April 28th, Wednesday, was a very special day. Two of William White's companies went public on the same day.
Despite other companies also being listed that day, there was no doubt that the person ringing the exchange bell would definitely be William White.
An awkward scene unfolded -- fifteen minutes after the market opened, not a single transaction had taken place.
"Filson, what's going on? Has this happened before?"
"Uh, sir, it has, but not often. Usually, it's due to stockholders hesitating to sell."
"Alright, let's wait a bit."
The price of 20 bucks was clearly undervalued. Well, it's impressive nonetheless.
The first transaction was fixed at the price of 25 bucks.
When a round of applause erupted at the scene, William White felt a bit embarrassed. He was still wondering if the old folks from Citi were setting him up.
With the first transaction completed, the stock price began to steadily rise. The significant increase left everyone flabbergasted.
When the price broke 30 bucks per share, the entire world seemed to go silent.
Isn't this way too fierce? Two companies valued at more than ten billions of dollars? Can it get any more ridiculous?
...
William White left, heading straight to the Rockefeller Center. NBC was there, and he needed to attend an interview.
"Mr. White, can we start now?"
"Anytime, ready when you are."
By now, William White was used to the so-called big scenes. Even though he felt a bit excited, he hid it well.
Dressed in a sharp professional suit, sporting his signature short hair, and donning a pair of gold-rimmed glasses, he certainly looked the part.
Those glasses were just plain and non-prescription, making him seem less youthful. At his current status, he was already a shrewd and veteran tycoon, except, of course, for his outrageously young age.
"Mr. White, first off, congratulations on your stocks' successful IPO."
"Haha, thank you, Lisa."
"Mr. White, with both companies breaking the ten-billion-dollar mark, you must be feeling pretty good now, right?"
"At the trading center, I sure did. My blood pressure and heart rate were quite up compared to usual. If I had the choice, I'd rather avoid going there; it's not great for my health."
The beautiful anchor was a bit speechless. What's that supposed to mean?
"So, you're satisfied with the current stock price?"
"Satisfied? Well, sort of. Honestly, based on current earnings, it might be a bit overestimated, but it's nothing major. My company is ideal for long-term investment and will offer very good dividends."
"Mr. White, as a new company, shouldn't the raised funds continue to be invested?"
"Investment? Hmm, are you referring to increasing R&D spending?"
"Yes, that's exactly what I mean."
"It's actually not necessary. Our cash flow is excellent, and the development of the new system is ongoing. We don't really need that much money."
"May I be bold to ask, since there's no funding need, wasn't going public a bit of a loss for you?"
"No, no, you've got it wrong. My idea is to share the wealth, share the company's growth. Remember, the word 'share' is really the foundation of the American Dream and the mainstream value in society. Leaving too much wealth for the next generation isn't a pretty good idea."
"Mr. White, are you saying you'll donate most of your wealth?"
"Haha, no, at least not now. Haven't you noticed? I'm still quite young."
The beautiful host was rolling her eyes, but young he certainly was -- always busy as a beaver.
"Mr. White, can you share your success stories with the young people?"
"Success? There's nothing to it, I'm just getting started. It's a time of change. Do you really think a company with a ten-billion-dollar market value is that impressive?"
The beautiful host nearly stumbled again. Isn't a ten billion impressive?
"With all due respect, Mr. White, there aren't many billion-dollar firms on Wall Street."
"Haha, like I said, it's a transformative time. Though the current high-tech stocks aren't doing exceptionally well, their development potential is very high. As for those traditional enterprises, sorry, but you'll eventually be swept away by modern times."
"Mr. White, can you tell us how you plan to use this money?"
"Of course, I can. The office space for both companies is quite inadequate, so I'll build two office buildings. I also bought two deserted islands, intending to develop them appropriately. That's about it."
"Won't that cost much less than you've got?"
"Tsk, I don't really have a concept of money; it's mostly just a number. And as for saying it won't spend much, that's not right; building docks and airports is quite expensive."
Once again, he started talking about his deserted islands. Judging by his remarks, he seemed to want to create a paradise.
...
Seeing the guy confidently narrate on TV, many viewers ground their teeth. The reason being nothing else but his knack for pretending.
According to him, money was meaningless and should be spent as quickly as possible.
Reactions to his views were mostly envy, jealousy, and resentment.
"Ah, it's finally over." After a successful listing, William White's financial situation improved a lot. It became harder to corner him through financial maneuvers.
No consortium could boast anymore, even if their assets were a bit more than William White's, they dared not underestimate him anymore.
There was another frightening issue: everyone's situation was different. William White's assets were expanding rapidly, while those of the consortia were shrinking significantly.
Such a disparity was truly discouraging. If this continued, William White's personal wealth would exceed that of most consortia.
Here's a question: are consortia truly that weak? The answer is no.
Take the Mellon Group, for instance. Its visible assets no longer match up to William White's, but its profound foundation is not something William White could easily bully.
Let's not even mention the universities and laboratories -- all are family assets. Even a minor research project can be of great significance.
There's no need to underestimate. Schools and such aren't possible for William White. Having money isn't enough; you need heritage and foundation.
William White couldn't make those, so he could only play to his strengths and avoid his weaknesses. If MIT belonged to his family, why bother partnering with Motorola? He'd handle CPU manufacturing himself.
Without his own research strength, he couldn't stand at the pinnacle, no matter how well things were going now. A single upgrade could bring him down.
That's the current IT industry reality. The White System exists only as a form of opportunism.
Be it your adapter card or office suite, these things don't have high-tech content. People simply aren't interested in joining the competition; once those with research power join, White System's good days are numbered.
The only good thing was that the fall of the IBM confused many big companies' judgments.
No matter how awesome PCs are, they're ultimately just toys. There's no comparison with mainframes, let alone supercomputers.
*****
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