4. 路威酩轩不和：Racamier与Chevalier笔战，Chevalier引入健力士Guinness（Anthony Tennant）以防万一
Racamier, this is so petty, but it's what actually happens, he has some stationery printed for the new LVMH company in which his name appears above Chevalier's on the stationery. Chevalier rounds up all the stationery and has it destroyed. I feel like we're talking about the American Revolution or something here. This is ridiculous. They start fighting in the press. Racamier，这太琐碎了，但事实就是如此，他为新的LVMH公司印了一些文具，其中他的名字出现在文具上的Chevalier上方。Chevalier将所有的信纸都收集起来并销毁了它。我觉得我们在这里谈论的是美国革命或其他什么。这太荒谬了。他们开始在媒体上打架。
They just merged these companies and Racamier gets quoted. "Champagne can be found on the shelves of every corner supermarket," I literally bought mine at Whole Foods last night. "But our leather goods require exclusive distribution." He's totally right, but you can imagine how that lands with Chevalier. It's not good. 他们刚刚合并了这些公司，Racamier被引用了。“香槟在每个角落超市的货架上都可以找到，”我昨晚在全食超市买了我的香槟。“但是我们的皮具需要独家分销。他是完全正确的，但你可以想象这是如何落在Chevalier身上的。这不好。
Early the next year, in 1988, there's another potential crisis out there. For some reason, the trading volume in LVMH stock starts rising sharply again, which is a sign that maybe there's a takeover waiting in the wings. The families control 51% of the company, the combined families at this point. But remember, these families don't really like each other. There are so many family members. If one group of families gets persuaded by a takeover attempt to join forces with an external party, LVMH could be back in play. This is not good. 第二年年初，也就是1988年，又有一场潜在的危机。出于某种原因，LVMH股票的交易量再次开始急剧上升，这表明可能有收购在等待。此时合并后的家族，家族控制着公司51%的股份。但请记住，这些家庭并不是真的喜欢对方。有这么多家庭成员。如果一群家族被收购企图说服，与外部各方联手，LVMH可能会重新后退回去。这不好。
Ben: As long as their arms are linked, they'll be fine. Just trust the process. This structure can bear the load that is coming into it. Ben：只要他们的胳膊是相连的，他们就会没事的。只要相信这个进程。这种结构可以承受进入其中的荷载。
David: Nobody really thinks that the structure is going to stay together, even internally within LVMH. Chevalier and the Moet side, he's good buds with the CEO of Guinness over in the UK. Huge, also drinks company guy, named Anthony Tennant. He comes to Racamier and he says, look, we've got this problem. What if we bring in Guinness to buy a small stake in the company? I'm thinking 3½ percent. That should be enough just to give us a little margin of safety here, shore things up against whatever's going on in the markets. David：没有人真正认为这种结构会保持在一起，即使是在LVMH内部也是如此。Chevalier和酩悦方面，他与英国的健力士首席执行官是很好的伙伴。身材魁梧，也是饮料行的人，名叫安东尼·坦南特。他来到拉卡米尔，他说，看，我们遇到了这个问题。如果我们引入健力士来购买该公司的一小部分股份会怎样？我在想 3.5%。这应该足以让我们在这里有一点安全空间，以防市场中的意外事件。
Ben: But now, three people have to link arms. Ben：但是现在，三个人必须挽起双臂。
David: Yeah. Right now, three people have to link arms. But Guinness is, at this point, professionally managed, not a family-owned company. They're very large. Racamier's like 3½ percent. Sure, whatever. What he doesn't know, though, is that Chevalier is also working on a big distribution partnership with Guinness just like what led to the original success of combining Moet and Hennessy, it was merging the distribution networks. As part of these discussions, as they go on, Guinness decides it wants to own more of LVMH than just 3½ percent. 大卫：是的。现在，三个人必须挽起手臂。但在这一点上，健力士是专业管理的，而不是一家家族企业。它们非常大。拉卡米尔（Racamier）认可3.5%的比例。当然，随便。不过，他不知道的是，Chevalier也在与健力士建立大型分销合作伙伴关系，就像酩悦和轩尼诗合并的最初成功一样，它正在合并分销网络。作为这些讨论的一部分，随着讨论的进行，健力士决定要拥有更多的LVMH，而不仅仅是3.5%。
