Return to Singapore 1995

In the first half of 1999, Li Xiaofan earned US$1.5 billion from U.S. stock futures indexes and stocks alone. This money alone was enough to support his investment in Hong Kong Island's "Silicon Port" and Dr. Zhang's eight-inch wafer project, as well as domestic The “Chinese Core” project led by Academician Ni.

In July, Li Xiaofan was invited to participate in an event called SunValley Conference in English and "Sun Valley Summit" in Chinese, also known as "Super Boss Summer Camp" or "Billionaire Summer Camp." The reason why it is called this is because the participants in this summit are all world-renowned business tycoons, such as the world-recognized investment guru Buffett, Rupert Murdoch, the founder of the media empire News Group, and Bill Gates, the founder of Microsoft. Boss.

During this period, those who have great influence in politics, economy, technology and other fields will gather in Sun Valley to participate in this annual Sun Valley Summit. This event is not only an exchange meeting for media giants, but also a The occasion for people from all walks of life to socialize will also facilitate business transactions.

The Sun Valley Summit was founded in 1983 as a platform for mutual exchange and cooperation between global giants and technology industry executives. It has gradually become a major event in the world's top media, technology and investment circles. Each summit lasts for five days. A variety of speeches and forum exchanges are held, and the summit arranges various leisure and entertainment activities every afternoon, including tennis, golf, cycling, swimming, fishing and rafting.

This summit is extremely private, with almost no information released to the public, and no interviews with the media. The guest list has also become a confidential document.

As the chairman of Singapore's Yifan Group with a net worth of more than 10 billion U.S. dollars, Li Xiaofan, Yahoo's Jerry Yang, and several of Yahoo's earliest investors, including Masayoshi Son of Japan's SoftBank Group, were warmly invited by the organizers of the "Sun Valley Summit".

The three of them attended the summit event together.

Among the vast mountains in the southern part of Blaine County, Idaho, USA, there is a paradise-like and pleasant place in the Sawtooth National Forest. This small town with a population of only 1,500 is Sun Valley.

For more than half a century, this resort with skiing in the winter and hunting in the summer has attracted celebrities.

Li Xiaofan discovered that the corridor on the first floor of the Sun Valley Hotel was filled with photos of celebrities who had stayed here. The most eye-catching among them was the modern American writer and Nobel Prize winner Ernest Hemingway.

The general manager of the hotel told Li Xiaofan that Hemingway fell in love with Sun Valley when he first came to it in 1939, and his life was closely connected with Sun Valley. It was in Room 206 of the Sun Valley Hotel that Hemingway completed the writing of his masterpiece "For Whom the Bell Tolls." After much travel, Hemingway settled in Ketchum in Sun Valley in 1958, where he stayed until his death in 1961...

After checking in, Li Xiaofan found that in this warm month, the temperature was pleasant and the place was very suitable for outdoor activities. There were many celebrities who came first to ride mountain bikes on the many trails surrounding the village, and many fishing enthusiasts were playing fly fishing. , eight miles north of Sun Valley is the Sawtooth National Recreation Area, a great place to explore the woods, take an adventure vacation, or even spend the weekend camping. An idea came to Li Xiaofan's mind. Next time, he could invite Dai Junling and Huang Yishi to come here for outdoor hiking and camping...

After Li Xiaofan returned to the hotel for a walk, SoftBank Group's Lao Sun introduced Li Xiaofan to several big guys who had just arrived.

Attending this "Sun Valley Summit" are the heads of major corporate groups around the world. They gather here. It is said to be a "summer break", but these busy people do not join in the fun just to spend the summer.

Li Xiaofan knew that the purpose of their coming to this summit was to discuss cooperation, look for business opportunities, and expand their network of contacts. The cooperation discussed between these leaders and big bosses is by no means just cooperation at the business level. With the coordination of the leaders of the investment community, most of the cooperation discussed between these leaders will involve the strategic level and the company. equity level. Therefore, at the Sun Valley Summit, some critical investment decisions will be made in the midst of talk and laughter, such as Google's investment in YouTube, Disney's acquisition of ABC, etc...

One of the more popular events during the Sun Valley Summit was the speech by stock investor Warren Buffett.

Li Xiaofan also attended and listened to Buffett's speech.

The 69-year-old Buffett walked onto the podium in high spirits and began his speech.

