Chapter 27 Conversation
Jiang Xiaoyang looked at him deeply, "So the same is true for shorting Yahoo?"
"A little bit, but not all."
Jiang Xiaoyang made a 'please continue' gesture.
“Since you have studied in the United States and studied financial engineering, you should have heard of Charlie Munger?”
"Of course, Warren Buffett's partner, but few people in China know about him."
Jiang Xiaoyang was a little surprised. Many successful people she knew in the business world did not know Charlie Munger's name. The eighteen-year-old high school student knew it, and it seemed very clear.
“I have read several of his books, and I still remember one sentence clearly.”
Xu Liang organized the language.
“You must first evaluate the value of a business before you can evaluate its stock. If the price of the stock deviates too far from the value of the business, then there is a huge risk involved.”
"Many Internet companies listed on Nasdaq in the United States have not generated a single dollar of revenue, but they have created a market value of hundreds of millions or even billions of dollars. It is like a huge soap bubble, which looks colorful in the sun. , gorgeous and dazzling, in fact, it will pop when you poke it."
"...Now the Nasdaq is filled with countless such soap bubbles. All it takes is an opportunity for these bubbles to 'pop'. Explode to pieces.”
Xu Liang spread his hands in an explosive gesture.
Jiang Xiaoyang said calmly: "Many institutions and financial scholars in the United States have the same views on the Internet as you do.
Tiger Fund even invested tens of billions of dollars in shorting Nasdaq in 1998. , as a result, Nasdaq not only did not collapse, but also prospered. Tiger Management paid billions of dollars in losses and had to disband.”
The beautiful eyes looked directly into Xu Liang's eyes, "Do you think you can see further and have greater certainty than Julian Robertson?"
"I don't know if I can see further than him, but I I really see an opportunity and am willing to take a gamble. It doesn’t matter if I lose. I have a new dream. As long as I develop for a year or two, all the money will come back.” If I go back and sell Spring Festival couplets for a year, I might be able to earn more with experience." Xu Liang said with a smile.
Looking at the free and easy young man opposite, Jiang Xiaoyang suddenly felt that he was not an eighteen-year-old boy, but an experienced shopping mall veteran who had great wisdom and calculated everything.
Not only do you have a keen vision and the courage to give it a try, but you also have a cautious and thoughtful mind.
"Given time, he will definitely become a business tycoon."
This thought suddenly came to Jiang Xiaoyang's mind.
Seeing the change in the expression of the woman opposite him, Xu Liang knew that the heat was almost over.
His revelation just now has already demonstrated his value.
Now it's time to throw out your own goals.
"Ms. Jiang, how come you, an elite with dual majors in financial engineering and MBA from Columbia University, did not go to Wall Street, but returned to China and joined CITIC?"
"Be fair to everyone, please call me by my name too." Jiang Xiaoyang said .
“No problem.”
Xu Liang nodded.
“When I graduated, I had already interned at Goldman Sachs and got an offer. However, my grandmother was seriously ill, so I returned to China.”
Xu Liang understood, "Do you plan to go back in the future?"
"I don't know, let's take a look before we talk."
"I have something to trouble you here," Xu Liang said.
“What’s the matter?”
“I’m optimistic about a domestic Internet company. After sending a letter of intent for investment, I received their acknowledgment. However, I can’t leave New Dream here for the time being. I want to Let you run for me." Xu Liang said.
"Aren't you not optimistic about the Internet? Why are you still investing in Internet companies?"
Xu Liang smiled and shook his head, "I am not optimistic about most of the current Internet companies, but it does not mean that I am not optimistic about the future of the Internet."
"Is there a difference?" "Of course. The Internet is the next hot spot in global economic development, but now everyone is still unclear about what kind of Internet model is the one that can make money and run for a long time.
So in order not to miss this diamond mine, capital has cast a wide net, allowing many Internet companies that should not exist to flood the stock market
But this situation is destined not to last long. After an economic crisis, the Internet companies that survive are the real gold with investment value.
However, I have too little capital to compete with those big capitals, so I cannot wait until after the economic crisis to invest.
We can only take advantage of the situation when everyone cannot clearly see the situation and act quickly to seize the opportunity. "
Jiang Xiaoyang was silent for a moment, "Are you sure the Internet company you invested in is really gold? Rather than a mixed bag like you said? "
"At least I think it is. "Xu Liang smiled.
Jiang Xiaoyang did not question it again.
"What is the name of which Internet company you are optimistic about?"
"Pengcheng, Penguin."
There was a trace of happiness in Xu Liang's tone.
Finally, not all of the three investment term sheets he submitted were shaved off.
After writing down the name, Jiang Xiaoyang said: "How much money do you plan to invest? How many shares do you want?"
"$550,000, 10% of the original shares."
"Can you come up with it? So much money?" Jiang Xiaoyang asked.
“Of course I can’t take it myself, but my partners can take it.” Xu Liang said against his will.
In fact, he used the profits from shorting Yahoo to invest in Tencent. If the two parties reached an agreement and Yahoo's stock had not fallen, he would give up the moment before signing, no matter how reluctant he was.
Of course, this must not be said to Jiang Xiaoyang.
Otherwise, no one would make this trip for him.
If he goes to Pengcheng by himself, the variables will be too great.
If Tony Ma knew that Hanhua Capital was just an empty shell and the boss was still a high school student, he would probably throw his investment letter into the trash can immediately.
An unprofessional venture capital firm will make other investors doubt whether your company's financial statements and business are formal? This in turn affects the company’s listing and fundraising.
Any company with ideals will not accept investment from unknown sources.
So, Xu Liang needs a capable facade.
Jiang Xiaoyang is the only person he knows who is capable and enough to support the appearance of Hanhua Capital.
That’s why he spared no effort to show his value and increase his persuasiveness.
The beautiful eyes looked closely at the man opposite, but the calm eyes were as before, without any trace of nervousness or hesitation.
"Why didn't I know you had a partner?"
Xu Liang smiled and said, "We haven't seen each other for almost two weeks, of course you wouldn't know."
"I can meet you. Him?"
"Of course. But he has gone to the United States. I will arrange for you to meet him when he comes back."
Xu Liang said about his more than 20 years of career experience. Lie without batting an eye.
Seeing him talk freely, Jiang Xiaoyang also believed it a little.
(End of this chapter)