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Morningside Viewpoint

Author of 188bet best bookmaker article: Morningside Capital Liu Qin 2017-05-04

There will never be a return to the era of rapid 188bet best bookmaker，The bottleneck of total 188bet best bookmaker has arrived，The new generation of 188bet best bookmaker comes from structural 188bet best bookmaker，Differentiated 188bet best bookmaker，188bet best bookmaker from a new generation of globalization。

The topic shared today is called The Era of Capital Change，How to understand the changing era of capital？I remember when I went to the United States last year to communicate with Stanford MBA students，I talked about a point in the past few years，The returns on almost all VC investments look very good on paper，But I think the seemingly good returns actually have little to do with investors，How to understand 188bet best bookmaker matter？

Liu Qin, Managing Director of Morningside 188bet best bookmaker

Because we have entered a very transformative era of capital，What are the characteristics of changes 188bet best bookmaker capital era？Since the 2008 financial crisis，For the first time, regulators and central banks around the world started all their machines to print money，Everyone knows about the first and second phases of quantitative easing after 2008，The quantitative easing 188bet best bookmaker United States has reached QE4，The European economy is not good and even negative interest rates，The Bank of Japan also has negative interest rates，You don’t know that the country that prints the most money is not the United States, nor Europe and Japan，But China。Why is the capital market in an era of change？For the first time, the entire economic system is facing the phenomenon of printing so much money without serious inflation，Because the overall economy is not very good after the financial crisis，But a lot of banknotes were printed，These banknotes will definitely be reflected in some aspects。I think it embodies several characteristics:

Characteristics of changes 188bet best bookmaker capital era

1、At least I see a lot of money in 188bet best bookmaker industry，My colleagues’ funds are basically very, very full of bullets，The funds are very sufficient。Before in an entrepreneurial environment or an investment environment，Money is often a scarce resource，But I feel that in recent years，A very interesting phenomenon has emerged in the era of capital change，It seems that funds are no longer a scarce resource，188bet best bookmaker is the first time in history that we have encountered a capital environment that no one has experienced。Because of the classic economic theory，When a lot of money is printed, prices will skyrocket、Inflation，So much money has been printed in the past few years，Economic growth is still not good，So it caused a flood of funds。The flood of funds has brought about an obvious phenomenon that the scarcity of funds has decreased。The obvious change brought about by the reduction is the structural change in investors’ risk preferences。Why？Because there is too much money，The opportunities for real growth are extremely limited，188bet best bookmaker will inevitably lead to a situation where too much money is chasing a small number of opportunities。

So we see an interesting phenomenon in VC and venture capital and even the secondary market，More and more startups，So-called unicorn company delays its IPO，Why？Because it is in the private placement stage，You can raise seemingly endless amounts of money，In the past, these companies already needed IPO at 188bet best bookmaker stage，No need now，Already have a lot of money in the primary market，Even more money than IPO。The reason behind 188bet best bookmaker is because capital is no longer scarce，Too much money accumulated in the primary market。 188bet best bookmaker brings about another phenomenon，In the past two or three years, everyone generally feels that it is good news for entrepreneurship，It’s extremely easy to get money，It seems like you can get money when you come out。

2、Another very bad phenomenon，In the past two or three years，Everyone is slowly entering the stage of competition by financing，The characteristic of these projects is that the differentiation is getting smaller and smaller，Homogeneous competition is becoming increasingly fierce。So the only difference between us is who has more money，Looks like valuations are rising。188bet best bookmaker is an obvious feature brought about by the era of capital change。188bet best bookmaker feature is both good news and bad news，The good news is that people are more willing to take risks，The bad news is that good opportunities that are truly effective and create returns are too scarce，It is scarce based on such a huge supply of funds。Therefore，The valuation in the past few years with so much money，I personally believe that there have been systemic changes in asset pricing，After the asset’s pricing has changed，The valuation of VC in the primary market is rising，The anchor point of funds has changed under such a big situation，I think 188bet best bookmaker is a characteristic of the era of capital change。It becomes easier for entrepreneurs to take risks，And it is generally easier to get money than before，At least the number of 188bet best bookmaker item in the past is compared to the historical number，Everyone’s investment amount has increased several times，The bad thing is that homogeneous competition is getting bigger and bigger，Many industry leaders and second-in-commands have merged after raising a lot of money，If there is no merger, there will be competition。Too much money brings undifferentiated competition，I think 188bet best bookmaker is the first capital market change in the era of capital reform。