Ben: What about a lot of margin of safety? Ben：有多大安全空间呢？
David: What about a lot? Safety maybe safety, depends on your perspective. Chevalier comes back to Racamier pretty shortly thereafter and says, hey, you know how I said 3½ percent. I've been talking with Anthony. We're now thinking like 20%. What do you think about that? Racamier goes ballistic. 大卫：那很多呢？安全也许是安全，取决于你的观点。不久之后，Chevalier回到Racamier说，嘿，你知道我是怎么说3.5%的。我一直在和安东尼交谈。我们现在的想法是20%。你怎么看？拉卡米尔（Racamier）坐上了弹道，蹦起来。
From his point of view, and I totally think this is valid, he's like, this is a declaration of war. You're trying to shift the whole balance of this group to the drink side and away from my leather goods business. My leather goods business is the jewel here. You're trying to steamroll us. This is the future, I've got the winning strategy. 从他的角度来看，我完全认为这是有效的，他说，这是宣战。你试图将这个实体的整个平衡从我的皮具业务转移到饮料方面。我的皮具生意是这里的宝贝。你是想把我们压垮。这就是未来，我有制胜策略。
He goes out and starts looking for his own ally to bring in, to counterbalance Guinness on the drink side. He's looking around and he's like, ah. He lands on the perfect person. Somebody who really gets luxury, luxury brands. He can explain the leather goods business to him and why it's so powerful. 他走出去，开始寻找自己的盟友，以平衡健力士在饮料方面的表现。他环顾四周，他想，啊。他落在了完美的人身上。一个真正得到奢侈品的人，奢侈品牌。他可以向他解释皮具业务以及为什么它如此强大。
Ben: Maybe someone from the fashion world for this impossible, from drinks. Ben：也许时尚界的某个人，不可能是饮料行的人。是谁呢？
5. 路威酩轩易主：投行拉扎德组织深夜三方会议，伯纳德抵押Dior接管LVMH，Racamier与Chevalier下课
David: This guy that he finds is perfect. He's young, he's ambitious. Both he and Chevalier are older at this point. He could someday beat their protégé, take over running the company, and he would understand the Louis Vuitton business. The perfect candidate, the head of Christian Dior, the young Bernard Arnault. That was a mistake on Racamier's part. 大卫：他找到的这个人很完美。他很年轻，他雄心勃勃。在这一点上，他和Chevalier都年纪大了。有朝一日，他可以征服他们的门徒，接管公司的经营，他会了解路易威登的业务。完美的人选，克里斯汀·迪奥（Christian Dior）的负责人，年轻的伯纳德·阿尔诺（Bernard Arnault）。这是拉卡米尔的一个错误。
Ben: Let's just set this fox loose in our nice little hen house here. The hen house is already a little bit into rest, but maybe the fox can somehow make it better. Ben：让我们把这只狐狸放到我们漂亮的小鸡舍里。鸡舍已经准备好了，但也许狐狸可以以某种方式让它变得更好。
David: Really, Racamier should have known better here because he approaches Arnault. He suggests to him, hey, how about we work together here? I'm looking for somebody to come in on my side. I think you should make a bid for 25% of LVMH's stock. Remember, Guinness only wants 20% at this point. The Vuitton family will support you. Together, we're now going to have majority control over this company. We're going to run it together and marginalize the drink side of the business. 大卫：真的，拉卡米耶应该在这里知道得更多，因为他接近了阿尔诺。他建议他，嘿，我们在这里一起工作怎么样？我正在寻找一个站在我这边的人。我认为你应该出价购买LVMH集团25%的股票。请记住，健力士目前只想要 20%。Vuitton家族将为您提供支持。现在，我们将共同拥有这家公司的多数控制权。我们将共同经营它，并将饮料业务边缘化。
