At the end of June, graduation season, Masayoshi Son and Jack Ma also graduated from each other's group boards.

One has been in office for fifteen years,

One has been mixed for thirteen years,

More than ten years of "learning time" in the board of directors came to an end today, but the friendship between Son and Jack Ma, two old comrades-in-arms, is by no means limited to this. The crucial six-minute encounter 21 years ago not only laid the groundwork for the future glory of Ali and SoftBank, but also opened the shopping mall friendship between the two.

To this day, Lao Sun still holds $120 billion of Ali shares in his hands!

"I've heard that Vision Funds often overvalus their investments, and it's often Son who has the final say. In particular, when it acquired the startup WeWork for $16 billion, Saudi sovereign wealth strongly opposed it!

"There's no way, the oil guy has money, and even has a veto power, which makes Son very annoyed, so when he raised funds in the second phase of the vision, he didn't look for the big guy, only the younger brother, just to make a word. ”

Shen Feng laughed, not to mention other so-called high-tech, in his opinion, the second landlord died because Lao Sun was too rich!

High-end ones such as Coworking WeWork...... Shared Hotel OYO ......

The mid-range ones are like various homestays...... Self-employed hotel ...... and even long-term rental apartments......

Low-end various shared study rooms......

In this matter of bad luck, everyone can be said to be fighting for me, playing style, and showing sportsmanship.

The valuation of WeWork's diabetes collapse, OYO has optimized its employees batch after batch, the homestay industry has been intensively promoted, and long-term rental apartments are the first social beating for young people......

As for the other small players, they have no voice before they live enough for investors to brag about it?

So here's the question,

Isn't second-hand landlording a very profitable business in our traditional mind?

When it comes to real estate, it's an empty glove white wolf, and it can even be securitized, why not?

It wasn't until the eggshell accident that I found out that in the original second-hand landlord business model, scale, capital flow, and profit cannot be both, at most choose two?

Scale + profits, most of the second-hand landlord business follows this model, the business itself is not profitable, relying on the scale to run cash flow, and then continue to expand the scale, waiting for the capital to pay.

The profit + model cannot be expanded, and most of the small second-hand landlords who have been nourished are in this model, and they can make some money, but there is no way to expand the scale, and the management of more than a dozen houses has reached the limit.

As for scale + dad, only large real estate companies can take out their own self-operated properties to be their own second landlords, and it is possible to make scale + profits, and those who can do this themselves are hundreds of billions of local tyrants.

After the second-hand landlord scales, the risk will be very high and it will not be able to withstand market fluctuations.

To put it bluntly, the larger the scale, the higher the cost, the easier it is to have problems, and the easier it is to accelerate and overturn.

In the past, everyone's wishful thinking played very well, as long as the plate was big enough, they could make money in the capital market. Either make investors' money in the primary market, or make shareholders' money in the secondary market, the wool is out of the pigs, that is, the play is fast.

Originally, the years were quiet, but an old grandson popped out of the stone?

Desperately throwing money, all the people who eat melons are scared!

Wow, the gods of investment are bullish on this field?

Do I want to?

Outcome......

The super investor became a super pick-up man in a blink of an eye, and Son found himself living in a dream, and then all the second landlords dived together.

Where's the sprinkle?

In Shen Feng's view, the essence of bragging about cutting leeks must rely on information asymmetry, and many Internet projects support high valuations are actually imagination, relying on business that people can't understand, the cost is incomprehensible, and the information is not transparent, and then sell the hope of changing the world.

They work so hard that many tech company reports read lamenting that these people don't write science fiction is a loss for human civilization!

Most of the Y are not as smart as everyone thinks, they see these high-tech companies are in an unaware state, and because they can't understand it, it is easy to be fooled by various concepts and be fooled.

After all, the older you get, the more afraid you are of being abandoned by the world.

But the second-hand landlord industry is different, it is too old and transparent, so that I don't know where to blow if I want to brag about it!

Scale, profit margin, vacancy rate, cash flow, and business quality are all things that can be seen through at a glance.

What bullshit y fuck through!

Thinking of this, Shen Feng suddenly felt a sense of empathy, to say that Lao Sun had indeed made a strategic mistake at the beginning, and he shouldn't have deceived them in Y's advantageous area.

But standing in his position, he really doesn't have a choice, because he has too much money in his hand.

When a person has too much money in their hands, spending money becomes a serious issue in itself.

Although the story of Wang Duoyu is fictional, the desperate spending of money itself exists.

Many departments spend money desperately at the end of each year, and if the budget of the previous year cannot be spent, will the budget of the next year be reduced?

The first phase of the Envision Fund raised 96 billion US dollars, and if it can't be spent in a few years, does it prove that Mr. Sun's ability is not good?

Do you want the money for the next installment?

Hundreds of billions of dollars,

Where to smash?

Is it only real estate that can afford such an investment?

But if you just build a house, first of all, it's too expensive, and secondly, it's too unimaginative, right?

In the end, Mr. Sun resolutely chose to be the second landlord!

It can also reasonably absorb funds, and can tell the story of the Internet empowering traditional industries, and the results are ......

The whole industry watched silently as the second-hand landlords pretended to be fools and shouted, and then laughed and spit.

Of course, who is Mr. Sun?

The hard-hearted little old man of the island country!

Unconvinced, he added funds to buy a majority stake in WeWork, and at the same time participated in a new round of financing, and also formulated a new leek cutting plan for OYO......

But the problem is that when the amount of money invested reaches a certain level, I want to ask:

Who can take over the whole market?

The story became an accident,

The industry goes to the sky together,

Cultivate immortals!

For traditional industries, even if they have a golden finger, they have always had respect.

True taste is just a small attempt, but when it comes to the supply chain and stores, countless things will pull you into the quagmire, and you can't climb out if you want to.

Otherwise, Ali and JD.com tossed for three or four years to figure out a fresh food?