"What? You said that we want to sell all the Yahoo shares in the hands of the KY investment fund? BOSS, is this a good job? In order to get Yahoo's angel round investment, we promised David Ferro and Jerry Young a lot of good conditions, and then we continued to absorb Yahoo shares, but now we have to suddenly sell all of them, which is a pity. Henry Williams stood up excitedly, and it was obvious that Henry was very resistant to Yang Jing's order.

It's no wonder that Henry resisted this order, because it wasn't so easy to get Yahoo's angel round investment in the first place.

At the beginning, under the guidance of Yang Jing, Henry, who had just joined the KY Investment Fund, began to set up "Acatel" Capital, which is a special venture capital fund established by the KY Investment Fund for the Internet market, and is a wholly-owned secondary subsidiary of the KY Investment Fund.

However, like the parent company KY Investment Fund, Acatel Capital, which has abundant funds, is unknown in the industry, and almost no one knows that there is such a huge crocodile hidden in the financial world. The reason why this situation occurred was mainly because of Yang Jing's mandatory orders.

At the beginning, Henry and a few of them still didn't understand why the boss insisted on hiding his merits and fame, whether it was KY Investment Fund or Pacific Capital and Atlantic Capital, they were all calling for wind and rain in the international financial community, once their true identities were exposed, then whether it was Tiger Fund, Quantum Fund, or Goldman Sachs, Salomon Brothers, Lehman Brothers, Bear Stearns, Merrill Lynch These big investment banks must maintain a 45-degree look up to these three giants.

This is absolutely undoubted, whether it is KY investment fund or Atlantic capital, Pacific capital, are the giant crocodiles of the giant crocodiles, the so-called international travel capital, is talking about this kind of giant crocodile hidden under the water, this is definitely the existence that any big consortium is not willing to provoke easily, and it is also the existence that any investment bank or fund needs to look up to.

The same is true for Arcatel Capital. In fact, in terms of level, Acatel Capital is at the same level as Pacific Capital and Atlantic Capital, and they are all wholly-owned secondary subsidiaries under the name of KY Investment Fund.

After the establishment of Acatel Capital, Yang Jing authorized Henry to put all the IT industry shares controlled by the Dragon Fund into the name of Acatel Capital, including Microsoft, Oracle, Cisco, Dell, IBM, AT&T, Qualcomm, Intel, Nvidia, Motorola, Nokia, ......

After its establishment, in addition to acquiring shares in the IT industry, Acatel Capital has also integrated into many well-known investment institutions, such as the well-known Sequoia Capital, of which nearly 40% of the shares are controlled by Acatel Capital.

At the beginning, Acatel Capital took the initiative to contact Yang Zhiyuan and David Ferro, but because Acatel Capital was not famous at all, Acatel Capital wanted to make an angel round investment in Yahoo, but Yang Zhiyuan and David Ferro refused.

Subsequently, in early 1995, Yang Zhiyuan and David Ferro approached Sequoia Capital, wanting Sequoia Capital to venture into Yahoo. However, Mike Moritz, one of the partners of Sequoia Capital at that time, was a little hesitant after hearing Yang Zhiyuan's introduction to Yahoo, because Yahoo is so different, Yahoo and Netscape are not the same, Yahoo itself is only "providing services on the Internet", and it is free, so where is the profit point? Moritz can't see Yahoo's profit point, so he will naturally hesitate.

The news that Yang Zhiyuan took the initiative to seek angel round financing from Sequoia Capital was naturally known to Acatel Capital at the first time, so Christopher Mendes, who was in charge of Accatel Capital, that is, a junior successor that Mike Sr. was very optimistic about, immediately found Moritz and proposed that Acatel Capital replace Sequoia Capital to make an angel round investment in Yahoo, of course, nominally Sequoia Capital made an angel round investment in Yahoo.

Arcatel Capital is the largest partner of Sequoia Capital, and it is naturally impossible for Moritz to refuse this request, so Sequoia Capital finally made an angel round investment in Yahoo - 2 million US dollars!

Just an angel round made Acatel Capital spend so much effort, but now he wants to sell all the Yahoo shares that he spent so much effort to get, and Henry is naturally reluctant to do it.

The most important thing is that although Henry saw the bubble in the Internet market and firmly believed that this bubble would burst, what kind of company was Yahoo? It was the No. 1 Internet company in the Internet market at present! Especially in the past January, Yahoo's stock price once broke through the $500 mark per share, and Yahoo's market value at that time was as high as $128 billion!

Yahoo shares, which were bought for $2 million from Acatel Capital five years ago, were worth more than $25 billion in January!

Although Yahoo's share price has fallen this month, it is still favored by all investors, and it is a pity to sell Yahoo's shares at this time.

"Moreover, we now have a lot of Yahoo shares, and if we really announce the reduction of our Yahoo shares, it will cause panic in the market. Henry is still trying to persuade Yang Jing, after all, it is really rare to see such a good performance stock as Yahoo.

Henry's words are also very reasonable, since the rise of the Internet market, Yahoo has been the leader of this emerging market, in terms of limelight, those old IT companies are not as good as this magic Yahoo. Although Microsoft, Cisco, Oracle, and other established IT companies have a higher market value, in terms of market popularity, Yahoo can throw them half a Pacific Ocean away.

Originally, Yahoo simply categorized the site's hierarchical directory to make the site's resources orderly and easy for users to query and use. Subsequently, Yahoo gradually expanded, building an ecosystem of search engines, email, instant messaging, web advertising, and website building platforms that covered all aspects of people's lives, and Yahoo became the world's largest Internet portal.

