My Age of Investment

Xia Jingxing felt relieved when he saw Moritz being stimulated by his words several times to the point of emotional outburst, and then using his reason to restrain his anger several times.

Who allowed this old man to threaten him a few years ago? This year he has added a new grudge, which he has written down in his little notebook.

However, whether he ridiculed Moritz or ridiculed him, it was not his main purpose. It was just a negotiation method similar to that of an eagle.

The Sequoia brand is strong, and Moritz himself even contradicts Lao Qiao.

For such people and companies, if your attitude is too weak, you will only become a target of bullying.

Anyway, it was Moritz who proposed reconciliation first.

It’s not that Sequoia is afraid of Vision Capital, at least it shows that Sequoia still has a certain fear of Vision Capital.

Vision Capital's VC fund has not raised funds from the outside so far. All investment funds come from him personally, and the parent company of the fund in the Cayman Islands is also solely owned by him. Therefore, there is absolutely no internal control over how and to whom to invest. Or external pressure.

Sequoia Capital is different. Not only does it need to raise funds externally, but internally, Moritz, a professional manager, also needs to report to several shareholders, including founder Don Valentine, and bear the performance imposed by the upper management. pressure.

In other words, if there is a vicious competition between Envision Capital and Sequoia Capital, the former will lose hundreds of millions or even billions of dollars, and will at most be laughed at by industry peers for its poor investment level. Xia Jingxing will still be the big boss of the company, and no one can oust him.

However, Moritz had made a loss at the prosperous stall, so the owner didn't mind finding a new shopkeeper.

This is the biggest difference between the two sides.

Therefore, Moritz was just fierce in appearance and weak in heart, and he couldn't stand upright in front of Xia Jingxing now.

The old man's various bluffs only exposed his own weakness and could not scare Xia Jingxing at all.

Because Xia Jingxing knew very well that the old man did not have the power to change Sequoia's operating strategy and mobilize all the company's resources to fight an indiscriminate war. Don Valentine, who had retired, would be about the same.

Realizing that the fire was almost over and the old man's arrogance had been basically extinguished, Xia Jingxing slowly said: "Mr. Moritz, you have to figure out one thing first. It was Sequoia China that targeted us first, and we were just passively counterattacking.

In the U.S. market, you, Sequoia, were also the first to provoke. We have not counterattacked yet, but the employees below were furious and proposed to retaliate, an eye for an eye. "

"Darren, there is no need to say these words that occupy the moral high ground. My proposal is a good thing for the development of both our companies. We will no longer have unnecessary fights and can spend more energy on discovering good projects and making money." above."

Moritz acted very calmly. He came to see Xia Jingxing today with a heavy mission. It didn't matter if he was a little angry personally. The key was not to let the war escalate.

Anyway, in the eyes of the outside world, they have already "taught" Envision Capital a hard lesson and vented their anger on "Sequoia China, which was almost collapsed after being bullied in China."

Now they give up when they see a good outcome, saving both face and honour, so they won't suffer any loss.

Xia Jingxing pondered for a moment and replied: "The matter between our two companies has spread throughout Silicon Valley, and everyone knows that you slapped us hard in the face.

If we give in and back down, not only will our team's morale be severely hit, but even industry peers and entrepreneurs may look down on us, thinking that we are afraid of Sequoia Capital.

How will we work after that? Today Sequoia steals a project from us, tomorrow DFJ steals a project from us, and the day after tomorrow Kleiner Perkins Caufield \u0026 Byers joins in... We might as well close our doors. "

Noticing that Xia Jingxing's tone had softened, Moritz struck while the iron was hot: "These are just small matters. As long as Darren agrees to reconcile, we can help you earn back your face again.

If you are still interested in the previous 6 projects, Sequoia will come forward to be responsible for matching, and Vision Capital will add another round of financing, or give you a part of the next round of financing.

In this way, those rumors will be self-destructed and the unrealistic ideas of those who are ready to laugh at us will be extinguished. "

Xia Jingxing thought about it seriously, and the old man was somewhat sincere and came up with something more practical.

And as the old man said, the dispute between Envision America and Sequoia America is mainly about those 6 projects. If the other party is willing to share them again, it actually represents an attitude.

"Okay, for the sake of Mr. Moritz, your old friend, I can agree to a settlement and the two parties will no longer engage in malicious competition."

Xia Jingxing paused, "But you must restrain the people under your command and stop doing those little tricks."

Hearing this, a smile finally appeared on Moritz's face, "This is natural! In fact, Vision Capital is so good that the people under it can't help but want to learn a thing or two."

Xia Jingxing smiled and said nothing.

“What about Sequoia China?”

Moritz did not forget that the Chinese team had created a mess for him that was difficult to clean up. However, the feud between the Chinese team and Envision Capital was deeper than that of the American team and was not easy to resolve.

He asked tentatively: "I will persuade them to give up being enemies with Vision Capital and withdraw from that bullshit venture capital alliance. So, Darren, can you put aside your grudges and stop embarrassing them?"

