“Previously, there was only one player in the entire brain-computer connected VR track, Kechuang Future.
This is similar to the early days of smartphones. Only a few manufacturers, Apple and Microsoft, made smartphones.
The real explosion of mobile Internet will not come until domestic brands such as Rice, Huawei, and OV enter the market one after another, and then a broad market will be born.
And now Kechuang Future has decided to license external technologies, which means that the first clarion call of the new Internet era has sounded. "
Zhang Lei's speeches usually have a touch of literary youth.
For example, at the ESG Global Leaders Summit organized by Sina Finance, Zhang Lei said: Pessimists are often correct, and optimists win the future.
Compared with other investors, Zhang Lei, who was the top liberal arts student in the Henan Province College Entrance Examination, often behaves like a scholar when speaking and communicating.
Young is a pure science and engineering man with a Ph.D. in chemistry. He also has his own views on technology stocks:
“It’s just the two of us today, so I’ll be blunt.
Smartphones and 4G networks have created the potential demand of the vast lower class and the supply capacity of the elite.
For example, before Pinduoduo came out, no one realized that there was such a huge demand for online shopping in the county.
The same is true for Douyin and Kuaishou. In the past, the only entertainment method for the lower class was television, and movies only required a customer group with a certain spending power to afford them.
Short and fast short videos can bring feedback to users much faster than TV.
In the first half of brain-computer connected VR, we need to invest in target customers who have certain spending power.
Because even the previous players in the field of smartphones and foreign companies in the field of consumer electronics have all come to an end.
However, due to cost constraints, the price of brain-computer connected VR can reach more than 3,000 yuan at most.
This price is unaffordable for the huge bottom users in China.
No matter what kind of perfect functions Kechuang will work with other companies to build for brain-computer connection VR in the future.
In the short term, VR is still just an entertainment tool, not a productivity tool.
So in this context, the value of 'Douyin' is much greater than that of 'Kuaishou'.
The value of 'Tmall' is greater than that of 'Taobao'. "
Young talks about the insights of investing at different stages.
What he means is also very simple. For users who can afford to connect their brains to computers for VR, the overlapping group with Douyin is greater than the overlapping group with Kuaishou.
Zhang Lei nodded and said: “The difference between VR and smartphones is that VR creates new demands, while smartphones discover potential demands.
There are differences in the fundamental positioning of the two.
The reason why I am optimistic about VR is that brain-computer connected VR largely solves the problem of insufficient sense of substitution in traditional VR.
The latest FutureVerse even makes me unable to distinguish the boundary between the real and virtual worlds.
This is really amazing.
In today's era, the huge gap between rich and poor and the high-pressure pace of life will make it easier for people to become addicted to the virtual world.
The bottom layer is addicted to the virtual world, helping technology giants achieve higher valuations.
Technology giants use higher valuations and more profits to develop stronger technologies and more addictive business models.
This is a positive cycle that continues to intensify users’ addiction.
In the VR era, this phenomenon will definitely become more serious. "
Let me tell you a few more words about how to stand out in such an era, either by becoming a programmer and joining in, or by using the platform to make money.
Or restrain yourself, curb consumerism, and focus on saving and purchasing assets.
Of course, even if most people save, they cannot withstand fluctuations in macroeconomic conditions and specific economic conditions surrounding them.
But saving and then buying assets is the only way for most people at the bottom to turn around.
Especially if you can hit a financial crisis and then have cash on hand during the financial crisis.
Take the 2008 financial crisis as an example. Amerikan's financial crisis was caused by the real estate collapse.
In that year, real estate fell by 20%, and the cumulative decline in five years was 33%. However, it has completely risen back in recent years. The value of real estate in core areas has even increased significantly compared with before the financial crisis.
Buying assets to protect against inflation also requires buying core assets.
Home prices in New York quickly returned to their original price levels and then continued to grow, while home prices in North Carolina have fluctuated within 5% for two decades.
“So human nature is the biggest driving force for the rapid development of the Internet.
Internet practitioners are discovering and creating new needs for people all the time. "
Zhang Lei and Young will talk about macro things, but they will never talk about their recent promising projects.
