The once in a lifetime financial storm has caused dozens of banks to fail.
這場千載難逢的金融風暴導致數十家銀行倒閉。
00:12
But there's one bank, not only surviving the crisis unscathed, but also capitalizing on this opportunity to become the largest bank in America, JP Morgan Chase.
但有一家銀行不僅在危機中毫髮無傷，還趁機成為美國最大的銀行——摩根大通。
00:22
Sitting on a throne of this financial empire is the Wall Street banker, Jamie Diving.
這個金融帝國的王位上坐著華爾街銀行家傑米·戴蒙。
00:55
Jamie Diving is born into the finance business.
傑米·戴蒙出生於金融世家。
01:00
In 1921, his grandfather came to New York with nothing, but soon built a successful career as a banker, and then as a stockbroker.
1921年，他的祖父兩手空空來到紐約，但很快成為一名成功的銀行家，後來又成為股票經紀人。
01:09
By the time Jamie is born, his father Theodore Diving also has become a wealthy stockbroker.
當傑米出生時，他的父親西奧多·戴蒙也已成為一名富有的股票經紀人。
01:16
Well, you know, my parents were real moralists, so you do the right thing, you only do the right thing, you treat people, everyone equally and fairly.
我的父母都是道德家，所以你要做正確的事，只做正確的事，平等公平地對待每個人。
01:24
My mom was one of the earliest women's livers around after reading some of those books and stuff like that.
我媽是最早的女性解放運動者之一，在閱讀了一些書之後。
01:32
Diving childhood is almost too perfect, attending private schools and spending summers in the mountains in Colorado.
戴蒙的童年幾乎完美，就讀私立學校，並在科羅拉多的山區度過暑假。
01:39
His life has been the envy of other children of the same age, but to the young Jamie, it isn't enough.
他的生活讓同齡孩子羨慕不已，但對年輕的傑米來說，這還不夠。
01:45
From day one, Jamie has an unwavering ambition.
從第一天起，傑米就有著堅定的雄心壯志。
01:49
He wants to make a fortune, more than that of his father and grandfather.
他想賺一大筆錢，比他父親和祖父更多。
01:54
He recognized early on that to succeed achieving his goal, he should be in a finance industry, but first, he should go to a great college.
他很早就意識到，要實現目標，他應該進入金融業，但首先，他應該上一所好大學。
02:03
But to his dismay, he's rejected by his dream school, Brown University.
但令他失望的是，他被夢寐以求的布朗大學拒絕了。
02:15
After graduating fourth in his class and being rejected by Brown University, Diamond goes to Tufts University instead.
在以全班第四名的成績畢業後，戴蒙進入了塔夫茨大學。
02:23
Jamie Diamond grew up having most things handed to him.
傑米·戴蒙從小就擁有大多數東西。
02:26
Deep down, he believes Tufts doesn't deserve a student of his caliber.
在內心深處，他認為塔夫茨不配有他這樣的學生。
02:31
During his freshman year, he applied to be transferred to Princeton University, but Diamond is rejected again by an Ivy League school.
在大一期間，他申請轉學到普林斯頓大學，但戴蒙再次被常春藤盟校拒絕。
02:39
Jamie Diamond feels he's entitled to go to the best school in America.
傑米·戴蒙認為他有資格進入美國最好的學校。
02:44
He decides the best way to prove his worthy of greatness is by becoming the number one student at Tufts.
他決定，要證明自己配得上偉大的最佳方式，就是成為塔夫茨大學的第一名學生。
02:51
Jamie Diamond always seemed to have this supreme confidence and sometimes comes off as cocky.
傑米·戴蒙總是散發出一種至高無上的自信，有時甚至顯得有些自大。
02:57
His plan worked by 1978 Diamond graduate, Summa Komade from Tufts, and is accepted to the Harvard Business School.
他的計劃奏效了，1978年，戴蒙以最高榮譽從塔夫茨大學畢業，並被哈佛商學院錄取。
03:05
He finally achieved his goal and his self-worth is validated.
他終於實現了目標，自尊也得到了肯定。
03:12
At Harvard Diamond proves once again, he's in the league of his own.
在哈佛，戴蒙再次證明了自己是獨一無二的。
03:16
In business school, Diamond was a non-conformist.
