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After the movie "Rebirth" was drawn, it was already August 2005. Pen "Fun" Pavilion www.biquge.info

Wang Qinian was also an old shareholder in his last life, so he naturally knew that after some companies were listed, buying them with their eyes closed would also bring amazing returns!

For example, stocks such as Tencent and Baidu are big bull stocks that can change people's fate! When ordinary people go public, they only need to buy with one year's salary, and they can achieve financial freedom in the future!

As a fund manager, you only need to buy a little position, and you can also go out and brag in the future, and brag about your own level.

As a business, whether it is a financial investment or a strategic investment, buying stocks of such a fast-growing company can also get huge returns.

In 2004, Tencent went public, and the partner company bought 50 million Hong Kong dollars of Tencent shares without affecting its own operations. However, Tencent, the future big bull stock, the market value growth at the beginning of the listing was not rapid, the small partner company invested 500 [none] [wrong] 00000 yuan to buy, plus dividends and dividends, and then invested, the shareholding increased to about 13 million shares, and the market value only increased by 4100 yuan, slightly increasing to 91 million Hong Kong dollars.

This is mainly due to the fact that instant messaging companies have never created such amazing benefits in the past, and Tencent, as the world's largest instant messaging company, has no reference for its valuation. Therefore, the capital market's valuation of Tencent is very low. To put it simply, the market is not necessarily right, and some stocks are often undervalued, and market errors, market short-sightedness and bias are the key for value investors to buy stocks of good companies cheaply.

The more the market recognizes a company, the less likely it is to buy cheaply! Investors may often have to pay a more expensive price to get a buying opportunity. And the vast majority of prospects that look rosy, most are traps.

In August 2005, Baidu went public. A Chinese Internet listed company with a long-term return second only to Tencent! Of course, in the short term, Baidu may be more sought after by the market than Tencent. Because, before Baidu went public, there was already a Google company that could be used as a reference!

Since investors have seen Google's current size and growth, they can understand the business model of Baidu, the "Chinese version of Google".

On August 9, 2005, Baidu was listed with a total share capital of 32.3 million shares. The offering price is $27 per share. At this issue price, Baidu's valuation is already $8.7 billion.

On this day, the team of the small partner value investment company stayed up all night with Wang Qinian to fight the market of Baidu listing in the United States.

Baidu's listing price is $27, and if it is a new stock, it may have a higher yield. But Wang Qinian likes to pretend to be forced, but he doesn't play new stocks.

After listing, it is hyped in the market. More engagement. If you play a new stock, it is similar to winning a lottery, and the first day of the new stock opens sharply, and there is no sense of accomplishment.

Therefore, Wang Qinian issued an order and said: "Pre-buried order, $80 per share, 100,000 shares of it!" ”

Everyone was stunned when they heard this, and then burst into laughter.

"Fuck 100,000 shares!"

100,000 shares of Baidu. At $80 per share, that's an $8 million order. But. On the first day of Baidu's listing, it was not a big deal at all, and there were countless funds, institutions and individual investors who wanted to bite a piece of meat off the "Chinese version of Google".

The authentic Google of the United States is now worth $180 billion, surpassing Microsoft, Amazon, and Yahoo. It has become the world's largest Internet company by market capitalization.

The valuation of the "Chinese version of Google" listed is more than $800 million. Baidu's business model has matured, and its traffic has begun to rise within the top 10 in the world, and it has been growing and profitable. Such a company, even if its revenue and profit are only a fraction of Google's. But as long as you are optimistic about the prospects of China's Internet industry, you will inevitably be optimistic about Baidu, and you will inevitably feel that Baidu is simply too cheap compared to Google. According to the valuation of Baidu's listing, it is only equivalent to one of two hundredth of Google!

If you analyze it with common sense, you will know how cheap Baidu is!

Therefore, Wang Qinian asked the partner company to place an order at a price of $80 a share to buy Baidu's shares. After the opening, the transaction is quickly completed!

Originally, Baidu's opening price should have been $66 per share!

But under the $80 order of the partner company, the opening price of Baidu is directly $80! All 100,000 shares of Baidu stock were sold!

Although, there have been some changes in the transaction price compared with history. However, people's pursuit of Baidu has not changed! And, even crazier rises......

Wang Qinian witnessed that less than an hour after the market opened, the price of Baidu's stock per share hit $100 per share, and broke through $150!

However, under the T0 system of the U.S. stock market, stocks bought on the same day can be sold on the same day. So, soon there will be some profit-taking orders that are bought in the morning, because they are bought on the same day and make a profit, so they will take the opportunity to sell the stock to cash in the profits.

Wang Qinian also knew how awesome Baidu would be in the future, but he still gave an order to clear Baidu's shares at the price of $120.

In other words, on the first trading day of Baidu, the ultra-short-term investment of the partner company earned a profit of 4 million US dollars.

The crazy pursuit on the first day made Baidu's stock price more than triple. However, the market quickly began to like the new and hate the old, and a large number of investors felt that Baidu had overdrawn its future growth space, so they sold their stocks one after another to cash in on profits.

Therefore, for a long time to come, Baidu's stock price continued to fall. For at least the next week, Baidu's stock price did not improve, from closing at $115 on the first day, falling below $100, to falling below $90, to $80......

Countless investors and speculators have doubted the value of Baidu!

This is how the boom changes people's values, and the plunge also changes people's perceptions.

But in fact, the value of the company has little to do with the fluctuation of market value and the rise and fall of stock price. If a company is not listed, who will pay attention to the rise and fall of market capitalization?