No matter what field you are in, colleagues are always enemies.
In particular, both of them have good taste. Once you mention a project that you are currently dealing with, the other party is likely to snatch the project away.
Really good projects with reasonable and mature founder teams will generally not lack investment.
If Lu Zhengyao wanted to start a business, many people would want to invest in him.
Of course, the situation in recent years is different from previous years.
From 2016 to 2019, there was more money and fewer good projects on the market. After 20 years, there will be less money and fewer good projects on the market.
In recent years, investors have been more inclined to companies with stable profits, such as resource and energy companies, while their pursuit of Internet companies has declined.
It's still because the dividends of PC and mobile Internet have almost been exhausted, but now the situation is different.
A new round of Internet dividends is about to begin.
"I heard that you and Cheng Gang invested in Temple Education? Online education is a good track, and I have also invested in some online education companies."
Although both IDG Capital, to which Young belongs, and Hillhouse Capital, founded by Zhang Lei, are VCs, there are still differences between them in terms of VC.
IDG prefers to intervene in angel rounds and AB rounds of financing, and sell most of its shares in later rounds of financing.
In the era of lack of money 20 years later, IDG's characteristics have been fully utilized. For companies such as Yunmai Xinlian, Feidu Technology, and Cider, IDG has all intervened in the angel round.
"The Ronin Begins with Douluo"
As mentioned before, IDG participated in Jiu'an Dadi's Series A financing.
A relatively classic case that IDG has invested in the Internet industry before is Bilibili. IDG participated in Bilibili’s A, A+ and B rounds of financing.
Later, IDG withdrew from Bilibili's subsequent round of financing, but even when Bilibili was listed on Nasdaq, IDG Capital still held 7.6% of Bilibili's equity and was the fifth largest shareholder of Bilibili.
IDG prefers to participate in pre-financing.
Hillhouse Capital also invests in angel rounds, but they are not shy about entering the market in later rounds.
In addition, Hillhouse Capital likes to participate in the fixed increase and transfer of shares of listed companies. One of the most talked about among big A shareholders is Hillhouse Capital's participation in the transfer of Gree.
In 2019, Hillhouse Capital accepted 15% of Gree's shares at a price of 46.17 yuan/share.
You must know that of the more than 40 billion in cash, more than 20 billion were obtained from bank loans.
Gree's stock price has been falling since then, and has long since fallen below Hillhouse's purchase price.
Originally, Hillhouse Capital wanted to gain control of Gree.
The result is that stealing the chicken will end up losing the rice. Ms. Dong holds the power of veto on matters proposed by Hillhouse Capital.
Ms. Dong's overpowering attitude has left Hillhouse without a say. At the same time, Gree's stock price has been falling, which has added up to the interest cost of the original bank loan of 20 billion.
For Zhang Lei, this business is still a floating loss even with Gree's large annual cash dividends.
Young asked: "A good future?
You and Jack invested in TAL together? I saw it on the news. "
It is precisely because of this investment style that Young chose Temple Education, while Zhang Lei chose TAL, a listed company.
Zhang Lei nodded and said: "TAL's business model is relatively clear, and the management team is also capable.
Their teacher resources have also been maintained at a relatively good level. "
The reason why we did not invest in New Oriental is because New Oriental's main business has been transferred to Oriental Zhenxuan.
After the double reduction, they gradually gave away all subject teacher resources to graduates.
Even in the most difficult times, TAL has maintained its core team of teachers.
...
“The essence of the soul turns out to be the mapping of high-dimensional space in the material world.
This can also explain why my soul and memory can span hundreds of millions of light years, from the Union of Mages to Blue Star. "
As Zheng Li's research on the soul deepened, he came to a certain judgment on the nature of the soul.
This is just his personal judgment, and there is currently no experimental proof.
However, it is possible to see the beginning of how the soul can span such a long distance.
The straight-line distance between points on the plane. To turn two-dimensional space into three-dimensional space, you only need to fold the paper, and the distance between two points changes from distance to no distance.
