In February 1995, after the Spring Festival holiday.

Lin Qi returned to the headquarters of Hong Kong's new venture electronics group and quickly disposed of some important projects that had accumulated during the Chinese New Year. And the few important ones need him to solve them one by one.

For example, it is urgent for Pangu Computer Co., Ltd. to introduce strategic investors and lay out the IPO.

The people of this era are fascinated and don't know the future trend, but Lin Qi sees it clearly because of his foresight. In the 90s, the annual sales volume of the personal computer market was actually close to the limit of growth. Over the next decade, computer sales will grow more and more slowly.

Moreover, as the performance growth rate of computer hardware slows down, ten years later, the user's desire to upgrade the machine is getting lower and lower, resulting in more and more durable computers, and the annual sales of the computer market will continue to decline, lower and lower year by year, and it is difficult to see the sales rebound model.

It can be said that in the first few years of the 21st century, the sales of the computer market will actually peak.

The advent of new smart terminals such as smartphones and tablets will further reduce the importance of computers. Although mobile phones and tablets have not completely replaced computers, there is no doubt that a large number of computer users have been diverted.

At the same time, in terms of developing incremental users, the threshold for smart phones is lower than that of computers, resulting in the number of users in future generations, the number of users of smart phones will far exceed the number of computer users.

In other words, if Pangu Computer Co., Ltd. cannot be listed and realized before the era of smart phones, in the future, it will definitely continue to decline in revenue and profits as computers become outdated, and the valuation will continue to shrink and depreciate, and it will not be able to sell at a good price if you want to go public!

And how slow and difficult is it to make money in business?

After the listing, after the bull market bubble noodles are blown, whether it is to raise new shares at the peak of valuation to make money, or to sell stocks to cash out, it is possible to cash out the future profits of five years, ten years or even more in advance through the capital market in advance.

Therefore, the bull market has always been the capital cutting leeks, while the bear market is to pay off the debts for the bull market.

However, most of the benefits of the bull market are actually taken away by big capital, but most of the bear market debt repayment is retail investors who can't see the truth.

Retail investors are calculating that listed companies, if they grow by 25% per year, ten times after ten years, achieve financial freedom. However, many major shareholders, while telling the story very beautifully, but changing hands in the largest period of bubble rice blowing, 50 times or even 100 times the price-earnings ratio, it is a fool not to sell and cash out!

There are a few companies in the market that can rely on 10 or 20 years of operation and growth to earn so many profits as the market value of the peak! There are very few companies in the market, such as Vanke, Moutai, Microsoft, Gree, Haier, Tencent, and other outstanding enterprises to fool investors, but, ask yourself, among the hundreds of listed companies, can there be a company like that? Even if the growth in the past is a myth, can it be guaranteed that the future will be the same as in the past few decades?

It is precisely because of the uncertainty and the fact that the speed at which the business is making money is too slow.

Therefore, a lot of capital, the choice is to sell the company's shares in one go, sell at 100 price-earnings ratios, and get 100 years of profits in advance during the biggest period of the bubble blowing, and what do you have to do with the company that has worked hard to make money?

Even if the company's annual profit increases, in fact, the average growth rate of enterprises is about the same as the GDP growth rate, and the average growth rate of listed companies is at most slightly faster than GDP. It is conceivable that the vast majority of stocks sold at 100 times P/E will not be so easy to earn a market value of 100 times P/E in the next 30 or 50 years.

At the end of the 90s, most of the global capital markets were at the peak of valuations or bubbles. Since the beginning of the 21st century, the stock market indices of most European countries have been well below the level of 1999. On the one hand, in the 90s, there was a general bubble in European stocks, although it was not as big as the bubble in Japan in 1989, but the problem is that the European economy has basically stagnated for more than 20 years, further investors' expectations for returns are getting lower and lower, and the market's valuation is naturally shrinking.

To some extent, the capital markets of most countries in the world were at their peak in the 90s. After that, only a handful of countries surpassed the 90s.

Even in the U.S. capital market, a model for global capital markets, in 2000, the NASDAQ stock market blew a huge bubble of 5,000 points. After the bubble was punctured, it hit a new low of 1,100 points. More than 500 NASDAQ-listed companies went bankrupt, 40% were delisted, 80% fell by more than 80%, and the market value evaporated by more than $3 trillion. After that, it took 15 years to return to 5,000 points, and in 2018, it hit a peak of 8,000 points, blowing a bubble comparable to 5,000 points in 2000.

In the 90s, the NASDAQ was the center, and the technology bubble blew up around the world. Any listed company linked to technology and the Internet, even if it does not make money, will be looked at differently if it is purely burning money and blowing bubbles. What's more, Pangu Computer Co., Ltd. develops and manufactures computer terminals, which is a computer giant that consumers and investors can understand and touch.

Because Pangu Computer Co., Ltd. is only the pride of the current era, but in the next version, Pangu Computer Co., Ltd.'s current business can be called broken copper and iron, and it is not very valuable.

Now it is high-tech, ten years later, the computer industry only belongs to the outdated manufacturing industry, the valuation directly refers to the home appliance industry, and even, because the cost of research and development far exceeds that of home appliances, the gross profit margin is not necessarily higher than that of leading home appliance enterprises, so the valuation may not be as good as some home appliance companies.

