The reason why Yang Jing did not start to get involved in Apple in the 80s is that he is waiting for this opportunity.In fact, from the establishment of Apple to the later generations when the company became the world's first company with a market value of more than one trillion dollars, the best time to get involved in this company is to get angel round investment at the beginning of the company's establishment, and the other is in the second half of 1996.But Joe's strength is well known, and even on April 1, 1976, when the 21-year-old hippie founded Apple with Hewlett-Packard engineer Steve Wozniak and Ron Wayne, who used to be in the slot machine business, he never thought about making an angel round of financing.At the beginning of the business, Qiao Gang attached great importance to the shares in his hands, not to mention that when he was kicked out of Apple and then wandered outside for more than ten years, he saw the real bloodiness and ruthlessness of capital, and returned to Apple again, he was even more reluctant to introduce Wall Street capital for Apple.In fact, if he hadn't been kicked out of Apple, but had been the boss of Apple, with his business genius and advanced design ideas, maybe there would not be a computer brand like Dell.It's not terrible to fail, it's terrible to fail and not know how to work hard again!
Jobs is obviously not such a person, Lisa database and Appleiie may have really brought a lot of losses to Apple back then, but if Apple's shareholders can insist on believing in this genius, then Jobs will definitely not disappoint those who believe in him, just like the things he did after returning to Apple.To use a more vulgar phrase to describe Jobs, that is, this guy is like a flawless diamond, even if it was once covered with dust, but his brilliant light cannot be suppressed after all.If Apple's shareholders had trusted Joe more, perhaps Joe would have become a leader in the industry again by launching personal PCs and laptops with better form and performance in the 80s.Who can say anything like that?
But judging from the future performance of the Qiao gang leader, if he hadn't left Apple in the first place, then it is very likely that he would have done such a thing.At that time, what Dell, what HP, and even IB will have a great chance of being suppressed by Apple in terms of personal PCs.But that's all hypothesis.The second half of 1996 was the best time to get involved with Apple at the lowest cost.Yang Jing handed over this matter to Henry to do, and with Henry's talent in this area, he would definitely be able to do it well.In such a turbulent time, the change of equity in the hands of a dozen or dozens of small shareholders of Apple will definitely not attract the attention of others.After telling Henry, Yang Jing called David Anderson in again."
David, what do you think about the recent economic situation in Southeast Asia and in Ben and South Korea?"
Yang Jing personally poured David a cup of coffee, and then sat opposite David.At this time, David Anderson is also almost sixty years old, perhaps because of the increase in age, and there have been too many successes in the past ten years recently, at this time he can no longer see the situation of high IQ and low EQ at the beginning, and now David Anderson looks like a very wise financial tycoon.Yang Jing still remembers the scene when he first met David more than ten years ago, when David was forty-five or sixteen years old and looked like a very old-fashioned guy.It is said that David, who has black blood, should be more lively, but the truth is quite the opposite.In the later business, although David showed unparalleled investment genius, he was really not good in the world.If it weren't for Yang Jing, Old Mike and Henry all defending him, maybe he would have left the KY Investment Fund a long time ago.However, the saying that the environment can change people's personality is not nonsense, but there is indeed a certain amount of truth.At least this sentence is vividly reflected in David.As David began to take charge of Pacific Capital and led Pacific Capital to kill all sides in the market, David has really changed a lot at this time."
Thank you."
David thanked him first, and then asked, "Boss, I don't know what you are referring to in this sentence?"
If I told you everything, I'm afraid we wouldn't be able to finish it all night. ”Yang Jing smiled and waved his hand, "David, it's just the two of us here, you can say whatever you want."
Actually, I also have some judgment on the recent economic situation in Southeast Asia and South Korea, so I would like to hear your views so that I can make a final decision. ”David's IQ is very high, and Yang Jing even suspects that this guy's IQ is higher than his own.Therefore, when he heard Yang Jing's words, he immediately asked in surprise: "Boss, are you planning to do something to Southeast Asia?"
”"Hmm."
Yang Jing nodded, "In the past two years, I have discovered some huge financial loopholes by studying the development of Southeast Asian countries.I thought, if I can find these holes, then the Wall Street guys can certainly find them, so I'd like to ask you what you think, and if we both see each other on the same page, then we can make a fortune in Southeast Asia.Well, maybe another big piece of meat can be cut off on Yuben and Han. ”David rubbed his hands excitedly, "Boss, in fact, what you said is not right, we actually belong to the category of those Wall Street guys."
You see, the place where we are sitting now, although it is a little far away from Wall Street, although the KY investment fund is now hidden deep under the water, but we are an out-and-out Wall Street giant!
”Yang Jing was stunned for a moment when he said this, and then shook his head with a wry smile.David is right, in 1996, there were about 7 trillion US dollars of international travel funds in the world, but the funds owned by KY investment funds accounted for more than one-tenth of this huge international travel funds, and they are definitely the biggest crocodiles on Wall Street!"
