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We were likely the only investors outside Italy interested in Marchionne at the time. After some begging and pleading, he granted us a meeting.
當時，我們很有可能是意大利境外唯一對馬奇奧尼感興趣的投資人。幾經懇求，他才答應同我們見個面談談。
Marchionne joined Fiat with a mandate to do whatever was necessary to fix the company. We bought some shares. He confirmed what we surmised. He had full support of the board and its new chairman. If auto was worth more dead than alive, he'd kill it.
馬奇奧尼在加盟菲亞特的時候被告知，只要能夠拯救這家公司，他可以做任何必要的事。我們購買了一些菲亞特的股權，馬奇奧尼證實了我們的猜測。他得到了菲亞特董事會和新任董事長的全力支持。如果讓菲亞特的汽車業務破產，比讓它茍延殘喘更有價值，那么他會讓它申請破產。
Fiat was the biggest employer in Italy at the time. He took on the labor unions. He was fearless. He had real skin in the game and his incentives were aligned.
菲亞特公司當時是意大利最大的雇主。馬奇奧尼與工會“叫板”，他無所畏懼。他在這場游戲中表現得非常強硬，還調整了他的激勵手段。
Marchionne saved Fiat. He got $2.25 billion to cancel a legacy agreement that Fiat could "put" itself to GM (GM). No one thought it could happen -- there's no way this debt-laden, cash strapped Italian company will win in an international court of law. But Marchionne walked away with $2.25 billion of cash and Rick Wagoner [then CEO of GM] was fired shortly thereafter. This was half of Fiat's market cap.
馬奇奧尼拯救了菲亞特。他從通用汽車（GM）那里拿到了22.5億美元的資金，取消了一項使菲亞特“并入”通用汽車公司的遺留協議（事情起因于2000年，通用汽車斥資24億美元，購買了菲亞特20%的股權，并計劃逐步擴大持股份額，逐漸將菲亞特收于旗下，為此通用與菲亞特簽訂了一系列協議。后來由于通用和菲亞特兩方都債務纏身，為了避免承擔菲亞特的高額債務，通用決定不再收購菲亞特的其余汽車業務。作為與菲亞特之間法律爭端的補償，這22.5億美金就是通用為菲亞特開出的“分手費”——譯注） 。沒有人料到會是這個結果——這樣一家債務纏身、現金短缺的意大利公司，是無法在國際法庭上打贏這場官司的。但是馬奇奧尼竟然從通用那兒拿到了22.5億美元的現金，而時任通用汽車公司首席執行官的里克•瓦格納不久后卻被解聘了。22.5億美元是當時菲亞特市值的一半。
We exited the position in the mid-teens and made a lot of money. It was the biggest profit generator in Brahman's history.
我們以15美元左右的價格平倉，賺了一筆大錢。這是Brahman公司歷史上最賺錢的一筆交易。
