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Unfortunately, with the cold snap of the Internet, Ma Yun's e-commerce profit model was not found, but more and more money was burned, when he flew to Tokyo, Japan to report the company's situation to Masayoshi Son, at this time Masayoshi Son was in the darkest moment of his life, he was almost the largest Internet investor in the world, in the past few years invested in 150 Internet companies around the world, SoftBank held shares of listed Internet companies once accounted for 8% of the market value of the global stock market.

Masayoshi Son once surpassed Bill Gates to become the richest man in the world, but at this moment his assets have shrunk by 95 percent, and the hundreds of Internet companies he has invested in are in chaos, and everyone does not know where the future will be.

On that day, the CEOs of various countries who came to report came in and out one after another with sad faces.

It was Jack Ma's turn, and when he briefly talked about Alibaba's situation, Son said quietly, "The CEO who came to report today said something different from what I said when I invested in them, only you are still saying what you said back then." ”

After returning to Hangzhou, Ma Yun announced to the outside world that Alibaba will make money next year, and the media asked, what is the profit target? He replied cheerfully, a dollar.

At this time, Fan Wuxian was also busy engaged in operations related to Internet companies.

In the office on the top floor of the Beijing headquarters of Fan's Investment Group, Mr. Fan put his feet on the desk, his body was lying in the boss's chair, and the four secretaries were waiting beside him, and the basic situation and business performance of each company were constantly projected on the big screen opposite.

And Fan Wuxian Fan is reviewing these companies at a glance, nodding or shaking his head, occasionally pondering, and then the secretaries will make a rating of these companies according to Fan Wuxi's reaction, nodding is to buy or hold, shaking his head is to resolutely sell, and what can make Mr. Fan ponder is naturally a more important company.

These companies are the listed companies in the United States that belong to the new economy.

In the past three years, due to the strong impetus of the network boom, coupled with the urgent need to solve the problem of millennium bugs, many enterprises have made large-scale investment in IT infrastructure, groups and individual consumers have purchased a large number of IT software and hardware, and the IT industry has ushered in an unprecedented prosperity of large-scale investment, substantial increase in income and high efficiency, but this is to a large extent a kind of early consumption and investment in IT.

Since the beginning of this year, operational and service IT companies have immediately encountered difficulties such as idle systems, heavy debts, and unable to make ends meet.

Production-and-operation IT companies soon fell into the dilemma of declining orders, shrinking markets, and insufficient cash flow.

At the same time, the negative impact of the stock market crash has further inhibited investment and consumption, and the entire IT industry chain has shifted from the upward cycle of the stock market bubble to the downward cycle after the stock market bubble bursts.

Internet companies, which are the stars of this bull market, have fallen the fastest and worst in the recession, small and medium-sized enterprises have gone bankrupt in large numbers, and it has become extremely difficult for large enterprises to run their businesses.

In particular, telecom companies have not been able to get due returns on their huge investments in network construction and mergers and acquisitions, and all of them have fallen into difficulties from rookies in the industry to established giants.

At that time, its telecommunications network connected more than 200 cities in 27 countries around the world, and its market value was once as high as $80 billion.

Lucent Corporation, which owns the Bell Institute, the cradle of technology, has continued to lose money, and the market value of its stock has fallen from more than $250 billion at its peak to more than $10 billion.

And companies like Motorola have lost $4 billion this year, and even Cisco, the world's number one network system supplier under Fan Wuxiao, has suffered short-term losses.

The entire computer industry has fallen into the first major crisis in 20 years, and many small and medium-sized enterprises have gone bankrupt or delisted.

Enterprise giants such as Hewlett-Packard, Compaq, SUN, and Apple have all reduced revenues, profits, and losses to varying degrees, and the stock price of Oracle, the leading database software, has fallen by ninety.

Although the performance of the company reflected on the big screen is not as good as one, Fan Wuxie's mood at the moment is extremely happy, which makes the four secretaries around him feel very surprised, what's wrong with the boss of Xindao?

