May 14 is a node, and once May 14 passes, Liu Si's position in the currency forward contracts of Southeast Asian countries basically does not have the risk of liquidation. Pen? Interesting? Pavilion wWw. ｂiquge。 Info history told him that after May 14, in addition to the new Taiwan dollar and the Korean won, the ringgit, peso, Thai baht, and Indonesian rupiah have been in a state of slow decline, and there has been no large-scale rebound.

Because the New Taiwan Dollar and the South Korean Won only began to announce their own floats in late October, Liu Si is not in a hurry to absorb the forward contracts between the South Korean Won and the New Taiwan Dollar, so that there are only $1.3 billion in the New Taiwan dollar position and $1.5 billion in the current position of more than 100 billion US dollars.

Counting the movable cash in the position account, he currently has a total of more than $9.3 billion. Since he didn't have to worry too much about the danger of being liquidated, Liu Si couldn't help but want to embezzle the movable account cash in the position account. In particular, the Amazon listing that Jeff mentioned in a previous phone call reminded him of the 2000 dot-com bubble.

The dot-com bubble (also known as the dot-com bubble) refers to the speculative bubble from 1995 to 2001, in which the stock markets of Europe, the United States and many countries in Asia experienced a rapid rise in the stock prices of technology and emerging Internet-related companies.

In the second half of the 90s of the 20th century, the US stock market fell into a frenzy. Under the "irrational exuberance", investors invest large amounts of wealth in overvalued high-tech companies, but these speculative companies make no profit and waste a lot of investment.

That's exactly what the story says, but the reality is different. Yes, there was indeed a dot-com bubble in the United States; True, bubbles lead to wasted and distorted investments. But the bubble was not as big as is commonly thought, and it didn't last as long – in fact, it lasted only a year and a half, starting in late 1998.

The stocks of Internet high-tech companies have risen wildly, and the valuation has been irrational since 1998, but Liu Si, who is more ambitious, naturally does not want to enter the market when the stock has risen a lot in 98.

The leaders of high-tech stocks are Cisco, Microsoft, Dell, etc. Historically, Microsoft's market capitalization exceeded $600 billion, approaching $700 billion, an increase of more than 10 times compared with $50 billion in 1996; Among them, Amazon is even more powerful, listing on May 15, 1997 at a price of $18 per share, but by April '99 its stock price was as high as more than $900, an increase of 56 times.

Nowadays, technology stocks and Internet stocks in the Nasdaq are still within the rational price, which is the time to absorb chips at a low level. You must know that the investment income of up to dozens of times can even exceed the rate of return obtained in Thailand for most of the year.

After hanging up the phone, Liu Si took the bodyguard back to his bedroom to search for technology stocks and Internet stocks worth investing in on the NASDAQ through the Lenovo machine, and the list obtained was sent to Jeff and Daphne through the fax machine. It's just that what needs to be thought about is whether the traders on behalf of Angel Capital and Phoenix Capital should be dispatched by themselves, or let Jeff and Daphne recruit them themselves.

Cisco rose a total of 10 times from May '97 to March 2000; Amazon was listed on May 15, 1997 at a price of $18 per share, but by April '99, its stock price was as high as more than $900, an increase of 56 times, and it was ticked; Microsoft's market capitalization exceeded $600 billion, approaching $700 billion, an increase of more than 10 times compared with $50 billion in 1996......

Liu Si has drawn many Internet and high-tech enterprises, such as Cisco, Yahoo, Intel, IBM, Microsoft, HP, Dell, Nokia, Qualcomm, Oracle...... Of course, the most important apple is really not to be forgotten, and this is a stock that is intended to be held for a long time.

On May 20, U.S. time, when Jeff called the founders or heads of three Internet companies to inform them of the valuation of angel capital in their respective companies, the CEOs and senior executives of the three companies were really stunned. Perhaps except for Miel and Meg Whitman, who are not surprised by the valuation of eBay.

If the management of the three Internet companies has no opinion, then in the end, they only need to discuss with the management about the rights and obligations of investors and managers, as well as the arrangement of the distribution of interests.

Jeff did a good job of implementing Liu Si's request, that is, in this Series A financing, the three Internet companies will list the treaty that investors must not require the three companies to rush to come up with profit plans for profit. Among them, ICQ's plan is more demanding, that is, investors must not interfere with the daily management of ICQ, and there must be no objection to ICQ's decision-making. Coupled with its valuation of $800 million, Weisger, Wadi and Goldfinger all have only one idea in their minds: "A fool would invest." ”

Wiesger, Wade, and Goldfinger muttered in their hearts, but were not in a hurry, because Jeff made a promise, "If there are no investment institutions and investors to participate in ICQ's Series A financing, then angel capital will find or invest $100 million in cash for ICQ at a valuation of $800 million." ”

Founded in 1964 and headquartered in Boston, IDG is the world's largest information technology publishing, research, development and venture capital firm.

