The empire of the four knights of the US stocks, and the mortal beings in the shadow of the empire!

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The four knights come from New York University professor Scott Galloway. In the world where Google and Facebook are not 404, they represent the dominance of big technology to humans. For their appearance, I think it should be reported separately:

Amazon: The industry's subversive masters of all time.

Apple: Technology has become a fetishism.

Facebook company: Love is always a long time, and the portrait is always passed.

Google Alphabet Company: The object of prayer between hundreds of millions of people between the morning and the drums.

01

Four knights, four lords

Yupanzhen has three meals, and one bed for Guangsha.

What do people need in the end? Some people give a minimalist answer to the question of survival, and think that life is nothing more than a meal. And I always think that in addition to animal nature, everyone has divinity, under the shadow of animal and divine, revealing our humanity. This of course is related to my beliefs, you may not agree; but I think you will not deny that you have the need for love and spiritual support - you may be an atheist, but you should not be a non-psychologist.

The needs of people, especially our spiritual needs, are the valleys of the four knights. Professor Galloway believes that although it is not necessarily as rigorous as the academic concept, it is very convenient to understand - our desire to float and the abstraction can be projected on the four figurative organs - the brain and the heart , the intestines and the shackles, and the four knights are the main parties.

Brain to Google, as an extension of our brains that crave external knowledge, allows us to reach the boundaries of human cognition. Google is the god of modern people. Once he got pneumonia, he will pray to God: ask God to heal me! Now that the child has a fever in the middle of the night, people will pray to Google for helplessness: What should I do if my baby has a fever of 39 degrees?

Modern people generally suffer from knowledge anxiety, and the last line of defense at the time of panic attacks is the search engine. I was asked by a client how to invest in EE Bonds - what are you talking about? - Glanced at the monitors around me, Google let me quickly recover the professional face that was broken for two seconds.

The heart is on Facebook (or a circle of friends, if you think Facebook is a 404), as the sustenance of our hearts, the strong relationship that love cherishes with us, and the words that are intertwined with 0 and 1 in Saipan space, The cartoon expressions are stacked in a voice-like smile, in the form of data—almost eternal—locked in the clouds.

Some people say that social media is illusory, but what is real and what is illusory - I think my 400 friends on Facebook (or in a circle of friends) are incomparably real; I think that a large number of business cards lying in the drawer are extremely illusory.

The intestines are in the Amazon, satisfying our hungry in the face of the big consumer era. Amazon dominates 43% of online sales, with market capitalization surpassing the sum of all other retailers. Amazon Effect - The most killed retailer, the most subversive industry, the least tax, the murderous animal is not as good.

Amazon's Prime service has a higher subscription rate in American households than American households, and Prime will become a citizenship sooner or later. 55% of US online shoppers started searching from Amazon, and only 28% started with Google. Maybe there is a fierce battle between the brain and the intestine. After all, research shows that the intestine is our second brain - knowing it? Hurry up to Google - the intestines directly affect our emotions.

It’s in Apple, because Apple’s advantage over other competing products is sexual attraction – whether it’s men or women or other high-end people. Apple's sexual attraction may be difficult to understand - in essence, luxury goods with a significant premium have sexual meaning, with the color of genital worship.

For example, if you see the ancients being skinny and dying with hunger every day, but they still have to set up a totem to build a tower, you will be surprised - what towers are you still eating? At this time, the tower is a luxury, but also a reproductive worship. How do you understand that a local yacht is more expensive than a yacht? - Men's sexual dignity, size matters. How do you understand that a woman spends three months on salary to buy a designer to buy a ready-to-wear? - The same is sexual attraction, for the men who are ahead of the yacht.

02

Noon of the four knights

Brain and heart X, in the world where Google and Facebook are not 404, a person's life will be accounted for to the four knights.

Through comprehensive coverage and continuous feeding of our material and spiritual needs, the power of the four knights grows exponentially. Outside our borders,

Google occupies more than 90% of the search market;

95% of young people use Facebook and its products;

44% of online transactions, 75% of e-book transactions through Amazon;

Apples engaged in cults hold $280 billion in cash, and only nine companies in the S&P 500 have a market value higher than this.

For the perverted curiosity, I figured it out - Apple's cash is greater than the sum of the market value of the 230 companies in the S&P index. Although Apple has only 15% of the smartphone market share, its pricing power is comparable to that of trusts, and no one can stop the soaring kidney price.

