一些银行家为了达成一笔交易不惜付出额外的努力。Michael Grimes为了拿下Uber的IPO，就做了很多年Uber司机。Some bankers go the extra mile to land a deal. Michael Grimes drove many.
【注：文章略长，但读完你会发现，传奇的投行家跟普通人一样，哪儿有什么唾手可得，只不过他更执着。】
许多优步司机是为了赚外快。Michael Grimes心里有一个更大的目标。
Many Uber drivers are in it for a few extra bucks. Michael Grimes has a bigger prize in mind.
据知情人士透露，作为摩根士丹利（Morgan Stanley）科技投行部门主管，Grimes多年来一直兼职Uber公司的司机。他在华尔街的年薪有数百万美元，这样的忙碌——几乎没有必要——却可能会帮助摩根士丹利在多年来最热门的IPO中，争得一步之先。
Mr. Grimes, Morgan Stanley’s top technology banker, has moonlighted for years as a driver for the ride-hailing service, according to people familiar with the matter.
That side hustle—hardly necessary, given his multimillion-dollar Wall Street salary—may help Morgan Stanley win a role on the most hotly anticipated stock-market debut in years.
优步成立仅9年，公司估值高达1200亿美元，优步的IPO将为投资银行家们带来数千万美元的佣金和同样价值的炫耀资本。
Valuing the nine-year-old company at as much as $120 billion, an Uber IPO would reward investment bankers with tens of millions of dollars in fees and equally valuable bragging rights.
据《华尔街日报》（Wall Street Journal）周二报道，摩根士丹利和高盛集团（Goldman Sachs Group Inc.）最近都向优步做了报告，阐述了可能于2019年初启动的IPO计划。知情人士表示，摩根士丹利更有可能获得令人垂涎的顶级承销商的角色，这意味着该银行将获得更多佣金和更高声誉。
Morgan Stanley and Goldman Sachs Group Inc. recently gave presentations to Uber outlining an IPO that could launch in early 2019, The Wall Street Journal reported Tuesday.Some people briefed on the matter say Morgan Stanley is the odds-on favorite to land the coveted role of top underwriter, which carries higher fees and prestige.
众所周知，一些银行家为了在竞争中脱颖而出，竭尽全力。大多数人都是从掌握数字和了解创业者的愿景开始，但像Grimes先生则走得更远（方法更灵活）——他会在一间公司附近租公寓，同时研究女儿的上网习惯，以便熟悉另一间公司。
Some bankers have been known to go to extreme lengths to stand out from the competition.
Most start with a mastery of the numbers and fluency with entrepreneurs’ vision, but some like Mr. Grimes have gone further--he rented an apartment close to one company and studied his daughter’s internet habits to get familiar with another.
据Dealogic的数据，硅谷的投资银行间竞争非常激烈。摩根士丹利过去五年中有四年一直是美国科技公司IPO的头号承销商。这是一个盛衰交替的行业，热情高涨时——就像现在一样——市场飙升；当投资者热情冷却时，行业则会停滞不前。
Investment banks compete fiercely in Silicon Valley, where Morgan Stanley has been the No. 1 underwriter for U.S.-listed tech IPOs in four of the past five years, according to Dealogic.
It is a boom-and-bust business, surging when the market is hot—like it is now—and moribund when investor enthusiasm cools.
但是挑选优胜者并完成最有挑战性的任务绝非易事。据知情人士透露，Uber联合创始人担任CEO期间，该公司曾向投行表示，竞争共享乘车服务的工作，将使他们无法与Uber打交道。
But picking winners and landing the choicest assignments is never easy. While Uber co-founder Travis Kalanick was CEO, the company told banks that working for competing ride-share services would lock them out of dealings with Uber, according to people familiar with the matter.
现在的风险比以往任何时候都高。在经历了一段时间的缓慢发展后，许多资金充裕的初创企业宁愿保持私有，IPO市场正在蓬勃发展。
The stakes are now higher than ever. After a slow stretch in which many flush startups preferred to stay private, the IPO market is booming.
Dealogic的数据显示，今年到目前为止，全球科技公司共售出1230亿美元的股票，而2017年同期则为840亿美元。今年前9个月，高盛、摩根士丹利和摩根大通（JPMorgan Chase & Co.）的代理承销费用总计上涨了40%。
Global tech companies have sold $123 billion in shares so far this year, versus $84 billion at the same point in 2017, according to Dealogic.
Stock-underwriting fees rose a combined 40% at Goldman, Morgan Stanley and JPMorgan Chase & Co. through the first nine months of this year.
Dropbox Inc.、Eventbrite Inc.和Spotify Technology AG等许多备受瞩目的公司即将上市。更大的IPO还在后头:优步(Uber)、Lyft Inc.、Pinterest和Airbnb Inc.都在关注2019年或2020年的IPO。
Dropbox Inc., Eventbrite Inc. and Spotify Technology AG are among many high-profile companies to go public.
