Humphrey was a big fan of ERV.

Very optimistic about its future.

But.

Unlike ChinaAMC, the U.S. stock issuance is 'split', and the underwriters contact individual customers in advance to sell the new shares to them, rather than being able to subscribe for them as in ChinaAMC.

But the chances of breaking are not small.

FACEBOOK WAS LIKE THIS BACK THEN, AND IT FELL BELOW THE ISSUE PRICE ON THE DAY OF LISTING, SO THE NEW SHARE SUBSCRIPTION BOOM IN THE UNITED STATES WAS NOT HIGH, UNLIKE HUAXIA, WHICH BASICALLY BOUGHT NEW SHARES AND MADE MONEY.

On average, there are more than 100 IPOs of listed companies every year.

Two or three hundred companies were delisted.

With such a large risk of delisting, the investment here tends to be rational.

That's when there is a 'roadshow' everywhere.

It is to give confidence to investors.

If it is a general stock.

Sales are a problem.

But ERV.

It was subscribed in just three days.

General customers can't grab it at all, the subscription of new shares in the United States is not a game for retail investors, retail investors can only buy and sell in the secondary market, the most delicious cake, of course, is for large customers who have always had cooperation.

Humphrey didn't speculate on stocks before.

Not a large broker or investment company.

Nature.

Even though he had tens of millions of dollars in the bank.

I didn't get a new share of ERV, in fact, I can still get it if I want to, but it's very troublesome, Humphrey is a person who is afraid of trouble, since I can't buy new shares, I will go to the stock market to buy it.

Anyway.

He didn't think he was going to lose money.

If you lose money buying a company like ERV, then there are few companies to trust.

"Billy, what about you?" Humphrey asked.

Subsequently.

Billy's 'treacherous' voice came.

"Hey, I got a new share of ERV, two million dollars. ”

"At what price are you going to sell?"

"For the time being, I don't have this idea, I'm optimistic about the future of ERV," as a high-IQ person, he used to feel insulted to his IQ when he played games, but now when he plays games, he feels that his IQ is seriously insufficient.

He's the kind of person.

I am quite admirable for people who are better than myself.

Be prepared to make long-term investments.

"As I thought, spend 10 million dollars and I'll be gone. Humphrey laughed, perhaps, this would be the most profitable investment of his life.

"Then wait for tomorrow's listing. ”

"Good. ”

Such a big deal.

There must be live media broadcasts.

ERV。

It has become an annual feast in the capital market.

。。。

Goldman.

Headquarters.

The meeting on the listing of the ERV has been going on for more than an hour.

However, no one at the scene felt tired, but refreshed, because they will witness the rise of a great company, which the analyst gave a very positive answer.

And the market reacted.

It makes them more confident.

ERV's IPO is as high as $40 billion, and they underwrote 40% of Goldman Sachs, the highest underwriting ratio among all brokerages.

When I first started going through the go-to-market process.

They all think ERV is really crazy.

Four billion dollars.

Per cent.

That means the ERV valuation is $200 billion.

So many numbers.

Historically, due to the crazy robbery of customers, all major brokerages almost couldn't help but use the over-allotment right, that is, the brokerage underwrote and sold well, and could over-sell 15% of the underwriting shares to customers.

Originally, only 100 shares would have been issued.

There are many people who buy it.

The brokerage can increase to 115 shares, and the total IPO size will increase to $46 billion.

But.

Considering that the increase in outstanding shares, after all, is a factor of instability, and the pursuit of capital brought about by scarcity is more beneficial than satisfying them, therefore, their over-allotment rights were not used.

Less meat.

It can highlight its significance.

If there is no potential, they will use this, and it is always better to sell more.

But ERV is different.

Promising.

There is a lot of room for operation in the future, and I don't care about this 'small profit'.

"After the ERV is listed, you will clear the list in your hands, and this time, you must fight a battle that will be remembered by history. Finally, before the meeting ended, the manager of the investment department looked at the traders in front of him with a red face.

As an investment company.

It is also a brokerage.

The capital under management is unimaginable to outsiders.

For ERV.

There is only one thing that customers large and small call to buy, of course, not irrationally buying, but rational allocation, and take out 10% to 20% of the funds to buy ERV shares.

It's the operation of most people.

Goldman Sachs also has a large stake in its hands.

Some will be thrown out when the time comes.

Otherwise.

Everybody doesn't sell?

How long is the stock price?

To know.

The stock market is a zero-sum game.

No money will come out of nowhere, no money will disappear out of thin air, let's say a share of ten dollars, and if you want to go up to eleven dollars, someone has to come out with eleven dollars, and the two sides make a deal.

Otherwise.

Original price of ten dollars.

Even if someone gives up to $100, if there is no deal, the stock price is still $10, so the value of the stock can only be fully exerted if it is liquid.

Individuals tend to hold for long periods of time.

Investment firms are more inclined to trade constantly.

。。。

Apple.

Headquarters.

Look at ERV that has been hyped for months.

Jobs felt a little lost in his heart.

He thought that Apple's generation of machines would make Apple the object of media attention for a long time, but everything was his wishful thinking, and it was not long after it was released.

ERV is 'crazy'.

Announced listing.

At first, the board of directors said that the $15 billion IPO was increased to $40 billion, and when it arrived, it was sold out so quickly, and there was still a lot of queues.

Start with The World.

these months.

ERV has embarked on a large number of projects.

Each project has more or less made ERV's position more stable, and also allowed it to enjoy the favor of capital that Apple has not enjoyed, and his Apple generation can only be reduced to small news.

That's it.

The roof leak happened to rain overnight.

The weakness of Apple's performance made Jobs very uneasy, Qualcomm's new generation of processors is much better than the one developed by the two parties, and many giants are ready to adopt it directly.

Apple is hard to ride.

The gap in chip performance is really a bit big.

The first-generation machine has even been rated as 'backward in performance' by many media and experts, that is, the hardware is improving too fast, and their products have not yet been launched, and they have not been able to keep up with the wave.

It hurt him and his team a lot.

"I always feel very uneasy about stepping up the development of the next generation of Apple phones, abandoning the original chip and using Qualcomm's existing Xiaolong processor. Jobs said to his subordinates.

"Yes. ”

They also feel that at this moment, Apple should not insist too much, if they wait for the next generation of chips to be put into production, they will have to wait at least eight months, and it is difficult to predict what will happen at that time.

They can't afford to wait.