Ben: Where does Racamier expect Bernard to come up with the cash to make that bid? Ben：Racamier希望Bernard从哪里拿出现金来竞标？
David: This is critical. Bernard, I don't know if he had his eyes on LVMH. LVMH had only just been formed a few months before, but he certainly wanted to grow. He had already, in his mind, this idea of his unique strategy of, hey, there's actually economies of scale in bringing multiple brands together. I think I want to do this within my group. Dior can be the kernel that is going to grow into something bigger. David：这很关键。伯纳德，我不知道他是否盯上了LVMH。路威酩轩集团（LVMH）几个月前才刚刚成立，但他当然想发展壮大。在他的脑海中，他已经有了自己独特的战略，嘿，将多个品牌结合在一起实际上是规模经济。我想我要在我的团队中这样做。Dior 可以成为将要成长为更大东西的内核。
He had started. Remember we talked about, because of the legacy of Boussac and how Arnault came into the business, there's this Russian doll legal structure of multiple entities before you get to the actual operating businesses of Dior. What Arnault and Lazard start doing, they realize they can IPO minority stakes in each of these levels of business and raise capital by doing that, while still being very careful about making sure they maintain ironclad voting and economic control over each of them. 他开始了。请记住，由于 Boussac 的遗产以及 Arnault 如何进入该行业，在您进入 Dior 的实际运营业务之前，存在多个实体的俄罗斯娃娃法律结构。Arnault 和 Lazard 开始做的事情是，他们意识到他们可以在这些层级的业务中进行少数股权IPO，并通过这样做筹集资金，同时仍然非常小心地确保他们对每个级别都保持坚定的投票权和经济控制。
Ben: You've got the operating businesses of Dior and Le Bon Marche department store. Above that, you've got Agache, that former Boussac holding company. Then you've got Bernard's personal entity, Groupe Arnault, where he could sell some shares of that on a public exchange, which by the way, is still publicly listed today. You can buy this instead of LVMH. You totally can free up cash by just selling off minority pieces of each Russian doll. Ben：你经营Dior和Le Bon Marche百货公司的业务。除此之外，还有Agache，那家前布萨克Boussac控股公司。然后是伯纳德的个人实体，阿尔诺集团，在那里他可以在公共交易所出售一些股票，顺便说一句，今天仍然公开上市。您可以购买此产品而不是 LVMH。你完全可以通过出售每个俄罗斯娃娃的小股来获得现金。
David: This generates huge leverage for Bernard. He gets access to all of this capital. But because his successive chain of entities have majority control every step in the chain, he owns and runs these things while getting access to capital at every single level. It's amazing. Again, back to your story of how he turns $15 million into this incredible $200+ billion fortune, this is a key step of it. 大卫：这为伯纳德带来了巨大的杠杠影响力。他可以获得所有这些资本。但是，由于他连续的实体链在链条的每一步都拥有多数控制权，因此他拥有并经营这些东西，同时在各个层面获得资本。太神奇了。再一次，回到你的故事，他如何将 1500 万美元变成这个令人难以置信的 $2000亿以上的财富，这是其中的关键一步。
Ben: The reason that this is not Enron is because there's both financial engineering and a crap ton of value-created businesses that are spitting off cash. Hundreds of millions of dollars are being generated in profits by the underlying entities, so you can do this financial engineering and still be able to justify all of it. Why should people pay you for pieces of your shell corporation? Because the underlying businesses are sound. Ben：这不是安然，原因既有金融工程，也有摇钱树的生意。基础实体正在产生数亿美元的利润，因此您可以进行这种金融工程，并且仍然能够证明所有这些是合理的。为什么人们要付钱给你买你的空壳公司？因为基础业务是健全的。
