Microsoft’s monopoly case was once again in court, and the judge claimed that Microsoft did have a monopolistic behavior and that the evidence was conclusive, that is, Microsoft would face huge penalties and risk of being forced to split.

On this day, many investment institutions have also found that the Nasdaq index has surpassed 5,000 points. At this time last year, it was less than half. In one year, it has doubled!

So they saw that Microsoft was going to lose, and Lenovo, Dai, and other companies that had business with Microsoft would inevitably be affected, so they decided to sell the shares they held.

At this time, there was a transaction and a crash. Some major shareholders, while selling these constituent stocks, caused Nasdaq’s stock index to fall instantly and fell by 5% on the same day.

Of course, there is also Feng Yu's relationship here. Feng Yu also joined Kirilenko and Fu Rongqi to sell the last constituent stocks in this year.

Just let Feng Yu be curious as if there is still one hand in control of this, because when they were hollowing out the Nasdaq index, someone actually built the position first, and the handwriting was very big.

Yesterday, the Nasdaq stock index hit a new high, and some people opened positions at high positions. How do they know that the Nasdaq stock index will fall?

Unless, those who sell Microsoft, Cisco, Dai and other stocks at the same time, this person knows ahead of time.

So how powerful is this person, can you contact so many large investment institutions?

Feng Yu thought for a long time, and felt that there was only one person, in line with his speculation, that is the Soho of the Quantum Fund!

Only Soros dares to be so bold in their operations and can understand the movements of these big investment institutions. And short selling has always been something that Soros loves to do.

Feng Yu is not sure, but he does not care. He and his partners have already opened a large number of positions at 5,000 points. Although the leverage ratio is not high, but looking at today's decline, tomorrow's panic selling will be even worse, and the stock index will fall more.

Microsoft's monopoly case is just a fuse. When Feng Yu sold Microsoft stock last year, Microsoft's share price stopped growing, but many other stocks are still rising wildly.

The most interesting thing is that most of the companies whose stock prices have risen wildly are still not profitable. Expenditure is greater than income, and that's the way the stock price rises more than the profitable companies like Microsoft.

Those companies sell so-called ideas, as to whether they can be turned into reality, as if everyone is betting. Once the bet wins, you can get multiple returns. As for the gambling loss, they never thought about it.

Even in the past two years, venture capital has been particularly favored by companies in the network technology category, and the review has been continuously reduced. They all want to use this shareholder style to make the company a big profit.

It has also been said that those companies selling stocks have nothing to do with Microsoft's antitrust case, but because most of the companies listed in the listed company's statements have been related to losses.

This has sounded an alarm for many investors. If the company is getting bigger, it will definitely make money. These Internet companies, all of which have indeed skyrocketed, are spending money on stocks, but they have not brought any benefits at all.

Their visions seem to be so far away. Many Internet companies have already spent money on venture capital and fundraising, and are still losing money!

They use the money of investors to acquire and acquire competitors in other industries, speed up the launch of their new services, and strive to penetrate into cross-industry areas and strive to promote their own brands.

This seems to have entered a strange circle of network enclosures, and has also formed a novel Internet rule. And the bosses of all companies never think about their company, so what value is it? Based on Yahoo’s products, how can the company be worth hundreds of billions of dollars? What is the annual revenue of their company?

This seems to be a bottomless pit. Who dares to invest in it?

These financial annual reports and quarterly reports are also considered by many to be the trigger for a true online bubble, and the incentive for large investment institutions to sell online technology stocks.

There is another saying, that is the millennium bug. It is also an algorithmic loophole that can cause system confusion in many companies. In order to make up for this loophole, enterprises have to increase spending and increase the financial pressure on enterprises.

There are many arguments, support, and opponents, but no matter what, Nasdaq’s stock market began to fall, and the first and foremost is the network technology stocks.

Feng Yu has another algorithm, which is to calculate the true rate of return of Nasdaq stock.

Since 1998, Nasdaq’s true rate of return is less than 3% or even lower than that of bonds, and theoretically, this kind of prosperity should reach a yield of 6.5 percent.

Other researchers believe that all equity shares have a premium to varying degrees, with a premium of about 7%.

In other words, Nasdaq’s stock is overvalued. Whether it is Microsoft, ibm or a company that wears them, they all benefit from the irrational exuberance.

Now, the bubble has burst, and they are also the first companies to fall, and can even be said to be the leader.

......

The Nasdaq’s madness fell, and the stocks with the NYSE also fell. Many companies that are clearly unrelated have been affected.

I don’t know where the rumors came from, saying that the stock market is going to collapse again. I haven’t seen Microsoft, ibm and other companies can’t stand it!

As a result, more people began to panic sell stocks, thus forming a vicious circle.

The more people sell, the faster the stock price falls, the faster the stock price falls, and the more people sell.

Less than a week, the Nasdaq stock index fell nearly ten points, the biggest decline in more than a decade.

Affected by this, stocks in the world's major financial markets have fallen, especially in the network technology category, the largest decline.

Paul Allen regretted this time and knew that Microsoft's stock price would continue to fall. He also cashed in a good amount of money. There are still a lot of non-voting stocks he holds. Selling them does not affect his right to speak in the company.

What is wrong with the investment point, I will never know that my assets have shrunk every day?

It seems that this day is still not the same.

Not only Microsoft, ibm, Dai and many other large companies' board of directors are meeting every day to study how to save their company and let the company's stocks continue to fall.

Although the decline in stock prices does not have much direct impact on the company's operations, it has a great impact on the company's brand, reputation, etc., and it also has a great impact on the shareholders who hold the company's stock. The stock price fell, that is, their assets have shrunk!

They can't figure out why the internet bubble was poked?

... (to be continued.)