IAIH :: Volume #11

#1074: The big dragon flutters


LNMTL needs user funding to survive Read More

As before is the difference in company development ideal,” Eric replied: I hope that AOL can insist the enterprise localization of own Internet service provider, Steve actually hopes AOL becomes a comprehensive Internet media company.” “依旧是公司发展理念上的分歧,”艾瑞克回答道:“我希望美国在线能够坚持自身互联网服务提供商的企业定位,史蒂夫却希望美国在线成为一家综合性的互联网传媒公司。” As far as I know,” Jodie Miller looked down under the memorandum, said: Initially as the AOL first major stockholder, the ownership percentage of Firefly investment to AOL reached as high as 32.6%, and has the common share of voting rights completely. Firefly completely has enough strength to reject Steve Kyes, why you have not persisted in such doing, because receives Steve Kyes as well as the resignation threat of AOL core management level collective?” “据我所知,”朱迪斯・米勒低头看了下记事本,道:“当初作为美国在线第一大股东,萤火虫投资对AOL的持股比例高达32.6%,而且全部都是拥有投票权的普通股。萤火虫完全有足够的实力罢黜史蒂夫・凯斯,您为什么没有坚持这么做,只是因为受到史蒂夫・凯斯以及AOL核心管理层集体的辞职威胁吗?” Eric nods, said: Basically is this.” 艾瑞克点头,道:“基本上是这样。” That,” Jodie Miller is looking at Eric, the issue once more becomes caustic: You did not think that you in processing the process of this matter display weak?” “那么,”朱迪斯・米勒望着艾瑞克,问题再次变得尖刻起来:“难道您不觉得,您在处理这件事的过程中表现的过于软弱了吗?” The Eric expression shakes the head to say lightly: This and strong with has nothing to do weakly, is swayed by personal feelings in the enterprise business process is stupidest, I thought that I have made to oneself most advantageous choice. The Firefly investment initially obtained the AOL 30% stocks by 60 million USD, six years later, is only sell 25% stockholder's rights, we have then taken back 10 billion USD. 200 times of rates of return, even if to the investment of Yahoo, by far is unable to achieve this point.” 艾瑞克语气平淡地摇头道:“这和强硬与软弱无关,在企业经营过程中意气用事才是最愚蠢的,我觉得我已经做出了对自身最为有利的抉择。萤火虫投资当初以6000万美元获得美国在线30%股份,六年之后,只是出售其中的25%的股权,我们便收回了100亿美元。200倍的回报率,即使是对雅虎的投资,都远远无法达到这一点。” Even if has paid attention to the entire process of Firefly investment transfer AOL stock event, at this time hears this group of data to contrast from the Eric mouth, Jodie Miller as before feeling of praising to the heavens. 即使是关注过萤火虫投资转让美国在线股票事件的全过程,此时从艾瑞克口中听到这组数据对比,朱迪斯・米勒依旧有一种叹为观止的感觉。 However, this mood has not affected the following inquiry, the trace looked at a wrist watch, she said quickly: Mr. Williams, AOL marches the Internet media profession by the superiority of North America most Internet service provider, whether you worried this will threaten the Yahoo market niche?” 不过,这种情绪并没有影响接下来的提问,不着痕迹地看了眼腕表,她很快道:“威廉姆斯先生,美国在线北美最大互联网服务提供商的优势进军互联网传媒行业,您是否担心这会威胁到雅虎的市场地位?” Eric shakes the head saying: In fact, I am worried about AOL.” 艾瑞克摇头道:“事实上,我更担心美国在线。” This reply stems from Jodie obviously by far expectation of Miller, she has gawked, asked back: Why?” 这个回答显然远远出乎朱迪斯・米勒的预料,她愣了下,才反问道:“为什么?” Although has leveraged 10 billion USD, but in the hand also has the massive AOL stocks, Eric naturally impossible reason analysis thoroughness of too, affects the AOL stock price, but said generally: Because AOL is changing the domain that oneself do not excel at completely. My investment concept is to let the appropriate person handles the appropriate matter, these years Firefly invested a series of growth rapid companies also to prove accuracy that my this type insisted.” 