David: Bernard has been doing this, building up this war chest. He actually does have the firepower to do what Racamier's suggesting here. When Racamier approaches him, of course, he's thrilled. He's like, yes, this is my chance. What does he do? Naturally, he goes straight away to his friend, mentor, and banker, Antoine Bernheim over at Lazard Freres to talk about it. That was really the obvious thing that Racamier should have thought about before he approached Bernard because guess who the investment bank for the Moet-Hennessy side of the business was. 大卫：伯纳德一直在这样做，建立这个战争资金。他实际上确实有火力去做拉卡米尔Racamier在这里建议的事情。当然，当拉卡米尔走近他时，他很兴奋。他说，是的，这是我的机会。他是做什么的？很自然地，他会直接去找他的朋友、导师和银行家安托万·伯恩海姆（Antoine Bernheim）在拉扎德·弗雷斯（Lazard Freres）谈论这件事。这确实是拉卡米耶在与伯纳德接触之前应该考虑的显而易见的事情，因为猜猜酩悦轩尼诗业务的投资银行是谁。
Ben: Lazard was working with Moet-Hennessy. Ben：Lazard曾与酩悦轩尼诗合作。
David: Lazard, yup. In the merger, Lazard had always been the bankers of Moet-Hennessy. During the LVMH merger, Lazard was on Moet's side. Arnault, again, he's super, super loyal to Lazard as well. As soon as he goes to Lazard, Lazard is like, you might want to think about your alliances here. 大卫：拉扎德，是的。在合并中，拉扎德一直是酩悦轩尼诗的银行家。在LVMH合并期间，Lazard站在Moet一边。再说一次，阿尔诺对拉扎德也超级忠诚。一旦他去找拉扎德，拉扎德就像，你可能要考虑一下你们在这里的联盟。
Ben: You should buy this company, but maybe you should ally with the person I'm allied with. Ben：你应该买下这家公司，但也许你应该和我结盟的人结盟。
David: Yes. This is very, very self-interested on Lazard's part, but it's actually also, I think, pretty good advice because Guinness is a much larger company and has much bigger financial resources. Lazard is like, look, if you're going to be fighting Guinness, you guys are going to lose. This is not going to work. 大卫：是的。对于拉扎德来说，这是非常非常自私的，但我认为这实际上也是非常好的建议，因为健力士是一家更大的公司，拥有更大的财务资源。拉扎德就像，看，如果你要与健力士战斗，你们会输的。这是行不通的。
Ben: Clearly, what's happening here is Bernard is switching sides from the LV side to the MH side. Why does it matter who he's allied with? At the end of the day, he's just buying shares in the same company. Ben：显然，这里发生的事情是 Bernard 正在从 LV 方面转向 MH 方面。为什么他与谁结盟很重要？归根结底，他只是在购买同一家公司的股票。
David: We're about to see just that. Lazard sets up a secret late night meeting at their office between the three parties. 大卫：我们即将看到这一点。拉扎德在他们的办公室里安排了一次秘密的深夜会议，让三方之间。
Ben: Everyone's in the room except for Louis Vuitton. Ben：除了Louis Vuitton之外，每个人都在房间里。
David: Except for Louis Vuitton. Arnault and Anthony Tennant at Guinness really hit it off. Remember, Guinness, a much larger company, has much bigger financial resources. Out of that, Arnault ends up really aligning with Guinness. Very shortly thereafter, in July of 1988, they announced that they were creating a new JV together between Bernard Arnault and Guinness. It's a 60/40 JV, controlled 60% by Arnault. They call it Jacques Robert, this new entity. That entity is going to be financed with $1.5 billion that is going to buy 24% of LVMH. David：除了Louis Vuitton。 Arnault 和 健力士的Anthony Tennant 真的一拍即合。 请记住，健力士是一家大得多的公司，拥有更大的财务资源。除此之外，阿尔诺最终真正与健力士保持一致。此后不久，即1988年7月，他们宣布将在Bernard Arnault和Guinness之间共同创建一家新的合资企业。这是一家 60/40 的合资企业，由 Arnault 控制 60% 的股份。他们称它为雅克·罗伯特（Jacques Robert），这个新实体。该实体将获得15亿美元的融资，用于购买LVMH 24%的股份。
