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Roblox is on the market tonight. For such a “what the hell are doing” company, people tend to wait and see more, take less action, and discuss more. There are few conclusions. In this 20,000-character article, we talked about a few key topics:

• Why does Roblox need a DPO instead of an IPO?

• Why is there no Roblox in China?

• How exactly should Roblox be valued?

• The great ambition of the founder of Roblox.

and the fifth part, which seems to be the most important part of the extraneous reality, is a far-reaching and important force in social structure and paradigm shift. They have existed for hundreds of years and will continue to Continue to exist in this form.

This article will start in a very relaxed format, but after 30 seconds, it will suddenly enter the topic, which makes people want to stop. In order to write this preface, I read the 20,000-character article three times, and I still haven’t finished.

Not much to say, read it. Please read it carefully. ——The introduction part comes from: Wang Qian Chien (founder of Suyuan Yuxin)

This article is from WeChat official account:Su Yuan Yuxin (ID: EnvolveGroup), guest of dialogue: Liu Jiapei Alex (Co-founder of Su Yuan Yuxin) , Deng Ruiheng Ryan (Head of Soyuanyu New Market), head picture from: Vision China

What is Roblox? Do you usually play a lot of games?

Alex: Okay, let’s talk about this briefly. Do you usually play a lot of games?

Ryan: I don’t usually play.

Alex: How did you feel after reading it?

Ryan: There is nothing particularly powerful. But if I return to the status of a reporter, this project suddenly appears in front of me as an entrepreneurial project, in fact, I would be interested in learning about it.

This is a brand new project. Another one is that if it is an upcoming project, there are actually many questions to ask, but I don’t know if it’s suitable for you to express.

Alex: No, I think this is a good angle.

Ryan: Treating you as part of their company, these questions can also be asked.

Alex: Yes, as a reporter, if you are going to report on Roblox now, what questions would you ask, right?

Because many people don’t know what Roblox is, they have the same doubts as you. Because they don’t play games, and they are not interested in games, nor are they not interested in games, but they don’t have such a strong perception of this thing.

Ryan: Let’s talk about a few questions first.

Alex:I can chat casually.

Ryan:Roblox is delayed in listing. The reason for the delay in listing was that it initially felt that the US Securities Regulatory Commission had given it the opinion that its revenue should be amortized, but in this case Roblox felt that the valuation was too low.

Alex: It’s not as high as justfiy.

1. What is the fundamental difference between DPO and IPO?

Ryan: Yes, so they finally chose to list directly (DPO). The first question I want to ask is, what is the fundamental difference between its choice of DPO and IPO?

Alex:The fundamental difference is that if you go through the normal IPO process, you need to set the price, that is, the investment bank will set the price for you, and then the investment bank will say, OK, you How much is the share, and then issued. For example, set it at 60 yuan, and then send 10-15% of the shares, right.

The investment bank actually acts as a buffer zone between the SEC and the project. If there is no investment bank, you can actually build any 100 billion, 200 billion, 300 billion company, right? Of course, this is a bit exaggerated, but in fact, from the SEC’s point of view, does such a project have good investor support? Yes. Is this project a solid profitable project? Too.

But the problem is that you don’t explain to your potential investors, why are the money charged and the game currency charged?(Billing)(Billing) span> can be directly counted into your revenue (revenue), and count the two-year amortized revenue, not your game In-app purchase revenue is shared with another developer’s revenueSeparately count, why did you put it together, and our revenue is growing very fast.

The SEC said that it would mislead investors, and David Baszucki thought it was not. This is our business model. Our business model is a virtual universe, so any money we attract into the virtual universe should be counted as our game revenue, as the company’s revenue.

The difference in choosing direct listing is that if it is a virtual universe, the company’s valuation is its own line. For example, how much money can the virtual universe make in a year, it can make 20 times, right?

Yes, so it’s interesting. David Baszucki feels that this company has great potential for development, but the regulation doesn’t think so. Some investors don’t think so. He directly chooses to go public.

His early investors and himself think that this company is definitely a company that may be 100 billion in two years, because they can create a lot of virtual universes, and then people can do a lot of things in it. It is A more powerful social network than social media is next gen (Chien: It can be understood as the next era/generation/intergeneration, how to understand it depends on yourself)< /span>Social software.

Ryan: This is understandable. I think what you answered is why he chose not to IPO in terms of business logic, but to go public directly. What I just wanted to ask is that What is the fundamental difference in operating procedures?

Alex:The fundamental difference is IPO issuing new shares. DPO directly circulates 10% and 20% of existing shares. In fact, all shares are tradable. , It can release as much as you buy.

Ryan: What is the concept of the stock issued by DPO, can you introduce it in detail?

Alex: The IPO is for additional issuance. The DPO is to take 20% of your existing shares, which should be 20% at the beginning, and circulate them directly.

Ryan:In fact, all investors’ shares will be diluted accordingly?

Alex: No no, DPO will not be diluted. DPO is not a concept of issuing new shares.

Ryan: How did its existing 20% ​​come from?

Alex:Just unlock it directly. Ok, it has 100 million shares, right? Just let it go, and then you want to buy 100 million shares. If you have the money to buy 100 million shares, you can directly buy 100 million shares. Obviously, regulation will not allow this to happen, so the stock that should be tradable at first may be 20 to 30%, but later it will all be circulated. Like Spotify, the current outstanding shares account for more than 60% of the total shares.

Ryan: Yes, I don’t think we need to write this concept in the article, because our readers will not care about this concept.

Alex: No, they want to care, they all want to care about this concept. Because many people don’t understand what DPO is. You can add it. The most important concept of DPO is to say that the price you want to set is as much as you want, and it has no investment banks, no cornerstone investors, and no roadshows arranged by investment banks that are not open to public investors.

Ryan: The risk that may be brought is the price you set, not necessarily someone will buy it, right?

Alex: Yes, but the advantage is that you often see that the company’s stock price could have been set at 40 when it first came up, but the investment bank’s IPO may have set it at 20, so If so, it can only raise 400 million.

But if it jumps to 40, the 20 yuan in the middle is actually taken away by retail investors and secondary market participants. But as for DPO, the SEC recently issued new regulations. DPO can now issue new shares. I don’t know if Roblox looks like this.

You probably know that your stock in the secondary market can be worth 60 yuan. Why don’t you sell it at 60 yuan and 20 million shares instead of 20 yuan and 20 million shares as suggested by the investment bank? In the middle of this is actually a lot of losses, in fact, less fundraisinga lot of money.

Like Spotify, like Slack, they all adopt a direct listing method, and then Spotify has a market value of more than 48 billion yuan, and Slack 28.8 billion has been acquired. Obviously this is a useful thing.

