Chapter 6

"Your performance was excellent, Pippin. Not everyone can achieve a tenfold profit, especially someone as... young as you." Grandfather was dividing the cod on his plate with his knife and fork.

The utensils in his hands were very agile, making almost no sound, unlike Li Xu, who would occasionally cause the plate to clink. Despite his careful control of the force, it was still quite clear in the quiet garden. Fortunately, because that business deal was indeed good, Grandfather had always ignored it.

"When I was your age, I was still working part-time in the mailroom. As for your father, he only knew how to play." When mentioning his father, Grandfather's tone was slightly disapproving.

"Thank you." Li Xu smiled slightly but didn't say much.

Firstly, as mentioned before, this was Grandfather's territory, and the old man loved to chatter. Once he started, he liked to recall the past, and when recalling the past, he liked to bring up his father... well... criticize him. Li Xu had no interest in getting involved in these matters.

Secondly, there were too many things to pay attention to. Besides maintaining a smile and etiquette, and trying to minimize the sound of the fork scraping the plate, he also had to be mindful of not using the wrong utensils.

In formal Western dining, the utensils for each dish are specified, with various spoons, forks, and knives clearly arranged. Using the wrong ones would invite ridicule. If the host wasn't so particular, it wouldn't matter, but unfortunately, the old man in front of him wasn't one to overlook such details—dining with Grandfather was always this complicated.

Moreover, he really didn't want to hear the name "Pippin." Even being called "Second Generation" would be better than "Pippin." The pronunciation always made him think of the hobbit from "The Lord of the Rings." Am I that short?!

So, he let Grandfather ramble on, which might satisfy his desire to talk and perhaps speed up the main event.

Finally, the dinner was over. After the usual routine—where the estate's chef came out to ask how the meal was and if there were any improvements needed—Li Xu managed to finish.

In Western society, the status of a chef is relatively high. A well-known and highly skilled chef can support a restaurant anywhere. After the meal, meeting the chef, shaking hands, and offering praise is a common practice in the West.

"Very impressive. The cod you prepared is completely different from my grandfather's. Mine is more fragrant and lustrous, and when chewed, it has a subtle sweetness. I think you used a bit of allspice powder, Mr. Clemen?" Li Xu said with a serious tone.

"Yes, sir, I mainly used allspice and lemongrass for seasoning, along with a special cooking technique, to ensure that the sweet and sour flavors do not affect the natural sweetness of the cod." The plump chef smiled happily.

For them, there was nothing more gratifying than a guest recognizing the unique features of their dish. It was easy to satisfy—though not everyone could pretend to be as knowledgeable as Li Xu.

The allspice was a guess. The main seasonings in Western cuisine are limited, and the only one that combines the flavors of cloves, cinnamon, nutmeg, and pepper is allspice.

Fortunately, his family's taste was relatively mild, and over the years, his palate had been influenced by similar Japanese and Western cuisines, making it easier for him to detect the flavors—occasionally going to Chinatown for a bowl of boiled meat slices, which wasn't even authentic—barely enough to taste the difference.

"Thank you, David." Grandfather spoke, and the chef promptly excused himself.

Then, leaning on his cane, Grandfather stood up with Li Xu's support: "Walk with me, Pippin."

They didn't walk far, entering the vineyard, where Grandfather gazed at the moonlit sky and fell into a reverie.

Li Xu didn't say much, just waiting beside him. After a while, Grandfather spoke: "Louise used to love watching the sunset here. She always said that there was no more beautiful place in California. I never thought much of it, but later I remembered that when I bought the estate, we planted a grapevine here together..."

Seeing his nostalgic expression, Li Xu didn't dare to speak. Louise was naturally his grandmother's name, a very traditional woman.

Yes, meaning that she stayed at home to take care of the children, always following her husband's lead, occasionally hosting afternoon tea parties to invite other ladies and provide a social stage for her husband.

In summary, there wasn't much difference between traditional women in the East and West. This was a patriarchal society, and it was unrealistic to expect a woman born in 1905 to have very progressive ideas.

"Alright, let's go. To the study." After rambling for a while and then falling silent, Grandfather finally said.

Li Xu breathed a sigh of relief; finally, they were getting to the main topic. He had intended to offer his arm to support Grandfather and further win his favor, but Grandfather put away his cane and walked briskly toward the estate, not looking like an 80-year-old at all.

He twitched his lips and hurried to follow. In just a few minutes, they were back in the estate's villa.

