After Zhou Xin came to China in '98, he stayed in China for less than two months before going to San Francisco.

For Huaguo in this era, Zhou Xin has all kinds of emotions in his heart, strangeness, fear, expectation, and so on.

Different emotions are intertwined, which makes him finally know what it is like to be timid in his hometown when he stepped on the plane from San Francisco to Yanjing.

The architectural and personal differences between Americon twenty years ago and twenty years later are not significant, although judging from the propaganda of the Chinese Internet, Americon began its own process of decline.

But this process of decline is compared with his own former glory, and compared with other countries, Ameriken still has a clear lead in every aspect. This kind of leadership is more obvious in this era, Zhou Xin came from Huaguo in the nineties to America in the nineties, and he did not have the feeling that this was the America in the nineties.

There are very few differences, except that you can tell from what people are wearing and the old-fashioned feature phones they hold in their hands that it's not 2020.

In China in the 90s, Zhou Xin could clearly feel that this was the country 20 years ago, when the economy had just opened up, and it had not yet joined the WTO, and it was in ruins.

The core question that Zhou Xin thinks about after arriving in this era is what he can do.

In later generations, arguments such as the government is the owner of the property, not the owner emerge one after another, and a large number of gods and goddesses on the Blue Bird use this as the main argument to express their hatred for the Chinese people.

Zhou Xin doesn't think so, Huaguo is a ship, the reality that some people live in luxury cabins and some people live on the deck exists, but if the ship falls, the first unlucky one must be on the deck.

Those staying in the deluxe cabin have lifeboats that allow them to run to another boat.

Therefore, Zhou Xin hopes that he can do something for this ship, not only for the people in the luxury cabin, but also for the people on the deck. If Huaguo can achieve a breakthrough in the industrial chain, everyone will benefit.

The difference is only the size of the cake you get, which is better than no cake at all.

This idea came to a head when Zhou Xin sold Quora to Time Warner.

He set aside a billion dollars of money from the Quora transaction as a family trust, and most of his material needs and those of his potential descendants could be met.

To put it simply, the descendants of the blessing are blessed.

So Zhou Xin made it clearer what he wanted to do.

Zhou Xin's pick-up process after landing in Yanjing will not be too much detailed, simply put, two departments are responsible for pick-up, the Ministry of Commerce and the Ministry of Commerce.

Since Zhou Xin is going to hold an Internet conference in Yanjing this time, the Ministry of Information Industry is also involved.

"Shiqiang, I haven't seen you for a long time, I have carefully read the research reports you sent during your time in Yanjing, and you did a good job.

Your understanding of the industry and the industry is much stronger than at the beginning. ”

Wu Shiqiang, as the person in charge of Xinxing Investment in China, was responsible for the whole reception of Zhou Xin during his return to China.

He half sat in the back seat of the Mercedes-Benz, "Boss, mainly in the Los Angeles Bay Area before, you took me with you to teach me by word and deed, so that my understanding of investment has been greatly improved."

Actually, I still have a lot to lose. ”

Zhou Xin waved his hand: "I didn't teach you the content of investment, I taught you how to judge the advantages and disadvantages of Internet companies."

I don't know much about investing, and I'm not good at it, and I don't even know how much money I have on my bank card or NewPay account, let alone investing.

But I understand the top-level logic of this matter, which is nothing more than choosing a good industry and choosing a good company in a good industry.

As for the specific negotiation, how to maintain a balance with the entrepreneur, the other party is willing to let us share the dividends brought by the growth of the enterprise, so that the other party does not feel that we have invested 1 million to take away 100 million from him.

I don't know much about how to ensure that the investment can effectively restrain entrepreneurs from spending their money on the cutting edge, etc.

You need to bother more and learn more about these. ”

Zhou Xin has been in contact with many investors when he was working on Xinxin Technology, and the investors who have done well and those who have not done well can clearly feel it in the process of communication.

Although both are given to you with money, a good investor can make you feel that taking money is taking advantage of him, and at the same time, you will still thank him after your business will carry out follow-up financing in the future, and his investment will be doubled and exited.

Just in the early communication, a good investor's high-level speech can save you a lot of detours in the follow-up process.

Bad investors, after the investment, will often be a mess, the company fails to hold the founder responsible, the company succeeds, the founder tries to drive the investor away.

How to master the balance of investments is indeed an art.

This art Zhou Xin himself will not be.

Wu Shiqiang nodded: "Okay, boss, because I have you behind me, and the overseas investment institutions that have offices in China are happy to communicate with me."

It's just that their eyes are only focused on the Internet field, and their interest in the semiconductor field is very low, or even none. ”

This is the norm, not to mention that overseas capital has no interest in China's semiconductor industry, and domestic capital has no interest in China's semiconductor industry before 2018.

Zhou Xin continued: "Okay, the other thing is investment, we will start investing in the future, the NASDAQ index is getting higher and higher, and I have a feeling that the bubble is about to burst."

The reason why I have been slow to inject capital into emerging investments is that the current price is too high, and the price and value of any Internet company are seriously inconsistent. ”

The main reason is that Time Warner's price to Zhou Xin exceeds his expectations, and he will not be short of money in the short term.

At this stage, Zhou Xin does not need to rely on the wool of Ameriken investors to support China's semiconductor industry chain.

Wu Shiqiang: "Yes, when I was chatting with the executives of foreign financial companies in China, everyone agreed that the NASDAQ index was too high, but the bubble was blowing bigger and bigger, and everyone was in a wait-and-see mode.

Since the second half of this year, not only have we not invested, but other foreign investment institutions have not invested more than 10 million RMB. ”

Zhou Xin remembered the explanation of the Nasdaq bubble at the turn of the century that he had read before, and then said: "When I was chatting with people at Ameriken, I heard their opinions on this matter.

To put it simply, the Asian financial crisis that began in 1997 led to the Federal Reserve cutting interest rates, and in a low interest rate environment, a large amount of money flowed back from Asia to the Ameriliken market.

The most advanced Internet is naturally concerned by capital, which continues to promote the market value of Internet companies. ”

Wu Shiqiang: "When I was communicating with some economics scholars at Yan University, I also heard similar statements.

The other side believes that there is no problem for Internet companies to enjoy this higher valuation than traditional industries, and there is no problem with the return of funds from emerging markets to the Ameriken stock market.

It's just that it's hard to grasp the degree between them, and the current degree belongs to the excessive speculation carried out by capital in pursuit of excess profits. ”

Before the Nasdaq bubble burst, many economists and financial practitioners believed that it was a bubble, that it was an overhype in the market, and that there were a lot of risks.

It's not that after the bubble bursts, the sound of an afterthought comes out and says it's a bubble.

Zhou Xin said: "Yes, I saw Robert Schiller on Quora and answered a question about whether there is a bubble in the NASDAQ market now, and it was clear that it is a bubble now. ”

Robert Schiller is an economist and Nobel laureate in economics.

Zhou Xin continued: "But we don't have to worry, I have a lot of money in my hand now, just wait for the bubble to burst, screen out the real diamond, and buy it at the price of glass." ”

After chatting briefly with Wu Shiqiang, Wu Shiqiang handed over a booklet: "Boss, this is the arrangement for this time."

Today you will go back to the hotel to rest, and tomorrow morning you will go to Yenching University to give a lecture, and you will be the first speaker after the completion of the Yenching University Centennial Lecture Hall. ”

There should be one in the evening, and if you don't have one, you will make it up tomorrow

(End of chapter)