If you run a listed company by yourself, one thing you will find is that the entire process of IPO will probably consume 8%~12% of the total amount of money you raised. All of these involved parties are involved. Take it away.

But for DPO, we will get an investor day and ordinary roadshow like yesterday, and then just issue it directly. Your stock price will fall or rise, and it may cost the total listing service. It is half of the original, which means that you originally raised 100 million, but it was actually 7%~8% or even 8%~12%, and even a little more was given to investment banks or lawyers, especially investment banks doing underwriting to get the bulk. However, the service fee for DPO is about 3% to 4%, which is half of the IPO. If I remember correctly the data from Bill Gurley’s blog.

But investment banks are not doing it well for you. The reason why they do not get it for you is that they also have customers to take care of. They want to buy on the one hand and sell on the other. On the client’s side, they have to push down your stock price. Only when they push down, can their hedge fund customers have the incentive to buy.

Ryan: They have to sell to make money eventually.

Alex: Yes, and many people are unhappy, that is, CTMD, why don’t I just go up the stock price? Investment banks just say it’s okay, it’s okay, I don’t want to issue shares to you after losing The opportunity to issue bonds, so I just go straight to it.

Ryan: This is explaining the advantages of DPO over IPO, right?

Alex: Yes, its effect is (reverse effect) after it goes public, its stock price is unstable. Because there is no investment bank to help it. Yes, no.

Ryan: It may have quoted an inflated price.

Alex: It is very possible, and Spotify and Slack both had this problem at the beginning. It was sluggish for a while, and it kept falling. But once the financial report is dazzling, the financial report is sent out, and the financial report is ok, the stock price will pop up. Right?

Ryan: For Roblox, it has been losing money for 14 years, right? Among them, it said that because of all its revenue, in addition to some of its own channel brands and various costs, its game revenue is to be shared with developers.

In fact, the more developers, the more it will lose. So how can it make money in the future to get rid of such a dilemma?

1. SEC said, you are a game company; Roblox said, no, I am not

Alex: Its cash flow is positive. In fact, its business model is very interesting. This company can lose money year after year, with more and more cash in the account, I don’t know if you can understand this concept.

Ryan: I can imagine that this is possible, but the clear model is not clear.

Alex: Yes, because its revenue is that your players charge 10 billion in a year. It is recorded separately for two years, and then 5 billion this year, it may lose money in one year It’s 6 billion, right? Then reduce holdings, right? But in fact, there is more cash in the account, there are still 4 billion, which is 4 billion more, right?

The evil of this company in the past two years is that it just said that its business model is a universe, so players will continue to recharge it.

Ryan: So the fundamental driving force for its development actually comes from the fact that as long as there are more players, as long as they continue to charge money, its model can still be maintained.

Alex: Yes, you must think this sounds unsustainable, right?

Ryan: I think it’s like the central bank of many countries has been in debt, and it can survive.

2. pay to win, pay to cool, pay to play

Alex: It’s a bit similar, but it’s completely different, because everyone’s original understanding of the game, and then there are development costs, and then I sell 1 million copies is how much, 40 yuan , 1 million copies is 40 million, right?

Then there may be a little game purchase, maybe 20 to 30%, but in fact, the best online games are actually the other way around, which is to sell you this game for free.

But in my in game purchase, there are three in it. One is pay to win, which means that the payment is more powerful, and the other is pay to cool, which means that the payment is better. There is also pay to play. After paying the money, I can have some new functions, and the new world will be unlocked, right? The playing area is different, right?

Yes, and in this process it will inevitably lose money, because it has to attract more and more developers, more and more developers, it will have more worlds, and more worlds will be filled by everyone The more money.

Then it is obvious that the more the book will lose, the more it will lose on its income statement, because it will continue to pay more game developers, but it will have more and more money on the book. , Its users will become more and more, and its revenue will grow more and more.

Ryan: So it can still meet the needs of a company’s development.

Alex: It is definitely satisfying. And I think in the end, their greater ambition is to open up all the different worlds you have seen, that is, there is the Forbidden City, and then there are Marvel heroes in it, right?

Ryan: Everything can be done again in this world.

Alex:Exactly! And the most terrifying thing is that its developers will do this, and they will build the Forbidden City and create a new Marvel universe. Then Marvel Universe will say, “I will give you money and I will give you copyright fees. Can you make six or seven-year-old users fall in love with my Marvel Universe, and then they are watching movies when they are 18 years old, and when they are 24 years old? Are you buying Marvel products?”

Ryan: I think they will also want to do subdivided things. It does not need to guide developers to do so. Developers will find the difference. What subdivided scenes can be presented.

Alex: Yes, they just need to provide developers with more and more powerful tools.

Ryan: And attract more users, because in this way can developers make money.

Alex: If developers start to make money, they will do better things, and a better world will attract more and more users to stay. At the same time, some users will become developers, and then more developers will create a cooler world. It’s like this.

2. Why is there no Roblox in China?

Ryan: Yes, I believe there should be many other communities doing this, and even domestic projects should have similar logic.

Alex: Yes.

Ryan: Have you ever followed why they have not done so successfully, or have they even been better than it?

Alex: I think it can be summed up in one sentence, because they think they can make games, but they can’t actually make games.

Ryan: So what is Roblox doing?

Alex: David thinks he can’t make games.

Ryan: Can you be more specific? It is an experience that can be manipulated.

Alex: Look, you want to really make a game, make a 3A game, a lot of time, a lot of money, a lot of work, a lot of people. For exampleFor example, have you heard of Red Dead Redemption?

Ryan: No.

Alex: Let me give a few more examples. Have you heard of The Witcher 3?

Ryan: It is difficult for you to cite examples that I am familiar with, because I am not a gamer.

Alex: What are people playing around you? You think of the most awesome game, have you heard of the black myth Wukong?

Ryan: I have rarely heard of games. Onmyoji, Yuanshen, etc. have heard of it.

Alex: Yuanshen is a 3A game, that is, its world is very magnificent, and its workmanship is very exquisite, and its playability is very high, and its manageability is very Strong.

Krypton Gold needless to say, right, there are many such commercial games, but the workmanship is very beautiful, the graphics are very good, and the story is very fascinating, the income is very high, but its development cost is also huge.

David Baszucki I think the biggest difference from other gaming communities, because he didn’t want to make this thing a game at the beginning, he didn’t define himself as a game at the beginning.

Ryan: He might want to turn it into an education company at first.

1. Roblox never wanted to make games

Alex: Yes, you see that the knowledge revolution he started at the beginning is actually because he wanted to simulate a world.

