Chapter 1074： Dragon wings

“It’s still a divergence in the company’s development philosophy,” Eric replied: “I hope that AOL can stick to the corporate positioning of its Internet service provider, and Steve wants AOL to become a comprehensive Internet media company.”

"As far as I know," Judith Miller looked down at the notebook and said: "As the largest shareholder of AOL, Firefly Investment has a 32.6% stake in AOL, and all of them have votes. The common stock of the right. Fireflies have enough strength to dismiss Steve Case. Why didn't you insist on doing this, just because of the collective resignation threat from Steve Case and AOL's core management?"

Eric nodded and said: "Basically."

"So," Judith Miller looked at Eric, and the problem became sharp again: "Don't you think that you are too weak in dealing with this?"

Eric shook his head in a plain voice: "This has nothing to do with toughness and weakness. It is the most stupid thing to use in the business process. I think I have made the most favorable choice for myself. The firefly investment was originally $60 million. After getting a 30% stake in AOL, six years later, we only sold 25% of the shares, and we recovered $10 billion. The 200-fold return, even for Yahoo’s investment, is far from reaching this point."

Even after paying attention to the whole process of the firefly investment transfer of AOL stocks, Judith Miller still has a feeling of stunned when he hears this set of data from Eric.

However, this sentiment did not affect the next question, and looked at the watch without any trace. She quickly said: "Mr. Williams, AOL enters the Internet media industry with the advantage of the largest Internet service provider in North America. You Are you worried that this will threaten Yahoo’s market position?"

Eric shook his head: "In fact, I am more worried about AOL."

This answer is obviously far beyond the expectations of Judith Miller. She squatted and asked: "Why?"

Although it has already cashed in $10 billion, but still holds a large number of AOL shares in its hands, Eric naturally cannot analyze the reason too thoroughly, affecting the US online stock price, but only in general: "Because AOL is turning to itself is not good at it. Sphere. My personal investment philosophy is to get the right people to do the right things. Over the years, Firefly Investment's series of fast-growing companies have proved my correctness."

Compared with Eric's answer to a series of questions, Judith Miller is keenly aware of Eric's reservation about this issue. She asks: "So, you are not optimistic about the future of AOL? ”

Eric gently shook his head: "It doesn't matter if you are optimistic, because I don't see the future of AOL."

“Does this mean that Firefly will continue to reduce its holdings of 7.6% of AOL stocks in the future?”

Eric hesitated for a moment, saying: "In order to have unnecessary disputes in the future, I must clarify that the entire firefly system, the current shareholding ratio of AOL should be 10.7%. In addition to firefly investment, we were a year ago. In addition, through the Shamrock Fund of the Firefly Group, it has absorbed another 3.1% of AOL's stock. However, according to the federal securities law, the shareholding ratio is less than 5%, and the relevant shareholders do not need the shareholding of the opponent to be disclosed. Reporting. The purpose of our original purpose was to strengthen the control of AOL at the right time. Of course, it is no longer necessary. Finally, my answer to your question is yes, but the firefly system. This will not happen in the short term."

Judith Miller recalled the data she had seen, with a clear expression on her face. She believed that AOL would be even more surprised after the release of this interview.

According to the 7.6% shareholding ratio, the original firefly should already be the seventh largest shareholder of AOL. Moreover, during the last equity transfer transaction, other shareholders of AOL will certainly impose various restrictions on the remaining 7.6% of the shares held by Firefly Investment. Firefly investment will abandon the AOL board seats, which is probably related to the dark disk conditions. One.

But if you count 3.1% free of shares that are completely unaffected by AOL, the entire Firefly system will not only become one of AOL's top five shareholders. Moreover, as long as they are willing, the firefly system still has enough strength to intervene in the management of AOL.

Slightly digesting the information I just received, Judith Miller quickly said: "Mr. Williams, according to you, can I think that you are still very optimistic about the Internet service provider business?"

