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Chapter 1828 Crazy Nasdaq

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    Since the 1990s, with the widespread application of computer technology and the gradual popularization of the Internet, a large number of computer and network-related technology companies have been born. A large number of stocks of such technology companies are listed on Nasdaq, and Nasdaq stock trading  The market has been flat since its inception in 1971. By 1991, it took twenty years to climb from 100 points to more than 300 points. It was not until 1995 that it broke through 1,000 points, and then began to soar all the way. It only took five years.  It hit 5,000 points in one go.  Just this year, the Nasdaq index has doubled.  In the past five years, Nasdaq has created countless myths. For example, when Netscape was listed in 1995, the original share price was only 14 yuan per share, which doubled to 28 US dollars during the public offering. On the day of listing, Netscape's share price  It soared to 75 US dollars, which doubled several times in one day.  In 1996, Netscape's stock rose to a high of $171, a tenfold increase in one year.  However, Netscape was just a meteor in the entire Internet trend. The young and vigorous Netscape tried to dethrone Microsoft, the dominant PC player at the time. However, Microsoft had already dominated the PC platform at the time. When they launched their own IE browser  , and was bundled with the operating system and provided to consumers. Coupled with their dominance in the operating system field, Netscape was quickly killed and was acquired by AOL in 1998 for US$4.2 billion.  America Online is another miracle creator. America Online is an online information services company that can be traced back to the Quantum Computer Information Data Company in 1985. This company initially mainly provided online information services to computer users, including email.  , news groups, education and entertainment services. With the unfolding of the U.S. Information Highway Plan and the gradual popularization of the Internet, AOL's business has developed rapidly. It now has more than 20 million contracted users, revenue of more than 7 billion U.S. dollars, and  Profits exceeded US$1 billion, and the stock market value reached more than US$130 billion.  AOL is now the overlord of the Internet world, with more than 20 million signed users, the world's largest online chat room, the epoch-making chat product ICQ, the music software Winamp with a huge number of users, and its own e-commerce business. Many Americans  Everyone made their first online shopping through AOL At present, AOL is seeking to merge with Time Warner. Time Warner is an old brand with more than 70 years of history, which was formed by the merger of Time Inc. and Warner Bros.  A large media group that owns the American online television network CNN, Cartoon TV, Warner Bros. Film Company, and famous newspapers and magazines such as "People", "Fortune", and "Entertainment Weekly", with a market value of more than 140 billion US dollars.  Early next year, AOL will acquire Time Warner, becoming the largest corporate merger in history.  At that time, people clamored that the merger of the two giants would create an unprecedented media giant. Time Warner, which has traditional media functions, has strong content production capabilities, while AOL has the advantages of new online media, and its future has unlimited imagination.  space.  However, the merger proved unsuccessful.  AOL and Time Warner are two completely different companies. AOL is a typical representative of Silicon Valley's new economy, while Time Warner is an old media company. They are like a vibrant teenager and a conservative and stubborn middle-aged gentleman.  The combination makes it impossible for the two parties to get together.  Shortly after the merger of AOL and Time Warner, the Nasdaq stock market crash occurred and the Internet bubble burst. In just one and a half years, the Nasdaq index shrank by three-quarters from more than 5,000 points to  At more than 1,200 points, 80% of the stocks fell by more than 80%, and nearly 40% of the stocks were forced to delist. The once-famous Chinese concept stocks, such as Shouhu, Xinlang, and Wangyi  When the stock price fell below one dollar one after another the merged AOL Time Warner was naturally affected. Less than ten years after the merger, the two separated again in 2009.  There are many reasons for the failure of the merger between AOL and Time Warner. The conflict of corporate culture and the Nasdaq stock market crash are all important reasons. However, in Bao Feiyang's view, the most fundamental reason lies in the rapid development of the Internet economy, not to mention the times.  Warner, a traditional enterprise, cannot keep up with the pace, and even AOL itself has not kept up with the pace of the Internet.  AOL started chat rooms and ICQ very early, but was soon defeated by Microsoft's MSN and the new social networking site Facebook. OICQ, which copied ICQ, developed into the giant QQ.  AOL is the earliest e-commerce website in the United States and even the world. Many Americans did their first online shopping through AOL. At that time, Amazon was still a simple online bookstore. You had to chat on AOL's website.  Although AOL's e-commerce business did not continue, Amazon has developed into the world's most valuable company.  AOL also provides e-mail and news information, and its influence is comparable to Yahoo at the time. However, like Yahoo, it was not as influential as Yahoo after its rise.In front of Google, they all failed miserably.  When AOL was at its peak, it acquired Time Warner with a small business. However, it immediately encountered the bursting of the Internet bubble and the Nasdaq stock market crash. Its own business was constantly hit. Naturally, it could no longer suppress the ancient and powerful company.  