Ryan: His venture before doing this was a simulation tool for physics experiments.

Alex: Yes, he gave the tool, and then I didn’t expect that everyone didn’t use it for education, and actually made a lot of games to play.

Then he said that I did not expect, ok, then I will try to make a game. He actually tried to make a game, but he found that his engine and development capabilities are really bad.

Moreover, many awesome games in this world are developed by big game companies and or very sophisticated game studios. Many people in China want to do it. Some people want to become a game community, or after making a game that has become popular, he has a community foundation, and they say that he wants to make another game, another game, and another game. One.

It will be good at first, but then he will be out of balance one day, he will have a model that is not so good, and then it will start to go downhill. Because the game is hard to say, you have to keep trying. You can only make a giant game after you blow up 10 games, and the companies that really have the money to blow up 10 games are super large companies, so there are Trying to do this, the reason they can’t do it is because they want to make a game.

Ryan: But the definition of the game here is actually very well-made traditionally. The more you play, the deeper this traditional definition of “game”.

Alex: Yes, but Roblox does the opposite. You go to the interview with them at the beginning. They said that we also want to participate in the design of such a game, but then we I found that the players are much better than us, so let them do it by themselves, and we provide them with the best tools.

Ryan: He didn’t pursue better graphics and better props. It may still be very rough.

Alex: It’s rough if you go to play, but it’s enough for children. One is that it is enough for children under 13 years old. The second is that it is not a game at all.

Ryan: It’s a life experience, it’s a simulation.

Alex: is an experience, simulation, it is a small city, it is a sim, and then you will really simulate your life in it.

Ryan: So it may also have a good point, it does not talk about that long game, and may be able to accommodate like mePeople who do not want to spend time in the traditional game world. I think it’s easier for me to get started, even children can play his games. At the same time, it can also be a little more complicated for people in their 20s.

Alex: That’s right. Yes, so I must correct one of your statements, It has never been a game, it is a world, this is a world-as-a-service / business, it is a world.

An example David Baszucki has been telling. A group of people went online for two hours every day, pretending to open a pizza restaurant, and then pretending to be eating fake pizza. He also didn’t understand what was going on, but people love it. Then this pizza shop has hundreds of thousands of users, 30 million users, everyone knows what this pizza shop is all about.

Ryan: It suddenly reminded me that when I was in high school, Tencent made a steal. It’s a bit like everyone has to turn on their mobile phones to steal food at noon or after class.

Alex: Yes, it’s a concept, it’s actually a small world, it’s not even a game.

Ryan: Probably the biggest feature of Roblox is that it allows more people to participate in its world, which can be extended indefinitely.

Alex: Yes, and its world will continue to expand, and then it only needs to add better game engine code to it, and then launch its own VR, AR, or cooperate with VR, AR companies .

Ryan: Better tools and better experience.

Alex: Then there is a better way to charge money inside, which may create a new financial world, right? You can imagine Compound, AAVE, uni, YFI.

Ryan: In fact, it is possible to map everything in the real world into it.

Alex: This is a virtual world, virtual world, it’s trueYes, it is a virtual real world.

Ryan: So if we distill the previous question, it is the potential of Roblox development, in fact, it should not be regarded as a game, we should understand that it is the real world.

As much of the commercial space we have now mapped into the virtual world, it may be as big. In real life it is nothing more than you eat, but you may also buy a food and a house in Roblox.

Alex: Yes, there is economic trade here, as well as Disney, and it will only be more fun. And the most important thing is that you can get married and have children here. This thing is outrageous. And there are really AI kids born inside.

2. Marriage, have children and make children, here, one-stop solution

Ryan: There is already, right?

Alex: No, but someone, Xian Kun, and their (rct studio) are doing this.

Ryan: Will he be added to this community?

Alex: Yes, you just need to get in and the two are married. After that, you may really wait there for 10 months, and then give birth to an AI child, in six or seven years , There will be the intelligence of a 6~7 year old child, you know? He will talk to you-now this conversation AI really does.

Ryan: You make me think of a point, is it possible that I have developed a game, I can go online to promote it, or embed it in this community at the same time, the two can be parallel, right? ?

Alex:Of course, it can enter this world, you just need to click on the chat room, which is the entrance to this world anyway, and you can enter this world. This is its ultimate vision-any game developed, as long as it is incorporated into his world and playedYou can go in at home. All game developers are also aware of this matter, “As long as our game becomes a world, that business model is outrageous”, you know? This is a business model (than gestures).

David Baszucki is also aware of this, but I think he has a more structured person, and he knows what game he is playing-he must not be able to develop this group of people, he wants Fight with them and they will become enemies. But if he allows other types of games to run independently, they can also be embedded in the Roblox world. Of course, there must be a huge amount of development projects and compatibility projects to be done in this process, including network bandwidth, 5G, and many other technologies, all of which need to be resolved.

But once it’s solved, it’s equivalent to publishing a game. Roblox is a giant world entrance, but you will enter Roblox and there will be 100,000 worlds, from Mario to violent motorcycle…

Ryan: Pull all the parallel universes in the game world into this one universe.

Alex: Yes, it is a huge entrance to the universe.

Ryan: Of course, it’s still just a vision, not fully realized yet, right?

Alex: It’s just a vision, but someone has already done this. For example, a game I particularly like to play is Doom. Someone in Roblox has made a replica of Doom.

Ryan: These are two teams, right? A team made a Doom, and a team made Doom into the Roblox community.

Alex: The community has made a replica of Doom.

The company that is doing Doom is called Bethesda, that’s a pretty awesome game with two or three hundred gigabytes.

But the Doom enthusiasts in this community made a version of more than 200 MB. Everyone had a great time, you know? Then the CS G insideo Just like real CS. If you have that day, just order it when you enter Roblox, Warcraft, World of Warcraft, today you can play this, tomorrow you can play that, this is a very grand entrance to the world, and you come out of this game, you You can also go to the pizzeria to eat some pizza. If you are tired, you can also go to fall in love and have children.

This world is very powerful, and there may be politics and finance in it.

3. Robux is more than just game currency.

Ryan: It is already doing part of the financial function. Now connecting all the games and issuing their own tokens can actually be understood as a financial function.

It looks like all games, it’s just a thing to buy props, but in fact, because it can be compatible with different game scenarios and paid to different developers…it is equivalent to creating a new general equivalent, right Right?

Alex: Yes, its Robux is a 1:1 dollar.

Ryan: Yes, I think this actually already has something that other projects do not have. It actually already has financial properties, and the tokens in other game items are just a purchase item. It is equivalent to playing a game A in Roblox, and the money I earn can go to game B to buy things, and then go to C to spend it.

