In the past, Ankang basically dealt with information and numbers, and since becoming a partner with Ye Qi, Ankang has taken on the responsibility of dealing with people for the first time.

And because Ye Qi is in charge of more than one project, it can basically be said that Ankang is the main participant in his project. Ye Qi assigned the main work of this project to Ankang.

Although Ankang very much hopes to do a good job in this project and handle some interpersonal relationships related to the project, he has the heart, but others may not be interested.

This is especially true when the biggest communication barrier for this project comes from the clients he has to keep in touch with constantly, i.e., the people they invest in.

This surprised Ankang: the so-called cash is king, capital is king. We invest money in you, but you don't value me that much. Ankang really can't figure out why. But it was inconvenient for him to say such a thing to Ye Qi, so he still went to visit the city where the customer was located every once in a while.

However, despite the diligence of Ankang visits, each visit is basically understated. It's not that Ankang's visit is understated, it's that the customer takes him lightly. Although the customer's attitude towards Ankang is very warm and polite, the information that Ankang can dig out is very limited after repeated visits.

Although he also visited the project site several times, and the customer also arranged for escorts to go very thoughtfully, what he saw was always some superficial content. The core content that he really cares about is what the customer explains to him at the dinner table. Ankang compares what these customers have verbally said with the information he has at hand, but there is always a big discrepancy.

In this regard, Ankang raised his puzzle to Ye Qi.

"There is a gap in comparison, what are you worried about?" Ye Qi asked.

Ankang was stunned when he heard Ye Qi ask: "There is a discrepancy between what I learned and the information they gave us, isn't this something we should be worried about?" ”

Ye Qi smiled and said, "After all, we haven't signed an investment agreement with them, so it's normal for them to have reservations about the information they give us." This way of retaining information generally falls into two categories, the first is to exaggerate their current performance and hope that we will invest in them. The second type is to deliberately conceal their performance, but to test us. ”

Ankang thought for a while and said, "I can understand the first category. Of course, the project party hopes to attract the attention of investors, otherwise it will not go to the capital market for financing. But I can't understand the second category, are these project parties disclosing all the information of their own companies, and they still don't want us to invest? Could it be that they want to sell their equity at a discount? It shouldn't be possible. ”

"It's certainly not possible to sell equity at a discount." Ye Qi smiled again and said, "Generally speaking, there are two situations in which the project party conceals its strength. The first case is really like you said, they're not very interested in us coming and investing. Some people already have a good goal, but they just treat us as a spare tire and don't want to enter the investment process with us too early. ”

"Oh." This situation is well understood.

"The second is that they have already identified investors, but it is inconvenient for them to refuse for new investors to understand the situation, and they just maintain a relatively good relationship. Besides, the investment is also staged, what angel round, A round, B round and so on. Those investors not only have funds in their hands, but also resources, so try not to offend anyone. ”

This situation is well understood. In fact, it is similar to the first situation, which is that you are not allowed to invest, but also establish a good interactive relationship. There is no chance to cooperate this time, but maybe next time it will be close comrades-in-arms.

"It is relatively rare for another project party to conceal its strength. Only those who are familiar with the rules of the game in the capital market and have some connections in the capital market will adopt such a method. For example, if we get a project valued at 100 million yuan through model analysis, we are willing to pay 10 million yuan for 10% equity. Clients also consciously or unconsciously agree with the results of our algorithms and valuations. After all our valuations have been completed, all the information has been collected, all the processes have been completed, and all the psychological preparations have been made, the project team suddenly threw out new information to prove that the value of their company is not only 100 million, but 200 million. What do you say will happen? ”

"Either re-evaluate at a valuation of 200 million or exit." An Kang said without thinking.

Ye Qi shook his head: "It's impossible to quit." If we had known that a capital contribution of 10 million would only account for 5% of the equity, we might not be interested in this company at all. But everything that should be studied, everything that should be seen, everything that should be talked about, and you have spent months working on this project, and at this time you are ready to let all the work you have done before be wasted? ”

Ankang did not answer.

"Hmph", Ye Qi showed a wry smile: "Even if you want to quit, what did you say at the investment project analysis meeting?" How did you pat your chest in the discussion of investment decisions? How many projects can you do in a year? Isn't your time also a cost? Time is money. All previous sunk costs won't disappear into thin air, but will be calculated to your next project. At this time, do you say that the project will be invested or not? ”

An Kang was stunned, only to feel a cool air rising rapidly from behind. It turns out that there are so many dangers in project investment.

This practical investment lesson in Ankang is very important. This class has had a huge impact on his entire career. This kind of course will never be learned in a university class, because it is a lesson that a war wolf can only sum up after licking the blood on his body. This is a necessary process for an investor who has been working hard in the financial circle for a long time to break out of the cocoon and turn into a butterfly. Of course, not every investor will experience this kind of thing, but the other things he has experienced will only be more dangerous.

Investment is risky, and you need to be cautious when entering the market. Investing is not something that anyone can do, and the money invested in it is real money. In this industry, the winds and waves that people see set off by the media are actually just ripples on the sea level. The real tide is always surging in the deep sea, in the trenches that do not see the light of day.

Every investment project signing meeting, every press conference, whether it is the project party or the investor, their faces are full of trust and happy smiles. But behind them, no one knows what sacrifices they have made, and no one can tell whether their hearts are dripping blood.

Rome wasn't built in a day, and Rome wasn't built easily by a few people. She was built by thousands of slaves over decades, hundreds, or even millennia. People only see the splendor of the city of Rome, but they will never see the white bones buried under the city of Rome.