"Philson, I''m curious, that stubborn old guy, why don''t you short American online." Looking at the report in his hand, William White had a queer face. Or, it''s also a little resentful.


    If you invest in a stock, you need a comprehensive understanding of its operation. So, short a stock needs to do more. At the very least, the consideration of capital adequacy ratio is indispensable.


    William White doesn''t understand that NBC online''s valuation is less than 150 billion, while the valuation of AOL is very close. From the number of registered users to the number of paying users, it should be said that the number of paying users is slightly weak. As for others, NBC online is obviously dominant.


    But, you bastard, why don''t you short American online?


    "Cough, boss, there are two main reasons. The number of dial-up users is also counted as paying users. If we only calculate e-mail and instant messaging, their number of paying users is not enough. "


    "Well, how can you do that?" William White was a little surprised. The cost of dial-up Internet access is only $20 a month. What''s more, the profit attributable to AOL is very limited.


    "Yes, in the eyes of most people, the cost of dial-up Internet access is tangible. Although there are many competitors, millions of users, even our think tank, are very optimistic about their development.


    Another factor is the breakthrough in the negotiation on the acquisition of Time Warner. With such a big uncertainty, Julian Robertson doesn''t dare. If it''s not good, the old man will lose his underwear. "


    "Time Warner acquisition? Philson, this should be said to be merger or combination. It seems that time warner is used to playing games. Hehe, it''s just that how do they plan to integrate the management of two companies with such huge differences.


    Well, let''s look at it. "


    William White certainly knows that behind this merger and acquisition, there must be those old money families. But why do you think that one plus one can be greater than two. Most likely, it is equal to second class goods.


    Mergers and acquisitions are not news in the United States. Frankly speaking, if there is no M & A, what else do you say is excessive capital. If we talk about failure, there is no doubt that the M & A of AOL and Time Warner is an unprecedented disaster.


    In fact, William White''s think tank doesn''t understand the brain circuits of the boss. Isn''t it the eternal truth to be bigger and stronger? But why don''t you do it.


    If it is before the birth of the United States online, you can say that it is easy to lead to an anti-monopoly investigation by the Ministry of justice. However, since there is a big head, you are worried about wool.


    "So, Phil son, M & A is a certainty. What are you here for today?"


    "Cough, boss, FTC, they want..."


    "No, just send a manager. These damned cysticercosis, since they believe that the market has the ability of self-regulation, how do they need to worry about trust now.


    Hehe, the merger of the two companies is a company with a valuation of nearly $300 billion. Oh, my God, when those old people look at their coffers, they should be in tears, right?


    Alas, once upon a time, a company with 50 billion US dollars could be called a great one. Now, you may need to add a zero to this one. "


    Phelson grinned bitterly. This year at the end of the century is for those traditional local tyrants. It''s been a disastrous year. Iron and steel and chemical industry, which are heavy industries, are basically losing blood.


    Gold, oil, minerals, normally, these things are used to fight inflation. However, it''s not the same as the egg.


    "Ignore, boss, it seems that''s such an attitude. They just sent a marketing manager. Although they also expressed their concerns, they made more mockery of the Committee. "


    "Oh, no, he''s not, is he? So William White doesn''t care about the acquisition of AOL? "


    "Yes, boss, I don''t mean to hit the bottom of the well."


    "Andy, what does the think tank say? Are there any different opinions among the new comers?


    Alas, I''m not old. All along, those bastards like to come to us to dig the wall. Once upon a time, we lost the advantage of talents. " Well, the old man thinks too much. All the high-end talents in the securities industry have a relationship of learning from others, and William White can dig a few more. Not to mention and big Mo PK, than those smaller securities companies, is also much worse.


    "Cough, boss, there are differences. But they don''t seem to have much data.


    So they have reservations. "


    "Well, is that ok?"


    "Cough, boss, I went to the ditch again just now. One of them, who was driven by me, said,


    if this merger was not conducive to NBC online, William White would have done it a long time ago. However, the data show that the merger of AOL and time warner can greatly enhance their competitiveness.So it''s a paradox. "


    "Well, I know what I mean. It''s just an attitude. Let''s see. It must be certain that William White is a cautious man. If he can really threaten his position, he will never ignore it. "


    The old man didn''t know. Even William White himself was not sure. At least, he can''t be sure of the short-term fluctuation of stock price.


    No way. In today''s world, it''s hard to say the changes of other things. At least, the IT industry has changed beyond recognition. There may be many reasons for the failure of American online in another time and space. However, the interference of the Federal Trade Commission is absolutely a very important factor.


    What is the Internet about?


    Come on, if you can''t do that, everything else is bullshit. They are imitated or merged by others. If they can''t rise in a short time, don''t say anything.


    As for the Trade Commission?


    This is a group of the most old-fashioned guys. If you expect them to be efficient, it''s a big joke.


    Over 100 billion M & A, even if William White doesn''t like it, these old guys can''t let you pass easily.


    And then, what about the European Commission?


    If you dare to shoot the first shot, believe it or not, these guys will dare to fight naked. Anyway, I''ll punish hundreds of millions at that time, and then delay it for a year and a half. Hum, I don''t believe you have any temper.


    Cough, what, is there any way?


    Of course, since it is the base of conservative forces. So, it doesn''t need to be considered who to go to lobby.


    What? It''s a robbery in open fire. How can it be? It''s not the lighthouse country. It''s not the dish cooking. You can''t even do a fair deal, and you don''t have to talk about it. Isn''t it too bad.


    You''re right, it''s just shameless. If you can have such a big advantage, why do you want to face.


    Take a look at the so-called high-tech enterprises later. Google, which was so huge that it was sensational, had to buy everywhere recklessly, and the rotten apple, which had collected tolls. There is one, there is no monopoly.


    However, antitrust is more like a joke to them. At most, it''s the protection fee, that''s all.


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