After all, he was still an 80-year-old. Once inside, Grandfather rested in the living room for a while before slowly getting up and entering the study. He then sat behind the desk in a high-backed chair, closing his eyes and remaining silent.

Li Xu didn't speak either. They had already been pretending for so long; a few more minutes wouldn't make a difference.

Fortunately, a few minutes later, Grandfather opened his eyes and said, "I met that Jew."

Huh? Li Xu was somewhat surprised, not because of the term "Jew," but because he didn't expect Grandfather to bring this up. Shouldn't he continue praising Li Xu's success in silver and then warn him not to be complacent? Why start with the Jew?

"He is indeed a talent, a gambler who likes to ignore the rules. Someone who can find value in garbage is indeed very insightful. He can be replaced, but no one else can be as efficient, and we would have to face the sharks that would swarm at the scent of blood." Grandfather continued.

"Then are you going to choose to cooperate?" Li Xu asked immediately.

"Too greedy." After a moment, Grandfather said.

Li Xu understood. The Jew they were talking about was the famous junk bond king, Michael Milken.

Junk bonds, also known as high-risk bonds, are generally rated below BBB by rating agencies. They have a high default rate, and buying them recklessly can easily lead to losses.

However, Michael Milken, born in 1946, saw a business opportunity. Some large companies, to protect small investors, could not go bankrupt, so despite their low credit ratings, they had high value. By offering interest rates higher than A-rated bonds, they could be packaged and sold.

Thus, he collected these valuable junk bonds and sold them to various funds and investors, earning profits and using this to drive the "leveraged buyout" model, promoting corporate mergers and acquisitions.

From 1974, when he started exploring, to 1976, when he successfully made a profit, and then from 1977, when he went all out, he made a fortune in just a few years, becoming the top bond underwriter on Wall Street.

Milken had an extremely strong intuition in this area, easily finding the most valuable items from a pile of junk bonds. By the early 1980s, he had virtually monopolized the American junk bond market.

By 1987, before his imprisonment, Milken had earned at least several billion dollars in profit from junk bonds, earning the admiration of countless Wall Street peers, with some even comparing him to J.P. Morgan.

Of course, geniuses often have quirks, and Milken's quirk was his obsession with making money. In other words, he didn't care how much he made; he only cared if the money was his.

Two examples Li Xu remembered clearly: In 1986, Drexel Burnham Lambert, where Milken worked, made a lot of money, and Milken gave a trader a $10 million year-end bonus. A lot, right? But do you know how much he gave himself as a year-end bonus? $550 million!

Yes, $550 million in the mid-1980s.

Then, once, he argued with a colleague over a market fee for a long time. The client was developed by the colleague, but the business was only possible because of Milken's connections, so he insisted the fee was his.

In the end, the company gave the fee to the colleague, and for months afterward, Milken kept grumbling that the colleague shouldn't have received it. How much was the fee? Only $12,500.

So, dealing with such a money-obsessed and irreplaceable figure was a complicated matter.

"We have to make a decision, Grandfather." Li Xu said.

If you want to achieve your ideals. He swallowed these words, knowing that in such a situation, one sentence was enough. Grandfather wasn't a fool and would have his own considerations. Sometimes, less is more.

"Robert Baldwin is indeed no longer suitable to lead Stanley," Grandfather finally opened his eyes. "You are right, Pippin. Stanley needs an ambitious leader, and Stanley needs to expand its international business. The merger failed, but we have more room to maneuver. Those fools can't do it..."

He suddenly stood up, walked to the wall, and pulled back the curtain, revealing a large family tree.

"We can do it!" Grandfather declared, facing the family tree.

Looking at the family tree, Li Xu sighed silently. At the bottom was his name, Edward Pierpont Li II, and his cousin's name, Eleanor Louise Li.

Above them was his father's name, Edward Pierpont Li, and his late uncle, Franklin Spencer Li.

Above that was his grandfather, Andrew Charles Li. As for above Grandfather... did you think you'd see George HSD Li? Or Robert Edward Li? Or even Henry Li? Ha, no way!

The Li family was a prominent clan in Virginia, producing figures like a signer of the Declaration of Independence, a cavalry commander in the Revolutionary War, and a Secretary of the Judiciary. Their roots were on the East Coast; how could they have direct descendants on the West Coast? Besides, the surname Li was changed by Grandfather when he moved to the West Coast.

So, above that was... John Jack Pierpont Morgan! And above that, naturally, John Pierpont Morgan.

What the hell! This was Li Xu's first reaction when he understood the meaning of those names.

---

(End of the page)