Based on Xia Jingxing's understanding of Zhang Fan, even if Moritz personally intervenes, he may not be able to dissuade him successfully. Shen Beipeng's side is hard to say.

"You should try to persuade them first. If they can really listen to your suggestion, I'm not the kind of person who is petty. From now on, let's keep our peace and be safe."

Moritz looked overjoyed. He originally wanted to give it a try without much hope of success, but he didn't expect that the other party actually agreed to reconcile.

After thinking about it, Moritz suddenly became angry.

Those two idiots, why didn't they try to reconcile with Xia Jingxing like he did, instead of having to fight hard?

Now that they have lost all their teeth, I, as the head of the American team, have to wipe their butts and be responsible for the aftermath.

After talking with Xia Jingxing today, he has completely understood that the other party is definitely not a fool, nor will he be emotional. Even if he is an enemy, as long as it is in his own interests, this young man can sit down and negotiate calmly.

So why did the Chinese team do so badly? There is no other explanation other than lack of ability.

Thinking of this, Moritz suddenly felt very regretful. He should not have chosen Zhang Fan and Shen Beipeng three years ago!

At that time, the two Chinese team leaders he was optimistic about, one was Xia Jingxing and the other was Deng Feng, both rejected his cooperation proposal and turned around and founded their own funds. Now they have achieved good results.

Sure enough, the more talented people are, the more arrogant they are! Moritz was filled with emotion.

However, Zhang Fan and Shen Beipeng were his personally selected collaborators after all. No matter how incompetent they were, they had to be rescued. He could not just watch them fall off a cliff.

After all, he is still very optimistic about China's venture capital market and is unwilling to give up so easily.

Of course, if Zhang and Shen did not follow their suggestions, they would have no choice but to forcibly stop their losses.

Thinking of this, a trace of cruelty flashed in Moritz's eyes. Sequoia had already failed once in China, and he would never allow a second failure.

After withdrawing all his thoughts, Moritz looked at Xia Jingxing who was sipping tea with a smile, and asked: "Darren, I heard that YouTube has completed a round of B financing worth US$3 billion?"

Xia Jingxing nodded and said with a smile: "Why, Mr. Moritz is also interested in oil pipes?

If Sequoia wants to invest in oil pipelines, I can make the decision and give you a B+ round investment opportunity. "

Moritz waved his hands quickly. He had no intention of being taken advantage of. Regardless of the fact that the oil pipeline had already surpassed the investment stage of Sequoia's VC fund, in terms of valuation alone, he did not think the oil pipeline could be worth US$15 billion.

Because of this controversial investment, Sun Zhengyi became famous in Silicon Valley again, and everyone was ready to see Sun Zhengyi make a mistake.

The industry reputation of YouTube in the past year is far worse than when it was first founded. The valuation is high and the money is burned quickly. It is like a game of drumming and passing flowers, and it will explode sooner or later.

Xia Jingxing didn't explain much. Moritz or Sequoia had this pattern. They had always adhered to the small but beautiful VC style inherited from the last century. As a result, they missed Facebook, and now they missed YouTube. They will still miss it in the future. I don’t know how many fast-growing large technology companies I will miss.

VC funds are PE-oriented, that is, the scale of fundraising is expanded and the investment stage is moved later;

PE funds are VC-oriented, that is, the investment stage is moved forward and high-quality companies are locked in advance;

Canceling the duration of funds and converting them into evergreen funds, establishing a secondary market department to continue to hold equity in listed companies, etc. are all future development trends of the industry.

It can be said that since the establishment of Vision Capital, its top-level structure has surpassed that of most of its peers, representing the future direction of fund development. Maybe there will be a wave of global funds imitating Vision Capital in the future.

"Daerun, you are still great. You are the only one who can find "suitable" investors so quickly for such a large amount of financing."

Moritz specially emphasized the word "appropriate", and his eyes were full of teasing, "Did you also sell some old shares to Sun Zhengyi?"

Xia Jingxing found it funny. He really regarded Sun Zhengyi as a fool and even sold his old shares.

"I didn't sell a share because Mr. Son and I are both firmly optimistic about the future development of YouTube. It is only a matter of time before this video website becomes profitable."

Xia Jingxing used a casual pretense to reveal to Moritz the future restructuring of Facebook and YouTube.

However, due to SoftBank's investment, his and Envision Capital's shareholding ratio in the oil pipeline has been diluted a lot. In addition, Gates' Waterfall Investment previously invested in an A round of oil pipeline, so his shareholding ratio in the oil pipeline has become larger than The holding of Facebook is still low.

Now his personal shareholding has dropped to 21.18%, and the Liqiu No. 2 Fund's shareholding has dropped from the original 20% to 16%. After the fund penetrated, his real shareholding totaled 29.18%.

Christina's shareholding dropped to 10.61%.

Together, the two hold less than 40% of the shares.