在商學院，戴蒙是一個不墨守成規的人。
03:19
He didn't live on campus like other students, and he wore jeans and leather jackets.
他不像其他學生一樣住在校園裡，而是穿著牛仔褲和皮夾克。
03:24
Other students wear suits.
其他學生則穿著西裝。
03:26
In a class full of Republicans, he was the only Democrat and a very vocal one.
在一個充滿共和黨人的班級中，他是唯一的民主黨人，而且非常直言不諱。
03:31
Jamie Diamond graduates Harvard as a Baker scholar, an honor only bestowed on the top 5% of his class.
傑米·戴蒙以貝克學者的身份從哈佛畢業，這是一項僅授予班級前5%學生的榮譽。
03:38
Diamond is flooded with job offers by many prestigious investment banks on Wall Street.
戴蒙收到了許多華爾街著名投資銀行的工作邀請。
03:43
His future is bright.
他的未來一片光明。
03:45
Surprisingly, Diamond turns them all down and instead decides to take one third of a salary by working for a family friend, the legendary financier, Seni Weil.
I got to know him a little bit, my dad was a brokerage here in Hammel, I had a summer job there, you know, he liked the fact I went to Harvard Business School and his pitch was this.
I'm not going to pay you the same, but he said, come join me here, I was going to be, but at least you'll see what a big company works like.
我不會付你同樣的薪水，但他說，來這裡加入我吧，我本來要去的，但至少你能看到大公司是如何運作的。
04:13
Seni Weil is an accomplished deal maker in the finance industry.
桑尼·威爾是金融業中成就卓著的交易製造者。
04:17
During his long career, he changed the fate of many iconic Wall Street brands, like Primerica, Solomon Brothers, and Citibank.
在他漫長的職業生涯中，他改變了許多華爾街標誌性品牌的命運，如普瑞瑪利卡、所羅門兄弟和花旗銀行。
04:26
Born in a Jewish neighborhood in the Bensonhurst section of Brooklyn, Seni Weil always wanted to get rich, not by working at 9-2-5 job, but by creating his own company and leveraging other people's money.
By 1986, he sold his brokerage firm, Cherson, to American Express for $900 million.
到1986年，他以9億美元的價格將他的經紀公司Cherson賣給了美國運通。
04:47
He becomes the president of American Express.
他成為了美國運通的總裁。
04:50
He takes a liking to the young Jamie Dimon and offers to hire him as his personal assistant.
他對年輕的傑米·戴蒙產生好感，並提出聘請他擔任自己的私人助理。
04:56
Like most young people who get breaks, luck has a lot to do with it in the timing.
就像大多數年輕人得到機會一樣，運氣在時機上起了很大作用。
05:02
And the second factor besides timing is that as a young man, usually all of us would admit that there was a mentor, a benefactor, and when an older person who you respect and admire has confidence in you, it's a great booster to your own self-confidence.
They approach Warren Buffett again for investment.
他們再次接觸 Warren Buffett 尋求投資。
10:12
But to Buffett, the days of owning cigar-buds companies are long gone.
但對 Buffett 來說，擁有雪茄屁股公司的日子早已過去。
10:17
His partner, Charlie Munger, convinced Buffett to focus on quality companies to invest in, rather than trying to turn around bad ones.
他的合夥人 Charlie Munger 說服 Buffett 專注於投資優質公司，而不是試圖扭轉劣質公司。
10:24
He'd been taught it by Ben Graham, but he saw the point.
雖然他曾受 Ben Graham 教導，但他理解這一點。
10:28
He couldn't scale that business, and it was kind of scrounchy and unpleasant.
他無法擴大這種業務規模，而且這種業務有點卑鄙且不愉快。
10:33
When you're firing people, who else wants to do that?
當你解僱員工時，誰還想做這種事？
10:36
So Buffett rejects their offer.
因此，Buffett 拒絕了他們的提議。
10:38
The deal is now on the verge of falling out.
這筆交易現在瀕臨破裂。
10:41
Their plan of an epic comeback now seems impossible.
他們宏偉的東山再起計劃現在看來似乎不可能實現。
10:46
In this situation, there are three possible ways to take over this company.