虽然已经套现100亿美元,但手中还持有大量美国在线股份,艾瑞克自然不可能将理由剖析的太透彻,影响美国在线股价,只是笼统道:“因为美国在线正在转向自己完全不擅长的领域。我个人的投资理念就是让合适的人去做合适的事情,这些年来萤火虫投资旗下一系列成长迅速的公司也证明了我这种坚持的正确性。” With just Eric to the replies of a series of issue compared with, Jodie Miller felt keenly the reservation of Eric toward this issue, she pursued asks: Said that you don't favor the AOL future?” 和刚刚艾瑞克对一系列问题的回答相比,朱迪斯・米勒敏锐地感觉到了艾瑞克对这个问题的保留态度,她追问道:“这么说,您不看好美国在线的未来?” Eric shakes the head gently: Favors indifferently, because I will unable to see the AOL future.” 艾瑞克轻轻摇头:“无所谓看好不看好,因为我看不到美国在线的未来。” This whether means that Firefly will also continue 7.6% AOL stocks that reduces in the hand to have in the future?” “这是否意味着,萤火虫未来还会继续减持手中持有的7.6%美国在线股票?” Eric hesitant moment, said: Presents the unnecessary dispute for the future, I must clarify, the entire Firefly system, to the AOL ownership percentage should be 10.7% at present. Beyond the Firefly investment, we one year ago, through the clover fund of Firefly Group, have bought in another 3.1% AOL stocks one after another. Just, according to the federal securities law, the ownership percentage is lower than 5%, the related shareholder does not need the owning stocks share in match to carry on public and report. Goal that we initially did this, but wants to strengthen in the opportune moment the control to AOL, naturally, has not needed now. Finally, about your issue, my reply was the affirmation, but, in the Firefly system short-term such will not do.” 艾瑞克犹豫了片刻,道:“为了将来出现不必要的纠纷,我必须澄清一点,整个萤火虫体系,目前对美国在线的持股比例应该是10.7%。萤火虫投资之外,我们在一年前,陆续通过萤火虫集团旗下的三叶草基金,吸纳了另外3.1%的美国在线股票。只不过,根据联邦证券法,持股比例低于5%,相关股东并不需要对手中的持股份额进行公开和报备。我们当初这样做的目的,只是想要在适当时机加强对美国在线的控制,当然,现在已经不需要了。最后,关于你刚才的问题,我的回答是肯定的,不过,萤火虫体系短期内并不会这么做。” Jodie Miller recalls had looked at the data, on the face shows the obvious surprised expression, she believes after this interview issues, AOL will be more surprised. 朱迪斯・米勒回忆了一下自己看过的数据,脸上露出明显的惊讶表情,她相信这次专访发布之后,美国在线会更加惊讶。 According to 7.6% ownership percentages, Firefly should be the AOL seventh major stockholder. Moreover, in the previous time transfer of share rights transaction process, other AOL shareholders definitely to Firefly invests surplus this 7.6% will own stocks to make various limits, the Firefly investment gives up the AOL Board of Directors seat, probably is one of the related blackmarket conditions. 按照7.6%的持股比例,原本萤火虫应该已经是美国在线的第七大股东。而且,在上次的股权转让交易过程中,美国在线其他股东肯定会对萤火虫投资剩余这7.6%的持股做出各种限制,萤火虫投资放弃美国在线董事会席位,大概就是相关的暗盘条件之一。 But if counted other is owned stocks by 3.1% that AOL impedes completely freely, entire Firefly system, not only will become AOL one of the first five major stockholders once more. Moreover, so long as wants, the Firefly system has enough strength momentarily to intervene the management of AOL as before. 但如果算上另外完全不受美国在线掣肘的3.1%自由持股,整个萤火虫体系,不但将再次一跃成为美国在线的前五大股东之一。而且,只要愿意,萤火虫体系依旧有足够的实力随时干预美国在线的管理。 Digests the information that just accepted slightly, Jodie Miller also said quickly: Mr. Williams, according to your view, I whether can believe that you do favor the Internet service provider service as before?” 