Microsoft's monopoly case was heard again, and the judge declared that Microsoft did have monopolistic behavior, and the evidence was conclusive, that is, Microsoft would face a huge fine and risk of being forcibly split. Pen ~ fun ~ pavilion www.biquge.info

On this day, many investment institutions also found that the index of the NASDAQ exceeded 5,000 points, which was less than half at this time last year, and doubled in one year!

So they saw that Microsoft was going to lose the lawsuit, thinking that Cisco, Dai and other companies that have business dealings with Microsoft will inevitably be affected, so they decided to sell these shares.

At this time, there was a crash in trading operations, and some major shareholders sold these constituent stocks at the same time, causing the stock index of the Nasdaq to fall instantly, falling by 5% on the same day.

Of course, there is also a relationship with Feng Yu, and Feng Yu also joined forces with Kirilenko and Fu Rongqi to sell the last constituent stocks in his hands this year.

It's just that what makes Feng Yu and them curious is that there seems to be a hand controlling these, because when they were shorting the NASDAQ index, someone actually opened a position first, and it was very large.

Yesterday, the Nasdaq stock index hit a new high, and some people opened positions at a high level, how can they be sure that the Nasdaq stock index will fall?

Unless, those who sold Microsoft, Cisco, Dai and other stocks at the same time, this person knew in advance.

So how energetic should this person be, to be able to connect with so many large investment institutions?

Feng Yu thought about it for a long time, and felt that there seemed to be only one person who matched his guess, and that was Soros of the Quantum Fund!

Only Soros dares to make such a bold operation and can understand the movements of these big investment institutions. And short selling has always been Soros's favorite thing to do.

Feng Yu wasn't sure either, but he didn't care either. He and his partners have already opened a large number of positions at 5,000 points, although the leverage ratio is not high, but looking at today's decline, tomorrow's panic selling will be even worse, and the stock index will fall more.

Microsoft's monopoly case was just a fuse, and when Feng Yu sold Microsoft shares last year, Microsoft's stock price stopped growing, but many other stocks are still rising wildly.

The most interesting thing is that most of the companies whose stock prices have risen wildly are not yet profitable. Expenses are greater than revenues, and that's it, the stock price has risen even more sharply than a well-profitable company like Microsoft.

Those companies sell so-called ideas, and as for whether they can be translated into reality, it seems that everyone is betting. Once you win the bet, you can get several times the return. As for losing the bet, they didn't think about it.

Even in the past two years, venture capital has been particularly favored by network technology companies, and the scrutiny has been continuously reduced, all of which want to use this shareholder wind to make the company go public and make a lot of money.

Some people also say that the sale of shares by those companies has nothing to do with Microsoft's anti-monopoly case, but because most of the companies in the just-released listed company statements are related to losses.

This is a wake-up call for many investors that if the company grows larger, it will definitely make money. The assets of these Internet companies have indeed skyrocketed, but they have spent the money from the IPO, but they have not brought any income at all.

Their prospects still seem so far away. Many Internet companies have already spent all the funds from venture capital and IPO, and they are still losing money!

They use investors' money to acquire and merge with other competitors in the same industry, accelerate the launch of their own new services, strive to penetrate across industries, and strive to promote their own brands.

This seems to have entered a kind of strange circle of network enclosure, and it has also formed a novel Internet rule. And the bosses of all companies never think about why their companies are worth so much money? With Yahoo's products alone, how can the company be worth hundreds of billions of dollars? How much does their company make in a year?

This seems to be a bottomless pit, who would dare to invest in it?

These annual and quarterly financial reports are also considered by many to be the trigger for the real dot-com bubble and the incentive for large investment institutions to sell dot-com technology stocks.

And there is another saying, that is, the millennium insect. That is, a loophole in the algorithm, which will cause chaos in the system of many companies. In order to make up for this loophole, enterprises have to increase expenditures, which exacerbates the financial pressure of enterprises.

There are many arguments, and there are supporters and opponents, but whatever the reason, the stock market of the Nasdaq has begun to fall, and the first is the Internet technology stocks.

Feng Yu also has another algorithm, which is to calculate the true return rate of NASDAQ stock.

Since '98, the real rate of return on the Nasdaq has been less than 3 percent, even lower than that of bonds, and even lower than the 6.5 percent yield that such a boom should theoretically have.

Some researchers believe that all equity has a premium to varying degrees, and the premium is about 7%.

That is, the stock of the NASDAQ, which is overvalued. Whether it's Microsoft, IBM, or Dai or something, they've all benefited from irrational exuberance.

And now, the bubble has burst, and they are the first to fall, and it can even be said that they are the first to fall.

……

The crazy decline of the Nasdaq has also led to the decline of stocks on the New York Stock Exchange. Many companies that have nothing to do with each other have been affected.

I don't know where I heard the rumors that the stock market is going to crash again, haven't you seen that Microsoft, IBM and other companies can't stand it!

As a result, more people began to panic sell stocks, creating a vicious circle.

The more people sell, the faster the stock price falls, and the faster the stock price falls, the more people sell.

In less than a week, the Nasdaq stock index fell by nearly ten points, the largest decline in more than a decade.

As a result, stocks in the world's major financial markets have fallen, especially the Internet technology stocks, which have fallen the most.

Paul? Allen deeply regretted it at this time, he knew that Microsoft's stock price would continue to fall, and he also cashed out a sum of money. He still holds a lot of non-voting shares, and selling those will not affect his right to speak in the company.

What's wrong with investing, you won't wake up every day and know that your assets have shrunk again, right?

It's just that these days don't seem to be the same.

Not only Microsoft, but also the boards of directors of many large companies such as IBM and Dai Er are meeting every day to study how to save their own companies so that the company's stock will not continue to fall like this.

Although the decline in stock price does not have much direct impact on the company's operation, it has a great impact on the company's brand, reputation, etc., and it also has a great impact on the shareholders who hold the company's shares. When the stock price falls, their assets have shrunk!

They can't figure out why the dot-com bubble has been punctured.

…… (To be continued.) )