Patrick McGovern is the founder and chairman of the International Data Group, McGovern started in 1964 with $5,000 to start IDG (International Data Group), and by 2000 the company had a global turnover of $3.1 billion. This is a very legendary story.

McGovern walked into the IDG building in downtown Boston today, and was in a good mood, and a few days ago he found several valuable emerging Internet companies. The main problem is that the current Internet companies are worried about funds, and it has to be said that it is an opportunity for IDG.

"Sir, sir......"

McGovern, who had just walked into the building, was met by the shouts of Doron, the head of the investment department, and when he got closer, he asked, "Doron, it's early to work!" ”

"Sir, you gotta look at this!" As he spoke, Doron handed over a document in his hand.

"What is this?"

"A fax from an angel capital investment company. Angel Capital is the main investor of Blogger, eBay and ICQ, occupying more than 70% of the shares of each of the three companies, and is the real controlling shareholder. This document was sent by Angel Capital to report to our IDG for the purpose of valuation, quotation, inquiry, relationship building and other purposes of the three companies. ”

McGovern's decades-long investment career is not bad. Put the documents in the office bag and say, "Let's go to my office and talk!" ”

After sitting down in the office, McGovern unhurriedly took out his papers, put on reading glasses, and looked at them carefully. In the first half, he smiled and nodded, because the first half of the content was all about IDG and McGovern. But the content of the second half made his face turn upside down, and his face was very ugly, "Doron, are you sure you didn't get the wrong file?" ”

"Yes, sir. As you can see, Angel Capital's asking price is outrageous, it's an incredible valuation. If the valuation is high, it doesn't matter, but the investor required in the document not to interfere with the company's daily operation is definitely an overlord clause, and this asking price is also invested by investment institutions or investors, so he must be crazy! Doron shrugged, feeling unreasonable about Angel Capital's valuation and treaty requirements.

"We will not participate in these three companies, IDG." McGovern was about to send Doron away when he suddenly thought of something, and instead asked, "Dorlon, have the other Internet companies replied?" ”

"Not yet, sir!"

"Then you go down and send an inquiry letter to ask!"

IDG is one of the most important companies in the limelight for Liu Si. Because IDG is the most professional team in the international venture capital industry, with science and technology, medicine, finance, management and other backgrounds, rich experience in management and venture capital operations, excellent performance and reputation in the industry. Establish a wide range of communication channels with entrepreneurs, while maintaining close cooperative relations with them; We provide strong support to each company in our portfolio in terms of capital, experience, and business relationships, and have earned the trust of entrepreneurs and investors.

IDG Capital is very good, but unfortunately its investment has several characteristics, first, most of the investment is concentrated in the early stage of the project, the shareholder structure is simple companies, and most of the investment funds are relatively small. Second, I like to invest in innovative and leading projects. Third, there is another distinctive feature of IDG investment, that is, when the initial investment intervention, it does not consider the profit model. Fourth, IDG is not an angel investment. Fifth, investment in medium-term intervention projects is more likely to account for the majority.

Blogger, eBay, and ICQ are absolutely unreasonable in the eyes of most investment institutions and investors. At present, Yahoo has a market capitalization of just over $1.3 billion, and Amazon has just over $900 million. However, the A round of financing Blogger and eBay are valued at $500 million, and ICQ is even more outrageous, with a valuation of $800 million.

In the eyes of many investment institutions and investors, the current prospects of Blogger, eBay, and ICQ are definitely not as good as Yahoo and Amazon, and it is strange that such a valuation can successfully raise funds.

The same story is not only happening on this day with IDG Capital, but also with Sequoia Capital, Goldman Sachs, DFJ, Intel Investments, Morgan Stanley, Carlyle Capital, and many other venture capital firms.

Don Valentine, the founder of Sequoia Capital, is a legendary investor who was the first institutional investor to invest in innovative and trend-setting companies such as Apple, Cisco, Oracle, Yahoo, and many others.

But this day, working in the office, he suddenly lost his previous good temper, "Angel capital, damn capitalist, go die!" To hell with it! Don't try to get a child from me......"

Goldman Sachs is a group company with investment banking as its main business, and its venture capital business unit is extremely small in the entire Goldman Sachs group, but the achievements of Goldman Sachs venture capital department since its establishment are immeasurable, comparable to a few companies specializing in venture capital such as SoftBank, Sequoia Capital, and IDG. The main reason for this is that Goldman Sachs is able to provide help in the corporate IPO stage that other venture capital institutions or investors cannot provide.

"Damn, is Angel Capital telling me to invest? Why don't you just let us Goldman Sachs help him IPO! Dogs,, what a,! ”

The main leaders of Intel Investment, Morgan Stanley, Carlyle Capital and many other venture capital companies were also furious after getting the documents faxed by Angel Capital.

"Bastard, don't try to get one from me!"

"Blacklist Angel Capital!"

"Dogs,, ......"

……