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1、 Analysis: How to invest in Internet companies (Research papers Download News) The following is the second oldest Feisibuke Fangsan Wen <<: >> a logical investment in Internet text excerpt: What is the second Feisibuke There is a value investor Warren Buffett called the originator, Buffe
2、tt invested in many companies the old man, but he has a top, not investment in Internet companies, explained his reasons:? First, he does not Internet companies understand the second, he does not understand what the Internet companys moat is. I am also a believer Buffett, but I think in this matter
3、and my views differ from the old bar, I think the Internet is the worlds best value target for investment, we should invest in Internet companies. Why? Main consists of three reasons: First, the scale of the Internet industrys beyond the imagination of many people, is a very high degree of industry
4、concentration of the industry, Second, the Internet company is bound to be highly profitable industry, high profits and to what extent? Before we have a slogan Robbery is better to stocks, we can give this sentence by sentence, drug trafficking is better to cast the Internet company, other industrie
5、s There is a 20% gross margin, 30%, we feel very good, but if an Internet company gross margin below 50%, you are embarrassed to say that they probably are Internet companies, Third, the Internet company actually has a very deep and wide moat U.S. Internet companies such as Facebook, the scale of 85
6、0 million users, Chinese people are familiar with the QQ, the scale of 711 million users can be said that there are business history since the user scale to achieve this magnitude of companies and products are very rare, large-scale means Company development space is very large. Why do you say? Firs
7、t, talk about the problem, I think profit margins determined by three factors:. Economies of scale, the proportion of its own users, the conversion efficiency of speaking of scale, large-scale Internet companies destined characteristics of Internet companies in the expansion process, the scale effec
8、t is particularly evident when its users and revenue to grow exponentially, the growth rate of investment in Internet companies is much lower than its revenue growth. simply compare, for example, is a traditional commercial giant Wal-Mart, which each open a malls have to put the appropriate real est
9、ate, property, and its revenue growth and investment growth are parallel, but the Internet companys revenue growth and investment growth must cross the line, once the Internet company to break through this crossing point, it enters into the profits of the times , Second, the real Internet companys m
10、arketing and promotion is basically word of mouth by the user, the cost is very low. Traditional business each get a basic user needs to pay the cost, but the real Internet companies because of its own with its own massive users It can be reused for each user, that is, when the Internet company has
11、its own mass of its own users, its user cost substantially close to zero. Third, take a look at the conversion rate. Massive user how to transform the companys business to create value for users? Because upgrading Internet technology are constantly improving their conversion rate, conversion rate of
12、 once every raise, it means that the companys profits rise. We look at what determines the conversion rate. First, determine the conversion rate is website content and trading relationships, the better the relationship between the corresponding transformed the relationship, the better the view of th
13、ree sites: Sina, search room, we transformed the car home or car Sinas conversion rate considered home rate? undoubtedly car home because home contents and car sales correspondence is good, but the content and the corresponding Sina trading relationship is poor. Look at the search room, the conversi
14、on rate is very high, in 2011 found room ad Revenue probably around 2.2 billion. Sina as a veteran Internet company, far more than the amount of users found room for the company last year, is also 2.5 billion in advertising revenue, which can be seen in the industry to improve the conversion rate of
15、 the corresponding brought. Higher efficiency than the body of this correspondence is transforming a single link, similar to Sina, search room, car home, it corresponds to the Pan entire correspondence, but like Baidu, Google, it can be used to create content and advertising keyword Relations betwee
16、n, so the conversion rate has been a qualitative improvement, such as Sina website magnitude of millions of users, it is more than 20 billion in advertising revenue last year, Baidu has 14 billion (in revenue. In addition to keywords corresponding to improve the conversion rate, there is a conversio
17、n factor we often overlook: the corresponding time, maybe you know you need a certain type of advertising, but its hard to know what he needs when advertising, which is FaceBook and the difference between .2011 Google, Googles revenue was $ 35 billion, FaceBook revenue was $ 4 billion, the gap betwe
18、en the revenue side is very large, they are essentially similar ads are keyword matching ad different is that Google ads appear when users search behavior, it needs to know when the user ad, the ad to the front of it, so a high conversion rate, FaceBook might be able to guess what the user needs adv
19、ertising, but it does not know When users need, so far its the conversion rate is low. In addition to correspondence, there is a very important thing to improve the conversion rate: if you can measure the effect of advertising sales people know, to convince customers of the cost is very high, if you