Alex: It is exchangeable. Didn’t we say in the DeFi world? The most important thing is that you have to cast a stable currency first, and the second function is exchange.< span class="text-remarks" label="note">(swap), I can use swap from game A to game B, swap to game c, and in fact they do just that.

So this is scary, Roblox has a small financial system.

It’s just that David Baszucki is also a more cautious and experienced CEO. He didn’t make this point too obvious, but obviously in it… For example, NFT you haveImpression? One of them made a Forbidden City or made a President’s Hill. If that thing can really be auctioned in the blockchain world, it will be auctioned for 500,000 U.S. dollars, and that person will earn 500,000 Robux-Rich! This is completely possible.

Or someone has a Rihanna or Jay-Z parody concert, which is the same as the Travis Scott concert in Fornite, and you can make a lot of money, and it seems that the money can be redeemed.

Ryan: So in fact, this is back to the first question. He may not want to define himself as a simple game company. Education companies and entertainment companies are not enough. I don’t want to say that I want to do finance.

So the reason why he actually rejected investment banking may also be that investment banks would target a specific industry and then use which industry valuation model to estimate. He said that he refused to be generalized.

Alex: His refusal to be valued is not important.

“What I do is called human co-experience, the common experience of human beings.”

Ryan: Tencent acted as its agent in China in May 19, but in fact, the agent in China seems to be mainly engaged in education. Is this a national condition or another difference?

Alex: I think very smart play, Tencent is not a good X(please fill in your own brain), he After finishing your education, what should you do next? Developing games, right? I think this is a very good entry point, covering 20-30 million middle-aged and young people in the name of education, and then constantly creating that kind of small world and playing games in it. If you want to go to school, go to school.

4. Have you played domestic Roblox?

Alex: Have you played domestic Roblox?

Ryan: No.

Alex: Roblox in China has physical education classes, and I go to school there every day, do you know?

You have to swim in the physical education class. A 10-minute swim comes up. After coming up, a teacher will tell you about physics, and then you have to take this thing. Roblox abroad is such outrageous things as Doom, play house sims, pizzerias… But what you can imagine is the very smart play of Tencent, which uses hackathon(hackathon) this model gradually transformed these children, so its 29.5 billion valuation is equivalent to 30 million users.

You see, it is actually a bit like Coinbase. Coinbase’s valuation is about US$1,000 per user’s head value, and its 29.5 billion valuation divided by 30 million daily activities, the value of each user is US$983. But I think it’s far more than that.

Ryan: It should be several super large projects. If it succeeds, it should be a collection of all such projects. All the listed companies in reality can be in this world in the future. A replica, so when it succeeds, it should not be benchmarked against a company.

Alex: Yes, it should target a country.

Ryan: Even benchmarking a world. It is the boss of the powerful United Nations. Of course not yet, it is still relatively small now.

Alex: And now the company has a valuation of only 29.5 billion. Because Snapchat has always adhered to the AR/VR path, the market value of (although) has fallen all the way to below 10 billion, and now it is more than 70 billion. Of course, its user attributes are different, and its social attributes are stronger, but it is also working hard to rely on the virtual world. In fact, this action is (to the virtual world Rely on) itself makes its market value more than 70 billion.

Its users are growing, and the money users charge is also growing, but it does not do what Roblox looks like-all people are in it, it’s native. This thing is terrible.

And imagine, if you are in the United States, you are a 13-year-old child, and you want to say hello to your friends, what do you use?

Ryan: I don’t know how to use Facebook, let alone Email.

Alex: I don’t know how to use LinkedIn, and I don’t have Snapchat, because I can only use it at 16 or older. You would use Roblox, then in a chat room, or use discord.

Ryan: Go to Roblox and knock on their door and do something together.

Alex: That’s right, that’s right. We used to play in the house when we were young, or go to the neighbor’s courtyard to play, now it’s “Would you like to take a look in the world I built”?

This thing is completely dominant, completely occupying the market of all American children under the age of 13, 70% should be. Then some people around were even asking, why didn’t anyone equip these kids with a smart watch for these kids to socialize, but was occupied by Roblox?

The answer is very obvious-Roblox is doing a good job.

Ryan: And as these children grow up, the world will become more complicated and closer to the real world.

But at the same time because it is not transforming the world, but extending the world, it can also accommodate new children to play simple games, and then the children of the past can serve as developers to provide complex game. This is the growth of users and the growth of the world.

Alex: And one of the most interesting things in it, this is also the (the most handsome man in rct studio) with Ronin and Jerry. They) are talking about.

If you are really playing a game, you will actually have a lot of affection for your character and the history that created the character. You have heard of Moore Manor, right? The game company wants to shut down, this thing is shut down, but the world you created should be preserved, because this is a world created by players together. And the game company is very evil. It says that you turn off the game and then you turn it off. But in fact, you have ownership of it, but it doesn’t give you the ownership.

Roblox is different, this thing is really owned by the player. Roblox just provides a platform, and the world will always be here. If it wants to change the world, the player will copy the code out and copy it into another thing, so Roblox will not do that.

The most awesome thing about Roblox is that 20, 30, 40 years have passed. This virtual world is still here. I guess there will really be someone in it who will build a huge world like the Lord of the Rings, and then you You can play in it for 100 days-for just 100 days, this project is worth $1,000. 100 days later, after the door was closed, the world was reorganized again.

You need to fight monsters and level up in it, you will meet Gandalf, you will meet different monsters and ghosts. Some people will make a Journey to the West in it, and some will make a Shanghai city in it. This thing is horrible, and it is too malleable.

Ryan: As a developer, after I develop and launch a game in it, I can actually make it independent, right?

Alex: It should be the case, but I’m not sure if it’s the case.

Ryan: If it cannot be independent, how can I ensure that I have ownership of the code and no dependency on the community?

Alex: You can’t. I think station b is also a bit of this trend. After you have 500,000 fans at station b, it is difficult to move it to other places. After all, it is ecologically there.

Ryan: But I can copy, download, and distribute this video to other places.

Alex: That’s right. If Roblox becomes evil one day, it will shut down the world…

Ryan: If you do some compulsory business model, you can separate their code, and you can continue to play after it goes online.

3. How should Roblox be valued?

Alex: Yes, it should be like this. I’m not sure, we are suspicious. Because I didn’t watch much last night, I hope to have a chat today, and then I will take a look again.

I was busy watching DeFi last night, busy doing things, so I didn’t get it.

But do you understand? This is never a game company.

If you think it’s a game company, this thing is definitely (massively) overvalued. But if you understand it as a world, it is impossible to say that a person is worth 900 dollars in it, and it is impossible for a person to be worth so much in the real world.