Ben: Enter Bernard Arnault's majority ownership of an entity that owns a minority stake of LVMH. The market cap around this time of LVMH is around $6 billion. That's 60% of 24% of something that's worth $6 billion, which is about $860 million is the value of his new stake in LVMH. Ben：转到Bernard Arnault对拥有LVMH少数股权的多数股权的实体。LVMH这段时间的市值约为60亿美元。这是价值60亿美元的24%的60%，这大约是他在LVMH新股份的价值8.6亿美元。
David: You said that $800-ish million, that's the capital that he had come up with through this war chest that he was doing. But the strategy that Arnault and Lazard design here is so brilliant because he retains majority control in each of these entities. It doesn't matter that he only owns 60% of this new Jacques Robert JV and Guinness owns 40%. Arnault controls it. Once it's inked, once the capital is in, Guinness' capital is now just leverage for Arnault. 大卫：你说那8亿美元，这是他通过这个战争基金筹集的资金。但阿尔诺和拉扎德在这里设计的策略是如此出色，因为他保留了这些实体中的多数控制权。没关系，他只拥有这家新的Jacques Robert合资公司60%的股份，而健力士拥有40%的股份。Arnault 控制着它。一旦它被签署，一旦资本进入，健力士的资本现在只是阿尔诺的杠杆。
Ben: Sure. It leverages a 24% stake of LVMH. Why does that matter? Why is that spelled doom and gloom for Racamier? Ben：当然。它利用LVMH 24%的股份。为什么这很重要？为什么这对拉卡米尔来说意味着厄运和阴霾？
David: This is freaking terrible for Racamier. Remember, he was terrified at Guinness owning a 20% stake. He thought he had gone and found his ally to bolster his side of the business versus Chevalier and Guinness owning a 20% stake. Now his ally has defected, and a 24% stake has shown up seemingly on the other side of the company here. He literally feels like he just got stabbed in the back by this young guy that he was going to make his protégé and probably his successor. He's not just some dumb family member here, not to say that family members are dumb, but he's a legend. 大卫：这对拉卡米尔Racamier来说太可怕了。请记住，他对健力士拥有20%的股份感到恐惧。他以为自己已经走了，并找到了自己的盟友来支持他的业务，而不是拥有 Chevalier 和 Guinness 20% 的股份。现在他的盟友已经叛逃了，24%的股份似乎出现在公司的另一边。他真的觉得自己刚刚被这个年轻人在背后捅了一刀，他将成为他的门徒，也可能是他的继任者。他在这里不仅仅是一个愚蠢的家庭成员，不是说家庭成员是愚蠢的，但他是一个传奇。
Ben: He's the most enterprising French businessman. Ben：他是最有进取心的法国商人。
David: Racamier's like, what are you guys doing to me? I built this thing, I built the jewel here, and you all are stabbing me in the back like Caesar. He can't believe it. 大卫：拉卡米尔，你们对我做了什么？我建造了这个东西，我在这里建造了宝石，你们都像凯撒一样在背后捅我一刀。他简直不敢相信。
Ben: Racamier is the one who created this modern global luxury strategy of owning your distribution and creating prestige in all these global markets. Ben：Racamier是制定现代全球奢侈品战略的人，该战略拥有您的分销并在所有这些全球市场中创造声望。
David: Totally. What does he do? The sad thing is he's basically out of options, but he starts casting about trying to do anything. He goes into the market personally with his money that he had made from his previous ventures and from the Louis Vuitton family money, starts buying up as much LVMH stock as he can, and his goal is to try and somehow amass a 33% stake in the company. 大卫：完全。他是做什么的？可悲的是，他基本上别无选择，但他开始尝试做任何事情。他带着从以前的企业和路易威登家族的钱中赚到的钱亲自进入市场，开始尽可能多地购买LVMH的股票，他的目标是试图以某种方式积累公司33%的股份。