It is inevitable that Time Warner will eventually part ways.  During the Mexican financial crisis in 1994, Bao Feiyang raised a large amount of funds and made a fortune together with the Tang family. Part of the money earned at that time was laundered and later used as ammunition for the Fangxia Group's international expansion. Others like Tucker  The acquisition and development of Petroleum, Fangta Mining, and Tangsheng Heavy Industry also benefited from this funding.  Some of them have returned to the financial market through various channels, mainly investing in technology companies in Silicon Valley.  For example, when Netscape went public, the fund controlled by Bao Feiyang was a cornerstone investor. It bought a large number of Netscape stocks at a price of less than fourteen US dollars. Later, it bought them aggressively in the open market and then sold them at high prices. Netscape  When Netscape's stock price was at its highest, it rose more than ten times from the issue price. Considering that the buying price was high or low, and that he had to rush to ship before the stock price fell, even if Bao Feiyang knew the highest point of Netscape's stock price, he still  I don¡¯t know the specific time, so I have to sell the stocks before they reach the high point. In addition, I have too many Netscape stocks on hand. Shipping a large amount at once will easily cause the stock price to fall. In short, I will slowly sell out the stocks.  After buying Netscape stock, the total income from this deal was about eight times, which took only two years.  Of course, Netscape's market is not big, so the total amount earned is not large.  However, in the past four or five years, companies similar to Netscape have emerged one after another. Although they may not be as dazzling as Netscape, the stock prices of many companies have skyrocketed after they went public, including Chinese concept stocks such as Xinlang and Shouhu.  .  According to statistics, the first-day premium rate of Internet companies listed on Nasdaq is as high as 65%, with the highest reaching 470%.  One year later, the stock price rose by an average of 106%. This is the statistics of the past few years. In fact, the relevant data in the past two years will be even higher, especially in the almost crazy year of 1999, when the premium on the first day of listing was doubled or tripled.  Common situation.  Bao Feiyang invests heavily in these Internet companies and sells them out after their stock prices rise to highs after they go public. The assets continue to increase in value rapidly. Currently, Sugar Cube Investment has become the leading venture capital in Silicon Valley.  ¡°However, Bao Feiyang is very aware that the stock market crash is coming, and within the next month or two, he will clear out all the stocks he holds.  In fact, it is not just Nasdaq. Affected by the bursting of the new economic bubble, the entire stock market will collapse. The US Dow Jones Index will also drop from more than 13,000 points to 5,000 points to more than 8,000 points.  Just like the situation before the Mexican financial crisis and the Southeast Asian financial crisis, the entire Nasdaq is now a bustling scene, and a big collapse may come at any time, so Bao Feiyang asked people to start from December.  He began to sell out the stocks he held one after another.  Although doing this may result in a considerable loss of investment income before the high point arrives, compared with the large number of stocks that cannot be sold after the stock market crash, Bao Feiyang would rather choose to sell out now.  The stock market is a typical market that chases the rise and kills the fall. When the stock rises, everyone rushes to buy it. There is no need to worry about there being no buyers.  Once a stock falls, especially when there is a sharp fall, there is often a price but no market, and no one buys it at all.  Therefore, stock trading does not mean that you can sell if you want to make less, lose less, or sell as much as you want. Many people try to sell when they see a definite drop, but when that time comes, no one will sell.  If you buy it, you can only watch the stock price plummet, and the stock in your hand becomes less and less valuable.  Bao Feiyang chose to sell his stocks at this time, so there was naturally no problem, and there were plenty of people to take over.  Moreover, in a frenzied atmosphere, even if Sugar Cube Investment sold a large number of stocks, it did not cause fluctuations in the stock price, and the Nasdaq index continued to soar.  However, as the leading venture capital in Silicon Valley, Sugar Cube Investment¡¯s actions on the Nasdaq stock market were dug out. After the news that Cube Sugar Investment sold a large number of stocks it held, it caused a stir.  Small repercussions.  At that time, there were not many people analyzing the Internet bubble, but all of this was swallowed up by the rising stock prices and the fanatical atmosphere. Although the actions of Cube Sugar Investment once again triggered the Internet bubble, the Nasdaq stock market  The stock price has been fluctuating for three consecutive days, but the result is that it has fluctuated upwards, and it is still moving forward and running wildly.  This situation also made Bao Feiyang, who had just arrived in the United States, breathe a sigh of relief. He rushed to the United States this time because he was worried that selling stocks at this time would attract people's attention. Once the news spread, it would cause a stock market crash early.  However, it seems that he overestimated the impact of sugar cube investment and underestimated the inertia of history.
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