Ryan: The real world should be based on per capita income.

Alex: 10% of per capita income may not be too high, but as you spend in this game from 2 hours to 4 hours, to 6 hours, to 12 hours, you The income is 20%~30%~45%~50%.

In the future, the per capita income of this world may become $5,000, I guess. $5,000 is quite low. Whatever the average annual income is 10,000 to 20,000 dollars, the average level, and then there may be 5,000 dollars in it.

Ryan: Because it seems to be a rough idea at the moment, it seems that besides eating and sleeping…

Alex: Is there anything you can’t do in Roblox? No.

Ryan: Especially after adding VR glasses.

Alex: Yes. And many people say that I can’t have children or find a girlfriend/boyfriend-yes. And you can really give birth, regardless of male or female.

Ryan: There will also be sex experiences, hahaha.

Alex: Yes, this may be the adult version of Roblox. Of course, it is now focusing on children, but I think in the future children will grow up and become older children. This company…

Ryan: His world has grown up.

Alex: Yes, I think there are some very magical business models that everyone can’t understand, do you know? If you understand the world with a mindset that is more stuck in the mobile Internet era, you will completely miss out what is happening in the world.

You should use a real-time Internet thinking to understand. You looked at Chamath that day and said that the world is becoming more and more inter-connected, and the connectivity between each other is becoming stronger and stronger. Changes in the virtual financial system in a virtual world may lead to monstrous phenomena in the real world. Julang, this thing was impossible to imagine 10 years ago. Then it is possible that you are in a happy mood or a bad mood today because of your encounters in this world.

The real world after ultra-high connectivity is rapidly being virtualized, and the virtual world is being rapidly realized.

Ryan: The boundary is getting blurred.

Alex: The border is not only blurred, it is being swapped.

You will feel that the real world is becoming more and more virtual, because an evil company like Tik Tok pushes you garbage every day, which is equivalent to virtualizing your time, because you are their asset.

But in this increasingly real virtual world, one of their so-called values ​​is “player autonomy”, “players have their own assets”, “players have their own time and attention”, this thing is actually difficult of.

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Ryan:One reason that once made me unhappy is that I feel that many of my cognitions have not been converted into property. For example, yesterday I showed them the various research reports and analyses I did in 18-19 years. I have accumulated a lot of education, social networking, and SaaS, but the uncomfortable thing is that I did not turn it into money. Even if I lose it, I recognize it, and correct it if there is a problem with my perception.

But now I have neither lost money nor made money, so looking back now, if I did not continue to work as an analyst in the past, those cognitions seemed to be wasted.

Alex: Yes, it was wasted. And I think most investment analysts will not have such a high degree of integration of knowledge and action.

Ryan: So what you said yesterday with a certain LP should become all the faith in life. If you really have any kind of belief, please really take money and actions to stick to it. Because ups and downs and making/losing money will give you feedback, telling you whether this belief is worth persisting.

Alex: If the market value of this company was 29.5 billion when it was bought, and it became 5 billion after two years, it can only show that the virtual world of this company is…

Ryan: I just slapped myself. It was wrong at the time, right?

Alex: “We are still far from this world, I was wrong”, right?

Ryan: The most feared thing is that I don’t do anything, so I can only go around in my own small world. It’s okay…”, so comforting myself, the speed of cognitive progress will slow down. If there is a rise or fall, your cognitive speed will grow with the market.

Alex: Yes, you will go to the earnings report. You see, my schedule is full of financial reports, right? Whether it’s a 3D printer or Virgin Galactic, right? How will it change if a financial report is issued? Two financial reports, how did it change? Three financial reports, four financial reports, five financial reports… When a competitor comes, how does its stock price change? You gradually have your own feelings about this industry.

Ryan: The beating of your heart and the pulse of the world you care about vibrate together, there is a sense of reality, not just in your head.

Alex: A lot of people are just in their heads.

Ryan: If you are only in your head, it is actually difficult to make progress in cognition.

Alex: Yes, that’s it.

Ryan: I also recently figured out a problem in particular. When I planned to leave 36Kr in 18 years, I asked many people how to invest in a top-tier or even top investment institution, and various people gave various suggestions.

But when I look back now, the best suggestion should be “change all the analysis you have done, the industry research you have done, and the companies you have seen with their stocks, and then take the performance of your investment. Knock on the door”.

Alex: This is my fucking track record, what’s the matter?

Ryan: Yeah, so many people gave me various suggestions at the time, but none of them was this suggestion. It’s too bad!

Alex: It’s not bad, I think it’s not good to give this kind of advice. Unless this person cares about you very much, and he…

Ryan: The relationship is close enough, and someone who is strong enough to give such a suggestion.

Alex: is not good enough either. He has to be concerned enough, and enough to know if your state can be done like that, because this is a double-edged sword.

If you lose a lot and feel that your life is bad or something, it doesn’t make sense, right?

Ryan: So too. Maybe many people can also give this suggestion, but they didn’t. But unfortunately, no one gave me this advice. I was thinking that if I started to do this when I joined the industry in 2017, it might be easier to use this thing as a stepping stone in 18, instead of just using my own written work. Or takePast history proves indirectly.

Alex: Yes, it is like this. So this matter is still very interesting.

Ryan: I talked about the unity of knowledge and action, and then for the virtual world, for the parallel universe, for everything else, in this project, you should spend some money to prove your beliefs.

Alex: Yes, but you don’t play so many games, there is no need to do so.

Ryan: When I was in elementary school, people around me would say that those who played games were bad kids, but my family had never been so educated. Although I don’t play games, I have never shown this kind of prejudice against people around me.

There is no standard that says what must be good. Although I don’t play games, I have never rejected it. I am actually very interested in games-related things and will pay attention to it. Especially the many concepts behind Roblox, in fact, I have a special feeling.

2. Is there a “final form” in the virtual world?

Alex: Yes, we also talked about this with Jerry, we asked them, “Is there a so-called final form in the virtual world?”

They are a bit like retrospectives in the game industry. Of course, we are also like RCTs in the investment industry. It doesn’t matter, we have a good relationship.

I asked him, you have written a lot of in-depth philosophical analysis. In this process, if the virtual world is like you said, it gives people a new opportunity to jump out of their real life identity and settings, let You start again 100 times, and then people are completely happy, or will it feel like a very cyberpunk? You have everything in the virtual world, and then you return to the real world.

Ryan: It will eventually lead to more and more people being fragmented and divided, right?

Alex: Yes. We did not discuss a better solution at the time, but you have to do it. If you are doing it, you have the opportunity to change this.A mechanism.