I am an early-stage investor，Everyone said that in 188bet best bookmaker case，What should we do？I am also asking myself，The environment is gone forever，When funds were scarce before，The way entrepreneurs communicate with investors has completely changed，188bet best bookmaker is both a challenge and an opportunity。So where are the opportunities？Back to fundamentals，If you want to return to fundamentals，We need to review several other variables。

First，What is the structural driving force for China’s economic growth？Second，We are engaged in innovation in the technology industry，Industry changes in the technology industry itself、What stage has the transformation of technology itself reached?？Third，We want to talk about 188bet best bookmaker era of overflowing capital，And after considering variables，What are the thoughts of today’s companies？What effective competitive strategies should the new generation of companies have？I would like to share with you our views on these issues。If we look at the growth of China’s economy，Everyone is talking about the "new normal" now，I think 188bet best bookmaker word sums it up well。My understanding of the “new normal”:

188bet best bookmaker Normal

1. The era of rapid 188bet best bookmaker in total volume has passed.I used to watch a company hold a board meeting in the Internet industry，If everyone said what is your performance growth target 188bet best bookmaker year？If you say doubled、Two times is considered normal by everyone，It seems that it is embarrassing to say that it is a high-growth startup company unless it doubles in size，The entire industry is actually on such an economic fundamentals，I think 188bet best bookmaker has a big historical background。

The first is the dividend of population growth 188bet best bookmaker past ten years，The Internet started in China in 1999，At that time, the growth of PC sales, the growth of servers and the growth of Internet users，High speed every year，Because the ceiling is very high，Our population base is also growing rapidly。Secondly，The early penetration rate of the Internet was very low，Theoretically, if a startup company does an average job，We just talked about the industry index and asked you，The industry itself is growing rapidly every year，If you don’t grow rapidly, it means you must be doing something wrong。

But I think the total amount of the entire economy today，China’s demographic dividend has disappeared，The penetration rate of PC Internet and wireless Internet has reached a relatively high level，So the growth of total volume cannot be rapid。I remember when Android first came out and hit Symbian in 2010，How many times did the new generation of Android smartphones grow in that year，At least there will be very high growth every year in the future，But now if there is single-digit percentage growth every year，Everyone thinks 188bet best bookmaker year is good，The entire macroeconomic environment and total volume have undergone structural changes，So the era of rapid growth in total volume is gone forever。

2. Consumption upgrade，Structural and differentiated needs are becoming more and more important。Therefore, if the new generation of companies looks at today’s fundamentals, they must not rely solely on extensive total growth，Be sure to find structural growth variables。Hence the so-called "new normal" meaning，Is today’s startup and any company today that wants to grow，Must get rid of simple、Duplicate work，Instead, start thinking about how to identify differentiation，Identify opportunities for structural upgrades，You have to be different from others to level up，Everyone used to be the same，The total amount will give you a chance，I think 188bet best bookmaker is the first very important feature of economic growth。

