One stone stirs up a thousand waves.

Li Jiaming's speech at school, only professionals can understand the back of it, but a middle school student in front knows what it means. Through BBS, the ironclad assertion about the merger of AOL and Times Group quickly became a hot topic in the circle, and those who were skeptical and mocking did not agree. So many big economists dare not assert something, how can it be said that the Internet economy is in the ascendant, how can it be said that it is a bubble?

Li Jiaming, who had made up his mind and wanted to make a name for himself in this bubble, brought Chen Tong, the editor-in-chief of SOHU, and threw him the speech and asked him to hype up the matter.

"Dong Li, are you sure you want to hype?"

This person is really good, knowing that such a hype result is nothing more than his own fame or becoming the laughing stock of everyone. But no matter what the result, the economic version of SOHU will be very popular, and there will be countless economic 'experts' to shoot bricks, the purpose is to step on their own brains to make a name for themselves and make profits, and it will also attract countless people who don't know the truth to eat melons.

"Lao Chen, sit upright, you are the editor-in-chief of SOHU, and you should put SOHU's interests first on the premise of ensuring the authenticity of the news. ”

If he couldn't persuade him, he had no choice but to put Li Jiaming's speech on the Internet and invite several young economists in the society to comment on it, and began to hype up the matter.

Fame and fortune, fame and fortune, fame will be beneficial, Li Jiaming's reputation is great, known as the second son of SOHU, the third person of Huaguo Internet, second only to Zhang Zhaoyang and Ye Keyong of China.com, can stomp on his head, which means becoming famous overnight. Just like the "Hero Ranking" in martial arts, killing a peerless master can take his place!

Li Jiaming's speech is also a good refutation, the previous prediction about the merger of AOL and the times is just a prophecy. The US media has long hyped up this matter, and it is only necessary to refute the argument in favor of the merger, and guarantee that it is more reasonable and well-founded than those thousand words.

The later assertion about bubbles requires some academic skills, but it is also difficult for those economic 'experts'. Li Jiaming can extract arguments in his favor from reality, and they can naturally extract facts and evidence that are unfavorable to him and beneficial to them, completely overturn his mathematical model, and arrive at a diametrically opposite result.

The one-sided debate is not hype, it is a beating of the water dogs, seeing that the economic section of the website is starting to heat up, and seeing that Li Jiaming has lost the upper hand, Zhao Shiqing hurriedly organized the editor to refute it with a pen name. This opportunity can't be missed, whether it's stepping on the head of the 'second' to make the economic version earn clicks, or being said by the crow of the 'second', in one fell swoop, the authority of SOHU Economic Review, anyway, there is no loss left and right!

Moreover, Zhao Shiqing also wanted to turn this pen battle into an economic science popularization activity with the participation of the whole people, and went to Zhang Zhaoyang for help.

"Brother Yang, boss, Chairman Zhang! you have to help and stand up and fan the flames. ”

"Stupid! Go to Frank and ask him to post the second child's article on Yahoo, and then take a screenshot of the picture. ”

"You are doing it, and you are also waving the flag? There is no shame, you are not studying economics, and if you say something wrong, you will say it wrong. Besides, now those bastards are going crazy and swarming into our business, isn't this a bubble? ”

Lao Zhang, who is busy competing with yahoo (Huaguo) for the Chinese search market, has also been concerned about this matter, reading Li Jiaming's article and comparing the current Internet madness, he feels that the old guy is not wrong, it is indeed a huge bubble; but looking at the articles of those 'experts', he feels that what they say is also reasonable, the Internet economy is different from the real economy, the previous O and AOL are standard capital black holes, and now they are not all profitable?

After thinking about it, the scheming Zhang Zhaoyang decided to gamble, first, SOHU needs his own name to hype; second, there is Li Jiaming in front of him, and it is not ashamed to say it wrong, everyone who studies economics is wrong, and it doesn't matter if he learns computer himself.

"Paste Jiaming's paper on Internet traffic and find a way to publish it in the United States, if you want to fry it, you will have to stir it up!"

"It was published early on, on the Stanford school website. ”

Yes, there is vision and means, Lao Tzu didn't look away, this kid can afford to hold up sohu. Lao Zhang was satisfied with the slap of this little brother and capable general, and scolded: "Let Chen Tong help me ghostwrite, get out!"

"Hey, thank you, boss!"

Jingyouzi Zhao Shiqing bowed, and hurriedly went upstairs to wait to see the excitement, the boss's move would definitely attract Ye Keyong, Ding Lei, and Zhou Dongxu Their firepower bombardment. There are more than a dozen portals, and there are only four or five of them, and they are usually strangled to death, so if there is such an opportunity to step on sohu, will the birdmen easily let it go?

who's strangled whom!