稍微消化了一下刚刚接受到的信息,朱迪斯・米勒很快又道:“威廉姆斯先生,根据您的说法,我是否可以认为,您依旧非常看好互联网服务提供商业务?” Naturally, this is the cornerstone of entire Internet industry development, the people use the Internet, may be interested in web portal, may be interested in the electronic commerce, may be interested in the instant messenger, but they must first do, must first Internet access.” “当然,这是整个互联网产业发展的基石,人们使用互联网,或许会对门户网站感兴趣,或许会对电子商务感兴趣,又或许会对即时通讯感兴趣,但他们首先要做的,就是必须先接入互联网。” MSN of Microsoft started to develop the service in this aspect, then, Yahoo whether in the future will have the similar plan?” 微软旗下的MSN已经开始拓展这方面的业务,那么,雅虎未来是否有同样的计划?” This returned to my just investment concept, I will not make the matter that Ian they make themselves not to excel, Yahoo concentrate on the Internet media service. Naturally, in the appropriate time, the Firefly investment will do such, like once bought stock AOL such.” “这又回到了我刚刚的投资理念上,我不会让伊恩他们去做自己不擅长的事情,雅虎会一直专注于互联网传媒业务。当然,在适当的时机,萤火虫投资会这么做,就像曾经入股美国在线那样。” Jodie Miller pursues asks: „Is the opportune moment that you said when?” 朱迪斯・米勒追问道:“您说的适当时机是什么时候?” Eric shakes the head seriously: We did not have the plan in this aspect temporarily, because of this time, we will be more discrete.” 艾瑞克一本正经地摇头:“我们暂时还没有这方面的计划,因为这一次,我们会更加谨慎。” Jodie Miller has not seen any flaw from the Eric expression, therefore changes Yahoo itself the topic once more: Internet business model that Mr. Williams, Yahoo almost stepped at present present all, web portal, instant messenger and electronic mail, search engine, public relations blog wait/etc., what you most favor is which aspect service?” 朱迪斯・米勒没有从艾瑞克表情中看出什么破绽,于是再次将话题转向雅虎本身:“威廉姆斯先生,雅虎目前几乎涉足了所有已经出现的互联网业务模式,门户网站、即时通讯、电子邮箱、搜索引擎、社交博客等等,请问您最看好的是哪方面业务?” The Eric expression is more serious, is resolute, said: Naturally is web portal. Operator Internet, but was equal to constructing a road to this virtual world, but wanted to have a good swim the cyberspace heartily, could not leave the help of web portal. Moreover, in my opinion, the electronic mail, the search engine and public relations blog a series of network services, are only the supplement and extension of web portal, they are actually a body.” 艾瑞克表情更加一本正经,语气坚定,道:“当然是门户网站。用户接入互联网,只是相当于修建了一条通往这一虚拟世界的路,但想要尽情畅游网络空间,就离不开门户网站的帮助。而且,在我看来,电子邮箱、搜索引擎、社交博客这一系列网络服务,都只是门户网站的补充和延续,他们其实是一体的。” Jodie Miller slight bow, but also said immediately: But, Mr. Williams, we are not difficult to discover that the web portal operation style is easy to duplicate, how do you view the issue in this aspect?” 朱迪斯・米勒微微点头,但立刻又道:“但是,威廉姆斯先生,我们不难发现,门户网站的运营模式是非常容易复制的,您如何看待这方面的问题?” On the Eric face is having the self-confident smile, said: Outstanding engineers are capable of assembling a propeller-driven aircraft in own garage, but the federation has a Boeing Group.” 艾瑞克脸上带着自信的微笑,说道:“很多出色的工程师都有能力在自家车库里组装一架螺旋桨飞机,但联邦就只有一家波音集团。” This simple bright the persuasive analogy obviously has let Jodie Miller approves, she looked at a wrist watch once more, discovered one already not how much time, therefore has swept memorandum in the hand, starts to speed up inquiring the speed. 这个简单明了却又极具说服力的类比显然让朱迪斯・米勒非常赞同,她再次看了一眼腕表,发现自己已经没有多少时间,于是扫了眼手中的记事本,开始加快提问速度。 In smooth replying, study room gate was knocked suddenly gently several, Meyer has shoved open the door, the expression said lightly in a soft voice: Mr. Williams, the time was similar.” 流畅的对答中,书房门突然被轻轻敲了几下,梅耶尔推开房门,表情淡淡地轻声道:“威廉姆斯先生,时间差不多了。” London that after night, the female assistant starts the iceberg girl route, Eric had suspected whether that night one crowd of spirits made anything to make Meyer suspect the life the matter, but he many did not ask. 