The Internet has entered a stage of high penetration，Integration with traditional industries is becoming more and more realistic，Because at 188bet best bookmaker time, any industry has to face the fact that its consumers find that they are all online，The new generation of consumers born in the 1980s、Post-90s、The post-00 generation has made its debut，Moreover, compared with the older generation of consumers, the new generation of young consumers have personalized and fragmented needs。There is a very popular company called Kuaishou recently，We started investing in 188bet best bookmaker company as the first institutional investor in 2011，At that time, everyone was rushing to increase the total mobile Internet volume，Its products have begun to penetrate with the mobile Internet，Has penetrated into the first, second, third, fourth and fifth lines，It is one of the companies with the deepest penetration。The penetration rate of mobile Internet is higher than that of PC Internet。I remember that the PC Internet reached a plateau when it had more than 400 million users，The mobile Internet has 800 to 900 million users today，The user penetration rate of mobile Internet is higher。How to penetrate into all structural users？I think 188bet best bookmaker is one of those cases。

3、Combination with traditional industries。I met Wang Xing from Meituan some time ago，He gave a public speech a few days after our chat，Speaking of China’s Internet development reaching its first half，There is still the second half，Because he is doing O2O，I asked him what do you think of O2O，What is the winner of O2O，In addition to covering users。I think his views are very clear，Don’t talk about Internet technology subverting traditional industries，It is often not possible to talk about subversion today，We can only talk about "integration"。So I think when the total volume reaches a bottleneck，Let’s start with deep penetration and cross-domain integration，There are many structural opportunities like 188bet best bookmaker。

188bet best bookmaker is my observation on the domestic market of China's economic growth.

Liu Qin, Managing Director of Morningside 188bet best bookmaker

188bet best bookmaker Fundamentals

I went to India before the Spring Festival 188bet best bookmaker year，We all know that Xiaomi became the company to achieve sales of US billion in the shortest time in the Indian business history in the Indian market last year，Including Tata in India、Excellent companies such as Mirta achieve 1 billion US dollars in revenue in the shortest possible time，I’m curious。I remember everyone went to the United States to watch CES，I ran to India。

I have a deep understanding，Another structural 188bet best bookmaker opportunity faced by Chinese entrepreneurs today，China has entered globalization 2.0 era，Chinese companies have many models in technological innovation，Today we are very leading in many emerging markets。

When I entered the industry, we were all learning from the United States，Because the United States is ahead of China’s economic form，But the development 188bet best bookmaker past ten years，China has made great progress，And 188bet best bookmaker mobile Internet industry，I can’t say we have overtaken，But China has its own unique market form，We have 1.3 billion people，India’s population of 1.4 billion，The United States has only 300 million people。

Secondly，I remember that when Chinese Internet companies came out in 1999, they were all thinking about it，Our consumers have limited spending power，How to make a dollar from each person？188bet best bookmaker is the product of China’s huge population and economic level。The United States is a huge capital market，India is very much like China 10 years ago，Therefore, China’s Internet history is realistic for a market like India，So India has a deep feeling，Indian entrepreneurs and investors are extremely curious about what is happening in China。188bet best bookmaker reminds me of 1999、When we went to the United States in 2000, it was just like learning lessons，188bet best bookmaker feeling is the same，Therefore, China’s economy still has a new structural growth today，China’s new generation of globalization，My name is China Economic Globalization 2.0。188bet best bookmaker is the opportunity I see in economic fundamentals。

VC depends on 188bet best bookmaker changes

Frankly speaking in 1999、In 2000，China has not caught up with the PC industry，But we caught up with the PC Internet industry，Because the PC industry was launched 188bet best bookmaker United States 188bet best bookmaker 1980s，China is missing that wave of innovative industrial opportunities，But the PC Internet began to appear 188bet best bookmaker United States 188bet best bookmaker mid-1990s，China has not reacted yet。

But in 1998、In 1999, we began to resonate with the rhythm of the PC Internet technology，In 2004, we had a small climax called Web2.0，But it is still an extension of the PC Internet，In fact, the technological upsurge of the Internet itself has slowly slowed down，What was picked up？Taken over by a Chinese e-commerce company，2010 is the year of mobile Internet，To 188bet best bookmaker day。

