analysis- how to invest in internet companies（分析-如何投资于互联网公司）.docVIP

Analysis: How to invest in Internet companies (Research papers Download News) The following is the second oldest Feisibuke Fangsan Wen lt;lt;: gt;gt; a logical investment in Internet text excerpt: What is the second ‘Feisibuke’ There is a value investor Warren Buffett called the originator, Buffett invested in many companies the old man, but he has a ‘top’, not investment in Internet companies, explained his reasons:? First, he does not Internet companies understand the second, he does not understand what the Internet company’s ‘moat’ is. I am also a believer Buffett, but I think in this matter and my views differ from the old bar, I think the Internet is the world’s best value target for investment, we should invest in Internet companies. Why? Main consists of three reasons: First, the scale of the Internet industry’s beyond the imagination of many people, is a very high degree of industry concentration of the industry, Second, the Internet company is bound to be highly profitable industry, high profits and to what extent? Before we have a slogan ‘Robbery is better to stocks,’ we can give this sentence by sentence, ‘drug trafficking is better to cast the Internet company’, other industries There is a 20% gross margin, 30%, we feel very good, but if an Internet company gross margin below 50%, you are embarrassed to say that they probably are Internet companies, Third, the Internet company actually has a very deep and wide ‘moat’ U.S. Internet companies such as Facebook, the scale of 850 million users, Chinese people are familiar with the QQ, the scale of 711 million users can be said that there are business history since the user scale to achieve this magnitude of companies and products are very rare, large-scale means Company development space is very large. Why do you say? First, talk about the problem, I think profit margins determined by three factors:. Economies of scale, the proportion of its own users, the conversion efficiency of spea