【华尔街杂志 — 值得阅读的一篇文章 『买进、借钱、永远不还！』】

【华尔街杂志 — 值得阅读的一篇文章 『买进、借钱、永远不还！』】轻松聊投资 CLEC投资理财教育学院 博文日期: September 6, 2021

【Buy, Borrow, Die: How Rich Americans Live Off Their Paper Wealth】

Most Popular Article 3 of 20 Rising stocks and rock- bottom interest rates have delivered a big perk to rich Americans: cheap loans that they can use to fund their lifestyles while minimizing their tax bills. Banks say their wealthy clients are borrowing more than ever before, often using loans backed by their portfolios of stocks and bonds.

最受欢迎的20文章 中的第 3 篇，不断上涨的股票和最低的利率给富有的美国人带来了巨大的好处：他们可以用廉价贷款来资助他们的生活方式，同时最大限度地减少他们的税单。银行表示，他们的富裕客户比以往任何时候都借贷更多，通常使用由其股票和债券投资组合支持的贷款。

Morgan Stanley A wealth-management clients have $68.1 billion worth of securities- based and other nonmortgage loans outstanding, more than double five years earlier. Bank of America Corp. said it has $62.4 billion in securi- ties-based loans, dwarfing its book of home-equity lines of credit.

Morgan Stanley 财富管理客户有价值 681 亿美元的证券贷款和其他非房地产抵押贷款，是五年前的两倍多。美国银行表示，它拥有 624 亿美元的证券贷款，使其房屋净值信贷额度相形见绌。

The loans have special benefits beyond the flexible repayment terms and low w benefits beyond the flexible repayment terms and low interest rates on offer. They allow borrowers who need cash to avoid selling in a hot market. Startup founders can monetize their stakes without losing control of their companies. The very rich often use these loans as part of a “buy, borrow, die" strategy to avoid capitalgains taxes

贷款具有超出灵活还款条件的特殊福利和超出灵活还款条件和低利率的低利息收益。它们允许需要现金的借款人避免在热门市场上出售。初创公司创始人可以在不失去对公司的控制权的情况下将他们的股份货币化。非常富有的人经常使用这些贷款作为“购买、借贷、死亡”策略的一部分，以避免资本利得税

Many wealthy people are also borrowing against their portfolios. When Tom Anderson started at Merrill Lynch & Co. in Cedar Rapids, Iowa, in 2002, many of his fellow advisers had just one or two securities-based loans in their book of business. Over the years, he encouraged more clients to borrow and noticed peers doing the same. Now it is common for advisers at big firms to have dozens of these loans outstanding, he said. Merrill Lynch is now a part of Bank of America.

许多富人也在藉用他们的投资组合借钱。当汤姆安德森于 2002 年在爱荷华州锡达拉皮兹的美林证券公司开始工作时，他的许多顾问同事在他们的业务账簿中只有一两笔基于证券的贷款。多年来，他鼓励更多的客户借贷，并注意到同行也在这样做。他说，现在大公司的顾问经常有几十笔未偿还的贷款。美林证券现在是美国银行的一部分。

"You could buy a boat, you could go to Disney World, could go to Disney World, you could buy a company,’ said Mr. Anderson, who now consults with banks on how to manage the risks associ- ated with these loans. “The tax benefits are stunning."

“你可以买一条船，你可以去迪斯尼世界，你可以购买一家公司，”安德森先生说，他现在就如何管理与这些贷款相关的风险向银行提供咨询。“税收优惠是惊人的。”

"Ordinary people don't think about debt the way billionaires think about debt. -USC law professor Edward McCaffery

“普通人不会像亿万富翁看待债务那样看待债务。——南加州大学法学教授爱德华·麦卡弗里

For borrowers, the calculation is clear: If an asset appreciates faster than the appreciates faster than the interest rate on the loan, they come out ahead. And under current law, investors and their heirs don’t pay income taxes unless their shares are sold. The assets may be subject to estate taxes, but heirs pay capital gains taxes only when they sell and only on gains since the prior owner's death. The more they can borrow, the longer they can hold appreci- ating assets. And the longer they hold, the bigger the tax savings.

对于借款人来说，计算很清楚：如果资产的升值速度快于贷款利率的升值速度，他们就会领先。根据现行法律，投资者及其继承人无需缴纳所得税，除非他们的股票被出售。资产可能需要缴纳遗产税，但继承人仅在出售时缴纳资本利得税，并且仅对前任所有者去世后的收益缴纳。他们借贷的越多，他们持有升值资产的时间就越长。他们持有的时间越长，节省的税收就越大。

"Ordinary people don't think about debt the way billionaires think about debt," said Edward McCaf- fery, a University of South- ern California law professor who says he coined the buy- borrow-die phrase. “Once you're already rich, it's simple, it's easy. It's just buy, borrow, die. These are buy, borrow, die. These are planks of the law that have been in place for 100 years." President Biden and con- gressional Democrats have taken aim at some of those rules, saying they amount to a giant escape hatch from the income-tax system for the richest Americans.