"Friends, I want to talk about the stock market today. I will discuss the pricing of stocks, but I will not make predictions about their movements next month or next year. Valuations are not predictions. In the short term, the market is a voting machine In the long term, the market is a weighing machine. Weight is ultimately valuable, but in the short term, quantity matters. This is an undemocratic vote, and there is no cultural test to determine voting qualifications, as you all know. ”

After he finished speaking, Buffett pressed a computer keyboard to start a slide show on the big screen.

Since Buffett is not proficient in computers, he pressed the wrong keyboard the first time and the PPT projection did not respond.

At this time, Li Xiaofan found that Bill Gates, who was sitting in the audience seat in front of him, held his breath and became nervous. The software used by the organizer is their Microsoft Office 97.

It wasn't until Lao Ba found the correct keyboard, pressed it, and the first slide was displayed that Bill Gates breathed a sigh of relief.

Then, Buffett’s PPT content was displayed on the projected screen:

[Dow Jones Industrial Average

December 31, 1964 874.12

December 31, 1981 875.00]

Buffett then walked up to the screen and began to explain.

"In these 17 years, the U.S. economy has grown five-fold in size, and the sales of Fortune 500 companies have grown more than five-fold. However, during these 17 years, the stock market has completely lagged behind."

Lao Ba took two steps back and continued: "When you invest, what you do is delay consumption. If you invest your money now, you will get more money after a period of time. Regarding investment, there are only two The real questions are: first, how much return do you want, and second, when do you want to get the return? Aesop is not a financier, but he said: A bird in the hand is better than two birds in the bush. No time was mentioned.”

"Interest rates and borrowing costs are the pricing of time. Interest rates in the financial field are like gravity in physics. When interest rates change, the value of all financial assets, including houses, stocks, and bonds, will change, just like the value of a bird will fluctuate. . This is why the bird in the hand is sometimes better than the one in the forest. Birds are valuable, and sometimes the birds in the woods are worth more than the birds in the hand. The profit growth is much lower than in the previous period, but the birds in the woods have become expensive because the interest rates are at such low levels that those who want to hold cash. The numbers are shrinking, so investors are paying unheard-of prices for birds in the woods..."

This was Li Xiaofan's first time listening to Buffett's speech. He found that Buffett's voice was smooth and nasal, and he could pronounce words as fast as a cannon. He connected Aesop with the current bull market on Wall Street.

Lao Ba believes that the current bull market in Internet technology stocks is pure nonsense.

Buffett said that although innovation can lift the world out of poverty, none of the world's innovative investors ended up happy in the end. Buffett gave examples of aircraft and car manufacturing companies. Most car companies have gone bankrupt. All stock investments in aviation companies cannot make money. This means that he believes that investing in Internet companies will definitely end in losses and bankruptcy...

Li Xiaofan had to admit that Lao Ba was still very prophetic. By next spring, the U.S. technology stock bubble will begin to burst.

Wall Street is currently in a bull market, and it is estimated that few people can listen to Lao Ba's remarks.

However, if the time period is extended a little longer, Li Xiaofan knows that the final facts prove that Buffett thinks too much. He is not a "stock god". The real stock god should be his rebirth!

The subsequent history is that the Internet has changed the world, and Internet investors have also made a lot of money. The founder of the Internet company Amazon once became the world's richest man, and Amazon became the company with the highest market value in the world. It has been listed for more than 20 years, and its stock price has increased more than a thousand times. . And the new richest man Elon Musk is catching up...

In 2021, before Li Xiaofan was reborn, Buffett fell out of the top five for the first time in more than 20 years in the global rich list, ranking sixth. Internet entrepreneurs and investors all have the last laugh, and they have the last laugh all the way...

Therefore, halfway through listening, Li Xiaofan felt that Buffett's speech was boring.

Midway through, he quietly exited the venue.

Li Xiaofan was walking in Sun Valley and found a Hemingway monument standing on a mountain col not far away. The bronze-like Hemingway head faces the mountains, his expression seems thoughtful...

Just as Li Xiaofan was looking at Hemingway's portrait, someone from behind greeted him in very pleasant English: "Hi, sir, are you also a fan of Hemingway?"

Li Xiaofan turned around and found a young blonde beauty with blue eyes.

Please remember the first domain name of this book: . _wap.