By French corporate law, if you have at least a 33% stake in the company, it's a blocking minority. You can block any decisions at the board level. Literally at this point, he's like, FU to everybody else. Chevalier, of course he hated him already. Guinness, Arnault, I'm going to war against you in the market in our own company's stock. 根据法国公司法，如果您拥有公司至少 33% 的股份，则属于有否决权的少数股权。您可以在董事会级别阻止任何决策。从字面上看，在这一点上，他就像，对其他人来说都是FU。Chevalier，他当然已经讨厌他了。健力士，阿尔诺，我要用我们自己公司的股票在市场上与你开战。
Once this starts happening, Arnault, he just has no love lost for Racamier. He and Guinness go back into the market themselves with Jacques Robert with the JV. This is why Guinness is so important. They have way more financial firepower than Racamier can put together on his own. 一旦这种情况开始发生，阿尔诺，他就不会失去对拉卡米尔的爱。他和健力士与雅克·罗伯特（Jacques Robert）一起回到了合资企业。这就是为什么健力士如此重要的原因。他们拥有的财力比拉卡米尔Racamier自己所能加起来的要多得多。
Within three trading days, Jacques Robert, the entity, the JV, deploys another $600 million into the market to raise their economic holding in LVMH to 37.5%. But because of the voting structure, they don't yet have the blocking minority, 33% voting structure. 在三个交易日内，合资企业雅克·罗伯特（Jacques Robert）又向市场投入了6亿美元，将其在LVMH的经济持股提高到37.5%。但由于投票结构的原因，他们还没拿到有否决权的少数股权，33%的投票结构。
Ben: It's so weird that you can publicly trade both voting and non-voting shares, or at least shares with one vote versus shares with multiple votes. Ben：这太奇怪了，你可以公开交易有投票权和无投票权的股票，或者至少是一票的股票和多票的股票。
David: That's totally what's happening. Bernard now is literally on the precipice of taking over LVMH, which is not what anybody was intending here. 大卫：这完全是正在发生的事情。伯纳德现在正处于接管LVMH的边缘，这不是任何人的意图。
Ben: No. He was brought in as bolstering partner for either side, whichever one he picked, but certainly not to be the one, the wolf, as he is known as the wolf and cashmere, to come in and take over everything. Ben：没有。他被带进来作为任何一方的辅助伙伴，无论他选择哪一个，但肯定不是那个狼，因为他被称为披着羊皮的狼，进来接管一切。
David: Yup, Now, finally, this is what brings Chevalier and Racamier together. They hated each other before, but they're like, oh, shit, what have we done? We are both about to lose our companies to this young guy. 大卫：是的，现在，终于，这就是让Chevalier和Racamier走到一起的原因。他们以前互相憎恨，但他们就像，哦，该死的，我们做了什么？我们俩都快要把公司输给这个年轻人了。
Ben: The enemy of my enemy is my friend. 本：我的敌人的敌人就是我的朋友。
David: Exactly. They come together, and in December 1988, they initiate a very much like a last ditch effort to try and save their companies. This is crazy. In December 1988, remember, the merger that created LVMH happened only 18 months before. The two of them announce, without telling Arnault, and I think without telling Guinness, either, that they're going to break up LVMH. They're going to separate the two companies. They're going to essentially annul the marriage, it was doomed from the beginning. They're going to go back to being separate, publicly-traded companies. Literally, they are doing the corporate raider playbook of breaking up the companies to try and save their companies. David：没错。他们走到一起，在1988年12月，他们发起了一场非常像是最后的努力，试图挽救他们的公司。这太疯狂了。1988年12月，LVMH的合并发生在18个月前。他们俩在没有告诉阿尔诺的情况下宣布，我想也没有告诉健力士，他们将解散LVMH。他们将把两家公司分开。他们基本上要取消这段婚姻，它从一开始就注定要失败。它们将重新成为独立的上市公司。从字面上看，他们正在做企业掠夺者的剧本，即拆分公司以试图挽救他们的公司。