“普通人不会像亿万富翁看待债务那样看待债务，”南加州大学法学教授爱德华·麦卡弗里说，他说他创造了“买-借-死”这个词。“一旦你已经富有，这很简单，很容易。这只是买，借，死。这些是。「买，借，死。」这些是已经实施了 100 年的法律条文。”拜登总统和国会民主党人已经瞄准了其中的一些规则，称这些规则相当于为最富有的美国人摆脱了所得税制度。

The president's tax plan would raise top capital- gains tax rates to 43.4% from 23.8% and make from 23.8% and make unrealized gains subject to capital-gains taxes at death after a $1 million per-person exemption. The changes would make borrowing less attractive but wouldn't remove all of the benefits of deferring taxes by taking loans against wealth.

总统的税收计划将把最高资本利得税率从 23.8% 提高到 43.4%，并使未实现的收益在每人 100 万美元免税后缴纳资本利得税。这些变化将降低借贷的吸引力，但不会消除通过抵押财富贷款来推迟税收的所有好处。

It may not advance through the closely divided Congress, where Republicans are dead-set against any tax increases and some Democ- rats have raised concerns about the potential effect on investment and family- owned businesses.

它可能无法通过分裂的国会取得进展，共和党人对任何增税都坚决反对，一些民主党人对投资和家族企业的潜在影响表示担忧。

Borrowing has gotten less policy attention than capital gains at death. Limits on tax-free borrowing or shifting to taxes on con- sumption could yield government revenue from wealthy Americans faster than taxation at death, but than taxation at death, but there are some drawbacks. First, making loan proceeds taxable would mark a fundamental shift in income taxation. Second, although many people borrow, everyone dies, so the Biden proposal would affect a much wider swath of wealthy Americans.

与死亡时的资本收益相比，借贷受到的政策关注较少。限制免税借款或转向消费税可以比死亡征税更快地从富有的美国人那里获得政府收入，但比死亡征税更快，但也有一些缺点。首先，对贷款收益征税将标志着所得税的根本转变。其次，虽然很多人借钱，但每个人都死了，所以拜登的提议会影响到更广泛的美国富人。

Borrowing Boom

Securities-based and other nonmortgage loans to wealth-management clients at Morgan Stanley

向摩根士丹利财富管理客户提供的证券贷款和其他非抵押贷款

Securities-based lending tends to follow the market. Wild swings in stock prices in the early days of the coronavirus pandemic raised the specter of margin calls–lenders’ demands for additional securities or repayment to avoid losses. But markets rebounded, and the wealthy borrowed even more.

证券借贷往往跟随市场。冠状病毒大流行初期股价的剧烈波动引发了追加保证金通知的担忧——贷方要求额外证券或还款以避免损失。但市场反弹，富人借贷更多。

Borrowers of securities- based loans face less red tape than someone looking for a mortgage or an auto loan. Paperwork is light and the debt often doesn’t show up on credit reports. While some clients opt to repay their loans quickly, many exercise the option to indefinitely accrue interest without making monthly payments.

与寻求抵押贷款或汽车贷款的人相比，基于证券的贷款的借款人面临的繁文缛节更少。文书工作很简单，债务通常不会出现在信用报告中。虽然一些客户选择快速偿还贷款，但许多客户选择无限期累积利息而无需每月付款。

In addition to the bespoke In addition to the bespoke loans Goldman Sachs Group Inc. GS +2.35% A offers clients of its exclusive private bank, the Wall Street firm advertises securities-based loans of $75,000 to $25 million to clients of outside financial advisers with “no personal financial statements, tax returns, or paper ap- plications." Merill Lynch recently quoted an interest rate of 3.2% to clients with rate of 3.2% to clients with at least $1 million in assets. Those with $100 million or more can get a rate as low as

0.87%. Banks don't mind the low interest rates because they earn management fees on the assets that clients might otherwise sell. Banks typically will lend a bor- rower at least 50% of a diversified portfolio's value, Mr. Anderson said. But Mr. Anderson said. But when he was a financial adviser, Mr. Anderson cautioned clients to not tap more than 25% of their portfolio value to lessen the risk the bank would demand repayment if markets tanked.