But one thing that can be certain with high probability is that we have to admit that we have come to this day and doing these things is already a very small probability event. We are the vested interests of many things. In fact, the remaining 80% or even 90%, I think the world is more and more power-law distribution, we are probably here (Compared with gestures), and then for the rest of the people, how do you solve their unfair feeling?

Ryan: In terms of idealism, the virtual world feels like an idealistic space to recreate the universe.

Alex: Yes, it gives everyone a level playing field, you can go in and start again. The same goes for DeFi. If you understand LINK or Synthetix, you may reshuffle the cards in the real world.

I feel like this. From the perspective of Roblox, this is a group of people who have used science and technology to greatly change the society. The main reason is the psychological structure of people, including what people understand about money and life. People feel as if they are within reach, but out of reach.

In this process, this group of people created a very large amount of wealth, but it has not been fully distributed back well. The emergence of the new virtual world is actually the reconstruction and redistribution of wealth to some extent.

And I think the first “Roblox” reengineering and redistribution cycle is 10 years, and the second or second “Roblox” cycle may be three, two, one year…

3. Can the currency in Roblox (Robux) be exchanged for legal currency?

Ryan:Can the currency (Robux) in Roblox be exchanged for fiat currency?

Alex: It can be exchanged, but there is a problem-if everyone runs on this thing, will Roblox be squeezed? I think it is possible.

But Roblox has a very clever mechanism. You spend dollars in the real world, and you don’t have the experience of spending Robux in the virtual world.

Ryan: Will Roblox price the consumption scene? Or does each game developer decide by himself?

Alex: The developer decides by himself.

Ryan: So in fact, it has not fulfilled any central bank’s responsibilities, and it has not been in charge of currency issuance or policies, right?

Alex: It just said it was 1:1 with the US dollar. After entering, it doesn’t matter what the player likes to do.

Ryan: So in fact, the connection between the virtual world and the real world is completely accomplished by exchange. If one day Roblox hopes to issue its own currency-but it still can’t-because it will eventually have to be recharged to make money. So as long as there is recharge and money exchange, it is impossible to get rid of it.

Alex: Yeah, but what I think is particularly interesting is that what you do in Roblox for 1 Robux is better than spending 1 dollar in the real world. many.

Ryan: Yes, but I just said that in addition to housing and eating, it seems that people can get rid of all the constraints and dependence on the real world, but if one day our automation, As autonomous machines become more intelligent, Roblox can have its own farm, and you can operate the farm in the virtual world, but in fact, there are real autonomous machines operating.

That’s good, you look like you are still sitting here, you are operating a farm in the virtual world, but in fact there are a group of drones in the distance, and a group of robots are farming and sowing seeds there. Then you use the tokens issued by Roblox to buy things, and indeed a drone will be delivered to you.

Alex: Isn’t this the realization of gluttony, so do you understand why Jerry is called the Marx of the game world?

Ryan: When these things become more and more autonomous, humans’ dependence on the real world will decrease.

Now because I need to buy things to eat, I need to buy things to wear on my body, and I need to deal with the relationship with the real world. But what if I can buy food in Roblox, pay directly in Roblox, and have something delivered to me?

But now we have to depend on another person who does not play Roblox farming and delivering there. If the farming and delivery are all people in the Roblox world, what can this group of people cultivate in the virtual world? What does it rely on? Rely on autonomous machines, right? They are farming, how are they manipulated? It is also the codes and networks of the virtual world that manipulate them.

So in fact, I just deduced that only when the operation of the external world is more and more dependent on autonomous machines, our dependence on the real world will actually decrease. It seems that this conclusion can be drawn.

Alex: Yes, you will come to this conclusion, and this conclusion is very reliable.

Ryan: It sounds reasonable.

Alex: Yes, that’s right. You also master resource management. You know, the last glutton may be the Roblox world, isn’t it ridiculous? I think this thing is very mind-fxxked.

Ryan: It sounds, because now we have no way to get rid of the real world, the fundamental reason is that we still need to eat and drink Lazarus basic needs.

Alex: In the real world you have to consume energy.

Ryan: Yes, use this ability to exchange with people in the real world. But we don’t need it anymore. We ran into this world thoroughly. Everyone only needs to live in front of a screen.

Alex: No, the screen is in your head.

Ryan: We don’t need this kind of hardware,When you wear glasses or when everything is a display screen, start your life again and get rid of it. No matter who your father is, you can start again in this world.

I think this is so obvious that he didn’t dare to say it, but it is actually like this. I believe their CEO has also had such a dream.

Fourth, David Baszucki is a very ambitious person

Alex: Absolutely, David Baszucki is a very ambitious person.

Ryan: I myself wrote a small research report at this time last year, which is about autonomous things, which is terribly written, but because of this, my autonomy of these machines, the world after complete autonomy There was a great fascination.

Because this is distribution on demand, this is conscious labor. Because all your labor will be recorded by the blockchain, and then you will get as much as you do next. So you start to work on your own, it doesn’t require much moral sentiment,

Alex: There is nothing, it is the original economy, the economic model determines it, which is very good, and then the gluttony will be realized. But it will not be so fast, it will be about 2040.

Ryan: This is also the biggest benefit of researching technology, and it is also painful. The pain is because the technology is not so predictable. You don’t know when it will arrive, it is acceleration, and you don’t know how much this acceleration will increase.

Some technologies may change in 10 years, and some technologies may not change in 10 years, so it is difficult for you to manage.

Alex: There are also some changes in technology that have undergone 10 years of change in a year.

Ryan: Yes, that’s what it means, so technology makes people addicted, and it’s not far away to feel good, but you don’t know the timetable.

Alex: Yes, so I just want to place a bet, but I can’t fully participate. Bet on both sides, but don’t be deeply involved.

Ryan: You can’t put your ownEverything is lost, and it cannot be a victim of the changes of any era.

Alex: The biggest problem with technology is that if technology is a living thing, it always wants to absorb the people who develop it. It is not a backlash, it will absorb it and become a part of it. I I don’t think it is so ideal, so I have to bet on both sides.

But I think we are discussing this process. It is possible that the metaverse looks like this. Everyone has a new set of identities, and then restart your life, and you can start again one or two hundred times, This solves the relationship between the super rich and the high-yield 1% and the remaining 99%, 99 % May live in such a world, and then the remaining people may have autonomous robots.

But on the other hand, when we talked that day, Wang Qian also asked very sharp questions, including old neuroscience and philosophers, as well as political and moral philosophy. He raised a very sharp question, that is, there must be a rule maker in it. As a rule maker, will you produce a new tyrant and a new evil rule?

This is a violent redistribution that makes people feel very bad. And now a lot of redistribution means that one person has all the production resources, and then everyone else does that. They say it is also possible.