Ben: "To try and save their control of their companies." 本：“试图挽救他们对公司的控制权。
David: Yeah, to save their control. 大卫：是的，为了挽救他们的控制权。
Ben: Of course, Bernard would make them far more successful than they ever imagined. Ben：当然，伯纳德会让他们比他们想象的要成功得多。
David: This is the third or fourth miscalculation that they make about Bernard Arnault. Obviously, they can't do this now without his approval, or else he's going to sue them to high heaven. They think that they can appease him and get him to go along with this because they think they know what he actually wants this whole time. They can't even fathom that he wants to run LVMH. They think he wants the Dior perfume business back to reunite it again with Dior. Remember, Moet had bought the Dior perfume business in 1968. 大卫：这是他们对伯纳德·阿尔诺的第三次或第四次误判。显然，没有他的同意，他们现在不能这样做，否则他会起诉他们到天上去。他们认为他们可以安抚他并让他接受这一点，因为他们认为他们一直都知道他到底想要什么。他们甚至无法理解他想经营LVMH。他们认为他希望迪奥香水业务重新与迪奥重聚。请记住，酩悦在 1968 年收购了迪奥香水业务。
Ben: I think he'd been saying this. I think this is his lip service of like, well, it makes sense for me to be involved with this transaction because Dior is missing one final piece of the puzzle and you guys own it. Also, this would make him very wealthy because this whole time, the way that you go buy up stock in the market is you bid it up. All this ownership that he had of LVMH that he'd been buying with Guinness has gone up and up and up in value, so they're like, look, he's going to get even richer and he's going to get the perfume brand back to reunite it. It seems like this is what he would want. Ben：我想他一直在说这句话。我认为这是他的口头上说说的，好吧，我参与这笔交易是有道理的，因为迪奥缺少最后一块拼图，而你们拥有它。此外，这将使他变得非常富有，因为一直以来，你在市场上购买股票的方式就是你抬高它。他与健力士一起购买的LVMH的所有股权都已经升值，所以他们就像，看，他会变得更富有，他会让香水品牌重新团结起来。这似乎是他想要的。
David: Yup. Racamier and Chevalier are newly reunited in their desire to break up the company, offer Arnault a parting gift of gifting him essentially back Dior perfume so he can reunite his business, and then go on his way. This is where Bernard reveals his true intentions, which is he's coming at the king, not because he wants to steal his scepter or something like that, he wants to be the king. He wants LVMH. 大卫：是的。Racamier 和 Chevalier 刚刚重聚，他们希望解散公司，向 Arnault 赠送一份临别礼物，送给他 Dior 香水，这样他就可以重聚他的生意，然后继续前进。这就是伯纳德揭示他真实意图的地方，那就是他来找国王，不是因为他想偷他的权杖或类似的东西，他想成为国王。他想要LVMH。
He gets this offer from the two of them and he's like, yeah, I'll get back to you on that. The next two days in the markets, he goes out, and he blows essentially all of his capital. He deploys another $500 million in the next two days in the markets, bringing it to over $1 billion within a very short period of time in additional capital that he's put up. He's now $2 billion of his own capital, I think, into this. 他从他们两个人那里得到了这个提议，他说，是的，我会就此回复你。接下来的两天，他出去了，他基本上把所有的资本都花光了。在接下来的两天里，他又在市场上部署了5亿美元，在很短的时间内，他投入的额外资本就超过了10亿美元。我认为，他现在有20亿美元的自有资金投入其中。