在這種情況下，有三種可能的方式來收購這家公司。
10:50
The first is to look for a wealthy co-investor, like Warren Buffett.
第一種是尋找像 Warren Buffett 這樣的富有共同投資者。
10:55
But that didn't work out.
但這行不通。
10:57
The second way is to do a leverage buyout by borrowing a lot of money, plus an equity, to fully take over the company.
第二種方式是進行槓桿收購，通過大量借款加上股權，完全接管公司。
11:04
But the company will immediately have a heavy debt burn, risking bankruptcy.
但公司將立即面臨沉重的債務負擔，有破產的風險。
11:09
The third option is to do a public offering by selling a portion of the ownership to the public.
第三種選擇是進行公開發行，將部分所有權出售給公眾。
11:15
The challenge is to convince investors to buy.
挑戰在於說服投資者購買。
11:19
Jamie Diamond sees commercial credit as an undervalued company that can be turned around by someone I can, making it an attractive investment.
傑米·戴蒙認為商業信貸是一家被低估的公司，可以被他這樣的人扭轉局面，因此成為一項具有吸引力的投資。
11:28
Sanywa decided to put the majority of his own fortune by buying 10% of the company, and offering 80% of the company to the public.
山尼瓦決定將他大部分的個人財富投入，購買公司10%的股份，並將公司80%的股份向公眾開放。
11:36
Jamie Diamond, while barely in his early 30s, invests everything he's got, $425,000 into the company.
傑米·戴蒙在剛過30歲時，將他所有的資金，即42.5萬美元，全部投入這家公司。
11:47
They raised $850 million, instantly making their investments profitable.
他們籌集了8.5億美元，使他們的投資立即獲利。
11:53
Sanywa also decides to appoint Diamond as the company's chief financial officer, and gives Diamond a large number of stock options as a reward for his loyalty.
山尼瓦還決定任命戴蒙為公司的首席財務官，並給予戴蒙大量股票期權作為對他忠誠的獎勵。
12:03
We took that company public.
我們將這家公司上市。
12:06
They sold 80% of the company.
他們出售了公司80%的股份。
12:07
We raised enough money to get the company an investment grade credit rating, which a finance company needed.
我們籌集了足夠的資金，使公司獲得投資級信用評級，這是金融公司所需的。
12:20
After taking over commercial credit, while Diamond started ruthlessly cutting costs, laying out 10% of the employees on the first day.
接管商業信貸後，戴蒙開始無情地削減成本，在第一天就裁員10%。
12:28
After just one year of running the business, they'd create $100 million in profit and achieve the 18% return on equity.
經營僅一年後，他們就創造了1億美元的利潤，並實現了18%的股本回報率。
12:36
Credit agencies increased the company's credit rating, allowing while to borrow an extra $100 million on behalf of the company.
信貸機構提高了公司的信用評級，允許戴蒙代表公司額外借款1億美元。
12:44
With all that money in their hands, now they can do the one thing they have come to Baltimore to do.
手中有了這些資金，現在他們可以做他們來到巴爾的摩要做的那件事了。
12:50
Deals.
交易。
12:51
But before they can start, their company stocks certainly collapses by 50%.
但在他們開始之前，公司股票突然暴跌50%。
12:56
That day is October 19, 1987.
那天是1987年10月19日。
13:00
Panic.
恐慌。
13:02
Fresh.
新鮮。
13:02
Free for.
自由落體。
13:03
Meltdown.
崩盤。
13:04
They just put their hands in their pockets and stared in disbelief.
他們只是把手插在口袋裡，難以置信地盯著。
13:07
Every crisis of this type, whether it's 2008 or 1873, has got the same roots, namely that it was unanticipated.
每一次這類危機，無論是2008年還是1873年，都有著相同的根源，即它是出乎意料的。
13:22
So a necessary condition for a crisis is nobody expected.
因此，危機的必要條件是沒有人預料到。
13:26
While many of the biggest companies in countries struggle to survive, while in Diamond's seat and opportunity, their belief in the survival of the fittest, Kekan, with a strong balance sheet, commercial credits simply fitter than anybody else.
By the end of the century, they have created the biggest financial conglomerate in America, City Group.