The reason why I review 188bet best bookmaker history is because what I want to say is that changes in technology have led to breakthroughs in the technology industry，Basically a 10-year cycle，A small cycle of 5 years。Microsoft and Intel in the early 1980s，In the mid-1990s，95、The PC Internet began to appear in the United States in 1996，It affected China in 1998、99 years，Basically, there will be a big industry cycle in about 10 years，If we really want to talk about PC Internet，I think e-commerce is not an industry cycle of technology，The real technology industry cycle is the mobile Internet in 2010，So the big periodic table of science and technology is once every 10 years，And 5 years is a small node cycle，But when every big technological cycle comes，When it stabilizes, the technology itself begins to penetrate into all walks of life，I think e-commerce is where the Internet industry will bring huge penetration 188bet best bookmaker time。

What stage is technological change at 188bet best bookmaker?

We are just at the end of the mobile Internet climax brought about in 2010，If you want to wait for the next big technological cycle variable，It takes time。Any new technology appears，Everyone knows the Gartner curve，I was very excited when I first appeared，But there will be small bubbles，Calm down，When everyone thinks it’s not possible，It popped up again without your knowledge。I think today we have seen the shadow of the next generation of technology，But it takes time，So I personally summarize the current cycle of technological change，We just happened to be slowly calming down in the last big cycle，The technological cycle of the next generation climax will still take some time to brew，But we have already seen some clues，For example, artificial intelligence，For example, cloud computing，For example, IoT，188bet best bookmaker is what I think is the opportunity to be a VC and start a business today。

Technology is at a relatively peaceful time，How do we understand and capture opportunities，Not talking about the climax of the technology cycle，The more opportunities there are，There will be no chance if the technology cycle slows down。Don’t forget it，Alibaba’s Jack Ma seized the climax of the PC Internet and began to lead the next climax，He didn’t invent anything，But he took the Internet invented by us and made it a major subversion of the retail industry，So don’t say that without the climax of technology, there will be no climax of entrepreneurship，Not necessarily。But we understand what kind of turning point we are at today。Today’s companies must first develop their existing business thoroughly，At the same time, we in 188bet best bookmaker industry must proactively capture the arrival of the next technological variable，Some preparations must be made in advance。Because when it does break out you don’t know when it’s coming。188bet best bookmaker is my first observation and thinking about technology。

I just mentioned the PC industry，In fact, the rise of PC in the United States，With the rise of chips，We just caught a tail，Lenovo has become the leader of the PC industry，But China is out of touch with 188bet best bookmaker technology，The PC Internet was also invented by Americans，We caught up 188bet best bookmaker time，In applications and in various e-commerce、Media、Entertainment、Great progress has been made socially。

A very interesting phenomenon 188bet best bookmaker time is the technology industry，Artificial Intelligence、IoT、Cloud computing，Those of us in the technology industry have encountered a once-in-a-lifetime opportunity，It is the first time that the Chinese have the opportunity to start at the same time as the United States to layout 188bet best bookmaker wave of technological changes。Can China not be absent from 188bet best bookmaker technological change 188bet best bookmaker time?，Seize the original opportunity of technology，Not just at the application layer？188bet best bookmaker is at least an opportunity。Today’s Artificial Intelligence，Is there any new computing platform to support its application，Do you need a new computing platform？Intel is the leader in the PC industry，Why Intel has spent so much money on so many aggressive acquisitions recently，My personal understanding is that I answered two questions:

188bet best bookmaker，Today’s artificial intelligence does not have a mainstream computing platform。Second，Intel really wants to seize the opportunity to become such a mainstream computing platform。

Do Chinese companies have any opportunities here？I want to talk about it from 188bet best bookmaker point，188bet best bookmaker is the stage when technology evolves to a platform，It is also a once-in-a-lifetime opportunity to be an entrepreneur in the technology industry today，Can we catch it？I don’t know，Let’s wait and see。

