Since the 90s, with the wide application of computer technology and the gradual popularization of the Internet, a large number of technology companies related to computers and networks have been born, and a large number of stocks of such technology companies have been listed on the NASDAQ, and the NASDAQ stock trading market has been dull since its inception in 1971, and it took 20 years to climb from 100 points to more than 300 points, until it broke through 1000 points in 1995, and then began to soar all the way, and it took only five years to rush to 5000 points in one breath. And just this year, the Nasdaq index has skyrocketed.

In the past five years, the NASDAQ has created countless myths, such as when Netscape went public in 95, the original stock price was only 14 yuan per share, and it doubled to $28 when it was publicly issued, and on the day of listing, Netscape's stock price soared to $75, which doubled several times in one day. And then in 1996, Netscape's stock rose to a high of $171, a tenfold increase in a year.

However, Netscape is just a meteor in the entire Internet tide, the young and vigorous Netscape tried to step on the overlord of the PC at that time, Microsoft, but at that time Microsoft had dominated the PC platform, when they launched their own Internet Explorer, and tied to the operating system to provide to consumers, plus their dominance in the field of operating systems, Netscape was quickly killed, in 1998 it was acquired by AOL for $4.2 billion.

AOL is an online information service company that can be traced back to 1985 as a quantum computer information data company, which initially provided online information services for computer users, including e-mail, newsgroups, With the development of the information superhighway plan in the United States and the gradual popularization of the Internet, AOL's business has developed rapidly, and now it has more than 20 million contracted users, more than $7 billion in revenue, and more than $1 billion in profits, with a stock market value of more than $130 billion.

Now AOL is the hegemon of the Internet world, with more than 20 million contracted users, the world's largest Internet chat room, the epoch-making chat product ICQ, the huge user music software inamp, and its own e-commerce business, many Americans are making their first online shopping through AOL......

At present, AOL is seeking to merge with Time Warner, which was formed by the merger of Time Inc. and Warner Bros., and has a history of more than 70 years.

And early next year, AOL will acquire Time Warner, making it the largest business combination ever. At that time, people were shouting that the merger of the two powers would create an unprecedented media giant, with Time Warner with traditional media functions having strong content production capacity, while AOL had the advantage of online new media, and its future had unlimited imagination.

However, the merger proved to be unsuccessful. AOL and Time Warner are two completely different companies, AOL is a typical representative of the new economy of Silicon Valley, while Time Warner is an old media enterprise, which is like a combination of a dynamic teenager and a stubborn middle-aged gentleman, and the two sides can't go together at all.

Soon after the merger of AOL and Time Warner, it encountered the NASDAQ stock market crash, the Internet bubble burst, in just a year and a half, the NASDAQ index shrank from more than 5,000 points by three-quarters, fell to more than 1,200 points, 80 percent of the stocks fell by more than 80 percent, nearly 40 percent of the stocks were forced to delist, and the once glorious Chinese concept stocks, such as Slender Fox, Xinlang, Wangyi and other stock prices fell below one yuan one after another...... Naturally, the merged AOL Time Warner was also affected, and the two merged less than a decade before they separated again in 2009.

There are many reasons for the failure of the merger between AOL and Time Warner, such as the conflict of corporate culture and the NASDAQ stock crash, but in Bao Feiyang's view, the most fundamental reason is the rapid development of the Internet economy.

AOL has been engaged in chat rooms and ICQ for a long time, but it was quickly defeated by Microsoft's MSN and the new social networking site Facebook, and OICQ, which copied ICQ, has developed into a giant QQ.

AOL is the first e-commerce website in the United States and even in the world, and many Americans' first online shopping is carried out through AOL, and Amazon at that time was still a simple online bookstore, to advertise on AOL's website and chat room, but AOL's e-commerce did not continue, and Amazon has developed into the world's highest market capitalization company.

AOL also provided e-mail and news feeds, and its influence was comparable to that of Yahoo at the time, but like Yahoo, they were a failure in the face of rising star Google.

