Capital, or investment banks developed from capital, are very sensitive to various emerging industries.

Investment banks are indispensable behind any emerging enterprise in the century, and they use the abundant funds they have accumulated to support those genius business ideas, and realize the grand dream of going public from scratch.

But since the boom of investment banking, there is one company that has kept them scratching their heads: Apple, which has been in the city for less than a year.

In other words, I can't figure out the founder of Apple - Wen Ming!

Since the release of the iPhone, Apple's development history is still surprising to many people, but it can be regarded as acceptable.

A genius boy who wrote a best-selling book after being exiled on a desert island, and got his first pot of gold. Because he was a top student in the computer science department of Harvard University, he already had a deep understanding of the computer industry in high school, so he was able to develop a game like "Plants vs. Zombies".

In less than a month, nearly $200 million has been created, which is not unacceptable for the game industry, because in the end, the game "Plants vs. Zombies" is not too difficult to develop, and it does not require the use of huge funds to build servers.

The success of this game comes from the way it plays and the concept that completely refreshes the world.

After having 200 million US dollars, INS developed in less than a week won the favor of capitalists like Teresa Roy, and then sold for a high price of nearly 1 billion US dollars under various operational means. (Contains Facebook stock value.) ）

Although this is the envy of many Silicon Valley geniuses, it is not shocking.

The Internet and high-tech have always been profiteering industries, of course, only for the successful people among them.

But after Apple's actions, people in investment banks couldn't understand it.

The iPhone has been born, and it has made the whole world crazy, and it has also made those investment banks crazy.

No one is impressed by the hardware design of the Iphone, but there is no incredible technology, whether it is the appearance or the hardware configuration, many mobile phone manufacturers can copy it in a short time. The main reason why the iPhone can generate incredible sales is the iOS system specially designed for the iPhone hardware.

The iOS system takes the hardware performance of the iPhone to the extreme.

Speaking of systems, it is not impossible to develop them in just a few months.

But why didn't he test it? Whether it's their iOS system or the iPhone's lab-finished hardware, we didn't hear about any testing. ”

Sequoia Capital is one of the most well-known investment banks in the world, and many people are now concerned about the direction of the direction, they don't care at all about whether Wenming can solve Tesla's technical problems, they care about whether Wenming can make Tesla like Apple, change the electric vehicle industry.

Even, it is to make electric vehicles and fuel vehicles compete for the market.

"And their iPad, although this product is, in a sense, an enlarged version of the iPhone, but on a technical level, it is not a matter of zooming in and out at all. Even if they were able to make an iPhone, they would not have been able to develop and sell an iPad in such a short period of time. Therefore, it is believed that when Wen Ming was researching the iPhone, he had already started to develop the iPad at the same time. ”

The person who is talking is the chief analyst at Sequoia Capital, who analyzes which companies are worth investing in and why.

"And during this time period, Wen Ming also resurrected the 'dinosaur'."

This sentence made everyone in the room have expressions, and a CEO of Sequoia Capital's fund raised his doubts: "I always think that in the resurrection of dinosaurs, the genius named Wen Ming can't have too much credit, I mean on the technical level, his credit should be concentrated on the capital level, that is, he invested in Benjamin." ”

Sequoia Capital has a number of funds under its name, and different funds are called by simple numerical prefixes within them, and these funds are added at once, making Sequoia Capital an existence that even the U.S. government cannot ignore.

All because the companies invested by Sequoia Capital have created a combined market capitalization of 10% of the total value of the NASDAQ stock market after their listing on the NASDAQ.

The $12.5 million they injected into Google alone became $5 billion after Google went public.

The chief analyst smiled and said, "We are not currently discussing whether Wen Ming occupies the credit at the financial level or the technical level in the resurrection of dinosaurs. What we're discussing now is whether Tesla is worth our investment. ”

This is the theme of this meeting, according to common sense, Sequoia Capital should choose to invest in Apple as the main body, because the world knows that Apple is now qualified to go public, and as long as Apple is listed, then it will become the company with the highest market value on the day of listing in history.

But Apple's valuation is too high, and the $150 billion valuation Bill Gates agrees, but it is also a private one. Because Bill Gates' investment in Apple is an investment of private funds, not Microsoft's investment.

For investment banks, there is no need to invest in a company with a valuation of 150 billion yuan, because even if the market value of this company can reach 1,000 billion US dollars, it will only increase by about 6 times.

"We discussed before that we couldn't invest in Apple because it had a high return on investment, but it needed to mobilize a lot of our capital. And if we diversify our money into other companies, the total return we can reap is definitely higher than if we were investing in Apple. ”

"But now we have a new investment direction, which is Tesla, which has just been acquired by Wenming. I believe that no matter how arrogant Wen Ming is, it is impossible to think that Tesla's current valuation can exceed $10 billion, because two weeks ago, Tesla's valuation was only $500 million. ”

"What's more, Tesla is now selling cars at a loss, and it is impossible for Wen Ming to let the company he just acquired keep losing money."

"So I think now is the best time for us to take a stake in Tesla, because we can lose money for him," the chief analyst said. ”

The person who raised the suspicion just now is the head of Fund 7, which was established by Sequoia Capital in 1995, and his fund's internal return is as high as 174.5%. This is an incredible number in the industry, as the average return of a fund is 15% to 40%.

He added: "I don't think we should invest in Tesla, no one can be a genius in all industries, and neither can Wen Ming, I think Tesla will be the first failure in his life." ”

Sequoia Capital's foreign investment requires the co-financing of many funds under their control, especially for companies like Tesla. Because of Wenming's premium acquisition and capital injection, if you want to invest in Tesla now, you can't open your mouth without hundreds of millions of dollars.

Some people refused, and naturally some people agreed, and the person in charge of Fund 8, which was established relatively late, said with a look of agreement: "I agree to invest in Tesla, because I think Tesla can create miracles in Wenming's hands." ”

Sequoia Capital's headquarters is in Silicon Valley, and Tesla's headquarters is not far from them, and Wen Ming, who has never officially appeared in Silicon Valley, has been trusted by some senior executives of Sequoia Capital, and it can even be said that he has some blind trust.

I have to say that Wen Ming's reputation in the world has far exceeded his own imagination.

Several funds that did not want to participate withdrew directly, and several funds that had no money on their books also withdrew.

The person in charge of Fund No. 8 said directly: "Why don't you give us this opportunity?" Two of our recent investments have just gone public and have cashed out a lot of liquidity. ”

Another fund head who stayed behind said, "You don't want to wait any longer? As far as I know, Tesla currently has no solution to the technical problem, and even Wenming, who has been in Tesla's lab for a week, has no good solution. ”

The person in charge of Fund 8 smiled: "No, I'm worried that if they find a way, I will have to pay a greater price." Isn't this what we have always been able to do to make a profit? ”8)