Chapter 124 [Are high-tech stocks available for price investing? 】

Fang Hong hadn't posted on Weibo for several days, and updated a Weibo again today. Maintaining the increase in influence also means that the reputation value has soared.

Although a single ordinary netizen can't contribute a few points of fame, the scale is huge. At present, the number of followers of the K3478 account on Weibo has reached 5.75 million, which does not include those who did not follow this Weibo account but were also indirectly affected people.

Fang Hong took a screenshot and published the edited content:

[The market continues its upward trend. The Shenzhen Component Index has already broken through the previous high and reached a new high for the year. It is only a matter of time before the Shanghai Index breaks through 2,400 points. I don't see any major problems with the disk, and the shareholding is expected to rise. 】

[Personally, I still hold a full position in the stock market. If I have a chance in the day, I will do a T operation. The overall bullish view remains unchanged. 】

Fang Hong updated the latest Weibo news, he did not close the page immediately, but waited for a while before refreshing the page after posting it, and saw a lot of comments in a short time.

[Mark in the front row. ]

[If you don't read Patriarch's Weibo, you feel uncomfortable all over. ]

[The patriarch has spoken, hold it steady, hold it and wait for it to rise! ]

[God K’s T is definitely a big A’s unique skill. It’s very good for others to outperform the market. God K has greatly outperformed the rising speed of the stocks he holds. This is the charm of being a T...]

[It’s almost 240 million. Grandpa paid attention before he posted the first Weibo. At that time, the account fund was more than 30 million. In just over three months, it is now close to 240 million. I have witnessed it with my own eyes. The Rise of the Patriarch. ]

[God K, for value investing, what is the best target to choose? ]

Fang Hong, who was reading comments, saw this comment, and immediately edited and replied //: [If I want to invest in value, I choose consumer stocks, financial and bank stocks, etc. Consumers such as wine, medicine, medical equipment and other sectors leading stocks. ]

After a while, some fans immediately asked him on the floor where he replied: [K is big, can't technology stocks be priced? Want to find a stock in the semiconductor sector to hold for a long time...]

K3478 replied to the thread //: [Which well-known value investor dares to invest in technology stocks? Technology stocks are not something that can be played by value investing. They are something that only venture capital institutions can play. The iteration of technology is quite fast. If the technology is right, you will get rich quickly. In two or three years, it will increase by ten times, twenty times, or even hundreds of times. It's all possible. ]

K3478 replied to the post //: [But once the technology is behind, it will disappear immediately. It is not something that players in the secondary market can afford or afford, and it is not something that retail investors can play. Do not invest in technology stocks in the secondary market. I said it is value investment, which is a speculative behavior. ]

Reply to fans' posts //: [For example? Is there any case? ]

K3478 replied to the thread //: [For example, Yahoo, this former IT giant is a typical cycle, with the highest stock price reaching $500, which is in full swing, but since it fell behind, it has fallen unilaterally, without a bottom, you say Yahoo has no technology? Not advanced? Could a company that was so good at that time have no technology? ]

K3478 reply to thread //: [What is high technology? High technology is short, new, and fast. The faster it is eliminated, the more advanced high technology is. If it can be used for 20 or 30 years, is it called high technology? That means general-purpose technology is not high-tech, and the conversion efficiency of high-tech is very, very low. To transform civilian or general-purpose technology, it must be cheap and easy to use, so the conversion rate is low and it is difficult to use universally. What's the use if you just make it and you can't afford it? ]

K3478 replied to the post //: [The Alpha Laboratory of the European Nuclear Research Center (CERN) successfully produced antimatter at the end of the last century, that is, antihydrogen atoms, that is, antiprotons or antimatter equivalent to hydrogen. Is it high technology? It can even be said to be black technology, but what's the use if you can't afford it after making it? It is estimated that it will cost 62.5 trillion US dollars to create 1 gram of antimatter. What is the use? ]

Fang Hong edited several paragraphs of content to reply, and a large number of fans quickly commented on the post, expressing their sudden understanding.

[It makes sense, I really can’t refute the logic of the patriarch. High technology is indeed not something that price investors can play, it’s something that only venture capital institutions can play. ]

[Or the secondary market cannot be played, only the primary market can be played. ]

[Thinking about it carefully, it seems that Warren Buffett, a typical value investor, has never bought technology stocks. ]

[Understood, the price investment group chooses the leading stocks of consumer and financial stocks. ]

[Is medicine not a technology stock? Why put it in the consumer category? ]

[Medicine itself is not only big consumption but also has the attribute of science and technology. Generally speaking, it can be divided into two categories: one is medicine, such as medical equipment, medical services, etc., and the other is medicine, such as innovative drugs, generic drugs, and traditional Chinese medicine. ]

...