"Of course, this is the cornerstone of the development of the entire Internet industry. People who use the Internet may be interested in portals, may be interested in e-commerce, and may be interested in instant messaging, but the first thing they have to do is to First access the internet."

"Microsoft's MSN has begun to expand this business, then, will Yahoo have the same plan in the future?"

"This is back to my investment philosophy. I won't let Ian do what they are not good at. Yahoo will always focus on the Internet media business. Of course, at the right time, the firefly investment will do this, Like once a share of AOL."

Judith Miller asked: "When is the right time for you?"

Eric shook his head in a serious manner: "We have no plans for this in the moment, because this time, we will be more cautious."

Judith Miller didn't see any flaws in Eric's expression, so he turned the topic to Yahoo! itself: "Mr. Williams, Yahoo is now almost involved in all the existing Internet business models, portals, instant messaging. , email, search engine, social blog, etc. What kind of business are you most optimistic about?"

Eric’s expression is more serious and his tone is firm. “Of course, it’s a portal. Users accessing the Internet is just the equivalent of building a road to this virtual world, but if you want to enjoy the cyberspace, you can’t do without it. The help of the portal. Moreover, in my opinion, the series of web services such as e-mail, search engine and social blog are just supplements and continuations of the portal. They are actually one."

Judith Miller nodded slightly, but immediately said: "But, Mr. Williams, we can easily find that the operation mode of the portal is very easy to copy. How do you think about this?"

Eric’s face with a confident smile said: “Many outstanding engineers have the ability to assemble a propeller in their garage, but there is only one Boeing group in the Union.”

This simple yet convincing analogy clearly made Judith Miller very much agree. She looked at the watch again and found that she had not had much time, so she swept her notebook and began to speed up the question. .

In the smooth answer, the study door was suddenly tapped a few times, Meyer pushed open the door, faintly whispered: "Mr. Williams, time is almost up."

After the night in London, the female assistant began to take the iceberg girl route. Eric always wondered if a group of goblins had done anything to let Mayer doubt life, but he didn't ask much.

Upon hearing the reminder, Eric got up and reached out to Judith Miller: "So, Ms. Miller, I am very happy to see you again."

Although there was some inadequacy, Judith Miller had to get up and shake hands with Eric. "Me too, Mr. Williams, I am looking forward to seeing you have another chance to meet."

......

Throughout the weekend, major media in North America and overseas were crazy about Yahoo's IPO miracle, and there was a heated discussion about Yahoo's stock price movement next week. Almost all media believe that after the peak of the first day, Yahoo's share price will drop significantly in the new week.

Although the management of Yahoo did a lot of work on the weekends, it even announced some good news that had not been fully implemented in advance. However, even within the Firefly system, it is ready to meet the decline in Yahoo's share price in the new week.

However, on the new Monday, when some stock managers who didn't have time to pay attention to the new week's media trends sat in front of their computers, they were tempted to consider whether they would sell Yahoo shares and other technology stocks at the next nine. Very, the stock market opened, Yahoo's stock trend did not appear in their imagination, but began to rise strangely.

In just 10 minutes, Yahoo's share price has broken 3% to $74.73 compared to the closing price of $72.56 last Friday.

It is not difficult to imagine that if this rate of increase continues, only one day, Yahoo's market value is likely to exceed 100 billion US dollars.

These stockbrokers, who were kept in the dark, sat in front of the computer for a while, and woke up and began to frantically find out what happened.

So, when they turn on the TV, or log on to the portal, they find that the full screen is full of discussions around a name that everyone is familiar with.

Two economists on CNN are arguing about Eric Williams' optimistic attitude toward the Internet bubble.

The Yahoo! portal’s home page hangs high on whether the federal should continue to relax the review of new media controls.

The morning news of ABC TV broadcasted a special broadcast on the globalization of the Internet.