除了定制贷款 除了高盛集团 为其独家私人银行的客户提供定制贷款外，这家华尔街公司还向外部财务顾问的客户宣传 75,000 至 2500 万美元的证券贷款 “没有个人财务报表、纳税申报表或纸质申请。” 美林证券最近向客户报价 3.2% 的利率，对资产至少为 100 万美元的客户报价为 3.2%。拥有 1 亿美元或以上的客户可以 获得低至

0.87%。银行不介意低利率，因为他们通过客户可能出售的资产赚取管理费。安德森先生说，银行通常会向借款人提供多元化投资组合价值的至少 50% 的贷款。但安德森先生说。但当他担任财务顾问时，安德森先生告诫客户不要动用超过其投资组合价值的 25%，以降低银行在市场低迷时要求还款的风险。

While many corporate boards now discourage or even bar executives and directors from borrowing against their stock in the companies they run, insid- ers at publicly traded U.S. companies including Tesla Inc. Chief Executive Elon Musk and cable billionaire John Malone have pledged more than $150 billion of their stock as loan collat- eral, according to an analy- sis by research firm Insider- Score. Those loans are disclosed in securities filings, but loans against other assets aren't typically publicly known.

虽然许多公司董事会现在不鼓励甚至禁止高管和董事以他们经营的公司的股票为抵押借款，但包括特斯拉公司在内的美国上市公司的内部人士已经承诺提供超过 1500 亿美元的资金。根据研究公司 Insider-Score 的分析，他们将股票作为贷款抵押品。这些贷款在证券文件中披露，但针对其他资产的贷款通常不为公众所知。

Fred Smith, the founder, chairman and CEO of FedEx Corp. FDX +1.10% A , had pledged $598 million worth of the company's stock– about 23.4% of his holdings -for loans as of July 2020. Those loans gave him money for outside business ventures and past FedEx stock purchases, according Mr. Smith's borrowings are an exception to FedEx policy, made in part because the company said he had demonstrated the capacity to pay them back if neces- sary without selling pledged shares. After the company's stock price had declined, FedEx allowed him to pledge more shares in March 2020 as collateral, noting that he could have been forced to sell shares if the company hadn't granted him this authority. A FedEx spokes- woman declined to comment.

截至 2020 年 7 月，FedEx Corp. 的创始人、董事长兼首席执行官 Fred Smith 已抵押价值 5.98 亿美元的公司股票（约占其持股的 23.4%）用于贷款。这些贷款为他提供了用于外部的资金 根据史密斯先生的说法，商业风险和过去的联邦快递股票购买是联邦快递政策的一个例外，部分原因是该公司表示，他已证明有能力在必要时偿还贷款，而无需出售质押股份。在公司股价下跌后，联邦快递允许他在 2020 年 3 月质押更多股票作为抵押，并指出如果公司没有授予他此权限，他可能会被迫出售股票。联邦快递的一位发言人拒绝置评。

The loans are particularly appealing to company founders who want to avoid losing voting control after taking their companies public.

这些贷款对希望在公司上市后避免失去投票控制权的公司创始人特别有吸引力。

Jared Isaacman cemented his billionaire status when his payment-processing company went public in June 2020. Three months later, he put up about half his stake in Shift4 Payments Inc. A as collat- eral for a loan from Citi- group Inc. A He repaid that loan in March repaid that loan in March- and promptly took out a new one from Goldman Sachs.

贾里德·艾萨克曼 (Jared Isaacman) 的支付处理公司于 2020 年 6 月上市，巩固了他的亿万富翁地位。三个月后，他将其在 Shift4 Payments Inc. 的约一半股份作为抵押，向花旗集团 三月份还清了那笔贷款，并迅速从高盛那里拿出了一笔新的贷款。

The loans let Mr. Isaacman, The loans let Mr. Isaacman, 38 years old, tap his wealth without shrinking his stake -now worth nearly $3 billion. He retained more than 70% voting power as of April, after having invested most of his net worth in the company's initial public offering.

贷款让艾萨克曼先生，贷款让 38 岁的艾萨克曼先生在不减少股份的情况下挖掘他的财富 - 现在价值近 30 亿美元。在将大部分净资产投资于公司的首次公开募股之后，截至 4 月，他保留了超过 70% 的投票权。

Shift4 Payments wouldn't disclose Mr. Isaacman's loan terms. He pledged about 30% of his stake for the Goldman loan, according to securities filings; such loans are typically much smaller than the value of the pledged shares. Shift4 Payments's stock has risen about 20% since March.

Shift4 Payments 不会透露艾萨克曼先生的贷款条款。证券文件显示，他为高盛贷款承诺了约30% 的股份； 此类贷款通常远小于质押股份的价值。自 3 月份以来，Shift4 Payments 的股价已上涨约 20%。

"These instruments allow for participation in eco- nomic upside and do not require him to decrease his stake in the company," said Nate Hirshberg, the compa- ny's vice president for marketing. "These arrange- ments are to help fund several personal and charita- ble endeavors and are not the result of tax planning."

该公司营销副总裁内特·赫什伯格 (Nate Hirshberg) 表示：“这些工具允许参与经济上行，并且不需要他减少在公司的股份。” “这些安排是为了帮助资助一些个人和慈善事业，而不是税收筹划的结果。”

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