The biggest launches are still to come: Uber, Lyft Inc., Pinterest and Airbnb Inc. are all eyeing IPOs in 2019 or 2020.
对于渴望从IPO中获利的华尔街银行来说，准备工作早在几年前就开始了。
For Wall Street banks eager to cash in on the offerings, the preparations started years ago.
高盛很早就支持了优步。知情人士说，2011年，高盛以大约2亿美元的估值对该公司进行投资，获得的股份可能在最终的IPO中转化为10亿美元的利润。之后高盛在2015年将其私人银行债券出售给客户，这些债券以低于优步最终IPO价格的价格转换为优步股票。长期担任该行二号人物的Gary Cohn是优步旧金山总部的常客，并与Kalanick关系密切。Kalanick在2015年谈到高盛时说，“我们是这些人的超级粉丝。”
Goldman backed Uber early. It invested in the company in 2011 at a roughly $200 million valuation, gaining a stake that could turn a billion-dollar profit in an eventual IPO, people familiar with the matter have said.
Goldman in 2015 sold to clients of its private bank bonds that convert into Uber shares at a discount to the company’s eventual IPO price. Gary Cohn, the bank’s longtime No. 2 executive, was a frequent visitor to Uber’s San Francisco headquarters and became close to Mr. Kalanick, who said of Goldman in 2015, “we’re big fans of those guys.”
按照10亿美元的保守估计，对优步投资的利润将达到高盛年度税前利润的10％。而且一旦这笔交易被视作可能导致个人意外收获的交易，它可能会使高盛陷入一种尴尬的境地。
At a conservative estimate of $1 billion, the profits from its Uber investment would amount to 10% of Goldman’s annual pretax profits and could put the bank in an uncomfortable position if it is seen as steering a deal that would result in a personal windfall.
多年来，摩根士丹利一直在争取优步。2014年，当该银行授权优步为其员工提供商务旅行时，它发布了一份新闻稿来纪念这一时刻。2016年，摩根士丹利为优步争取了15亿美元的贷款。这是优步的第一笔大额贷款，也是这家亏损的科技初创企业首次涉足债券市场。
Morgan Stanley has wooed Uber for years. When the bank authorized Uber rides for its employees traveling on business in 2014, it marked the occasion with a press release.
In 2016, it arranged a $1.5 billion loan for Uber, the company's first major borrowing and one of the first times a money-losing tech startup had tapped the debt markets.
同年，摩根士丹利从其富有的客户那里筹集了数亿美元，投资于优步，尽管公司不愿提供关键的财务信息。摩根士丹利目前是20亿美元优步债券销售的牵头经营商。
The same year, Morgan Stanley raised hundreds of millions from its wealthy clients to invest in Uber, despite the fact that the company was unwilling to provide key financial information. The bank currently is the lead arranger of a $2 billion Uber bond sale.
随着IPO的临近，Grimes成为了焦点。他是一位口齿伶俐的加州本地人，拥有计算机科学学位，他因为客户举办了一场秀而为很多人所知。
As the IPO looms, Mr. Grimes took center stage. A fast-talking California native with a degree in computer science, he is known to put on a show for clients.
约Snap Inc.公司IPO一年前，Grimes在Snapchat母公司位于加州的办公室租了一套公寓楼。而当摩根士丹利宣布音乐流媒体服务提供商Pandora Media Inc.上市时，Grimes让他的银行家们穿上他们最喜欢的摇滚音乐会的T恤。
Nearly a year ahead of Snap Inc.’s IPO, he rented an apartment blocks from the Snapchat parent’s Venice, Calif., office.
When Morgan Stanley pitched music-streaming service Pandora Media Inc. on going public, Mr. Grimes had his bankers wear T-shirts from their favorite rock concerts.
他同时因追逐甚至迎合交易而闻名。一位参与该提案的人士称，在向Pandora董事会提交申请之前，Grimes花了数周时间研究他女儿在该网站的使用情况，从而选择了他的团队宣传册的纸张颜色。
He is known for being obsessive, even controlling, on the hunt for a deal.
Before presenting to Pandora’s board, Mr. Grimes spent weeks studying his daughter’s usage of the website and chose the color of the paper his team’s pitch was printed on, a person present at the proposal said.
当摩根士丹利在2012年寻求成为Facebook IPO 的主要领导时，Grimes坚持该交易只要“唯一驱动因素”：即由一家独资银行负责简化交易流程。
When seeking a lead role for Morgan Stanley on Facebook Inc.’s 2012 IPO, he insisted on being the “single driver” of the deal, arguing that having a sole bank in charge simplifies the process.(The End)