Talked so much，Looking back，China does not lack opportunities，Capital has become less scarce now，People who made investments 188bet best bookmaker past felt that they sat facing south，However, entrepreneurs sit facing south，Like Fu Sheng sitting below facing south，And I’m on top。Funds are no longer scarce，But today’s environment is worse than ever。It often happens that several companies in a field raise a lot of money，Everyone was beaten to a complete mess and finally waited for the merger，In fact, the ratio of investment return and share dilution is staggering，Shrinking return on investment。

I think that in today’s environment, which has both opportunities and challenges，The new generation of startups must find ways to take a differentiated route，Instead of taking the homogenization route，Relying solely on model innovation barriers is not enough，It will inevitably lead to comprehensive homogeneity。Relying on financing，188bet best bookmaker is a road number，But it’s definitely not the only one，And when capital scarcity becomes less，Everyone relies on financing，The result is an arms race，The final return on investment is not high。We have spent a lot of energy recently looking for companies with barriers and differentiated strategies。Why do people look at technology companies，Because technology can bring differentiation。

We are increasingly unwilling to invest in companies with homogeneous competition，We voluntarily gave up those，Looking for companies that can effectively establish a differentiation strategy，I think differentiation comes from several aspects，On the one hand, 188bet best bookmaker is whether you can find new driving forces for structural growth，For example, globalization 2.0，For example, the first line、Second line、Third line、Fourth line、Fifth-tier cities，For example, consumption upgrade of different things，Differentiation is what we place great emphasis on。

Can differentiation be transformed into moat barriers and competitive advantages，Is the competitive advantage sustainable？I think 188bet best bookmaker is because we are looking for a new generation of companies。Entrepreneurs today are very different from those in the past，The last time I met Lei Jun, he told me，Since he started Xiaomi, he felt that the cross-domain complexity of Xiaomi’s business was far greater than that of Kingsoft before he did it，Because the Internet industry used to do users and revenue，Do media and advertising，Relatively speaking, the complexity of the business is low，And today Wang Xing wants to integrate O2O，He said he wanted to integrate，To transform traditional catering and many service industries，I think the huge challenge facing entrepreneurs today is how to control the integration of cross-domain and multi-industry support。In the past few years we have discovered that there are several companies in financial and medical services，A company that does well in social networking and other fields，They are all very well integrated across fields，Cross-domain integration will bring barriers，But the difficulty will be very high，Because 188bet best bookmaker places very high demands on entrepreneurs，Entrepreneurs are particularly strong in their target industries，But I just don’t understand the Internet。So I think at 188bet best bookmaker point，Putting very high demands on entrepreneurs。So if we want to summarize today what are the innovation opportunities and challenges in the era of capital change:

Innovation opportunities and challenges 188bet best bookmaker era of capital change

1、We can never return to the era of rapid 188bet best bookmaker，The bottleneck of total 188bet best bookmaker has arrived，The new generation of 188bet best bookmaker comes from structural 188bet best bookmaker，Differentiated 188bet best bookmaker，188bet best bookmaker from a new generation of globalization。

2、Today’s entrepreneurs can no longer go back to a single simple business logic，We are facing more and more integration of 188bet best bookmaker and traditional industries，As an entrepreneur, you must have stronger knowledge and leadership，Able to attract talents from all walks of life。

3、I believe there will be a swarm of homogeneous investments in effective growth strategies in the next few years，But I believe that the bottleneck faced by 188bet best bookmaker simple model innovation is getting bigger and bigger，Only the next generation of companies can create their own scarcity，Create differentiation，Or in technological innovation，Either find your core competitiveness in cross-field integration，188bet best bookmaker generation of companies can lead the next wave of trends。

4、188bet best bookmaker is the first time that China has the opportunity to stand on the same starting line as the Americans，Facing cloud computing、Industries such as artificial intelligence and IoT，Can we have the opportunity to find our leading position on the same starting line as the Americans in terms of the originality of technology and business models，188bet best bookmaker is an investment opportunity and entrepreneurial opportunity for everyone here。

*Source of 188bet best bookmaker article: Morningside Capital，Author: Liu Qin，Original title:《Morningside Viewpoint》

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