伦敦的那个夜晚之后,女助理就开始走冰山女郎路线,艾瑞克一直怀疑那天晚上一群妖精们是否做了什么让梅耶尔怀疑人生的事情,但他也不好多问。 Hears the reminder, Eric sets out to Jodie Miller puts out a hand: „, Ms. Miller, sees you once more very much happily.” 听到提醒,艾瑞克起身向朱迪斯・米勒伸出手:“那么,米勒女士,再次很高兴见到你。” Although somewhat has not given full expression, Jodie Miller must set out to shake hand with Eric, said: I am also, Mr. Williams, anticipated very much we can also have the next meeting opportunity.” 虽然有些意犹未尽,朱迪斯・米勒也只得起身与艾瑞克握手,道:“我也是,威廉姆斯先生,很期待我们还能有下次会面机会。” ...... …… Entire in the weekend, North America as well as the overseas major media are the Yahoo IPO miracle are crazy, simultaneously will start the intense discussion to the Yahoo next week's stock price trend. Almost all media believe that after experiencing the peak of first date, the Yahoo new week of stock price will present dropping of big scope. 整个周末,北美以及海外各大媒体都在为雅虎的IPO奇迹而疯狂,同时对雅虎下周的股价走势展开激烈讨论。几乎所有媒体都认为,经历了首日的巅峰之后,雅虎新一周的股价将会出现较大幅度的回落。 Although Yahoo management has done the much work in the weekend two days, even announced ahead of time advantage good news that some have not carried out thoroughly. However, even if the Firefly system, prepared for greeted psychology that the new week of Yahoo stock price fell. 虽然雅虎管理层在周末两天做了大量工作,甚至提前公布了一些还没有彻底落实的利好消息。不过,即使是萤火虫体系内部,也做好了迎接新一周雅虎股价下跌的心理准备。 However, new Monday, the stock Manager person who when some have not paid attention to the new week of media trend with enough time sits when own computer, the mood is considering disturbedly whether then must sell other Yahoo stocks as well as hi-tech stocks in hand, nine 30 minutes, the stock market opening price, the Yahoo stock trend has not presented them to imagine slightly flies the straight below aspect, instead starts strangely pull-up. 不过,新的周一,当一些没来得及关注新一周媒体动向的股票经理人坐在自己的电脑前,心情忐忑地斟酌着接下来是否要卖出手中的雅虎股票以及其他科技股时,九点三十分,股市开盘,雅虎的股票走势却丝毫没有出现他们想象中飞流直下的局面,反而开始诡异地拉升。 The short ten minutes, to last Friday 72.56 USD closing prices, the increase scope of Yahoo stock price broke through 3%, achieve 74.73 USD. 短短十分钟时间,相对于上周五72.56美元的收盘价,雅虎股价的涨幅就突破了3%,达到74.73美元 Not difficult to imagine, if this rise speed continues, is only day of time, the Yahoo market value likely breaks through 100 billion USD. 不难想象,如果这种上涨速度继续下去,只是一天时间,雅虎市值就很可能突破1000亿美元 These were stayed some time after the computer by being kept in the dark stock manager, sobers in abundance, started to seek crazily exactly what happened? 这些被蒙在鼓里的股票经纪人在电脑前呆坐了一段时间后,纷纷清醒过来,开始疯狂寻找到底发生了什么事情? Therefore, when they turn on the television, or lands web portal, discovered that the full screen eyeful regarding discussions that some all person familiar names hold. 于是,当他们打开电视,或者登陆门户网站,发现满屏满眼都是围绕某个所有人都再熟悉不过的名字进行的讨论。 On CNN two economists in the sputtering argued that Eric Williams in view of the optimistic attitude that the Internet bubble expresses. CNN上两位经济学家在口沫横飞地争论艾瑞克威廉姆斯针对互联网泡沫做出的乐观表态。 The Yahoo gateway home page is overhanging the federation whether should continue to loosen the new media control the review article. 雅虎门户首页高高挂着联邦是否应该继续放松新媒体管制的评论文章。 ABC TV Station the news broadcasts in the morning was discussing that the topic of Internet global disseminates news. ABC电视台早间新闻播放着讨论互联网全球化的专题播报。 AOL CEO Steve Kyes expression refuted Eric in the telephone interview anxiously opinion of Williams related AOL in the 《The New York Times》 interview. 美国在线CEO史蒂夫・凯斯语气焦躁地在电话采访中反驳艾瑞克威廉姆斯《纽约时报》采访中有关美国在线的言论。 