Lin Qi's plan is to make Pangu Computer Co., Ltd. go public before the advent of the 21st century. At present, only the U.S. capital market is left in the world.

Lin Qi didn't deliberately want to cut American leeks, but ...... The problem is that leeks in other countries around the world are so scattered that if you want to cut enough leeks, you can only cut them in the American market!

"Mr. Lin, the listing of Pangu Computer Co., Ltd., I talked to Mr. Gao Tian before, in principle, we are very happy to help you complete the history of global IPO financing, which should be regarded as an epic big project, but the problem now is that you have too much appetite, and you actually want a valuation of 200 billion US dollars, and the IPO issuance of 15% of the shares will be a 30 billion US dollar IPO, you know, this is impossible to do!" Paulson, the representative of Goldman Sachs, shook his head and said, " $10 billion in financing is also astronomical, and you have such a big appetite to raise $30 billion in one go. That's more than 2 times the highest funding record in the history of the U.S. stock market!"

Paulson, who is now the head of Goldman Sachs' investment banking division, will be the CEO of Goldman Sachs for more than a year, and later the chairman and CEO of Goldman Sachs. Goldman Sachs is in his hands, which has truly surpassed other giants on Wall Street and become the real king of the market.

Later, after Paulson stepped down as an executive at Goldman Sachs, his next job was as secretary of the U.S. Treasury.

Wall Street's investment bank executives and Treasury ministers are free to switch between each other, essentially, because the U.S. government is — a board of directors disguised as a government corporation!

The most important politics in the United States is the business and interests of the plutocracy. A competent president of the United States is the plutocracy and capital that can make money with the enormous power of the United States. Otherwise, no matter how much you do, you will be incompetent.

The essence of American politics is all kinds of business, such as agriculture, manufacturing, real estate, medicine, Internet, oil, and military industry. If the president wants to talk about the business of that sector, it depends on the president's basic plate of that sector.

If the president is dominated by military-industrial interest groups and oil-based interest groups, then most of the time he is talking about oil and military business. Moreover, it is difficult to feed many military industrial interest groups in the export of ordinary military products, so the president, who is often the spokesman of the military industrial interest groups, will directly find an excuse to send troops to fight, overdraft the US government's finances, and create a large deficit to bring orders and profits to the shareholders of the military industrial interest groups. At the same time, if the military industry and oil are combined, the president who comes to power will most likely want to attack the oil exporters, because in this way, not only the military industry interest groups can bring long-term orders and profits, but even the profits of the oil sector will also be raised.

It is precisely because the essence of American politics has always been business, and the reason why capital wants to let its own interests go up to run for president is because it is tantamount to electing its own representative to be the CEO of an American corporation! Although the CEO is only a steward, it is better for a shareholder to have his own person as a steward than an interest group that only owns a large amount of equity and is also one of the major shareholders, but has been hollowed out because the management is not its own person.

The U.S. system is to serve the business of different chaebols and interest groups in the country, so the most important thing that successive U.S. presidents have done is to replace American companies and negotiate business with other countries.

Later generations are unreliable presidents, and the most they do is talk about business and interests. It looks like it's not quite like a politician, it's a bit confusing, but in fact, it's very American president.

For example, the current US President Clinton, on the surface, does not seem to be as crazy as unreliable, and will not pay lip service to the priority of the United States, but is an advocate of globalization and free trade.

However, during Clinton's tenure, he also launched a trade war against Japan, which had already surrendered economically. Previously, Japan had continued to kneel round after round, but Clinton felt that it was not enough and asked Japan to continue kneeling during his term of office. Among them, Japan's most stringent protection of the auto industry, during Clinton's tenure, is constantly beating, 95 years is a unilateral increase of 100% tariffs, and then, in this extortion, requiring Japanese auto companies must "voluntarily" purchase American auto parts, if not complete enough purchase orders, 100% tariffs are only the beginning, round after round of more excessive unilateral economic suppression and sanctions, will continue to increase.

Since Japan was accustomed to kneeling, a symbolic protest lasted only a few months, and then quickly surrendered again. After that, Japan's GDP and capital market have been hovering at the bottom and it is difficult to grow, in essence, all because the interests have been cut off by the United States!

The United States mainly stationed troops in Germany and Japan, and with 100,000 American troops in Germany, Japan is second only to Germany. Therefore, cutting the meat of Japan and Germany is the easiest thing to do. Germany is a bit more difficult to do, because Germany will be in league with the EU. Therefore, the United States wants to cut wool, and the first option is often Japan.

Therefore, successive US presidents have always liked to negotiate business with Japan as a way to brush up their political achievements.

Previously, Japan signed a bunch of treaties to brush up on the achievements of previous US presidents, and Clinton needs to continue to brush them up during his term of office.

To a certain extent, the Japanese economy has been suppressed at the slightest sign of rebound, mainly because the US president likes to talk to Japan about business. Every time the United States and Japan finish a round of business talks, the Japanese economy will languish for a period of time, and the related industries in the United States will take a tonic.