AL means party animal, which means that Americans are keen on all kinds of parties.

Party is an event that Chinese people usually don't like very much. Among the turtles that Li Jiaming has come into contact with, except for Sun Weigang's liking, from Zhang Zhaoyang, Lao Gu to Qiao Qiao and his fourth brother, no one has heard anyone say that participating in Lao Mei's party is a fulfilling and pleasant enjoyment of life. And Miss Qiao still has such feelings, it is better to make a cup of tea at home and read a book.

After coming to the United States, Li Jiaming also participated in several parties organized by Goldman Sachs or Kyle because of official needs, but he did not like that kind of social activities. Like that kind of party with a strong business purpose, there are dozens or hundreds of people at every turn, there are few opportunities to communicate with others alone, and the chat is very superficial, and most of the time is spent on greeting each other. In fact, this kind of party has no effect at all, and it has completely become a kind of business etiquette.

Tonight's party must have taken into account Li Jiaming's Chinese background, and only seven people, including Marissa and Li Jiaming, were all classmates or friends of the girl who worked for various companies in Silicon Valley. It is estimated that Li Jiaming made a good impression on her, and wanted her friends to get acquainted with him, a far-sighted and powerful investor. If you want to succeed, you can't just refuse the friendship of others, especially investors.

But when Marissa told Li Jiaming that there were only a few people at today's party, and Larry and they wouldn't come, he couldn't help but be disappointed. Without listening to what they say, Li Jiaming can guess that they want to leave their respective companies to start a business and find venture capital from themselves.

Maybe there are future digital difficulties among these people, but Li Jiaming only remembers the most brilliant stars in this industry, so he said politely at the beginning: "Gentlemen, do you know how I knew about BackRub?" I was talking to David before the press conference. Fei Luo knew when chatting, he said that Larry their software is great, and we Sohu is trying to search in Chinese, so we were entrusted by the company to seek cooperation.

Personally, I am more interested in making physical products than in doing Internet companies, otherwise I would not have resigned from my position and founded HH Electronics. I came to Stanford for further study, on the one hand, because I have a strong interest in studying economics, and on the other hand, I want to get close to the latest Internet technology, ideas and ideas, and I want to develop a better product than the iPod. ”

The other six were disappointed, but Marissa said, "Ming, do you mean that Sohu is interested in buying our patents?" ”

It's a bit interesting, but if there's a need, Li Jiaming doesn't mind paying the million dollars.

"Full cooperation is our goal, and if we can't fully cooperate, it's not impossible to buy your patents."

"How to cooperate?"

This girl is strong enough, Larry didn't show up, she just wanted to find out the bottom line? However, if the other party is interested in cooperating, it is not a bad thing.

"We Sogo invested, equivalent to $650,000, but last month raised $10 million, miss, how do you think we can work together?"

"Impossible! Your technology is one level worse than ours, how can it be estimated at 50 million? ”

It's too tender, Li Jiaming shook his head and said: "Miss, technology is not valuable, there should be many technologies like yours in Silicon Valley, what is valuable is a reliable profit model." Luckily, we've found a monetization model for search engines because we have the powerful Sohu in our hands, understand? ”

"Can you tell us why?"

Just because you're a beauty, you can trick people? Li Jiaming shrugged his shoulders and mocked: "It's useless to tell you, because you can't have huge traffic and brand effect like us and Yahoo." ”

This is a big hole, and if you ask 'what is most important to Internet companies' in Silicon Valley, 99% of people will tell you that 'traffic is the most important', but this is a huge mistake that will be proven in the future. Everyone thinks that the more traffic, the easier it is to attract advertisers, but they don't see what customers are advertising.

"You mean, we need to find traffic as soon as possible?"

The girl asked one after another, and Li Jiaming couldn't help but be careless, as a student of economics and able to reason about the future against the present, of course he knew that this was a huge mistake, and he also wrote a paper for publication. Except for the customers he and Chen Dong have found to increase Sohu's market value, the rest of the users who are now advertising on the Internet are big brands - the manufacturers who value their own brand value the most!

Why did Li Jiaming insist on finding a giant like IBM to place the first advertisement in Sohu? Brand effect, because a first-class brand will advertise on first-class media, but will never advertise on second- or third-rate media, because that will affect its own brand value; At present, the only brands that will advertise on the Internet are those big brands that are not bad for money.

Why did Kyle agree to advertise on Sohu in the first place? In addition to the fact that he is an alumnus of Lao Zhang and Sun Weigang, more importantly, because Sohu was the best portal in China at that time, advertising on Sohu would not affect IBM's brand value. Facts have also proved that Kyle's decision is correct, and the historical significance of China's first online advertising is worth the $10,000 they invested by IBM.

After hesitating for a while, Li Jiaming was still not sure whether this girl was instructed by Larry, and there should be no Chinese in the United States who would go around in circles, but he couldn't help but speculate in this regard. Don't look at Larry's young kid, in fact, he also has a bad stomach, and often stirs up trouble between Yang Zhiyuan and himself, wanting Yahoo to use their search engine.

"Miss Marissa, I'm just giving an explanation based on our national situation, maybe the United States is different, after all, I don't know much about the United States. Our experience is to find the maximum traffic and then try to convince the client to place an advertisement, you see that our advertisers are not only big brands, but also small brands and even real estate developers. ”

Although Li Jiaming added double insurance, several white young people were still shocked, this idea is too novel, but the answer can be found in daily life. For example, will those expensive luxury goods have a counter at Walmart? No, they will have a store on Fifth Avenue in New York, even if the rent is prohibitively high. 's advertising revenue is so high, but those second-rate websites can't pull ads at all, and they all rely on investors to burn money to maintain.

By this reasoning, doesn't that mean that all but a few large websites will die?

"Perhaps, this is the cruelty of the Internet, winner takes all! Now a large amount of hot money has entered this industry, which has accelerated development, but it has also made practitioners become eager for quick success and quick profits, ignoring the essence of capital - chasing profits. When investors find that they can't make a profit, the bubble will burst, and the companies that can survive will find a profit model, be in the leading technology, or be relatively small in scale and less affected by capital. ”

Cool！

Several people think that Li Jiaming is very cool, these things even university professors dare not be so bold, and will only evaluate in a subtle tone, but this Chinese directly defines the Internet boom as a bubble. Li Jiaming also likes to chat with these white ghosts, don't look at these people as inconspicuous, but they are definitely the elite of the elite in China, and Hanhua Technology wants to set up a research institute in Silicon Valley, so it has to recruit these IT elites.

However, the party that was said to be good became a salon or even a lecture, and Li Jiaming gave a lecture to these white people.