The federal Ministry of Justice spokesmen quote Eric regarding the media Williams about Ministry of Justice is whether harsh to Microsoft is tired out by dealing. 联邦司法部发言人对于媒体引用艾瑞克威廉姆斯关于‘司法部是否对微软过于苛刻’的疲于应对。 As well as, is most important. 以及,最重要的。 Eric Williams in that several hours had been quoted the innumerable exciting statements in the 《The New York Times》 interview by the media: In has in the huge market of 1 billion highest-quality user base number, what but also there is impossible?” 艾瑞克威廉姆斯《纽约时报》采访中那句短短几个小时内就被媒体引用了无数次的让人振奋的表态:“在一个拥有10亿最优质用户基数的庞大市场上,还有什么是不可能的?” Short a few words, made innumerable fill to the Internet hi-tech stock worried about and investor of question, has roused the confidence once more. 短短一句话,让无数对互联网科技股已经充满了担忧和质疑的投资人,再次振奋了信心。 Since human society rapid growth, almost all traditional business have formed very stable industrial pattern, entire social countless surplus wealth constantly are not seeking for the brand-new favorite for investors. 人类社会高速发展以来,几乎所有传统行业都已经形成了非常稳定的产业格局,整个社会无数剩余财富都无时无刻不在寻找着全新的投资热点。 At this time, suddenly created the young people of a series of wealth miracle to stand, was loud and clear tells all people, completely that must be developed promptly has 1 billion even to count the huge market of 1 billion customer segment at present, how this can not let innumerable capital blood boiling. 这个时候,突然有一个创造了一系列财富奇迹的年轻人站出来,掷地有声地告诉所有人,一个完全亟待开发的拥有十亿甚至数十亿消费群体的庞大市场就在眼前,这怎能不让无数资本热血沸腾 In 《The New York Times》 in view of Eric under the stimulation of media storm Williams individual interview as well as comes immediately, on Monday entire day, the NASDAQ index once more rises 35 percentage points. 《纽约时报》针对艾瑞克威廉姆斯个人专访以及随即而来的媒体风暴的刺激下,周一全天,纳斯达克指数再次上涨35个百分点。 However, afterward several days, regarding the trend that the media discussion of Eric individual interview has not cooled slightly. 不过,随后几天,围绕艾瑞克个人专访的媒体讨论丝毫没有冷却下来的趋势。 Eric in the interview involves controls, Microsoft, AOL and web portal in the Internet bubble and federation that in view of the new science company in the future wait/etc. a series of topics, turned into the focal point of all media intense argument. 艾瑞克在专访中涉及到的互联网泡沫、联邦针对新科技公司管制、微软美国在线门户网站未来等等一系列话题,都变成了各方媒体激烈争论的焦点。 Even, the matter develops finally, each each few words of Eric in interview, has become the puzzled goals of many person. 甚至,事情发展到最后,艾瑞克在专访中的每一段每一句话,都成了很多人的纠结目标。 Although very unsatisfied Eric about Bill that arrogant fellow the commentary as well as 《The New York Times》 unexpectedly truthfully the behavior that these words publish, but badly battered several years of Microsoft decisively has actually quoted viewpoint of Eric in interview to launch the counter-attack under the shadow of federal Ministry of Justice anti- monopoly investigation, claimed that federal government this is strangling one global new enterprise jumbo, in harm federation fundamental interests. 虽然非常不满意艾瑞克关于‘比尔那个自大的家伙’的评论以及《纽约时报》竟然如实将这句话刊登出来的行为,但已经在联邦司法部反垄断调查的阴影下焦头烂额了几年的微软却果断引用艾瑞克在访谈中的观点展开反击,声称联邦政府这是在扼杀一家‘全球新的企业巨无霸’,是在损害联邦的‘根本利益’。 Leads the media to denounce under facing the accusation as well as this unrest of Microsoft, minster of justice Jenny Reynolds has to the press conference, explain as usual in detail Ministry of Justice starts to the specific reason of Microsoft anti- monopoly investigation. Meanwhile, Jenny Reynolds also by other say|way also body, is based on Eric in the interview opinion, requesting Microsoft to give up the extremely selfish close marketing for hydraulic products, makes helps the opening-up move of entire profession benign development. 