Ryan: At least for now, all blockchains rely on electricity.

Alex: It’s computing power. DAO is not electricity, it’s computing power.

Ryan: But can you get it from other places without the current computing power?

Alex: It is difficult to have no electricity, because it is difficult for you to absorb the sun, or the wind, or the tide.

Ryan: So if you return to computing power, what is the current state of the distribution of computing power?

Alex: The problem with computing power is that I think there should be competition for computing power in future countries.

So it is necessary to invest so much in any quantum computer, or a huge data center, or something like AWS.

Ryan: I still have an article on the article favorites page that I have not read and understood, and computing power is power.

Alex: An article that sounds great.

Ryan: I don’t know if I can understand it now.

Alex: I think you should be able to understand it, and I seem to have seen this somewhere.

Ryan: “Hash power is power.” The first time I saw it, it was still a bit difficult.

Alex: Oh, I’ve seen this many times. They originally opened the blockchain, that is, the Bitcoin cryptocurrency exchange. I watched him a lot when I was in isolation. Article, and then a little understood.

I think it’s a bit too mysterious, but is it that way? It’s pretty good, but the logic is very strange. He kind of imposes some extreme opinions and then let you go. I think not good.

In fact, I think a core point of Roblox is that it gives the next generation of 30 million or 120 million young people in the United States a dual identity, a digital identity, then a digital economy, and then an autonomous, Social values, culture and even laws that are completely divorced from reality, and even an economic system.

He created a cyber economy.

Ryan: You just mentioned the law, I suddenly remembered, because I have never played Roblox, if some players deliberately sabotage, is there any punishment mechanism?

Alex: There is a title. When someone was playing Roblox, the Internet bullied, and some players committed suicide in the real world. There are also people doing horror games in it, doing things like child pornography. There are also problems.

Ryan: But it is a normal process.

Alex: I think this is abnormal.

Ryan: No, I said that these things are a normal process.

Alex: There must be a process, but I don’t think anyone wants it to appear.

Ryan: Yes, it is normal that it needs to be resolved.

Alex: It doesn’t matter if you want to, but how to manage is still a big problem. The world must have some rules of its own. And then including our own look at MakerDAO, right? MakerDAO is something like the DAI Federal Reserve, and it has certain rules of its own.

Ryan: Then once such a rule is implemented, in fact, it gradually becomes more and more like an authority.

Alex: I think people are animals of power.

Ryan:Of course, people are all political animals, and politics is power.

1. Take a step back and take a look at the sphere of influence of marine civilization

Alex: Many people say that the whole DeFi is anarchy. Do you say it is really anarchy? So what exactly is MakerDAO? Isn’t it a government? I think it might be Government 2.0, right? It is a self-running, at least it is still a little far away to replace the government.

Yes, I think I’m going to talk about this place too, that is, there are a group of people in this world who belong to the founding faction, namely Peter Thiel and Elon Musk.

Then Matt Huang(that is, people who took Stanford, Yale, and Harvard 500 million dollars, and then shuttled into Bitcoin and Ethereum, Paradigm Capital, blockchain is already a relatively large investment institution). By theWay, Matt Huang is also an investor in Toutiao’s A round or an angel round, which is the one after Zhou Zijing.

Because the company Matt Huang was in at the time was just acquired by Twitter. He did the algorithm recommendation himself. Then he came to China and found that it was pretty good in Zhang Yiming’s dormitory. Then I will give you some money.

Do you know who his father is? LTCM is long term capital management, a long-term capital management company. There is a particularly well-known hedge fund in the world. In the 1990s, it bet on Russian national debt and then blocked it. The whole world lost 100 billion yuan. We have not talked about that. ? I talked about two financial and economic crises. The US government has one 100 billion and one 800 billion. The manager of the hedge fund is Matt Huang’s father.

Do you know that TM inherits his father’s business? He just got it now and then shuttled into the crypto. This world is magical.

His own thinking is, ok, I want my own financial tools, I want my own TV station, and I want my own island. The Jianguo faction means that they recreate a country in the blockchain world.

Ryan: This is a national founding faction, and the other faction is an anarchist faction?

Alex: It’s almost the same. I find it difficult to say. I haven’t studied this thing so deeply, but I know it definitely exists. His faction is the founding faction, and they have their own sovereignty.

Ryan: Personal sovereignty, right?

Alex: But these are two things. Sovereign individuals belong to the country, and a person is a country. Individual sovereignty can exercise great power, and he has great power to defend himself. It is self-defense.

Then I think we can come to an end when talking about Roblox itself. It is more about thinking about the relationship between the future world and the virtual world.

2. Fanwai: an important role in world change

Alex: How much is Roblox worth? I think 1,000 dollars is definitely low. Each player is 986 dollars per head, which is definitely low, too low. Not to mention that it is now 500. If it is 120 million monthly livelihoods, it is 30 million daily livelihoods. If you estimate 120 million monthly livelihoods based on monthly livelihoods, the total users are a virtual world, one user’s If the lifetime value is only $295, I am really disappointed in the virtual world.

You bought an animal game for $90, right? You are on Steam, it is very simple to spend 1,000 dollars a year for a person, very simple. Then you said that there is a virtual world now, it is not worth more than 1,000, I think it is ridiculous.

Coinbase, a bit like everyone’s wallet.

Now I feel that there are such a group of companies, they are very evil. It obviously has its own world and rules, a bit too advanced and not controlled by the current laws. I think the future world will have parallel laws, parallel worlds, and parallel countries, and then everyone has confirmed their eyes, everyone knows that they are citizens, but they have four or five passports in their hands.

Then how do you allocate it, what do you want, this thing is very clear, you are like our own solar punk, you can say what sun punk is not natural, right? Or if you don’t exercise, don’t have a healthy body and strong thinking ability, you won’t fit this small tribe. I think this world is completely tribalized.

Before, I have been thinking about people who want to eat, and what to do if they want to eat and drink? You talk about autonomy of a machine, you are awesome, and there are still very few 7 billion people on the planet. These 7 billion people can be packed into a New York City.

Ryan: The distribution density of human beings in the world is still very low.

Alex: Everyone has so many awesome energy and technology, they are just messing around.

Ryan: Last time we had lunch, we talked about the cycle of climate change. If in a good cycle, your grain production efficiency and grain nutrient density are both high enough, you can bePlaces to feed more people.

Alex: When it doesn’t work, there will be fewer people, but the problem is that either the world has become fewer people, which is not good or bad. Either there are so many people around the world, neither good nor bad.

I think Roblox is almost here.