20、 can not measure the effect, you have to spend a lot of costs, including their own time, the interests of the economy, to convince customers to pay them, but if you can measure the effect, you convince the customers cost will be about the decline in the number of customers will increase very much, w
21、hich is the traditional portals and search engine is very important distinction. In addition to the effect there is a rule, the higher the conversion rate trading results, the most typical is Taobao, Taobao advertising revenue last year, about 8.9 billion yuan, has been very close to Baidu, its user
22、s are actually very far away from Baidu, This is because the upgrade from the more recent transaction brings conversion rate. Finally, talk about the next Internet companys moat is how the formation. ? Internet moat mainly from the user repeatedly brings users visit the site sticky, viscous form of
23、it is how we can break it, I think it probably is divided into three parts: The first part, because the site has a relatively unique features and experiences, allowing users to repeatedly accessed if the user repeatedly accessed, the user becomes a user of your own, this is the first cornerstone of
24、the formation of user stickiness. The second cornerstone, because there is an interactive website where users form a relationship we all know, it is difficult to leave such a similar QQ instant messaging software, the most important reason is that our friends are in there, because we interact to for
25、m an interactive relationship and then, for example, it is difficult to leave the microblogging this product, in fact, because the microblogging help us understand a lot of new friends, it is difficult to leave this relationship, since it can be concluded that for the Internet, it is always 2.0 bett
26、er than 1.0. After the formation of the third customer relationship stickiness something very important is what the UGC, UGC is? User-generated content. Users can write an article, send a message, upload a photo and when user-generated content to a certain extent, its essentially his own virtual ass
27、ets placed on the site, essentially mortgaged this thing, the possibility of repeat visits to the site greatly enhanced, which is a virtual asset-backed effect UGC formed, we can easily draw the user UGC website sticky than traditional websites. These three factors form the user stickiness, and we c
28、an see that the second and third factors will determine the more people using the site as possible with the pattern of the final form of monopoly, from a commercial point of view. monopoly is the best word, because the competition is the enemy of profit, Buffetts favorite monopoly, a monopoly in thi
29、s world is the highest level of Internet companies, we see the formation of a monopoly position in these companies. Googles market position in the United States about how much? (80%), in the European market share (more than 90%), which is Googles monopoly, FaceBook monopoly in the social field about
30、 to what extent? Taobao e-commerce in China monopoly is about how much? (80%), Baidu monopoly in Chinas search field is much? (78%), QQ IM degree of monopoly in the field of China is the number? (90%), Sina Weibo microblogging fields monopoly ratio? everyone disputed this, but according to the user
31、than the user-generated content and time-consuming, it is about 70% a few. intensive degree of monopoly industries have brought more than the vast majority of companies in traditional industries monopoly what will bring? high profits, so what is the conclusion? Internet companies must be true monopo
32、ly, the result is the second child of monopoly brought no future, Feisibuke this is my theme today. We want to do it as an investment? Want to invest dick Feisibuke industry leader, so the Internet company most suitable value of the investment. How do we choose the Internet company? Fact, we can go
33、to expand their thinking, and I think one thing to clarify, as I have just said so, to invest in what seems to have to say it, but in fact not the case, this is just one of the broadest industry in the company, there are many industries stealth stealth champion, as long as he formed a monopoly in th
34、e industry, there will be a very good profit margins and moat, the choice of one company you can ask these questions. First, the industry / company corresponds sufficient user demand, the companys customers are buying or own? Everyone can see the Internet companys report, if an Internet companys mar
35、keting costs, there is a huge pay traffic acquisition costs, Users that this company is bought. Then look at whether the company has a monopoly? Monopoly how to form, you can see the functionality provided by this company and whether unique experience? Can also watch This company offers an interacti
36、ve experience is mainly a one-way view? Just say, is better than a one-way interactive browsing experience. depends on the content of the website is user-generated or from third parties, there is no exclusivity? can also see what this transformation is the way corporate users, is the traditional pai
37、d advertising, press PPC or pay based on turnover effect. We can try to use these standards look at some companies. Portal Sina, search Baidu, video Youku, online games Shanda, No. B2C1 stores, electronic business platform Taobao, brand electric provider where customers, social Sina Weibo, I can not a I started, but you can simply look at this is what I want to talk about the logic of the Internet companies to invest in understanding (Author: Fangsan Wen compile: free download 11