And it is precisely because the soul is a mapping of high-dimensional space that this mapping can ignore the concept of distance in low-dimensional space.
"So the essence of the soul is matter in high-dimensional space. If the soul is divided into countless pieces, it is just to set the coordinates of the soul in the high-dimensional space that can carry the mapping of the soul in each living creature.
The annihilation of such a coordinate will not affect other coordinates.
I roughly know what to do, but there is still one problem, and that is memory.
How do memories transfer across such vast distances? "
Regarding soul and memory transfer parasitism, this is the magic of the Mage Alliance. Zheng Li only knew how to use this magic before, but did not know enough about its essence.
During his time at Blue Star, Zheng Li had begun to deeply understand the nature of this magic.
"But this is not important, it does not affect my ability to store memories through the bio-cloud.
At the same time, the memory storage medium should be well managed, so that even if half of the biological cloud is destroyed, the integrity of my memory will not be affected. "
Zheng Li realized that he had once again taken a big step forward on the road of incarnating all things.
The storage media management here is somewhat similar to the RAID processing of Blue Star's magnetic material storage media.
For example, if two hard drives store the same data at the same time, if one of the hard drives is damaged, the integrity of the data will not be affected.
RAID technology has also advanced rapidly in recent years. Only one verification disk is needed to ensure data recovery when the other four disks are damaged.
“My main focus this year will be on the research of high-dimensional space.
If you have good ideas about this field, you can always communicate with me via email or directly. "
There are so many great people, and communicating with them can also inspire Zheng Li to a certain extent.
And after the Nobel Prize Award Ceremony at the end of 2026, researchers all regarded Zheng Li as their idol.
After Zheng Li returned, the researchers all coaxed Zheng Li to give them his blessing.
Unfortunately, no birds were flying in the sky.
“Alan, I think we can start with dark matter and Planck’s constant.
Combining these two detection modalities, we study high-dimensional space by applying it to a combination of dark matter speculation and Planck's posterior. "
"Alan, I think we can use regularized regression to study general results in high-dimensional spaces."
Everyone is interested in high-dimensional space.
Especially after proving that soul particles can escape into high-dimensional space, researchers realized that high-dimensional space may be able to solve the eternal problem of mankind for thousands of years - immortality.
Among them, only a few of the solutions they proposed are valuable, and most of them cannot be implemented.
There is a long distance between the experimental plan and implementation.
For example, in the first option, everyone only speculates on the existence of dark matter, and no one has directly observed dark matter.
It is a plan that sounds good, but actually has many pitfalls.
On the road of scientific research, the biggest role of a mentor is to prevent you from falling into a pit.
He and his friends in the academic circle, mentors of mentors, brothers, etc. must have gone through many pitfalls and gained a lot of experience in this specific niche field.
A good supervisor at the doctoral level can help you choose a topic that is a bit difficult, but that you can do and publish in top journals.
Tutors who are completely free-spirited are not even the most deceitful.
The biggest pitfall is the kind that asks you to help him complete his project, and then helps you choose a big pit that is almost impossible to produce results.
A very important reason why China has been able to develop rapidly is that it has avoided some of the pitfalls that other countries have stepped on.
Of course, I have stepped on some of them. The nature of human nature makes it unrealistic to avoid stepping on pitfalls at all.
Even if we know that there will be a gap between rich and poor, we cannot solve this problem, because differentiation itself is one of the best ways to control the people.
If there is no gap between rich and poor and no class divisions, then everyone's interests and demands are the same, which is a terrible thing for those in power.
Back to research, Zheng Li's thousand-year research career in the Mage Alliance allowed him to have a very clear judgment on which plans are feasible and which ones are big pitfalls.
"The question that needs to be clarified now is whether time is a dimension."
There have been divergent opinions in the academic world as to whether time is a dimension.
Einstein believed that time combined with three-dimensional space becomes four-dimensional space-time.
However, many scientists believe that dimension is a spatial concept and an index that can be changed, while time is linear and irreversible.
But Zheng Li doesn't care whether time and space are the same concept.
He just wants to know whether there is a concept of time in the high-dimensional space where the soul goes.
