My Age of Investment

   Chapter 258

After    quoted the price, Moritz stood with his hands behind and looked at Xia Jingxing with a smile.

  This valuation is not very rational.

  But the venture capital market has always invested rationally, and then you are finished.

  Because of good projects, they were all taken away by others.

  Sequoia Capital, as a top investment institution, has abundant capital.

  Assuming that once it is determined that you have missed an early project, you must return it in the later stage for error correction.

  As for how much you are willing to pay, it depends on the re-evaluation of the project.

  Now investing, it doesn’t matter if the rate of return is a little lower, but there is no absence.

   is not absent, which is very important.

  One of the most popular Internet companies in recent years, Sequoia did not invest in it.

  This is a big laughing stock, and it is not good for Sequoia's brand.

  Take Facebook as an example, suppose that in the future, it will become a company with a market value of tens of billions of dollars like Google.

  The outside world will only laugh at Sequoia for having eyes and no beads. The more successful Facebook is, the worse Sequoia who has not invested in Facebook will be laughed at.

  If it is just a small investment institution, there is no such idol baggage, but they are Sequoia Capital!

  Brand premium, Moritz knows better than anyone, because they are the biggest beneficiaries.

  Once Sequoia Capital falls to the altar, this biggest killer is gone.

  Xia Jingxing nodded, smiled and said: "Full of sincerity, Mr. Moritz, I don't have much opinion on this valuation."

   Moritz looked overjoyed. When he first wanted to speak, he was preempted by Xia Jingxing and said: "But we are not short of money now, we can only say sorry."

  Even though Sequoia Capital failed to invest in Facebook due to valuation problems at the time, Axel took away the opportunity.

  But Xia Jingxing did not resent the old man because of this.

  In the business field, there are no permanent interests and no permanent friends.

  He doesn’t have to go to the old man, or show the music, just treat it with his heart.

  Moritz was rejected one after another, but still did not give up: "Daren, I think we should talk carefully and give each other more opportunities to understand each other."

  The old man held a very low posture, and he wanted to change to a general entrepreneur and general project. He was the head of Sequoia, which would not be the case at all.

  Hoffman has a deep understanding, watching all this not far away with cold eyes.

  Xia Jingxing smiled, Sequoia Capital, he still does not understand, he is very clear about the scale of this company, the resources behind it, and so on.

   "Mr. Moritz, let me be honest, the current Facebook page has not reached the ideal state in my mind."

  Moritz chewed these words repeatedly, especially the words "optimal state".

He wanted to understand what is the most ideal state, so he asked Xia Jingxing: "Dalun, does Facebook want to achieve 100 million users? Or start business monetization, make revenue and profits, in exchange for higher Valuation?"

  Naturally, it is impossible for Xia Jingxing to leak out the core secrets, and said with a smile: "When the time comes, you will know."

  Moritz was embarrassed by Xia Jingxing's words.

  In addition to wanting to explore the core secrets of Facebook, he is also worried that in a while, Facebook’s valuation will skyrocket again.

  Although Sequoia Capital is awe-inspiring, it is actually an early stage VC with only a few billion US dollars under management.

  This is incomparable to top PE funds with management scales of tens of billions and hundreds of billions.

  If the valuation of Facebook rises too high, Sequoia Capital may not be able to invest and can only watch PE institutions enter the market from the sidelines.

  This is determined by the nature of the fund, and there is no alternative.

  The size of their fund is only a few hundred million U.S. dollars, and it is impossible to take all of them into a start-up company.

  When the time comes, either give up participating in the financing of Facebook, or can only participate in a part of the investment, it is better than nothing.

   Moritz has a hunch in his heart that if he can't get the lead round of Facebook's B round this time, he may never have another chance in the future.

  Thinking about it, Moritz moved Google out.

   smiled and said to Xia Jingxing, “I heard that Google Video is about to be launched. It seems that they are completely eyeing Facebook.”

