“Previously, there was only one player in the entire brain-computer connected VR track, Kechuang Future.

This is similar to the early days of smartphones. Only a few manufacturers, Apple and Microsoft, made smartphones.

The real explosion of the mobile Internet will not come until domestic brands such as Rice, Huawei, and OV enter the market one after another, and then a broad market will be born.

And now Kechuang Future has decided to license external technologies, which means that the first clarion call of the new Internet era has sounded."

Zhang Lei's speeches usually have a touch of literary youth.

For example, at the ESG Global Leaders Summit organized by Sina Finance, Zhang Lei said: Pessimists are often correct, and optimists win the future.

Compared with other investors, Zhang Lei, who was the top liberal arts student in the Henan Province College Entrance Examination, often behaves like a scholar when speaking and communicating.

Young is a pure science and engineering man with a Ph.D. in chemistry. He also has his own views on technology stocks:

"It's just the two of us today, so I'll be blunt.

Smartphones and 4G networks have created the potential demand of the vast lower class and the supply capacity of the elite.

For example, before Pinduoduo came out, no one realized that there was such a huge demand for online shopping in the county.

The same is true for Douyin and Kuaishou. In the past, the only entertainment options for the lower class were television and movies, which only required a customer group with a certain spending power to afford them.

Short and fast short videos can bring feedback to users much faster than TV.

In the first half of brain-computer connected VR, what we need to invest in is that the target customers are groups with certain spending power.

Because even the previous players in the smartphone field and foreign companies in the consumer electronics field have all come to an end.

However, due to cost constraints, the price of brain-computer connected VR can reach more than 3,000 yuan at most.

This price is unaffordable for the huge bottom users in China.

No matter what kind of perfect functions Kechuang will work with other companies to build for brain-computer connection VR in the future.

In the short term, VR is still just an entertainment tool, not a productivity tool.

Therefore, in this context, the value of ‘Douyin’ is much greater than that of ‘Kuaishou’.

The value of ‘Tmall’ is greater than ‘Taobao’.”

Young shares insights into investing at different stages.

What he means is also very simple. The overlapping group of users who can afford to connect their brains and computers to VR is greater with Douyin than with Kuaishou.

Zhang Lei nodded and said: "The difference between VR and smartphones is that VR creates new needs, while smartphones discover potential needs.

There is a difference in the fundamental positioning of the two.

The reason why I am optimistic about VR is that brain-computer connected VR largely solves the problem of insufficient sense of substitution in traditional VR.

The latest FutureVerse even makes me unable to distinguish the boundary between the real and virtual worlds.

This is really amazing.

In today's era, the huge gap between rich and poor and the high-pressure pace of life will make it easier for people to become addicted to the virtual world.

The bottom layer is addicted to the virtual world, helping technology giants achieve higher valuations.

Technology giants use higher valuations and more profits to develop stronger technologies and business models that are more addictive to users.

This is a positive cycle that continues to intensify users’ addiction.

In the VR era, this phenomenon will definitely become more serious."

Let me tell you a few more words about how to turn around in such an era, either by becoming a programmer and joining in, or by using the platform to make money.

Or restrain yourself, curb consumerism, and focus on saving and purchasing assets.

Of course, even if most people save, they cannot withstand fluctuations in macroeconomic conditions and specific economic conditions surrounding them.

But saving and then buying assets is the only way for most people at the bottom to turn around.

Especially if you can hit a financial crisis and have cash on hand during the financial crisis.

Take the 2008 financial crisis as an example. Amerikan's financial crisis was caused by the real estate collapse.

In that year, real estate fell by 20%, and the cumulative decline in five years was 33%. However, it has completely risen back in recent years. Real estate values ​​in core areas have even increased significantly compared with before the financial crisis.

Purchasing assets to protect against inflation also requires purchasing core assets.

Home prices in New York quickly returned to their original prices and then continued to grow, while home prices in North Carolina have fluctuated within 5% for two decades.

"So human nature is the biggest driving force for the rapid development of the Internet.

Internet practitioners are discovering and creating new needs for people all the time."

Zhang Lei and Young will talk about macro things, but they will never talk about their recent promising projects.

No matter what field you are in, colleagues are always enemies.

