The penniless son of the penniless ...

Chapter 322 Crazy Wall Street (Additional Update)
"Bingxian, I'm sorry~! The chairman has contacted Comet Capital, but they have a very tough attitude and they didn't buy into it even though the chairman asked. We have also tried other TV stations. Currently, KBS TV station has other variety shows that are willing to invite you to participate..."

When Li Bingxian heard Assistant Park telling him about the result of the greeting on the phone, his face became even uglier. He did not expect that Comet Capital could be so tough and did not give face even when the chairman of Daewoo Group personally greeted him.

Li Bingxian took a deep breath, calmed down his anger, and expressed his gratitude to the other party in a calm tone, "Assistant Park, I understand. Thank my father for me. It doesn't matter if I didn't get the opportunity to perform..."

……

After hanging up the phone, an enraged Lee Byung-sun threw his phone to the ground. "Asshole! He used to brag that he was the chairman of Daewoo Group and that he was so powerful that even the bigwigs at the Blue House had to give him some respect. Now he can't even get a chance to play the leading role in a TV series. He's just garbage! How can he be called a chaebol?!"

Lee Byung-sun even felt that it was a wrong decision to recognize Kim Woo-joong as his adoptive father. He originally thought that he had taken advantage of something, but soon after, the financial crisis occurred and the old man fled abroad. Now that he is back, he finally asked him to help him get some resources, but it turned out to be like this. It's really a shame!
……

However, he gradually calmed down and soon realized a problem. He didn't know if it was his illusion, but he always felt that Comet Capital seemed to be targeting him intentionally or unintentionally? Otherwise, Song Huiqiao, a bitch, could get the supporting actress in the drama "Autumn in My Heart". Even if he couldn't get the leading actor, why didn't he even get the supporting actor?

"…Maybe I can investigate Comet Capital first. If there is a chance to climb up this high branch, then I, Li Bingxian, still have a chance to turn things around!" Li Bingxian, who was unwilling to fail, soon came up with a new idea in his mind. Since Jin Yuzhong, his "adoptive father", is unreliable, he might as well climb up another high branch. He will cling to whoever can provide him with more resources and connections.

------Dividing line------

The American Stock Exchange, compared with the Nasdaq index in previous years, had a crazy rise of no less than 30% every year. Because bank interest rates were generally low at the time, a large amount of external funds continued to pour into the United States, which had a huge impact on the American economy.

而这些外来资金也被这些年崛起的互联网科技公司的强大发展和盈利能力吸引，使纳斯达克指数在98年10月到99年2月的这5个月内就飙升61%，科技行业在股市上的狂欢同时也让美利坚本土的通胀率直线上升。

In order to cope with the economic situation at the time, the Federal Reserve had to immediately change course and begin to adopt a tightening policy. The Nasdaq, which was dominated by technology stocks, saw its gains become smaller and smaller from March to June 99, and even failed to break through 3%.

By the end of June, when the Federal Reserve began to officially raise interest rates, the Nasdaq seemed to have entered its "final frenzy."

After soaring 6% from June 28 to July 7, it suddenly took a sharp turn downward, from the highest point of 19 to 12, returning to the level of August 2874! Internet-related stocks were even more "miserable", and technology giants led by Yahoo had retreated more than 2442% from their peak in August. In order to save their pockets and the value of their stocks as much as possible, Wall Street actually created a new valuation method: eyeball valuation. As long as your Internet product has a high click-through rate, exposure rate, and consensus, you are a good Internet company!

It is precisely this approach of focusing only on revenue that induces these Internet companies to burn money desperately to generate revenue regardless of cost, which further exacerbates the formation of bubbles in the Internet industry.

There were also some financial institution leaders who remained calm and rational and realized that something was wrong at this moment, including the president of JPMorgan Chase, Nacho Morgan.

When he learned that the Federal Reserve was tightening its policy, he quickly realized that the Internet technology company might be in trouble. At the same time, he was also glad that Zhang Junfeng had reminded him before, and he had always kept it in mind. Although he was skeptical about Zhang Junfeng's proposal at the time, he did not hesitate at all when executing it. In mid-June, they had cashed out all the shares they held and recovered all the funds.

As for the "eyeball valuation method" that his peers came up with, Nacho Morgan was quite speechless. In order to protect their own interests, those guys deceived more "fools" to take over, and they could even tell such a lie full of loopholes so "confidently"!
However, if they do this, there will definitely be many people who believe it and foolishly run in to buy it at a premium. After all, "experts watch the excitement, while laymen watch the doorway", and foreign investors and financial institutions who don't know the truth will inevitably foolishly get involved, and even think that they have discovered some wonderful project with a super high return on investment.

As for whether the Nasdaq index can continue to rise and how much it will rise, Nacho Morgan doesn't care. Over the years, he has seen too many investors who missed the best time to exit because of greed, and eventually lost all their money and even the chance to turn things around.

"…Investing in the stock market is actually more like a game. No one can always buy at the lowest price and sell at the highest price. The most rare thing is to remain rational in the face of huge profits and know when to stop."

……

Of course, there are some bold guys who hold the opposite opinion, such as Goldman Sachs, Soros and his Quantum Fund, Templeton Group, etc. The leaders of these companies all believe that the introduction of the "eyeball valuation method" will inevitably make the funds in the market continue to be optimistic about the Internet technology industry. As long as they can continue to hype Internet technology companies, they will have the opportunity to gain more benefits from it.

All this is just like the famous saying in Capital: "If there is a 10% profit, it is guaranteed to be used everywhere; if there is a 20% profit, it will become active; if there is a 50% profit, it will take risks; for 100% profit, it will dare to trample on all human laws; if there is a 300% profit, it will dare to commit any crime, even the risk of being hanged!"

(End of this chapter)