面对微软的指责以及这股风潮带动下的媒体声讨,司法部部长珍妮特・雷诺不得不照例新闻发布会,详细解释司法部启动对微软反垄断调查的具体原因。同时,珍妮特・雷诺也以彼之道还施彼身,以艾瑞克在访谈中的言论为依据,要求微软放弃极度自私封闭的市场策略,做出更多有利于整个行业良性发展的开放举措。 As before also by Clinton of impeachment bill puzzle, when at week's White House press conference was inquired about 《The New York Times》 that interview, published a big string to comment with an air of decorum, summarized is right that Eric said that Microsoft did was not right, the White House will support new tech industry steadfastly, blah blah. 依旧还在被弹劾案困扰的克林頓在当周的白宫记者会上被问及关于《纽约时报》那篇专访时,也煞有介事地发表了一大串评论,总结来说就是‘艾瑞克说的对,微软做的不对,白宫会坚定不移地支持新科技产业’,巴拉巴拉 Meanwhile, when the Yahoo stock price achieves 79.68 USD in the feeling grateful week third trading day officially, the market value breaks through 100 billion critical junctions, the AOL management and major stockholder actually are Eric one I could not notice that the AOL future will be in chaotic situation. 同时,当雅虎股价在感恩周第三个交易日正式达到79.68美元,市值冲破1000亿大关时,美国在线管理层和大股东却在为艾瑞克一句‘我看不到美国在线的未来’而鸡飞狗跳。 Although the AOL stock price has not appeared again falls largely, facing the aspect of AOL stock price fluctuations, has AOL large quantities of stock John continuously Mark has to telephone to Eric personally, hopes that he personally acted is AOL speaks words, after all, the Firefly system also had the AOL 10.7% stocks. The AOL stock price falls, the Firefly system will lose similarly seriously. 虽然美国在线的股价没有再出现大幅下跌,面对美国在线股价连续震荡的局面,持有美国在线大批股票的约翰马克不得不亲自打电话给艾瑞克,希望他亲自出面为美国在线说句话,毕竟,萤火虫体系还持有美国在线10.7%的股份。美国在线股价下跌,萤火虫体系同样将损失惨重。 Troubled , the matter develops finally, each each few words of Eric in interview, has become the puzzled goals of many person. 纷纷扰扰之下,事情发展到最后,艾瑞克在专访中的每一段每一句话,都成了很多人的纠结目标。 Does not know that stemming from some fellow's commission, company Chairman and CEO Keruige Beiruite who Intel just took office when one time accepts the CNN interview indicated specially, the front door schoolmate is in secret amiable, is frank, likes cracking a joke, absolutely is not Eric that arrogant person who Williams claimed. 不知道是不是出于某个家伙的嘱托,英特尔刚刚上任的公司总裁兼CEO克瑞格・贝瑞特在一次接受CNN采访时特意表示,大门同学私下里非常平易近人,性格爽朗,喜欢开玩笑,绝对不是艾瑞克威廉姆斯声称的那种自大的人。 However, Keruige Beiruite did not explain good, this explanation, has instead created the effect of working just the opposite. Why does not know, arrogant Bill quickly has become many media to teasing of front door schoolmate, this nickname followed front door schoolmate many years thoroughly not to dissipate finally. 不过,克瑞格・贝瑞特不解释还好,这番解释,反而造成了适得其反的效果。不知道为何,‘自大的比尔’很快成了很多媒体对大门同学的调侃,这个绰号最终伴随了大门同学很多年都没有彻底消散。 In addition, North America several big airlines do not know why also participates. Locker Sid Martin Chairman during the interview was very the expression of hidden bitterness: The federation has Boeing incessantly, Locker Sid Martin. 此外,北美几大航空公司不知道为何也参与进来。洛克希德马丁总裁在接受采访时很是幽怨的表示:联邦不止有波音公司,还有洛克希德马丁 Some was neglected the helicopter manufacturer in corner also weakly to demonstrate own existence feeling in this wave of unrest: Eric the VH-60 helicopter that Williams most likes, making us make. 某个被忽略在角落里的直升机制造公司也在这波风潮中弱弱地显示自己的存在感:艾瑞克威廉姆斯最喜欢的VH-60直升机,使我们造的。
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