EG :: Volume #11

#1088: Bubble burst( asked to subscribe asks ticket)

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The Microsoft ridge settles a lawsuit holds court again, the judge declared that Microsoft truly has the monopoly practice, and evidence is solid, in other words, Microsoft is going to face the large amount traffic ticket, and there is a risk that forces to analyze. 微软的垄断案再一次开庭,法官宣称,微软确实存在垄断行为,并且证据确凿,也就是说,微软将要面临巨额的罚单,并且有被强制拆分的风险。 But on this day, many investment institutions also discovered that the index of NASDAQ, has surpassed 5000 points unexpectedly, last year at this time, but also less than half, one year, turned time! 而这一天,很多投资机构也都发现,纳斯达克的指数,竟然超过了5000点,去年这时候,还不到一半呢,一年时间,翻倍了啊！ Therefore they noticed that Microsoft must lose a lawsuit, associates to Cisco, wears, but has business contact Corporation with Microsoft, will be inevitably affected, therefore decides these stocks that sells to have. 于是他们看到微软要败诉,联想到思科、戴而等跟微软有业务往来的公司,必然也会受到影响,于是决定卖出持有的这些股票。 But at this time, had the situation of transaction operation collision, some major stockholders, simultaneously undersell these ingredient stocks, causing the stock index of NASDAQ to fall instantaneously, on the same day fell 5%. 而这时候,就发生了交易操作撞车的情况,一些大股东,同时抛售这些成分股,导致纳斯达克的股指瞬间下跌,当天就跌了5。 Naturally, in this also has the relations of Feng Yu, Feng Yu also unites some ingredient stocks of Kirilenko and Fu Rongqi finally in the hand, hung to sell out this year. 当然,这里面也有冯宇的关系,冯宇也联合基里连科、付荣齐将手中最后一些成分股,在今年挂出去卖掉了。 What makes Feng Yu they curious is, probably also hand in controlling these, because they, when buys to empty the NASDAQ index, some people one step constructed the warehouse unexpectedly first, and writing skill was very big. 只是让冯宇他们好奇的是,好像还有一只手在操控着这些,因为他们在沽空纳斯达克指数的时候,竟然有人先一步建仓了,且手笔很大。 Yesterday the NASDAQ stock index had set new high, some people constructed the warehouse in the top digit, they affirmed, the stock index of NASDAQ can fall? 昨天纳斯达克股指才创了新高,就有人在高位建仓,他们是怎么肯定,纳斯达克的股指会下跌的呢？ Only if, these simultaneously undersell Microsoft and Cisco, to wear , but other news of stock, this person knew ahead of time. 除非,那些同时抛售微软、思科、戴而等股票的消息,这人提前知道了。 Then this person this how has the energy, can with these many big investment institution relations in? 那么这个人该多么的有能量啊,能跟这么多大的投资机构联系上？ Feng Yu has thought for quite a while, thought as if only then a person, conforms to his guess, that is Quantum Fund Soros! 冯宇想了半天,觉得似乎只有一个人,符合他的猜测,那就是量子基金的索罗斯！ Having Soros dares such bold operation, and can understand the trends of these big investment institutions. Moreover sells short, is always Soros the matter that likes doing. 只有索罗斯敢这么大胆的操作,且能了解到这些大投资机构的动向。而且卖空,一向是索罗斯最喜欢做的事。 Feng Yu cannot affirm, but he does not care. He and his partners, already massive, when 5000 : 00 constructed the warehouse, although the financial leverage multiple was not high, but looked at the situation of today falling, tomorrow panicky undersells , the stock index fell will be more. 冯宇也不敢肯定,但他也不在乎。他和他的伙伴们,已经大量的在5000点的时候建仓了,虽然杠杆倍数不高,但看今天下跌的情况,明天恐慌性抛售会更甚,股指跌的会更多。 The Microsoft ridge settles a lawsuit holding court, is only a blasting fuse, when Feng Yu dumped the Microsoft stock last year, the Microsoft stock price stopped growing, but many other stocks crazily were still rising. 微软的垄断案开庭,只是一个导火索,在去年冯宇抛售微软股票的时候,微软的股价就停止增长了,但其他很多股票还在疯狂上涨。 