  "Let them come, social interaction has failed once, and the video has failed again..."

  Xia Jingxing spread his hands, smiled relaxedly: "It doesn't matter, they have money anyway."

  Looking at Xia Jingxing, who was full of confidence, Moritz had a headache. He felt that the young man was just a hedgehog and he couldn't do anything about it.

   "Can't Google's social networking be called a failure, right?" Moritz asked.

  Xia Jingxing nodded, "That's right, they haven't been moving for two months, maybe the number of users is tens of millions.

  Anyway, they haven't announced the latest developments, so everyone can only guess. "

  The little dog has not relaxed his surveillance of Okut. Xia Jingxing learned from the little dog that Google’s social networking site is almost half cold.

  Not to mention the increase of new users, even the old users are losing a lot.

  This incident, in Xia Jingxing's view, is a bit like the "Three British WeChat" in the previous life.

  Multi-flash, chat treasure, toilet MT are coming aggressively, and the whole network covers Haiti are all discussing.

  However, handsome in only three seconds.

  You don’t need to use WeChat to make a move. The user’s freshness has passed, and they can vote with their feet.

  Moritz saw that this was not okay, and that was not okay, so he resorted to his assassin.

  "Dalun, you are still a Chinese national, but Facebook's influence is increasing day by day.

  If this continues, Facebook is likely to encounter some unpredictable risks. "

  Xia Jingxing was instantly alert, but his face still pretended to be nonchalant.

   "Oh, Mr. Moritz, what's your opinion?"

  Moritz smiled and said: "The United States has never been a generous country.

  In this country, among people, what pays attention to is always interest.

  If there is no benefit, no one will speak for you if something happens to you or Facebook. "

Speaking of this, Moritz narrowed his smile, showed a solemn expression, looked at Xia Jingxing seriously, and continued: "There are even "predators" jumping out and aiming their sharpest minions at the delicious food. "

  Xia Jingxing laughed, "We are just a company that only loses money and does not make money. It is not oil, gold, or other companies that make money every day.

  The good business environment in the United States is an important reason for attracting foreign investment and elites from all over the world.

  If you touch the bottom line and trigger a crisis of confidence, the loss will be very heavy, and neither family can be held responsible. "

   Moritz thought Xia Jingxing really listened to it, and said with a smile: "Dalun, you don't have to be so nervous, your life and property safety must be guaranteed.

  I mean, these predators are very smart and won’t use the most rude and stupid ways to deal with you.

  There are many better ways, such as investigations, litigation, and so on.

  In the United States, no company can withstand these endless troubles.

  They will not directly knock you down, they will only bring endless interference to your business.

  In the fierce business competition environment, if a company encounters these troubles, then their competitors' opportunities will come.

  In the end, it was a terrible defeat. The media will review and judge the reasons for the failure.

  For example, the founder insisted on going his own way and refused the friendship of investors from all walks of life, which caused an accident, and no one was willing to help his business.

  Daren, what do you think of this story I’m telling? "

  Moritz smiled, "These are all real cases. Would you like me to give you some examples?"

  Xia Jingxing understands what Moritz means. This is to let him put Sequoia Capital into the car to form a community of interests and help him deal with all kinds of bad intentions from the outside world.

  Seeing Xia Jingxing’s insults, Moritz continued to strike while the iron was hot: “Sequoia Capital was founded in 1972, with more than 30 years of brilliance. We have witnessed countless IPOs and helped countless entrepreneurs become entrepreneurs and become upper-class society.

  All these have allowed Sequoia Capital and entrepreneurs to forge a deep friendship.

  Of course, countless IPOs and huge returns have also satisfied the investors behind Sequoia.

  All of these funders have a big background, all of them are the elite class of the United States.

  They and Sequoia also have a deep friendship.

  Sequoia's interests are also one with them. "

  　 First update, a little late. Let me tell you, these days are busy, the update may be late, but I will try to update as much as possible.

  (End of this chapter)