By 1999, Yahoo had 120 million unique users, 100 million of whom had registered with at least one of Yahoo's channels or featured services. This number is simply unbelievable in the modern era.

Such a leader in the Internet market would definitely cause panic in the market if he boldly announced that he would reduce his shareholdings.

But Yang Jing still shook his head very resolutely, he looked at Henry very sincerely and said: "Henry, we are engaged in speculation and investment business, and the most taboo thing is to be constantly broken! I admit that Yahoo is a good stock, and we have earned enough profits from it, but these benefits are only data on paper after all, if you can't cash out Yahoo shares, then it is not a profit." Especially now that Yahoo's stock price is obviously going downhill, if we don't cash out while Yahoo's stock price is still at a high level, do we have to wait until Yahoo's stock price falls below the issue price before cashing out?"

"Boss, how is this possible?" Henry certainly wouldn't believe that. You know, although Yahoo's share price has fallen from the highest touch to $500 per share to more than $300, it is still the same as the stock price in December last year.

Yang Jing shook his head slightly, and did not argue with Henry about this matter. Could it be that Yang Jing told Henry that Yahoo's current stock price is above $300, but in less than a year, by January next year, Yahoo's stock price will fall below the $30 mark. On the day Yahoo went public in April 1996, the closing price had reached $33!

The most important thing is that after Yahoo's stock price began to fall in January this year, there has been no sign of recovery, and by October next year, Yahoo's stock price will even fall to $8.7 per share! Do you really have to wait until that time to sell it? But if you sell it at that time, who will take over with their brains!

The most important thing is that don't look at Yahoo is very beautiful now, but Yahoo's family members are really not good. Although he and Yang Zhiyuan are compatriots, and both are surnamed Yang, Yang Jing, who is familiar with the history of Yahoo, really does not recognize Yang Zhiyuan's leadership.

Yang Jing never denied that Yang Zhiyuan was a talent, after all, Yahoo was founded by him, and on this basis, Yang Zhiyuan deserves the title of "talent". But talent doesn't mean you can be a good leader!

Yahoo's success lies in many aspects, the most important of which is that it occupies a "first", so Yahoo has been able to enjoy unlimited scenery in recent years. Even in 2006, Yahoo occupied the first position among Internet companies!

In 2006, it dominated three of the top 20 Internet companies in the world, with Yahoo, Yahoo and Yahoo China ranking first, seventh and 14th respectively. In the United States, Google, Facebook, the groom of China, Find Fox and Wangyi are all its followers and imitators. At that time, the Yahoo "empire" was almost invincible, and it could even be said that it was equivalent to the entire Internet. It's no wonder that some experts say with exaggeration: "The Internet will one day change the world, but without Yahoo!, the Internet would not even be able to touch the door." ”

Now, under the leadership of Yahoo, the Internet has touched the door and is changing the world, but the pioneer Yahoo is lost.

In 1997, two students at Stanford University started a research project called "BackRub" and wanted to sell it to Yahoo for $1 million, which was the prototype of Google. Google's 1998 page also has an exclamation point after the logo, which is simply a parody of Yahoo!.

But the cold Yahoo was indifferent, and in 2002, Yahoo repented and began to seriously consider buying Google, only to find that it could no longer afford it. Today, Google's market capitalization is more than $800 billion......

And Facebook is no different!

In 2006, Yahoo offered $1 billion to buy Facebook. Zuckerberg and Facebook investors all but agreed to the deal. At that time, when Facebook was in internal and external troubles, Yahoo took advantage of the fire and bargained to $850 million at the last minute.

Zuckerberg, who was humiliated, tore up the agreement submitted by Yahoo in front of everyone on the board of directors. A few months later, Yahoo offered another $1 billion or more, which Facebook rejected. Today, Facebook's market capitalization exceeds $500 billion......

Of course, it's not just Facebook and Google that Yahoo missed, Microsoft did too.

On February 1, 2008, Microsoft offered a high price of $45 billion, a 60% premium, to Yahoo, hoping to break Google's monopoly in the search and online advertising market through the marriage of the two, but Yahoo believed that the offer greatly underestimated Yahoo's market value.

Three months later, Microsoft raised its offer to $50 billion, but the latter still rejected it. Microsoft negotiated the purchase of Yahoo, and all parties have been optimistic, but in the end it did not happen.

Having missed this opportunity to sell at a high price, Yahoo is like a discounted item on the shelf, helplessly waiting for a bargain and waiting for a buyer to come.

As a result, on July 25, 2016, the American communications giant Verizon announced the acquisition of Yahoo for $4.83 billion.

For the former internet giant, this ending is more like a humiliation. The $4.8 billion selling price is less than a fraction of the valuation of 100 billion at its peak.

Although it has nothing to do with Yang Zhiyuan that Yahoo was eventually acquired by Verizon at an almost humiliating price, whether he missed Google, Facebook, or Microsoft, it was actually Yang Zhiyuan's decision! If it weren't for those wrong decisions, who knows what Yahoo would have developed......

And then the egg......

It can be seen that although Yang Zhiyuan is a talent or even a genius, he is definitely not a qualified leader, otherwise Yahoo, which was once the world's No. 1, would not have fallen to such a point!

Now, at the end of Yahoo's glorious prime, if you don't take advantage of this time to sell your Yahoo stock, will you really wait until Yahoo is hopeless? That's not what the Dragon Fund should do!

PS: Bow thanks to the "very lazy fish" 100 tip.