When AOL was at its most popular, it acquired Time Warner with a small and broad scale, but it immediately suffered the bursting of the Internet bubble and the NASDAQ stock crash, and its own business was constantly impacted.

In the Mexican financial crisis in 94, Bao Feiyang raised a lot of funds and made a lot of money with the Tang family, and some of the money earned at that time became the ammunition for Fangxia Group's international expansion after being laundered, and the acquisition and development of Tucker Oil, Fangta Mining, and Tangsheng Heavy Industries also benefited from this fund.

Some of them have returned to the financial markets through various channels, mainly investing in technology companies in Silicon Valley. For example, when Netscape was listed, the fund controlled by Bao Feiyang was a cornerstone investor, and he bought a large number of Netscape shares at a price of less than 14 US dollars, and later bought them in the open market, and then threw them at a high level, and the highest Netscape stock price rose more than ten times compared to the issue priceIn short, after slowly clearing out the Netscape stocks in hand, the total income of this order is about eight times, and it is only two years before and after. Of course, Netscape's plate is not large, so the total amount earned in this transaction is not much.

However, in the past four or five years, companies similar to Netscape have emerged in an endless stream, although they may not be as dazzling as Netscape, but after many companies went public, the stock prices have soared all the way, including the heart wave of Chinese concept stocks, Slender Fox, etc.

According to statistics, the first-day premium rate of NASDAQ-listed Internet companies is as high as 65%, and the highest is 470%. After a year, the stock price rose by an average of 106%, which is the statistics of the past few years, and in fact the relevant data will be higher in the past two years, especially in the almost crazy year of 1999, when it was very common to double or triple the premium on the first day of listing.

Bao Feiyang has invested heavily in these Internet companies, and after their listing, they have cleared up after the stock price rose to a high level, and the assets have continued to increase rapidly, and now Sugar Square Investment has become the leading venture capital in Silicon Valley.

However, Bao Feiyang is very aware that the stock market crash is coming, and in the next month or two, he will empty all the stocks he holds. In fact, not only the NASDAQ, but also the bursting of the new economic bubble, the entire stock market will collapse, and the US Dow Jones index will also fall 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 also a prosperous scene, and a major collapse may come at any time, so Bao Feiyang has been letting people start to clear their stocks one after another since December. Although it is said that this may lose a considerable investment income before the high point arrives, compared to the arrival of the stock market crash, a large number of stocks are smashed in his hands and cannot be sold, Bao Feiyang would rather choose to clear it now.

The stock market is a typical chase up and down, when the stock rises, everyone rushes to buy, and there is no buyer. Once a stock falls, especially when there is a big fall, there is often no market for it, and no one buys it at all. So stock trading, not that you want to make a little less, lose a little less, you can sell it if you want to let blood and sell it, many people try to sell it when they see the exact fall, but when it really comes to that time, no one buys it at all, you can only watch the stock price plummet, and the stocks in your hands become more and more worthless.

Bao Feiyang chose to sell the stocks in his hand at this time, naturally there was no problem, and some people took over. And in a frenzied atmosphere, even if Sugar Cubes sold a large number of stocks, it did not cause fluctuations in stock prices, and the Nasdaq index still soared vigorously.

However, as the leading venture capital in Silicon Valley, Sugar Cube's actions on the Nasdaq stock market were still dug up, and the news that Sugar Cubes Investment sold off its stocks in large quantities caused a lot of repercussions.

At that time, there were not many people who analyzed the Internet bubble, but all of this was swallowed up by the rising stock price and the frenzied atmosphere, although the action of sugar cube investment once again triggered the Internet bubble, the Nasdaq stock market has been fluctuating for three consecutive days, but the result is that the shock is upward, still indomitable, running wildly.

This situation also made Bao Feiyang, who had just arrived in the United States, breathe a sigh of relief, and he rushed to the United States this time, in fact, he was worried that selling stocks at this time would make people watch, and once the news spread, it would cause a stock market crash to come early. However, it seems that he overestimated the impact of sugar cube investment and underestimated the inertia of history.