到世紀末，他們創建了美國最大的金融集團——花旗集團（City Group）。
14:06
On October 8, the official merger date arrived and chairman and co-CEOs John Reed and Sandy Weil were on hand to Greek customers and employees at Citibank's 399 Park Avenue branch.
As the CEO of City Group, Sandy Weil is now the king of Wall Street and Diamond becomes a president of City Group.
作為花旗集團的CEO，桑迪·威爾現在是華爾街之王，而戴蒙德成為花旗集團的總裁。
14:28
But his real responsibility is at managing the investment funds of City Group.
但他的真正職責是管理花旗集團的投資基金。
14:33
Jamie Diamond is only one step away for becoming the most powerful man in finance.
傑米·戴蒙德距離成為金融界最有權勢的人只有一步之遙。
14:38
He knows it's only a matter of time until he becomes a CEO of City Group.
他知道自己成為花旗集團CEO只是時間問題。
14:45
But Sandy Weil has a different idea.
但桑迪·威爾有不同的想法。
14:51
The 1990s is a decade of an economic boom.
1990年代是經濟繁榮的十年。
14:54
For the first time, the United States has a budget surplus.
美國首次出現預算盈餘。
15:01
Although Clinton is a Democrat president, he manages to cut taxes on capital gangs and real estate.
雖然柯林頓是民主黨總統，但他設法減少資本利得稅和房地產稅。
15:08
Sandy Weil is the apex predator of Wall Street.
桑迪·威爾是華爾街的頂級掠食者。
15:12
With his political influence, he manages to get Clinton administration to create the Financial Service Modernization Act, allowing the merger of commercial banks with insurance companies.
憑藉他的政治影響力，他設法讓柯林頓政府制定了《金融服務現代化法案》，允許商業銀行與保險公司合併。
15:22
The age of mega banks is here.
巨型銀行的時代已經到來。
15:25
Sandy Weil rewards his protégé, the young and ambitious Jamie Diamond, by making him the president of City Group.
桑迪·威爾獎勵他的門生，年輕且雄心勃勃的傑米·戴蒙德，任命他為花旗集團的總裁。
15:32
But for Diamond, it's not enough.
但對戴蒙來說，這還不夠。
15:35
He wants his mentors seat at a table.
他想要他的導師在董事會中的席位。
15:38
He knows it's only a matter of time until he gets what he's entitled to.
他知道這只是時間問題，直到他得到他應得的。
15:43
But as a master deal maker, Sandy Weil always has a plan B.
但作為一位交易大師，桑迪·威爾總是有備用計劃。
15:48
He realized that although Jamie Diamond is a skilled and intelligent businessman, he is often too blunt and has a big temper.
他意識到，儘管傑米·戴蒙是一位技巧純熟且聰明的商人，但他經常過於直率且脾氣暴躁。
15:57
These traits can make him vulnerable as a CEO of City Group.
這些特質可能使他作為花旗集團的CEO時顯得脆弱。
16:02
As a backup plan, Sandy Weil brings in his daughter, Jessica Bibliovitch, and puts her in Diamond's division.
作為備用計劃，桑迪·威爾引入了他的女兒傑西卡·比布洛維奇，並將她安排在戴蒙的部門。
16:09
Jessica and Jamie are childhood friends.
傑西卡和傑米是童年朋友。
16:12
But their friendship is about to be tested.
但他們的友誼即將接受考驗。
16:19
While initially Diamond welcomed Weil's daughter by promoting her to the chairman of the company's mutual fund division.
最初，戴蒙通過將傑西卡提升為公司共同基金部門的主席來歡迎威爾的女兒。
16:27
Seeing the rise of low-feet mutual funds like Vanguard, Diamond believes that traditional high-cost mutual funds will fail eventually.
看到像先鋒集團這樣的低費用共同基金的興起，戴蒙認為傳統的高成本共同基金最終會失敗。
16:35
He trusts Jessica to reshuffle her business and start doing the low-cost mutual funds business.
他相信傑西卡會重組她的業務並開始從事低成本共同基金的業務。
16:41
Sandy Weil objects to the idea, but Diamond eventually prevails.
桑迪·威爾反對這個想法，但戴蒙最終還是說服了他。
16:47
A year later, when the time comes for promotion, Jamie Diamond does not give Jessica a promotion because he believes she didn't do a good job.