Seeing the inexplicable expressions of the secretaries, Fan Wuxian said, "Remember, as long as you have a wise enough vision, then once the stock market falls and everyone's faces turn green, it is time to enter the market." ”

At this time, Fan Wuxian did only one thing, that is, to judge which companies can be acquired, and also to judge whether these companies have reached a good opportunity to acquire, as well as the proportion of equity that needs to be acquired, etc., once these things are determined, the financial management team will naturally handle the rest of the things.

Although his financial management team has completed two waves of operations before, at present, it is indeed time for Fan Wuxian to do it himself.

In the period of economic bubble inflation, listed companies are facing much greater pressure than usual earnings growth, which is not only an urgent requirement of investors for enterprises, but also a difficult problem for business operators, especially CEOs and CFOs, to ensure their own interests, after all, it is related to their high compensation and stock options.

However, when serious difficulties arise in the business conditions of enterprises, in order to win the favor of investors and ensure their own fame and fortune, some enterprise operators will resort to illegal means to falsify accounts, falsify business results, destroy evidence, and evade audit supervision.

However, after the bursting of the IT economic bubble, a series of corporate financial scandals were uncovered one after another.

In July, the U.S. magazine Wired published a statistic that Microsoft ranked second among the top 10 personal computer software companies in the United States in 1984, and this year, Microsoft jumped to the first place, while the other nine companies all disappeared from the rankings that year.

The reporter wrote with emotion that perhaps we should redefine what makes a good company.

The same kind of ups and downs of companies have also occurred in China's new economy enterprises, with data showing that in the six years since 1995, only one-third of the top 20 percent of the largest enterprises in the Zhongguancun Science and Technology Park have survived, but only one-fifth of the surviving enterprises are still among the top 20 percent.

In fact, the mass media and analysts bear a great deal of responsibility for the expansion of the new economic bubble.

At the time of the rise of this frenzy of high-tech stocks, most of the analysis and mass media played a role in fueling the fire, which had a certain degree of blindness and limitations, but more of it was speculative.

How can financial analysts who grew up in the mature financial markets of the United States have no doubts about the illusory nature of the Internet? But one thing everyone involved understands is that only by continuing to boast about the growth rate of the network can it continue to swell.

It's like the emperor's new clothes, although everyone can't see anything substantial, but the safest and smartest way is to continue to play, continue to believe and continue to appreciate.

As Warren Buffett, known as the god of stocks, said in a letter to shareholders, in the past, investors were like Cinderella in a fairy tale, knowing that the carnival dance would end at 12 o'clock, when all the beautiful clothes, servants and carriages would disappear, and there would be ragged poor girls, rats and sweet potatoes, but everyone was still reluctant to leave early, always hoping to leave a few seconds before the midnight bell remembered.

It's a pity that the bell at the ball has no second hand, and no one knows when the bell will ring, so when midnight creeps in, most people can't leave.

The fancy clothes are gone, the carriage is gone, the mansion is gone, and only a whole bunch of debts remain.

Fan Wuxian was busy for a whole day, and after being sure that he had not let go of any company with good growth and would make a difference in the future, he let go, and after counting it at this time, he found that more than 100 companies had been circled, and they were divided into three categories according to the degree of attention to determine the priority of attention.

It's a pity that some of these companies, Fan Wuxian is unlikely to get a controlling stake, just like SoftBank's Son Masayoshi, although his market value has fallen a lot, but for some companies that he is optimistic about, he refuses to let go, and relying only on the little chips collected from the market does not seem to be enough for Fan Wuxian to obtain huge benefits, which is indeed a big trouble.

"These cunning Japanese, why don't they have a cerebral hemorrhage?" Fan Wuxian hated it a little bit, but there was nothing he could do.

In fact, for American companies, Fan Wuxian has a much greater grasp of hands-on, after all, the market liquidity in the United States is very good, but for some domestic companies listed on the NASDAQ, it is more difficult to say, in addition to some companies that he has invested in before, it is obviously very difficult to intervene in some domestic Internet companies consciously controlled by the Japanese.

To a large extent, the Japanese are more strong in controlling these companies, and it is no longer as simple as making money, and mastering some Internet companies that are on the rise in China is very helpful for Japan's expansion of influence in China, so they would rather lose some money than give up their rights and interests in this regard.

In the face of these persistent Japanese, Fan Wuxi also felt a little bit like a tiger biting a turtle for a while, and he had nowhere to eat.

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