资源描述：
《analysis- how to invest in internet companies（分析-如何投资于互联网公司）》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。
1、Analysis:HowtoinvestinInternetcompanies(ResearchpapersDownloadNews)ThefollowingisthesecondoldestFeisibukeFangsanWen<<:>>alogicalinvestmentinInternettextexcerpt:Whatisthesecond‘Feisibuke’ThereisavalueinvestorWarrenBuffettcalledtheoriginator,Buffettinvested
2、inmanycompaniestheoldman,buthehasa‘top’,notinvestmentinInternetcompanies,explainedhisreasons:?First,hedoesnotInternetcompaniesunderstandthesecond,hedoesnotunderstandwhattheInternetcompany’s‘moat’is.IamalsoabelieverBuffett,butIthinkinthismatterandmyviewsdifferfromtheo
3、ldbar,IthinktheInternetistheworld’sbestvaluetargetforinvestment,weshouldinvestinInternetcompanies.Why?Mainconsistsofthreereasons:First,thescaleoftheInternetindustry’sbeyondtheimaginationofmanypeople,isaveryhighdegreeofindustryconcentrationoftheindustry,Second,theInte
4、rnetcompanyisboundtobehighly11profitableindustry,highprofitsandtowhatextent?Beforewehaveaslogan‘Robberyisbettertostocks,’wecangivethissentencebysentence,‘drugtraffickingisbettertocasttheInternetcompany’,otherindustriesThereisa20%grossmargin,30%,wefeelverygood,butifan
5、Internetcompanygrossmarginbelow50%,youareembarrassedtosaythattheyprobablyareInternetcompanies,Third,theInternetcompanyactuallyhasaverydeepandwide‘moat’U.S.InternetcompaniessuchasFacebook,thescaleof850millionusers,ChinesepeoplearefamiliarwiththeQQ,thescaleof711million
6、userscanbesaidthattherearebusinesshistorysincetheuserscaletoachievethismagnitudeofcompaniesandproductsareveryrare,large-scalemeansCompanydevelopmentspaceisverylarge.Whydoyousay?First,talkabouttheproblem,Ithinkprofitmarginsdeterminedbythreefactors:.Economiesofscale,th
7、eproportionofitsownusers,theconversionefficiencyofspeakingofscale,large-scaleInternetcompaniesdestinedcharacteristicsofInternetcompaniesinthe11expansionprocess,thescaleeffectisparticularlyevidentwhenitsusersandrevenuetogrowexponentially,thegrowthrateofinvestmentinInt
8、ernetcompaniesismuchlowerthanitsrevenuegrowth.simplycompare,forexample,isatraditionalcommercialgiantWal-Mart,whicheachopenamallshav