AOL CEO Steve Keys vaguely retorted Eric Williams' comments about AOL in an interview with The New York Times in a telephone interview.

A spokesperson for the Federal Ministry of Justice quoted Eric Williams about the ‘How the Justice Department is too harsh on Microsoft’.

And, most importantly.

In the interview with The New York Times, Eric Williams was quoted by the media for countless inspiring statements in a few hours: "On a huge market with 1 billion of the best user bases." What else is impossible?"

In a short sentence, the investors who are full of worries and doubts about Internet technology stocks have once again invigorated their confidence.

Since the rapid development of human society, almost all traditional industries have formed a very stable industrial structure. The countless surplus wealth of the whole society is always looking for new investment hotspots.

At this time, suddenly a young man who created a series of wealth miracles stood up and told everyone that a huge market with billions or even billions of consumer groups that was completely in need of development was in sight. How can this not be allowed? Countless capitals are boiling.

Stimulated by the New York Times' personal interview with Eric Williams and the media storm that followed, the Nasdaq index rose 35 percent again throughout the day.

However, in the following days, media discussions around Eric’s personal interview did not cool down.

A series of topics such as the Internet bubble involved in the interview, the federal regulation of new technology companies, Microsoft, AOL, and the future of the portal have become the focus of intense media debates.

Even when things got to the end, Eric’s every sentence in the interview was a tangled goal for many people.

Although I am very dissatisfied with Eric's comments on 'Bill's arrogant guy' and the New York Times's act of publishing this sentence truthfully, it has been plagued by the Federal Ministry of Justice's antitrust investigation for several years. Microsoft has decisively criticized Eric’s views in the interview, claiming that the federal government is killing a 'global new corporate giant' that is damaging the federal 'fundamental interests'.

In the face of Microsoft's accusations and the media condemnation driven by this trend, the Minister of Justice, Janet Reynolds, had to follow a regular press conference to explain in detail the specific reasons for the Ministry of Justice to launch an antitrust investigation against Microsoft. At the same time, Janet Reynolds also used his own way to give him a body. Based on Eric’s comments in the interview, he asked Microsoft to abandon the extremely selfish closed market strategy and make more openness that is conducive to the sound development of the entire industry. Initiative.

Clinton, still plagued by the impeachment case, was asked at the White House press conference that week that he had a series of comments on the New York Times’s interview. In summary, it’s what Eric said. Microsoft is not doing it right, the White House will unswervingly support the new technology industry, Barabara.

At the same time, when Yahoo's share price officially reached $79.68 on the third trading day of Thanksgiving Week, and the market value broke through the 100 billion mark, AOL management and major shareholders were saying "I can't see the future of AOL" for Eric. And the chicken flies.

Although AOL’s share price did not fall sharply again, in the face of the continuous fluctuation of AOL’s stock price, John Mark, who holds a large number of shares in AOL, had to personally call Eric, hoping that he personally made a statement for AOL. After all, the Firefly system still holds a 10.7% stake in AOL. The US online stock price fell, and the firefly system will also suffer heavy losses.

Under the disturbance, things went to the end, and Eric’s every sentence in the interview became a tangled goal of many people.

I don't know if it is out of a certain guy's enthusiasm. In the interview with CNN, Intel's newly appointed president and CEO, Craig Barrett, said that the door students are very approachable in private, good-natured, like to joke, absolutely Not the kind of arrogant person that Eric Williams claims.

However, Craig Barrett did not explain it, but this explanation has produced the opposite effect. I don't know why, the arrogant Bill has quickly become a mediator's ridicule for the big classmates. This nickname eventually accompanied the door students for not disappearing for many years.

In addition, several major airlines in North America do not know why they are involved. In an interview, President Lockheed Martin was very resentful: the Federation has more than Boeing and Lockheed Martin.

A helicopter manufacturing company that was neglected in the corner also showed its presence in this wave of weakness: Eric Williams' favorite VH-60 helicopter made us.