What is most interesting, in Corporation of these stock price crazy rises, majority has not gained. The disbursement is bigger than the income, is this, the stock price increase scope, compared with Microsoft this kind of profit good Company must fiercely many. 最有意思的是,那些股价疯狂上涨的公司中,大部分还都未盈利呢。支出大于收入,就是这样,股价的涨幅,比微软这类盈利良好的企业还要猛地多。 These Corporation, sell is the so-called creativities, as for whether can transform as the reality, probably all people are betting to be the same. Once the gambling has won, then can receive the repayment of several fold. Regarding losing, they have not thought. 那些公司,卖的都是所谓的创意,至于是否能够转化为现实,好像所有人都在赌一样。一旦赌赢了,那么就能获得数倍的回报。至于说赌输了,他们没想过。 In the two years, venture capital regarding Corporation favor of internet/network science and technology class especially, examination effort also unceasing reduction, is thinking with the aid of this east wind, making Corporation go on the market gains one greatly. 就连这两年,风投对于网络科技类的公司都格外的青睐,审查力度也不断的降低,都想着借助这股东风,让公司上市大赚一笔。 Some also say that these Corporation dump the stock, settles a lawsuit with the Microsoft counter- ridge has not related, but in the listing Corporation report form that because just announced that majority of Company, is related of loss. 也有人说,那些公司抛售股票,跟微软的反垄断案没关系,而是因为刚刚公布的上市公司报表中,大部分的企业,都是亏损的有关。 This has sounded an alarm to many investors, is not the Corporation scale increases, certainly can make money. These Internet Company, the property truly all rose suddenly, but spends the money of putting up shares, simply has not actually brought any income. 这给很多投资者敲响了一个警钟,不是公司规模变大,就一定能赚钱。这些互联网企业,资产确实全都暴涨了,但就是花着募股来的钱,却根本没有带来什么收益。 Their prospects, as if such unattainable. Many Internet Corporation, has squandered the fund that the venture capital fund and put up shares, but also was losing money! 他们那些远景,似乎还是那么的遥不可及。很多互联网公司,已经将风投的资金和募股来的资金花光了,还在赔钱呢！ They use the money of investor, purchases and annexes other same profession competitor, speeds up unveiling own new service, seeps to the cross industry domain diligently, publicizes own brand diligently. 他们用投资者的钱,去收购、兼并其他同行业竞争者,加快推出自己的新服务,努力向跨行业领域渗透,努力宣扬自己的品牌。 This as if entered in a strange circle of internet/network circle place, and also has formed a novel Internet rule. But all Corporation Boss, actually never considered, their Corporation, why value that much money? Depending on the Yahoo product, how Corporation can value over a thousand hundred million US dollars? Their Corporation one year of earning how many? 这似乎进入了一种网络圈地的怪圈里,并且还形成了一种新奇的互联网规则。而所有公司的老板,却从来不考虑,他们的公司,凭什么值那么多钱？就凭亚虎的产品,怎么公司就能值上千亿美元了？他们公司一年的营收才多少？ This seems like is a bottomless pit is the same, who also dares to invest toward in? 这看似是一个无底洞一样,谁还敢往里投入？ These financial annual reports and quarterly reports, believes by many people, is the blasting fuse of true internet/network bubble, is makes these large-scale investment institutions dump the internet/network science and technology class stock the cause. 这些财务年报和季报,也被很多人认为,是真正的网络泡沫的导火索,是让那些大型的投资机构抛售网络科技类股票的诱因。 But also the view, that is the millennium bug. Also is a loophole of algorithm, will cause many Corporation systems to be chaotic. Company to make up for this loophole, has to increase the disbursement, intensified the Company fund pressure. 而还有一个说法,那就是千年虫。也就是一种算法的漏洞,会造成很多公司的系统混乱。企业为了弥补这个漏洞,不得不增加支出,加剧了企业的资金压力。 The view are many, has to support, has the opponent, but no matter because of anything, stockmarket of NASDAQ started to fall, bore the brunt, was the internet/network science and technology class stock. 