完了才去接。“叮铃铃……”电话响了。前十二声里,;后十二声里,她把卧室里睡网上的一个洞补好了。直到响第二十五声时,她才拿起了听筒。

“Sir, how can I repay you?” the poor man says.

“我们没有领养他们,他们哭了呀?”雪莉轻声地问。

“我们可以在猫的脖子上绑一个铃铛,那么如果他来到附近,我们听到铃声就可以马上逃跑。”

一个年轻男子向苏格拉底请教成功的秘诀。苏格拉底告诉他次日早晨在河边相见。

“那么您打算领养几个可怜的孩子了吧?”乔荷娜迫不及待地接着说,“领养一个,通常需要六百,但是领养的越多,优惠越多。领养三个,需七百五;领养四个,需八百五;领养五个,只需九百。告诉我您要几个,我们一起

您至少需要输入5个字

相关内容

编辑精选

copyright © 2017 https://www.kunhecar.com 昆禾头条 版权所有