At the end of June, during the graduation season, Masayoshi Son and Jack Ma also graduated from each other's group board of directors respectively.

One has been a member for fifteen years,

One has been in trouble for thirteen years.

The "learning time" of the board of directors for more than ten years ended today, but the friendship between Masayoshi Son and Jack Ma, the old comrades-in-arms is not only that. The crucial six-minute encounter 21 years ago not only laid the groundwork for the future glory of Alibaba and SoftBank, but also opened up the shopping mall comrades-in-arms where the two appreciate each other.

To this day, Lao Sun still holds $120 billion in Alibaba stocks!

"I heard that Vision Fund often gives overvalued valuations when investing, and it is often Masayoshi Son alone. Especially when acquiring the startup Wework for $16 billion, Saudi Sovereign Wealth strongly opposed it!"

"There is no way. The oil guy has money and even has the right to veto it. This incident made Masayoshi Son very angry. So when he raised funds in the second phase of Vision, he did not look for big bosses, but only accepted younger brothers, just to make a fortune."

Chen Feng laughed loudly. Not to mention other so-called high-tech, in his opinion, the second landlord died because Lao Sun was rich!

High-end ones such as shared office wework...shared hotel oyo...

Mid-range things like various homestays...self-employed hotels... and even long-term rental apartments...

Various low-end shared study rooms...

In the case of unlucky, it can be said that everyone is competing for each other, and the competition is characterized by style and sports spirit.

Wework's valuation of diabetes insults, Oyo optimizes its employees one after another, the homestay industry is intensively rising, and long-term rental apartments are the first social beating for young people...

As for other small players, there is no sound before investors brag?

Then the question is,

Isn’t the second landlord a very profitable business in our traditional concept?

If you are involved in real estate, you can make money by making money and even securitization of assets. Why not?

It was not until Eggshell that I realized that in the business model of the second landlord, the scale, capital flow and profit, you cannot get both. At most, choose two?

Scale cash flow = no profit. Most of the second landlords' business adopts this model. The business itself does not make money, and it relies on scale to run cash flow, and then continues to expand the scale, waiting for capital to pay.

Profit cash flow = scale cannot be expanded. Most of the second landlords who are well-produced are in this model. They can make some money, but they cannot expand the scale. It has reached the limit to managing more than a dozen houses.

As for scale profits, only when large real estate companies take out their own properties to be their own secondary landlords can they make scale profits. Those who can do this are billionaires.

After the secondary landlord becomes large, the risks will be very high and cannot withstand market fluctuations.

To put it bluntly, the larger the scale, the higher the cost, the easier it is to have problems, and the easier it is to speed up the failure.

In the past, everyone had a good plan. As long as the plate was large enough, they could make money in the capital market. Either they made money from investors in the primary market or the secondary market, and the wool was made from pigs, and they could play quickly.

The years were originally peaceful, but an old grandson popped out of the stone?

All the people who took the money to spend money desperately were scared!

Wow, are the God of Investment optimistic about this field?

Do I want all     in?

result……

The super investor became a super seller in a blink of an eye. Masayoshi Son found himself living in a dream, and then all the second landlords dived together.

What's the matter with sautum?

In Shen Feng's view, the essence of bragging and cutting leeks is to rely on information asymmetry. Many Internet projects support high valuations are actually imagination, and what they rely on is that business is incomprehensible, cost is difficult to calculate, information is not transparent, and then selling hopes to change the world.

They worked so hard that many technology companies read the report and lamented that these people did not write science fiction novels were a loss of human civilization!

Most old money is not as smart as everyone thinks. They see these high-tech companies in a state of being unaware of it. Because they can’t understand it, they are easily fooled by various concepts and taken over.

After all, the older I get, the more I am afraid of being abandoned by the world.

But the industry of the second landlord is different. It is so old that he doesn’t know where to brag!

Scale, profit margin, vacancy rate, cash flow, and business quality are all things that can be seen at a glance. Traditional capital has been playing in the fields that people are best at in their lifetime, and they must follow the rules of local tyrants.

What a shit new      Money is dead!

Thinking of this, Chen Feng suddenly felt empathy. To say that Lao Sun did make strategic mistakes from the beginning, he shouldn't have deceived them in the advantageous areas of old money.

But in his position, I really have no choice because I have too much money.

When a person has too much money, spending money itself becomes a serious problem.

Although Wang Duoyu’s story is fictional, the fact that he spends money desperately itself exists.

Many departments are just as hard to spend money at the end of the year. The budget for the previous year cannot be spent, will the budget for the next year be reduced?

The first phase of Vision Fund raised 96 billion US dollars. If you can’t spend it in a few years, will it prove that Teacher Sun’s ability is not good?

Do you still want the money for the next issue?

A hundred billion dollars,

Where to smash it?

Is it only real estate that can afford such an investment?

But if you just build a house, you will be too expensive first and secondly too unimaginable, right?

In the end, Teacher Sun resolutely chose to be the second landlord!

It can absorb funds reasonably and tell the story of the Internet empowering traditional industries, but the result...

The entire industry quietly watched the second landlords pretend to be crazy and shouted, and then smiled and spit out phlegm.

Of course, who is Teacher Sun?

A tough old man from the island country!

I was not convinced and replenished funds to buy most of Wework's equity. At the same time, I participated in Ziroom's new round of financing, and also formulated a new plan to cut leeks for Oyo...

But the problem is that when the investment reaches a certain level, I want to ask:

Who can take over the entire market?

The story became an accident,

The industry goes to heaven together,

Let’s go to cultivate immortality!

For traditional industries, even if you have gold fingers, you have always been respectful.

Zhenwei is just a small attempt. Whenever it involves supply chains and stores, countless things will pull you into the quagmire and you can't even get out of it if you want to.

Otherwise, Alibaba and JD.com have been trying to figure out a fresh food for three or four years?
Chapter completed!