Ye Tan: The Internet Bubble Is Not A Bad Bubble.

Is there a bubble in the Internet? No bubble? This is a global problem.

There are some signs that bubbles exist.

2013 is the most vigorous year of IPO in the US since 2000. 222 companies have achieved IPO, and about 45 of them are technology companies.

When Facebook was launched in May 2012, the market was valued at $104 billion. Alibaba recently launched in New York with a market valuation of US $168 billion.

These companies spent a lot of money on acquiring related businesses. In February last year, Facebook bought WhatsApp for $19 billion, and Alibaba's pre merger acquisitions were crazy.

Not surprisingly, the global rich list is flooded with internet giants.

In the Reuters column, a song pointed out that 5 of the top ten of Hurun's list were from the technology industry: Alibaba founder Ma Yun and his family made their first choice in China for the first time in 150 billion yuan; Tencent chief executive Ma Huateng ranked fifth at 108 billion 500 million yuan; Robin Li and Ma Dong min, chief executive officer of Baidu, ranked 105 billion at 105 billion yuan; Liu Qiangdong, chief executive of Jingdong, ranked ninth at 53 billion yuan; Lei Jun, founder and CEO of millet, ranked 45 billion with 45 billion yuan.

The growth of wealth came mainly from the stock market. Over the past year, the wealth of four technology rich people has increased more than doubled. The growth of Liu Qiangdong's fortune has risen 7 times, and Ma Huateng's wealth has increased by 75%.

The NASDAQ index, which is dominated by technology companies, has risen by about 20% in the past 52 weeks, while the Hang Seng Index, which is highly relevant to China's economy, rose by only 3% during the same period.

The global real economy is in the doldrums. Only technology stocks enjoy high valuations. PWC reported that American venture capitalists invested a lot of money in technology companies. Compared with the same period last year, venture capital invested 55% in seed technology companies, start-up technology companies and development technology companies in the two quarter of this year, the biggest quarterly growth since the fourth quarter of 1999.

Investors scramble for Internet Co stock and worry that they will miss the next train.

This is very like the precursor of the collapse of the Internet stock bubble in 2000.

In September 23rd, Zhang Ying, an investment partner of Jingwei, published an open letter, pointing out that the Internet market will be hard to avoid from the current hot and cold. Therefore, the Internet entrepreneurs who need money should take it easy.

Even if the bubble collapses, it will still be a valuable bubble, especially for China.

In September 23rd, Ma participated in the "Clinton Global Initiative" annual meeting sponsored by former US President Clinton. When talking about the success of Ali, Ma said that because of China's

The status quo gave Ali opportunity.

Why is the electricity supplier in the us very bad? Because the infrastructure is so good.

In the US, the electricity supplier is a dessert, but in China it is a main course.

Do tradition

People will have a headache, a series of problems, such as the information docking of merchants, the authenticity of trade, and the longer and longer accounts. They can not get money in one or two years.

The payment system of Alibaba has become a credit guarantee and has settled the account period.

In the past, Chinese people sold their products to every corner of the earth with the most diligent attitude. But they were always in fear that they would be worried about letters of credit, customs and trade opponents. Now the situation is much better. Thanks to the existence of the Internet, credit is no longer out of reach in China.

From this point of view,

As long as the Internet industry can reduce credit costs, the future will not be too bad.

If there is a green food website, if there is a credit record website, or even recently lost to the king of Luo Yonghao, his third party intelligent terminal assessment road is also very gratifying.

Investors like Buffett are very cautious about Internet Co because they are too quick to make profits too low and need to burn money to maintain their industry status.

But many investors are hardworking and do not forget their hardships and are willing to invest in Internet Co again.

Whether or not these investors will go bankrupt, they have created Microsoft, Intel and other companies. They should pay tribute to these investors' unconscious contributions.