After the listing, people have paid attention to this side matter, and forgot that the biggest value of the company is not the stock price fluctuation, but its own operation!

If it is to make the company's money. Then, it must be to focus on the company's operation itself.

Only gamblers in casinos are keen to gamble with other gamblers......

Speculators make money from other speculators, and it has nothing to do with whether the listed company is profitable or has a future.

Only investors. It is the company's money that is earned, and the fluctuation of market value is actually not very significant.

Although, Wang Qinian can understand investment and speculation, and often considers himself an investor, not a speculator. But in reality, he also often earns money from other gamblers in the casino.

"Bottomed out, $80 swept the goods. 150,000 shares, this time I bought it and didn't move, and Tencent shares are of the same nature, not for sale! Wang Qinian emphasized.

"Yes!" The company said.

The experience of the past few years has made the employees of the small partner company reach a consensus long ago - the most awesome thing for the boss is definitely not to make movies and operate the company, but to invest in stocks.

U.S. stocks, Hong Kong stocks, A-shares, distress reversal stocks, growth stocks, value stocks, cigarette butt stocks, cyclical stocks and financial derivatives. There is almost nothing that Wang Qinian can't play.

Many people complain - no matter how difficult it is to make money, Wang Qinian can find stocks that have skyrocketed!

That. Small-partner companies have long stopped thinking about large-market indexes, indexes or whatnot, juxtaposing a bunch of good companies with mediocre companies and junk companies. In addition, the index does not take into account the benefits of dividends, and the stock price falls after the dividends of the stocks in the index constituent are ex-righteous. In fact, the dividends did not fall, but when reflected in the index, they fell.

In Wang Qinian's view, to outperform the index, all you need is to buy all the stocks in the index. Afterwards. It outperformed, because there are dividends for holding stocks. The index deducts dividends, but if you buy the constituent stocks of the index, if there are stock dividends, the cash will still be credited to the account. Therefore, the stupidest way to do it is to always outperform the index without IQ. However, it is a pity that more than eighty percent of institutional investors and ordinary investors in the market are too smart, or what's wrong? As a result, they have chosen various "smart" methods, and in the long run, more than eighty percent of people will not be able to outperform the index.

However, at this stage, Wang Qinian does not consider the ideal of "outperforming the index". However, if in another ten years, the stock positioning strategy of the partner company may become a coincident index, and the stocks covered by major indices such as CSI 300, Hang Seng Score, and S&P 500 will be bought according to the index weight.

At that time...... The return rate of small partner companies in terms of stocks is related to the average return rate of mainstream listed companies. Moreover, with this stupid method, it can be guaranteed that the partner company will always keep pace with or outperform the index in the future.

In short, now the partner company has collected the shares of B and T in the BAT after listing, and the A, if it is listed, the partner company may also collect some.

But to be honest, Ali is a relatively pit shareholder, and the original shareholders before the listing, such as Japanese software and Yahoo in the United States, have made hundreds of times more money by investing in Ali.

However, after listing, it did not return to investors who bought in the stock market, and only brought losses to everyone. The listing of Hong Kong stocks encountered a bear market, and after that, it was delisted by cheap privatization, which pitted a large number of Hong Kong stock shareholders. Subsequently, when the NASDAQ was re-listed, it was already worth more than $100 billion to $200 billion, and in the future, the possibility of market value shrinking and falling is far more likely than the possibility of 10 times and 100 times growth.

The listing of two of the three companies, Tencent and Baidu, can bring investors a hundredfold return, because it is the listed price, it is still cheap, and investors can enjoy growth.

Tencent and Baidu only had a market value of HK$6 billion and a market value of US$800 million when they went public, so both Tencent and Baidu brought more than 100 times returns to shareholders who bought after listing.

Maintaining Ali was already a myth when it was listed, with a very high valuation and an astonishing market capitalization, so it was naturally impossible to give investors a return.

To put it simply, the less optimistic investors are, the lower the valuation of the company to grow, the more it will bring returns. For example, among the three Internet giants, Tencent was the least optimistic company in the market when it went public, and it was snubbed for several years in the early days of listing, but then Tencent was the company with the highest rate of return to investors.

Baidu is more optimistic about the market due to its listing, and its valuation is higher than Tencent's, so the growth returns that investors can share are not as good as Tencent's.

When Ali was listed, the market was very good-looking, and the valuation was naturally very expensive, so it could not be bought cheaply, and naturally it could not bring much rate of return. Assuming that Alibaba's listing valuation is only a few hundred million dollars, it has grown to tens of billions of billions, which is naturally more than 100 times the return. But as soon as it comes up, it's hundreds of billions of dollars, and there's room for farts to grow? Specialized in the rhythm of pit people!

All in all, the partner company invested $8 million in principal, and after a series of operations, held 150,000 shares of Baidu. In the future, Baidu will have a move to split one share into ten shares. That is to say, in the future, it is conservatively estimated that it will hold 1.5 million shares of Baidu, at $200 per share, not counting the "dim sum" of annual dividends, just the rise in stock prices will also bring about $300 million in earnings.

Of course, this is similar to buying Tencent stocks, and there are countless people who have bought Tencent in the Hong Kong stock market. But the vast majority of them did not hold on, and they can only regretfully say that I have also bought that big bull stock, and if I hadn't sold it at the beginning, how much it might have been worth.

And Wang Qinian's purchase of these big bull stocks is actually nothing. After all, there may be millions of people who once bought cheaply, but they did not share in the growth and sold it with little money. Wang Qinian knows the future prospects of these companies, so he can keep it! (To be continued......)

Chapter 360 Another company in BAT went public:

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