Ben: He, I believe, sold some of the Dior and the former Boussac entities, getting closer and closer to not being the controlling shareholder anymore. He's basically mortgaging that business in order to free up the capital to go and make a big play to win LVMH. Ben：我相信，他卖掉了迪奥和前布萨克的一些实体，越来越接近不再是控股股东。他基本上是在抵押这项业务，以便腾出资金去大肆赢得LVMH。
David: He's pushing the chips and he's going all in. With that purchase, he takes the Jacques Robert holdings to 43½ percent economically and 35% of the voting rights, which means he gets the blocking minority and it's done. He has now, in the span of a couple of months, come in from zero outsider and taken over the largest luxury conglomerate in the world. 大卫：他正在推动筹码，他正在全力以赴。通过这次收购，他将雅克·罗伯特（Jacques Robert）的股份在经济上达到了43.5%和35%的投票权，这意味着他获得了有否决权的少数股权，并且完成了。现在，在短短几个月的时间里，他已经从光脚的局外人进来，接管了世界上最大的奢侈品集团。
Ben: Large for the time, certainly not large for now. LVMH now is 75 houses and LVMH then was 3, 4, or 5 houses, something pretty small and obviously way smaller in revenue. The concept of a luxury conglomerate was a new thing in the late 80s. Ben：目前很大，现在肯定不大。路威酩轩集团现在是75家，路威酩轩集团当时是3家、4家或5家，规模很小，收入明显也少得多。奢侈品集团的概念在80年代后期是一个新事物。
David: Totally, and achieving it was Bernard's explicit goal and strategy in a way that for Racamier and Chevalier was just a marriage of convenience. 大卫：完全，实现它是伯纳德的明确目标和策略，在某种程度上，对拉卡米耶和谢瓦利埃来说只是一种权宜之计。
Ben: This is where I think they misunderstood what Bernard wanted and what his core motivations were. It wasn't to become wealthier. It wasn't to polish this one little fine piece that he had. He wanted to build an empire, control that empire, and change the face of this entire industry by executing his strategy within that empire. That was none of their motivations, so I don't think they could have seen how grand his were. Ben：我认为这就是他们误解伯纳德想要什么以及他的核心动机是什么的地方。这不是为了变得更富有。这不是为了打磨他所拥有的这件小小的精美作品。他想建立一个帝国，控制那个帝国，并通过在那个帝国内执行他的战略来改变整个行业的面貌。那不是他们的动机，所以我认为他们无法看到他有多伟大。
David: Yup. Once this happens and Bernard gets the blocking minority, Chevalier resigns immediately and just rides off into the sunset. Racamier, he's so pissed. He keeps fighting. He sues Bernard, he sues everybody. The case is drag out in court for a couple of years, it gets super ugly in the press. 大卫：是的。一旦发生这种情况并且伯纳德获得了有否决权的少数股权，谢瓦利埃Chevalier立即辞职，然后骑车前往日落，养老去也。拉卡米尔Racamier，他太生气了。他一直在战斗。他起诉伯纳德，他起诉所有人。这个案子在法庭上拖了几年，在媒体上变得超级丑陋。
Finally, when it becomes clear that he's not going to win his court cases in April of 1990, he privately resigns, and he walks off the job without telling Bernard or anybody else at LVMH. 最后，当他显然不会在1990年4月赢得官司时，他私下辞职，他没有告诉伯纳德或LVMH的任何人就离开了工作。
That day, Bernard calls Louis Vuitton. The receptionist answers the phone and says, I'm sorry, Mr. Racamier is no longer on the premises. I think they've never talked again. To your point, what they didn't understand, and if they had, maybe they would have acted differently toward him, Bernard is not a corporate raider. He has a big vision here. 那天，伯纳德打电话给路易威登。接待员接听电话说，对不起，拉卡米尔Racamier先生已经不在了。我想他们再也没有说过话。就你而言，他们不明白什么，如果他们明白了，也许他们会对他采取不同的行动，伯纳德不是企业掠夺者。他在这里有一个远大的愿景。