My 1999

Jiang Xiaoyang looked at him deeply, "So the same goes for shorting Yahoo?"

"A little bit, but not all."

Jiang Xiaoyang made a 'please continue' gesture.

"Since you 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, but an eighteen-year-old high school student knew it, and it seemed very clear to him.

"I have read several of his books, and I still remember one sentence clearly."

Xu Liang organized the language.

"You have to 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, actually broken by a poke.”

"...The current Nasdaq is filled with countless such soap bubbles. All it takes is an opportunity for these bubbles to 'pop' and explode."

Xu Liang spread his hands and made 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.

In 1998, Tiger Management invested tens of billions of dollars in shorting Nasdaq. As a result, Nasdaq not only did not collapse, but also prospered. Tiger Management suffered 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 do see opportunities and am willing to take a gamble. It doesn't matter even if I lose the bet. I still have new dreams. As long as I develop them for a year or two, everything will be possible." The money will all come back.”

"If it doesn't work out, I'll go back and sell Spring Festival couplets for another year. Maybe I can earn more with experience." Xu Liang said with a smile.

Looking at the free and easy young man across from him, Jiang Xiaoyang suddenly felt that he was not an eighteen-year-old boy, but a wise shopping mall veteran who had calculated everything.

Not only does he have a keen vision and the courage to give it a try, he also has a cautious and thoughtful mind.

"Given time, he will definitely become a business tycoon."

This idea 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.

What he said just now has already demonstrated his value.

It’s time to throw out your purpose too.

"Ms. Jiang, you are an elite with a dual degree in financial engineering and MBA from Columbia University. Why didn't you go to Wall Street? Instead, you returned to China and joined CITIC?"

"Be fair to everyone, you can also call me by my name." 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."

"I have something to trouble you with," Xu Liang said.

"What's up?"

"I'm optimistic about a domestic Internet company. After sending a letter of intent for investment, I received their response. However, I can't leave New Dream here for the time being, and I want you to make a trip for me." Xu Liangdao.

"Aren't you not optimistic about the Internet? Why are you still investing in Internet companies?"

Xu Liang smiled and shook his head, "I'm not optimistic about most Internet companies now, but that doesn't mean I'm not optimistic about the future of the Internet."

"Is there any 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.

Therefore, in order not to miss this diamond mine, capital casts 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? And not 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 the Internet company that you are optimistic about?"

"Pengcheng, Penguin."

There was a hint of joy 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 stock."

"Can you come up with so much money?" Jiang Xiaoyang asked.

"Of course I can't take it out myself, but my partners can." 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.

But 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 that the boss was still a high school student, he would probably throw his investment letter of intent into the trash can right away.

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.

Therefore, 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.

Her beautiful eyes looked closely at the man opposite her, but her calm eyes were as calm as ever, without any trace of nervousness or hesitation.

"How come I didn't know you had a partner?"

Xu Liang smiled and said, "We haven't seen each other for almost two weeks. Of course you won't know."

"Can I meet him?"

"Of course. But he has already gone to the United States. I will arrange for you to meet when he comes back."

With more than 20 years of career experience in his previous life, Xu Liang never blinked when telling lies.

Seeing him talk freely, Jiang Xiaoyang also believed a little.