说法很多,都有支持着,也都有反对者,但不管是因为什么,纳斯达克的股市开始下跌了,首当其冲的,就是网络科技类的股票。 Feng Yu also has another algorithm, that calculates the real rate of return of NASDAQ stock. 冯宇还有另外一种算法,那就是计算纳斯达克股票的真实回报率。 Since 98 years, real rate of return of NASDAQ, less than 3%, even is lower than the bond, was lower than this type to be 6.5% returns ratios theoretically prosperously. 从98年开始,纳斯达克的真实回报率,不到3,甚至低于债券,更低于理论上此种繁荣应达到了6.5的收益率。 Also some researchers believe that all stockholder's rights, in varying degrees have the premium, the premium approximately 7%. 还有的研究者认为,所有的股权,均在不同程度上有溢价,溢价约7。 In other words, the stock of NASDAQ, was overestimated. No matter Microsoft and IBM wear but anything's Corporation, they benefit from non- rational prosperous pushing are high. 也就是说,纳斯达克的股票,被高估了。不管是微软、ibm还是戴而什么的公司,他们都是得益于非理性繁荣的推高。 But Corporation that now, the bubble burst, they also first fell, even can be said as the lead(er) falls. 而现在,泡沫破裂了,他们也是最先下跌的公司,甚至可以说是领跌的。 ...... …… Crazy falling of NASDAQ, the stock of New York Stock Exchange is also falling. Company that obviously has not related, was actually affected. 纳斯达克的疯狂下跌,连带着纽交所的股票也跟着下跌。很多明明没有关系的企业,却偏偏受到了影响。 Does not know rumor where listens, saying stockmarket must crash once more, had not looked that Microsoft, IBM and other Corporation could not withstand! 不知道从哪儿听来的传言,说股市要再次崩盘了,没看微软、ibm等公司都顶不住了么！ Therefore more people start panicky to dump the stock, thus has formed a vicious circle. 于是更多的人开始恐慌性抛售股票,从而形成了一种恶性循环。 Person who sells are more, stock price falls is quicker, the stock price falls is quicker, the person who sells are also more. 卖的人越多,股价跌的越快,股价跌的越快,卖的人也就越多。 Less than one week, the stock index of NASDAQ, fell about ten points, this is for several years the maximum decline range. 一个星期不到,纳斯达克的股指,就跌了将近十个点,这是十几年来最大的跌幅。 But was affected by this, the stocks of global major money markets fell, particularly the stock of internet/network science and technology class, the decline range is biggest. 而受此影响,全球各大金融市场的股票都下跌了一些,尤其是网络科技类的股票,跌幅最大。 Paul Allen the deep regret, early knows that at this time the Microsoft stock price will fall continuously, he also leveraged sum of money Hao. The non- voting stock that he has also has much, has sold these, does not affect him in the Corporation right to speak. 保罗?艾伦此时深深的后悔,早知道微软股价会连续下跌,他也套现一笔钱好了。他持有的非投票股还有不少呢,把那些卖了,也不影响他在公司的话语权啊。 What the investment selects not to be good, daily will not always open eyes knows that own property did shrink? 投资点什么不好,总不会天天睁眼就知道自己的资产又缩水了吧？ This day, as if did not have to be the same. 偏偏这种日子,似乎还没个头一样。 Not only Microsoft, IBM, wears but other big Corporation Board of Directors are meeting every day, how the research saves own Corporation, lets the Corporation stock, such do not continue to fall again. 不只是微软,ibm、戴而等多家大公司的董事会每天都在开会,研究怎么拯救自己的公司,让公司的股票,不要再这么继续跌下去了。 Although falling of stock price, regarding the management not too tremendous immediate influence of Corporation, but to Corporation the brand, prestige has very tremendous influence, and has the shareholder of Corporation stock regarding their these, has the enormous influence. The stock price falls, is their property shrinkage! 虽然股价的下跌,对于公司的经营没有太大的直接影响,但对公司的品牌、声誉等有着很大的影响,而且对于他们这些持有公司股票的股东,也都有着极大的影响。股价下跌,就是他们资产缩水啊！ They cannot think through, why was the internet/network bubble punctured? 他们想不通,为什么网络泡沫就被戳破了呢？ ......( To be continued.) ……(未完待续。)
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