The secondary market, only the secondary market is currently the best capital export.

The so-called secondary market is relative to the primary market. In layman's terms, the stock market is a part of the secondary market.

Now the Internet sector of the NASDAQ is so hot that it has flattened the revenue gap between the primary market and the secondary market. In addition, it is becoming more and more difficult to invest in the primary market, and the attractiveness of the secondary market to investors is self-evident.

Moreover, the secondary market also has an advantage that ordinary venture capital cannot achieve, that is, the difficulty of exiting.

Whether in China or internationally, there are only a few exit channels for venture capital: (1) IPO, (2) acquisition or transfer, and (3) bankruptcy liquidation.

The reason why there is a single exit channel for domestic venture capital is mainly that the domestic IPO is too difficult and the equity transfer market is immature, resulting in the lack of strong operability of acquisitions or transfer and mergers and acquisitions, and the threshold for bankruptcy liquidation is too high, which makes it lose its due role as an exit channel.

However, the secondary market is different, the U.S. stock market implements a T+0 trading system, which can be bought and sold on the same day, and the profit exit is very fast, even if it is more than 10 billion US dollars, it only takes about three months if the operation is done properly.

For others, the secondary market may mean risks, but for Zhang Chen, a reborn person, it is really no different from an ATM.

The butterfly effect of the stock market? The total market value of nearly $8 trillion at the peak of the NASDAQ, even if Zhang Chen's $1 billion is increased to 10 billion, how much proportion can it occupy? In addition, there are traces of the process of the bursting of the Internet bubble, and the results of Microsoft's anti-monopoly investigation are the trigger for the bursting of the Internet bubble.

Tinder Control's Cowes has invested more than $800 million in the secondary market, of which $600 million comes from financing, and Tinder has invested a total of $200 million. After half a year of operation by the Blankefen team, the funds controlled by the Cowes Fund have swelled to $1.4 billion, and the 200 million of Tinder Source has become $360 million.

Since Zhang Chen decided to find an outlet for the remaining funds, he must increase investment in the secondary market.

Zhang Chen held two telephone conferences with Bellankefen for this reason, and decided to inject another 640 million US dollars into the source of fire, making up a billion yuan, and pulling out a fund alone to fight for the NASDAQ.

The reason why he pulled out a fund alone was not because Zhang Chen didn't want investors to make money with him. Rather, it is because the investment strategy of the fund needs to be approved by investors, otherwise investors will withdraw their funds and redeem their funds.

The investment strategy of this fund was too risky for other investors to agree with, so Blankefen had to set up another fund in addition to the three funds.

There are currently 5,540 listed companies on the NASDAQ, and about 700 Internet-related companies. Among them, there are less than 100 star-level companies, and the money from Tindersource is mainly used to buy the outstanding shares of these 100 companies.

Fifth Avenue, Chase Manhattan Plaza, 37th Floor.

"Fxck! This is a suicidal strategy!" Yang Zhengrui, a strategist at the Coyce No. 4 Fund, muttered as he looked at the computer screen.

"Richa, it's the first time I've heard you Huaxia people say Fxck. Edmund Bosi, who was seated back to back with Yang Zhengrui, turned around and made a joke. "George's brain is only the size of peanuts, and it's naïve for you to ask him to give you constructive advice. ”

George Cooper is the supervisor of the two of them, and in any company, complaining about their direct supervisor together is the most effective way to quickly bring colleagues closer.

But Yang Zhengrui did not cooperate with Edmund Bosi's meaning, but sighed, "It's not George, it's above." ”

"Above?" Edmund Bosey turned around, "You mean Clive?" Clive Kelson is the fund manager at Cowyce Fund IV, managing a team of more than thirty people. He just made the switch from Long-Term Capital Management two months ago, and for Yang Zhengrui and Edmund Bosey, Clive Kelsen's today is their goal and idol, a true Wall Street elite.

Yang Zheng said sharply: "No, it's Lauerde." ”

"Laurald?" Edmund Bosey moved his swivel chair to Yang Zhengrui's side, both shocked and envious, "You received Lauerde's email?"

Rauld Blankefin, as Coyce's MD (Managing Director), is a god-like presence for these grassroots analysts. Edmund Bosey has never received an email from Frankfinn alone to him, except for Blankefen's mass company-wide emails.

No news is good news, and Edmund Bossi can only console himself with this.

Yang Zhengrui nodded: "Yes, Lauald vetoed my investment strategy... As soon as he said this, he saw George Cooper, who was wearing suspenders and a big belly, standing at the door of the office and waving to him, signaling Yang Zhengrui to come to his office.

Edmund Bosey handed Yang Zhengrui a self-begging look, Yang Zhengrui looked at the top of George Cooper's shiny head, secretly screamed bad luck, stood up, and resigned himself to George Cooper's office.

"Did you see Lauerd's email?" George Cooper stared at Yang Zhengrui, "What do you think?"

Yang Zhengrui pursed his lips in his heart, and thought about it again, "I don't really understand Laurd's intentions, I think this strategy is too risky, and this is the first time Laurd has intervened in the formulation of a specific strategy." ”

George Cooper had no expression on his face, "Adventure?

Yang Zhengrui felt inexplicable, although what he said was more tactful, couldn't this fat and bald man even see the risk points in this strategy?

Yang Zhengrui sorted out the language: "Our current No. 4 fund mainly invests in star stocks within 100 on the NASDAQ, which in itself is a very risky investment direction. Therefore, when formulating an investment strategy, in order to reduce risk, we chose some blue chip stocks. But now Lauerd's revised investment strategy, Yahoo and AOL are overweighted, and the risk rate has exceeded the critical value. ”

George Cooper nodded: "I have the same opinion as you, but just now Clive told me that we must use Lauord's revised strategy as a model and we will develop a more detailed investment strategy." ”

Yang Zhengrui opened his mouth in surprise, "Is Clive really saying that?"

George Cooper shook his head helplessly: "Yes, I didn't believe it at first, but Clive asked us to send him the new strategy before ten o'clock tomorrow morning, he has to have a meeting with the management, you guys work hard today, be sure to make a new one before eight o'clock tomorrow morning." ”

Yang Zhengrui sighed in his heart, it is already four o'clock in the afternoon, and it will be eight o'clock in the morning tomorrow, and it seems that he will have to work overtime all night again.

When will the days of financial dogs come to an end?

(End of chapter)