My Age of Investment

After quoting the price, Moritz stood behind his hands and looked at Xia Jingxing with a smile.

This valuation is not very rational.

But the venture capital market has always invested rationally, and you are finished.

Because of good projects, all were taken away by others.

As a top investment institution, Sequoia Capital has abundant capital.

Assuming that once it is determined that an early project has been misunderstood, it must be returned in the later stage for error correction.

How much you are willing to pay will depend on a reassessment of the project.

Invest now, it's okay to have a lower yield, but it's not absent.

Not absent, which is important.

One of the most popular Internet companies in recent years, Sequoia did not invest in it.

It's a big laughing stock when it spreads out, and it's not good for Sequoia's brand.

Take Facebook as an example. Suppose that it has become a company with a market value of tens of billions of dollars like Google.

The outside world will only laugh at Sequoia for being blind. The more successful Facebook is, the worse Sequoia will be laughed at without investing in Facebook.

If it is just a small investment institution, there is no such idol burden, but they are Sequoia Capital!

Brand premium is something that Moritz knows better than anyone else, because they are the biggest beneficiaries.

Once Sequoia Capital falls to the altar, this biggest killer will be gone.

Xia Jingxing nodded and said with a smile, "Full of sincerity, Mr. Moritz, I don't have much opinion on this valuation."

Moritz's expression brightened, and when he was about to speak, Xia Jingxing said, "But we are not short of money now, so we can only say sorry."

Although Sequoia Capital failed to invest in Facebook because of valuation issues at the time, Axel took the opportunity away.

But Xia Jingxing did not resent the old man because of this.

In business affairs, there are no permanent interests and no permanent friends.

There is no need for him to slap the old man or put on a show, just treat it normally.

Moritz was rejected one after another, but he still didn't give up: "Daren, I think we should have a good talk and give each other a chance to learn more about each other."

The old man's attitude is very low. If he wants to be an ordinary entrepreneur and ordinary project, he will not be the head of the dignified Sequoia.

Hoffman has a deep understanding of it, watching all this from afar.

Xia Jingxing smiled, Sequoia Capital, he still knows, he is very clear about the scale of this company, the resources behind it, etc.

"Mr. Moritz, let me tell you the truth, Facebook has not yet reached the ideal state in my mind."

Moritz chewed on the phrase over and over again, especially the words "optimal state".

He wanted to know what the most ideal state was, so he asked Xia Jingxing: "Da Lun, does Facebook want to reach 100 million users? Or start business and realize revenue and profits in exchange for higher Valuation?"

Naturally, Xia Jingxing could not reveal the core secrets, he said with a smile, "You will know when the time comes."

Moritz was upset by Xia Jingxing's words.

In addition to wanting to explore the core secrets of Facebook, he is also worried that Facebook's valuation will skyrocket again in a while.

Although Sequoia Capital is majestic, it is still an early-stage VC with only a few billion dollars in funds under management.

This is incomparable to the top PE funds with management scales of tens of billions or hundreds of billions.

If Facebook's valuation rises too high, Sequoia Capital may not be able to invest, and can only watch PE institutions enter the market.

This is determined by the nature of the fund, and there is no way.

The size of their fund is only a few hundred million US dollars, and it is impossible to take all of them to invest in a start-up company.

At that time, either give up participating in the financing of Facebook, or only part of the investment, chatting is better than nothing.

Moritz has a hunch in his heart that if he can’t lead Facebook’s B round this time, he may never have a chance in the future.

After thinking about it, Moritz moved Google out.

He smiled and said to Xia Jingxing, "I heard that Google Video will be launched soon, it seems that they are completely eyeing Facebook."

"Let them come, social has failed once, video has failed again..."

Xia Jingxing spread his hands and said with a relaxed smile, "It doesn't matter, they have money anyway."

Looking at the confident Xia Jingxing, Moritz had a headache, feeling that this young man was just a hedgehog and he had no idea what to do.

"Google's social can't be called a failure, right?" Moritz asked.

Xia Jingxing nodded, "That's right, they haven't moved for two months, maybe there are tens of millions of users.

Anyway, they haven't announced the latest news, so everyone can only guess. "

The dog has never relaxed his surveillance of Okut. Xia Jingxing learned from the dog that Google's social networking site is almost half cold.

Not to mention the growth of new users, even the old users are losing a lot.

In Xia Jingxing's view, this matter was a bit like the "Three British Wars on WeChat" in the previous life.

Duoshan, Chatbao, and Toilet MT are coming with great momentum, and the whole network is discussing Haiti.

However, handsome for only three seconds.

No need to use WeChat, users can vote with their feet after they feel the freshness.

Moritz saw that this would not work, and that would not work, so he used his trump card.

"Daren, you are still a Chinese national, but Facebook's influence is growing day by day.

If this continues, Facebook is likely to encounter some unpredictable risks. "

Xia Jingxing was instantly alert, but his face still pretended to be nonchalant.

"Oh, Mr. Moritz, what's your opinion?"

Moritz smiled: "The United States has never been a generous country.

In this country, among people, the emphasis is always on interests.

If there is no interest, you or Facebook, if something really happens, no one will speak for you. "

Speaking of this, Moritz restrained his smile, showed a solemn expression, looked at Xia Jingxing solemnly, and continued: "There are even "predators" who jumped out and aimed their sharpest minions at the delicious food. "

Xia Jingxing laughed, "We are just a company that only loses money and does not make money, not oil, gold, or any other company that makes money every day.

The good business environment in the United States is an important reason for attracting foreign investment and elites from all over the world.

If it touches the bottom line and triggers a crisis of confidence, the loss will be very heavy, and it is not a family that can bear the responsibility. "

Moritz thought that Xia Jingxing really listened to what he said and said with a smile, "Daren, you don't need to be so nervous, your life and property safety are definitely guaranteed.

I mean, these predators are very smart and won't use the grossest, dumbest ways to deal with you.

There are many better ways, such as investigations, lawsuits, and so on.

No business in America can withstand these endless troubles.

They won't bring you down directly, they'll just bring endless disruption to your business.

In the fierce business competition environment, if any company encounters these troubles, then their competitors have an opportunity.

In the end, it was a complete defeat, and the media will review and judge the reasons for the failure.

For example, the founder insisted on his own way and refused the friendship of various investors, which led to an accident, and no one was willing to help his company.

Darren, what do you think of this story I tell? "

Moritz smiled, "These are all real cases, do you want me to give you some examples?"

Xia Jingxing understood what Moritz meant. He wanted him to put Sequoia Capital on the bus to form a community of interests and help him deal with all kinds of bad intentions from the outside world.

Seeing Xia Jingxing pondering, Moritz continued to strike while the iron was hot: "Sequoia Capital was established in 1972. With more than 30 years of brilliance, we have witnessed countless IPOs and helped countless entrepreneurs become entrepreneurs and enter the upper class.

All these have made Sequoia Capital and entrepreneurs forged a deep friendship.

Of course, numerous IPOs and huge returns have also satisfied the investors behind Sequoia.

All of these funders have a lot of background, and they are all American elites.

They and Sequoia also have a deep friendship.

Sequoia's interests, and they are also one. "

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