Strangled the second and eldest to prove SOHU's impartial position, and strangled others to prove the authority of SOHU's economic commentary. No matter who dies, SOHU is undefeated anyway!

It's lively.

Chen Tong, who helped Lao Zhang ghostwrite, started with the excessively high salary in the industry, and pointed out that most websites could not make ends meet, even the most powerful and profitable SOHU began to gnaw on the old book and came to a conclusion: bubble.

Ye Keyong, CEO of China.com, who was the first to react, immediately wrote an article on their website to refute this view. At present, the number of netizens in the country has just exceeded 100 million, and the most conservative estimate in the future will reach more than 300 million, which will definitely amplify the market by three times.

Ding Lei, who graduated from science and engineering, also followed suit, using detailed data to prove that the rapid development of the Internet industry, and the revenue of the four major portals is growing at the same rate as the number of netizens, and the salary level is growing faster than the first two, but it is also within the normal range. As for the high salaries offered by those small websites, they were ignored by the CEO who came from science and engineering.

The most lively thing is that the United States is also pros and cons, and a considerable number of economists believe that this is an economic bubble.

At the end of last year, Morgan Stanley's chief global investment adviser Biggs made a surprising statement: the New York stock market will recover and consolidate in the next five years, falling by 10% to 12%, becoming the world's worst-hit large-scale financial trading market. He predicted that the bubble of technology stocks would burst one day, and investors' confidence in technology stocks was too high, and the profit performance of the technology industry could not actually meet such high expectations.

Federal Reserve Chairman Alan Greenspan once reluctantly said: "From our experience, no low-risk, low-cost tightening monetary policy can reliably curb the growth of a bubble, but is there a policy that can at least reduce the size of the bubble and its collateral consequences?" ’

However, the assertions of these professionals have been slapped several times by the continuous rise of the stock market, which has made economists who believe that this is a bubble speak cautiously. After the sudden publication of "Misunderstandings of Internet Traffic" on Stanford's school website, it attracted the attention of economists who agreed with the bubble, and they began to compare the advertising users with those second-rate and third-rate websites according to the mathematical model in the paper.

After some analysis and deduction, economists who agree that this is a bubble quickly come to a conclusion: everyone ignores the fact that the Internet economy is ultimately based on the real economy, and Internet companies have entered the misunderstanding that traffic is king.

What do you mean?

o After taking the lead in establishing a model of free service and relying on advertising to make money, everyone copied it in a swarm, and traffic became a reason to attract advertising in the business plan.

However, IT giants such as IBM, Microsoft, and Dell will only advertise on them, and even traditional brands will not be willing to degenerate into second-rate or even third-rate websites to advertise and reduce their brand value. Then, until you can't get a dominant market share in your respective field, it doesn't matter which website's traffic is not as valuable as everyone thinks.

What's even more terrifying is that the brands that currently advertise on the Internet, in addition to the IT industry and related industries, brands in traditional industries have also begun to join, but the cake of advertising fees has not been further expanded, let alone overflowed to second- and third-rate websites. Except for a very small number of Internet companies that can make profits, the vast majority of the rest are supported by investors' money.

If, if, if the Internet advertising this piece of the pie can't be made bigger quickly. How can those Internet companies that are so numerous make profits? Can companies that cannot make profits continue to develop for a long time?

With this sharp spear, economists with profound skills can quickly find evidence from reality that the current stock market is overheated without Li Jiaming's speech, which is similar to a thesis. In turn, their paper proved that Li Jiaming's judgment was correct - bubble!

But the United States is the same as China, where there is a positive side, there will always be a negative side, and the two sides are arguing back and forth. It's just that the American people only care about entertainment and sports, and that is purely a pen battle of experts, and it is fought in academic journals, and even TV stations are not interested in participating, and now the American economy is doing well!

The people who eat melons in China don't think it's a big deal to see the excitement, and they wish that the billionaires were brainy, especially the polemics posted by several major websites on foreign websites, which aroused everyone's enthusiasm. Concerned about politics and the economy, but the tradition of the masses of the people, usually there are countless local organization ministers and commentators. Many people even fanned the flames in the comments, for fear that those high-flying Internet heroes would stop at the point, hoping for a grudge and revenge!

It's on fire, and the economic versions of SOHU, China.com, and NetEase are all on fire, and the click-through rate is rising. If the click-through rate rises, then everyone can't afford to maintain decency, and you have to continue to fight regardless of whether you win or lose, because that means advertising costs!

And Li Jiaming, who is on the cusp of the storm, has become a person standing on the edge of the cliff, either falling down and losing his skin, or becoming a famous economist in one fell swoop, although this guy has not graduated from college yet.