Boss, in fact, I have the same judgment as you, although several countries in Southeast Asia have developed rapidly in recent years, there are many and very big loopholes.Don't look at the emergence of a Four Tigers in East Asia now, but they are all prosperous on the surface, and behind the scenes, the Southeast Asian countries represented by the so-called Four Tigers have fatal loopholes in themselves and their domestic financial systems. ”After a pause, David began to talk."
In fact, not only Southeast Asian countries, but almost all countries in East Asia, except for China, have loopholes of one kind or another, which is caused by the post-war Asian economic form.Countries and regions such as Singapore, Malaysia, Thailand, Japan, South Korea, Wan Dao, and Hong Kong Island are all export-oriented economic countries, and they are very dependent on the world market. ”"First of all, the 'export substitution' model is an important reason for the economic success of many Asian countries.The so-called Four Tigers in Asia are typical representatives of this economic model.However, there are also three shortcomings in this model: first, when the economy develops to a certain stage, the cost of production will increase, and exports will be suppressed, causing an imbalance in the balance of payments of these countries; Second, when this export-oriented strategy becomes the development strategy of many countries, it will form a mutual squeeze between them; Third, the stepwise progress of products is a necessary condition for continuing to practice export substitution, and it is impossible to maintain competitiveness by relying only on the advantage of cheap resources.These countries in Asia, after achieving high growth, have not solved these problems. ”Moreover, most of these countries are developing countries, and maintaining a relatively high economic growth rate is the common aspiration of developing countries.It is only when the conditions for high growth become insufficient, and in order to maintain the pace, these countries have to turn to borrowing foreign debt to maintain economic growth.However, due to the sluggish economic development, some Asian countries have been unable to repay their debts since the past two years.In Southeast Asian countries, the bubble inflated by real estate is only bad and bad debts on bank loans; In South Korea, it is too easy for large companies to obtain funds from banks, resulting in a situation in which non-performing assets swell as soon as the companies do poorly.The existence of a large number of non-performing assets, in turn, affects investor confidence.This is the overdraft of the economy, high growth and the expansion of non-performing assets!
This is an extremely dangerous thing!
”"However, the economic market system of these countries is not mature.On the one hand, the government intervenes excessively in the allocation of resources, especially in the direction of loans and projects in the financial system; On the other hand, the financial system, especially the regulatory system, is not perfect.This will lead to the further expansion of those dangers, which will eventually be the straw that breaks the camel's back. ”Once David Anderson is in his own mode, it definitely hits the nail on the head.Yang Jing nodded slightly and said, "David, then you mean that there are indeed some huge signs of crisis hidden in Southeast Asian countries?"
”"That's right, it's not just me who sees it, as you just said, a lot of people on Wall Street see it."
David took a sip of coffee to moisten his throat, and then said, "For example, when I had dinner with Charles Roberts of Morgan Stanley two months ago, he also mentioned this matter.He said that among Southeast Asian countries, Thailand's current situation is the most dangerous.In a country like Thailand, the foreign exchange policy they are pursuing now is simply playing with fire.In order to attract foreign investment, these countries maintain a fixed exchange rate on the one hand and expand financial liberalization on the other, which are fundamentally two contradictory policies.In order to maintain a fixed exchange rate system at home, these countries will inevitably have to use their foreign exchange reserves to cover their deficits over a long period of time, which will inevitably lead to an increase in external debt.In such a situation, these countries will inevitably have too much debt in the short and medium term, and in this case, if the outflow of foreign capital exceeds the inflow of foreign capital, and the foreign exchange reserves of the country are not enough to cover the shortfall, then the depreciation of the country's currency is inevitable. ”"Charles and I are in the same judgment, and Thailand is a prime example of this contradictory financial policy.Thailand's own financial system is not perfect, but the country did not straighten out its own financial system in 1992, and even abolished the control of the capital market, which made the flow of short-term funds unimpeded, and a large number of international funds could take the opportunity to pour into Thailand. ”"The entry of a large amount of international travel into the Thai financial market looks like it will make Thailand's economy prosper immediately, but it also buries a big guy comparable to a nuclear bomb.When the time comes, the nuclear bomb that has been buried in Thailand's financial community will inevitably be detonated.At that time, it will be Thailand's financial system that will be killed, and international travel capital can slowly want to use a gluttonous feast!
”The Charles Roberts Yang Jing mentioned by David also knew that this guy also worked at Goldman Sachs before, and he had a very good personal relationship with David.It's just that this guy later jumped from Goldman Sachs to Morgan Stanley, but the two still maintain a good friendship.And David is also ready to dig Charles over, and Yang Jing also agrees to this matter."
Well, David, your judgment is almost the same as mine.In other words, both of us, including Charles, believe that a financial crisis is about to break out in Southeast Asian countries.So David, are you sure that you will kill all sides again in this crisis?
”"Haha, boss, this is my favorite job!
The market has become a stagnant pool, and it can't get me excited anymore, and my big knife is already hungry and thirsty."