Ryan: All I have to do is to sort out all these things, the logic is relatively scattered, but it will actually be a pretty good article.

It’s easy to talk about what I didn’t prepare before. If you only rely on the interview outline, you can only talk about very mechanical content.

After thinking about it clearly, we should skip the specific project and look at its more advanced concept, which is retrospective.

Alex: Yes. So now many people in the game circle are looking at our stuff. I think it’s very good. On the one hand, VC doesn’t give them money. On the other hand, our understanding of things like clubhouse is not bad.

Ryan: Wang Qian said that retrospective represents the relationship between new money and old money. If you put it another way, retrospective is a nature that connects the new world with the old world.

Alex: Suyuan is actually a new world, which is the merchant bank between the cyber world and the real world. Not a commercial bank, but a merchant bank.

Ryan: What do you say?

Alex: Merchant Bank was originally the Medici family in Italy. Created the world’s earliest creditor’s rights system, this system was created by the Medici family in a few years or so.

Before, there was that kind of stricter system, and it often ended in violence. If you borrow money to pay back, you just cut a hand if you don’t pay it back.

The thing invented by the Medici family is that if you don’t pay the money, what will happen to you in the next 10 years, but we can continue to provide you with credit. This is actually a redistribution of control over violence.

But in this case, the real right to violence is controlled by them, and of course this is why they gradually disappeared later.

Anyway, there were a lot of cross-border or cross-border needs, that is, you need to go to China, go from Spain to South Africa and South America, and then the currencies on both sides are different, but you need to build a plantation there. You have gold, and there is a group of people in the middle who are very good at doing this kind of cross-border transactions. They can talk to people on both sides and replace the gold on this side with the plantation on the other side. This matter is very simple to say. In fact, it is very complicated to do, you have already experienced it, right?

So it’s called Merchant Bank(merchant bank), which is a bank organized by merchants, and merchants are actually straddling between two continents. Carry out very complex value exchange and benefit exchange. In this process, whether you engage in investment or exchange, you want to engage in asset management is the “old three”, Do you want to engage in exchange, or do you want to engage in lending, you still want to engage in asset management, right? As long as it is to optimize the income of your holdings, it can be anything.

At this time merchant banks (commercial bank) began to appear, and they only served about 10-20 customers in their lifetime. Rothschild is actually a merchant bank.

Nowadays, many people can’t distinguish between investment bank and merchant bank, but I think the core feature that can be called merchant banker is that it has a strong voice in two different contexts.

Ryan: Are there any companies that do similar merchant bank business in China?

Alex: Yes, LGT. LGT is actually a merchant bank. The country of Liechtenstein is a large merchant bank. It is highly secretive, highly customized, and has its own style and values.

I feel that every time when the world is turbulent, this power will reappear, they will have a lot of voice in a short time, because when the world is turbulent, everyone What I want is privacy, I thoroughly understand my needs, and be able toPerform my needs. And you’d better be consistent with my interests and values.

Because in this process, when the world is turbulent, the control of violence will undergo a huge shift.

In this process, the general law also says that some creeds are no longer reliable, but the so-called value is reliable. You think it is a two-way mutual agreement, which is actually a kind of a lower-level solution. connection.

So if you go back and look at history, you should probably see Foreign Firm, Jardine Matheson, Taikoo Firm, which are actually a huge merchant bank, and of course they still exist. Further ahead are the Rothschilds, and further ahead is the Medici family.

There may be a variety of different explanations on Baidu. You can find the explanation with a long history.

Ryan: may be an artificially glorified explanation.

Alex: It’s not. It’s because many people don’t know the difference between merchant banks and investment banks, because they do the same thing, except that investment banks can do it and issue shares. Issuing bonds and providing consulting services. But merchant bank may be a very customized service. Merchant banks are compradors in the Chinese context.

There is a very good comprador company in Hong Kong called Comprador, which means “comprador” in Chinese, and Compr means “buy”.

Comprador was originally from Blackstone. Did you know that Blackstone started as an M&A? When Blackstone went public, it spun off its M&A department due to conflicts of interest, and it became PJT Partners. Then the Asian department of PJT Partners later came out on its own called Comprador. Only serve the boss of the top 50 market capitalization companies in Hong Kong. Only do mergers and acquisitions, and then do not issue bonds or stocks, only do this customized service.

So it’s a cool business, right? very cool. A comprador or compradore is a person who acts as an agent for foreign organizations engaged in investment, trade, or economic or political exploitation.

This person is an organization, it is not a platform, it is a very streamlined organization. Foreign institutions and organizations representing foreign countries participate in investment and trade, economic or political activities. It is the principle of comprador.

The reason why Chien and I both like this organization very much is because it is very good, because it is different from the platform.

And the next 20 years will be the age of institutions, not the age of platforms. I think people come to a point that you don’t trust platform anymore. This is difficult to describe.

Ryan: As you want to express that book, “sovereign individual” should be under one value, right?

Alex: Yes. You see, it is a private institution and private client that secretly advises and trades to serve it. They have changed their official website. The official website looks good, and it is also blue.

Look at Jardine Matheson. This is Jardine Matheson. It’s just a different name. They are not eliminated, you know? That is, they always exist, they just changed names. It certainly can no longer call itself the Yihe Yangxing, the land of Hong Kong it writes here.

The Portuguese is in Marco Polo, you build a shop, the comprador is in Portuguese, here is the buyer, and then the president of Jardine Matheson hired the business, responsible for the execution of the transaction and the supply of materials are all doing some work.

That means to procure, that means to obtain, it is this kind of local institution in Asia to make transactions on behalf of its clients.

Ryan: What is their relationship with the family office? Is the service relationship?

Alex: It is only a service relationship, but to a certain extent, it is not a home office, it is a small investment bank, but if someone says it is a small investment bank, it may laugh at you.

I have friends working there. I think it’s good. They are a little tired from doing things, so I don’t go to work. You see that they are engaged in mergers and acquisitions and debt restructuring, which does not matter.

Look at how they translate their own-Comprado. This translation is not bad.

Blackstone’s Asian regional advisory business department came out of Japan, and is good at M&A debt restructuring.

Ryan: Why is Japan excluded? Is there a specialized company in Japan?

Alex: Japan is actually not one of their claims. Japan usually has a separate company covering, because the financial market in Japan is very large, in fact, it is very large, and then it is worth doing one alone. Yes, this is a comprador business, that is, professional advisory services, investment and mergers and acquisitions services.

This article is from WeChat official account:Suyuan Yuxin (ID: EnvolveGroup) , author: Panelists: Liujia Pei Alex (Su yuan Yuxin co-founder), Dengrui Heng Ryan (Su yuan head of educating new markets)