一年後，當晉升的時候到來時，傑米·戴蒙沒有給傑西卡晉升，因為他認為她沒有做好工作。
16:56
In 1996, for example, Jessica's mutual fund division brought in just $288 million in net assets, compared with $3.1 billion in Merrill Lynch.
例如，在1996年，傑西卡的共同基金部門僅帶來了2.88億美元的淨資產，而美林證券則有31億美元。
17:11
In Diamond's defense, he's always preaching about treating people equally, so he didn't give Jessica any favors.
為戴蒙辯護的是，他總是宣揚平等對待每個人，因此他沒有給傑西卡任何特權。
17:19
Treat all people properly with respect, treat them all the same, or their clerks or CEOs.
以適當的尊重對待所有人，對待他們所有人都一樣，無論是職員還是CEO。
17:25
Some must mention, yes, Jamie, that's true, but you treat them badly sometimes, but don't treat them well, but treat them equally.
But to Sandy Weil, his daughter is being alienated by Jamie Diamond.
但對桑迪·威爾來說，他的女兒正在被傑米·戴蒙疏遠。
17:37
Diamond's ambition has gotten the better of him.
戴蒙的野心已經超越了他。
17:38
If he can't handle relationships with his employees, how can he ever become a great CEO of City Group?
如果他無法處理好與員工的關係，他如何能成為花旗集團的偉大CEO？
17:48
City Group stock popped the New York Exchange Act of Listen, fell 7-8 to 46-8 on news of a corporate restructuring and a management shake-up, which included the resignation of President Jamie Diamond.
I call the skin in a game that nobody should put others at risk without having harm to himself.
我稱之為“自身利益相關”，即沒有人應該在不承擔自身風險的情況下讓他人面臨風險。
21:18
In other words, if you lose money to your clients, you should be exposed to the same risk.
換句話說，如果你讓客戶賠錢，你也應該承擔同樣的風險。
21:23
Diamond gambles his future on Bank one, but he may have underestimated just how bad the company is.
戴蒙將他的未來押注在銀行一，但他可能低估了這家公司的問題有多嚴重。
21:30
Bank one was much tougher than JP Morgan.
銀行一的情況比JP摩根糟糕得多。
21:33
I mean, not even close.
我是說，完全不是一個級別。
21:34
It was failing.
它正在失敗。
21:35
The stocks were down.
股票在下跌。
21:36
People, everyone hated each other.
人們，每個人都互相憎恨。
21:39
You know, we probably had to lay off a lot of people and, you know, to beat the company into shape, Diamond will have to do things no one is willing to do.
你知道，我們可能不得不裁掉很多人，而且，為了讓公司重回正軌，戴蒙必須做一些沒有人願意做的事情。
21:50
Over the next 12 months, he sells under-performing businesses to cut executive compensation and he fires 12,000 employees to cut costs.
I took away their cars, their clubs, their search, their SERPs, their 401K matches.
我取消了他們的車、俱樂部、搜索、SERPs、401K匹配。
22:06
I took away their matching gift programs, the financial planning, you know, and they weren't that happy, and I met with the rooms like this.
我取消了他們的禮品匹配計劃、財務規劃，你知道，他們並不高興，我與像這樣的房間裡的人開會。
22:12
I said, because folks are entitlements, we're going to lay off people.
我說，因為同事們的福利，我們要裁員。
22:17
You're in good shape.
你們的狀況很好。
22:18
They aren't.
他們的狀況不佳。
22:18
And we collectively are to blame.
而我們集體都有責任。
22:21
And I want you to stand forward and be proud that you're cutting your stuff first.
我希望你們站出來，並為你們首先削減自己的福利而感到自豪。
22:25
He took $4.4 billion in write-downs and loan loss provisions in 2000, and the company ended up posting a loss of $511 million for the year.
他於2000年進行了44億美元的減記和貸款損失撥備，公司該年度最終錄得5.11億美元的虧損。
22:35
You would think such a loss is a bad news for the company's stocks.
你可能認為這樣的虧損對公司股票來說是壞消息。
22:38
But no, Wall Street is liking what Diamond is doing.