Especially since both of them have good taste, once you mention a project that you are currently dealing with, the other party is likely to snatch the project away.

Really good projects and reasonably mature founder teams will generally not lack investment.

If Lu Zhengyao wanted to start a business, many people would want to invest in him.

Of course, the situation in recent years is different from previous years.

From 2016 to 2019, there was more money and fewer good projects on the market. After 20 years, there will be less money and fewer good projects on the market.

In recent years, investors have been more inclined to companies with stable profits, such as resource and energy companies, while their pursuit of Internet companies has declined.

It's still because the dividends of PC and mobile Internet have almost been exhausted, but now the situation is different.

A new round of Internet dividends is about to begin.

"I heard that you and Cheng Gang invested in Temple Education? Online education is a good track, and I have also invested in some online education companies."

Although both IDG Capital, to which Young belongs, and Hillhouse Capital, founded by Zhang Lei, are VCs, there are still differences between them in terms of VC.

IDG prefers to intervene in angel rounds and AB rounds of financing, and sell most of its shares in later rounds of financing.

In the era of money shortage 20 years later, IDG's characteristics have been brought to full play. Companies such as Yunmai Xinlian, Feidu Technology, and Cider, and IDG have all intervened in the angel round.

As mentioned before, IDG participated in Jiu'an Dadi's Series A financing.

A relatively classic case that IDG has invested in the Internet industry before is Bilibili. IDG participated in Bilibili’s A, A+ and B rounds of financing.

Later, IDG withdrew from Bilibili's subsequent round of financing, but even when Bilibili was listed on Nasdaq, IDG Capital still held 7.6% of Bilibili's equity and was the fifth largest shareholder of Bilibili.

IDG prefers to participate in early-stage financing.

Hillhouse Capital also invests in angel rounds, but they are not shy about entering the market in later rounds.

In addition, Hillhouse Capital likes to participate in the fixed increase and transfer of shares of listed companies. Among them, the one that is talked about by big A shareholders is Hillhouse Capital’s participation in the transfer of Gree.

In 2019, Hillhouse Capital accepted 15% of Gree's shares at a price of 46.17 yuan/share.

You must know that of the more than 40 billion in cash, more than 20 billion were obtained from bank loans.

Gree's stock price has continued to fall since then, and has long since fallen below Hillhouse's purchase price.

Originally, Hillhouse Capital wanted to gain control of Gree.

The result is that stealing the chicken will end up losing the rice. Ms. Dong holds the power of veto on Hillhouse Capital’s proposals.

Ms. Dong's overpowering attitude has left Hillhouse without a say. At the same time, Gree's stock price has been falling, adding up to the interest cost of the original bank loan of 20 billion.

For Zhang Lei, this business is still a loss-making business, even with Gree's large annual cash dividends.

Young asked rhetorically: "A good future?

You and Jack invested in TAL together? I saw it in the news."

It is precisely because of this investment style that Young chose Temple Education, while Zhang Lei chose TAL, a listed company.

Zhang Lei nodded and said: "TAL's business model is relatively clear, and the management team is also capable.

Their teacher resources have also been maintained at a relatively good level.”

The reason why we did not invest in New Oriental is because New Oriental's main business has been transferred to Oriental Zhenxuan.

After the double reduction, they gradually gave away all subject teacher resources to graduates.

Even in the most difficult times, TAL has maintained its core team of teachers.

...

“The essence of the soul turns out to be the mapping of high-dimensional space in the material world.

This can also explain why my soul and memory can span hundreds of millions of light years from the Alliance of Mages to Blue Star."

As Zheng Li deepened his research on the soul, he came to a certain judgment on the nature of the soul.

This is just his personal judgment, and there is currently no experimental proof.

However, it is possible to see the beginning of how the soul can span such a long distance.

The straight-line distance between points on the plane. To turn two-dimensional space into three-dimensional space, you only need to fold the paper, and the distance between two points changes from distance to no distance.

And it is precisely because the soul is a mapping of high-dimensional space that this mapping can ignore the concept of distance in low-dimensional space.

"So the essence of the soul is matter in high-dimensional space. If the soul is divided into countless pieces, it is just to set the coordinates of the soul in the high-dimensional space that can carry the mapping of the soul in each living creature.
To be continued...