Fang Hong didn't reply to the post, and quit Weibo after reading it for a while.

It is worth mentioning that Warren Buffett, known as the master of value investing, has never invested in high-tech stocks. It can be said that he has never invested in high-tech stocks in his life. In September last year, Buffett subscribed for 225 million shares of Biyadi at HK$8. , but the current Biyadi is not the domestic new energy giant ten years later, and the current Biyadi is still making F3 vehicles.

Similarly, when Buffett bought Apple's stock, it was already in the post-Jobs era. In the year he bought Apple, Apple's products were already general consumer goods.

That is, the year Buffett bought Apple, Apple had already started to play the role of a small loan company. From the perspective of capital, Apple is no longer a high-tech company. Like Alipay, it lends money directly, and consumers in North America can get loans to buy Apple devices.

Before that, especially in the Jobs era, Buffett did not buy Apple's stock at all. It was not until Apple had the attributes of a consumer financial stock that Buffett began to hold the company's stock on a large scale.

In fact, Oufeiguang and Huiding Technology, which have not yet been listed on the market, are typical examples. At a certain period of time, their technology was very good, and their stock prices also surged rapidly, but the stock prices later collapsed. It is not because they have no technology, It's that the technology iteration is too fast, and once the stock price falls behind, it will be a unilateral decline that cannot see the bottom.

It can be seen from this that if someone says that high-tech stocks are value investments that can be held for ten or twenty years, they are absolutely stupid and bad. Quickly withdraw.

Value investment in technology stocks? Long-term hold on technology stocks? Who will bid with you? Who stays with you for a long time?

High technology is something that only venture capital institutions can play. The conversion rate is low and the success rate is low, but the cost obtained by VC is low enough. If you invest in a hundred technology start-up companies in the primary market, as long as one becomes one, the first nine Nineteen companies can recover their losses and make a lot of money.

One of the most classic cases is Ali Baba invested by Softbank.

Not long after Fang Hong quit Weibo, Xu Jingren suddenly called, and a voice came out as soon as he answered: "Boss, senior Qin Feng, who is a senior, do you know him?"

Qin Feng?

Fang Hong called back: "Oh, you're talking about the science and engineering master Qin Feng who successfully cracked the jailbroken iPhone3 and PS3 game console?"

Xu Jingren: "Yes, that's him."

Fang Hong still knows a little about Qin Feng. He is a well-known science and engineering man in the school. He cracked the iPhone 3 not long after it came out, and he cracked the Sony PS3 game console with ease.

However, Qin Feng did not publish the cracking process on the Internet and share it publicly. Students with iPhones in the school who want to jailbreak will go to him and charge 50 yuan to help them escape.

Xu Jingren's voice came from the phone: "Qin Feng found me yesterday. I don't know if it was a temporary idea or something. He said that he also wanted to start a smartphone company."

Hearing this, Fang Hong smiled and said, "So he asked you to invest money?"

Xu Jingren also smiled and said: "Yes, he wants Quantum Jump to invest a sum of money to support his business."

Quantum Beat and Xu Jingren’s entrepreneurial team are very well-known in the school at present. Alumni all know that they founded the popular Weibo. At present, Quantum’s Weibo is already very famous among college students, especially in the recent period of "micro-fiction". The heat of the competition remains high, and the final list of winners will be announced soon.

Xu Jingren continued: "Our company doesn't have enough money, so we definitely can't invest in him, but I think this guy has something, can you introduce him to Qunxing Capital, our company's investment institution?"

Fang Hong said bluntly: "Okay, let him come to me first in a few days, and I have to see if he is worth voting for before I can introduce him to Mr. Cao."

Xu Jingren replied: "OK, I'll go back and say hello to him."

After hanging up the phone, Fang Hong couldn't help but think of Rebus's Xiaomi. At this moment, Xiaomi's technology has not yet been seen, and no surprises will be ready for start-up funds until April next year.

This Qin Feng, judging from his cracking of iPhone3 and Sony PS3, is a genius with high IQ and strong technical strength.

He wants to set up a company to start a business in the field of smartphones. Fang Hong is quite optimistic about it and is willing to invest in him.

...

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