但並非如此，華爾街喜歡戴蒙的做法。
22:41
The stock goes up because they finally see someone who's willing to do what it takes.
股票上漲，因為他們終於看到有人願意採取必要的行動。
22:47
Jamie Diamond has one objective, building a fortress balance sheet.
杰米·戴蒙有一個目標，就是建立一個堅如磐石的資產負債表。
22:53
Because if your balance sheet is a fortress, a real one, not one that you've convinced yourself of, but one with assets that really have value, right, that you're not leveraged in in an extraordinary manner,
A year later, Banguine posts an astounding $2.6 billion profits.
一年後，班古銀行（Banguine）公佈了驚人的26億美元利潤。
23:17
With sheer will, Jamie Diamond has turned this company around from the brink of collapse.
靠著堅定的意志，杰米·戴蒙將這家公司從崩潰的邊緣扭轉過來。
23:23
But a true goal has always been to have a strong balance sheet with lots of cash in order to do deals, massive deals.
但他的真正目標一直是擁有一個強大的資產負債表，並擁有大量現金以進行交易，大型交易。
23:32
And in 2002, just after the duck-on-bubble, Diamond is ready for the hunt.
而在2002年，就在科網泡沫破滅後，戴蒙準備好開始獵取目標。
23:40
From the late 1999 and early 2000, the Federal Reserve raises interest rates six times in order to have a soft lending from the overheated economy.
從1999年底到2000年初，聯邦儲備局六次提高利率，以遏制過熱經濟中的放貸。
23:49
But the duck-on burst, nonetheless, with NASDAQ cutting half.
但科網泡沫仍然破滅，納斯達克指數腰斬。
23:54
To make matters worse, the 9-11 attack triggers the crash of the broader stock market, the market only rebound by fourth quarter of 2003.
更糟的是，911襲擊導致更廣泛的股市崩盤，市場直到2003年第四季度才反彈。
24:04
While the S&P 500 barely makes it to double-digit returns in three years, under Jamie Diamond's management, Banguine's stocks achieves 59% return, three times of that of the market.
If you have been watching the videos of this channel, you may realize that a lot of these great investors and traders invest in these types of attractive assets.
如果你一直在觀看這個頻道的影片，你可能會發現許多優秀的投資者和交易員都會投資這些具有吸引力的資產。
27:30
But I'm not Jamie Dimon nor JP Morgan.
但我不是傑米·戴蒙，也不是摩根大通。
27:33
I don't have millions dollars to invest in art.
我沒有數百萬美元可以投資在藝術品上。
27:35
That is until I've found Masterworks, the unicorn investment platform.
直到我發現了Masterworks這個獨角獸投資平台。
27:40
Now I can just pull up Masterworks site and invest, choosing from a catalog of offerings backed by physical multimillion dollar art.
Naturally, they're an ideal partner for my channel.
自然，他們是我頻道的理想合作夥伴。
27:50
So anybody who uses FinisLink gets the priority access to the platform where you can invest in art like me and JP Morgan.
因此，任何使用FinisLink的人都能優先進入該平台，像我和摩根大通一樣投資藝術品。
27:58
I highly recommend you check out that link in the description of this video.
我強烈建議你查看這個影片描述中的連結。
28:06
After taking the reign of JP Morgan, he starts reshaping JPM in his usual style, cutting costs, reforming incentive structure, and most importantly, creating a fortress balance sheet.
Just five years after recovering from the dot-com bubble, the American economy finds itself in a bigger recession.
在從網路泡沫中復甦僅五年後，美國經濟發現自己陷入了更大的衰退。
29:25
This time, it's the housing market, the first bank to fail is Bear Stearns.
這次，是房地產市場，第一家倒閉的銀行是貝爾斯登。
29:30
Wall Street woke up this morning only to face a bad dream.
華爾街今晨醒來，卻面臨一場噩夢。
29:34
Investment giant Bear Stearns, one of the most admired firms in America, now one of the most endangered.
投資巨頭貝爾斯登，美國最受敬仰的公司之一，現今卻成為最危險的公司之一。
29:40
Just a year before Bear Stearns made a record-breaking profit through the business of subprime loans securitization, which connects trillions of dollars in mortgages and other loans with investors all over the world.