Throughout the history of the United States, only General Electric's light bulbs (75%, 1896), Standard Petroleum's refinery products (87%, 1904), DuPont's cellophane (75%, 1930s), and American Telephone and Telegraph Corporation Telephone services (93%, 1939), IBM computers (75%, 1955), Xerox printers (86%, 1971), and Microsoft's PC operating system (80%, 1999) met these monopolies. achievement.

One person becomes king and the two become mad. In a market where monopoly cannot be monopolized, the four knights are monopolized in pairs. Google and Facebook take more than 60% of the digital advertising market share, accounting for 96% of the industry's growth share; Google and Apple monopolize 99% of the mobile operating system. The monopoly position has brought a huge amount of gold-absorbing ability, which has been exhausted in the past quarterly earnings of the four knights:

Wrapped in the iPhone X's explosion effect, Apple's revenue increased by 13% to 88.29 billion US dollars, the first profit reached 20 billion US dollars; Google's revenue in the past 32 quarters continued to maintain an average growth of more than 20%, to 302 US$100 million; Amazon's revenue jumped 38% to US$60.5 billion, giving the first time more than $1 billion in profits; Facebook revenue rose 47% to $12.97 billion.

After a new round of performance, the four-knight price-earnings ratio (except Amazon) is lower than the industry average, and the EV/EBITDA multiplier is below average. expensive? nonexistent.

Four Knights' 2017 performance

Four Knights' Expected P/E Ratio and Industry Average Comparison

Four Knights' EV/EBITDA multiplier valuation and industry average comparison

Some people may be surprised: monopoly should bring a very high profit margin, but why Google and Amazon profit margins are very urgent. The reason is simple – because Amazon and Google have been squandering the madness of the global madman all year round. At the turn of the century, Amazon created a new valuation method called story telling.

Before Amazon, valuations used profitability to speak with cash flow; after Amazon, the boundaries of valuations became the end of the story – growth and income were the ups and downs and suspense of the story, while profits and cash flow were The kick kicked out the main theme of the story. Tesla, LeTV, and Jingdong all have to thank Amazon for helping them out of this story.

The four knights will cash in a monopoly or oligarchic mode, unreservedly investing in a new round of expansion of unmanned vehicles, drones, artificial intelligence, and cloud storage. They regard capital expenditures (capex) as the breath of life. And very disgusted with cash flow.

Apple plans to invest $10 billion to build a data center in North America;

Google used to use Google Fiber to lay public Wi-Fi to Kansas City, which aims to create a "smart city" like a smart phone;

Amazon has installed 62 operations centers in the Indian Peninsula. The first time in history, the third brother can also buy electricity and furniture on the Internet.

The four knights plucked our purse and were not ashamed to control our thoughts. In the novel "Leviathan", the author said: "How does the elite manage the public? It is better to understand that the monopoly in the relationship between media and communication is more accurate than relying on the monopoly of Marx's theory of production relations." Through data mining, They already know the dimensions of our identity; and through the SEA engine manipulation effect (SEME) and the precise delivery of information, the four knights can indeed abduct our thoughts and rush into our almost every moment of decision-making.

The sort order of Google search results is a good example. Research shows that the first two of the search results will absorb 50% of clicks, and the top ten will contract 90%. So the information we receive is like filtered water, and the filtering process is a black box, like the secret recipe of Coca-Cola. Once upon a time, major media have done this, but because of the high level of competition and the tendency to have left and right, the information diversity that audiences receive is not too wilful; today, several tech giants can kill the media.

The entrance to Internet thinking is more and more like a funnel - 62% of Americans get information through Facebook, Google's YouTube, Twitter-linked Twitter, and Facebbok's Instagram; one-third of the traffic to major media sites From Google, for many media, its survival is highly dependent on Google's compassion; Facebook is screaming at the New York Times' 15% traffic source.

For consumers, we can only pray that Google can consciously "do not do evil", otherwise the two giants have already slammed the entrance, they will fill the "fake news" into our throat like a duck with a lighted hair. . The problem is that you have an illusion of freedom at this time.

Accessing your mind is a temptation. The founders of Google have portrayed the future of artificial intelligence. They believe that the core is not to create a machine brain of independent thought, but to connect AI directly into the human brain. Sergey Brin has said on several occasions: Obviously, if the information of the whole world can be directly connected to your mind through a smarter AI than you, your life will be better.

The freedom of thought comes from the diversity of values; but the four knights have decided for you, what is best for you.

At this point, let's briefly summarize the four knights' arrogance in the flames of the day - sucking gold as a drink, Daxing "infrastructure", shaping the mind. Isn't that the big brother?

(The market value of the four knights in the S&P 500, the data was taken in March 2018)

03

Total War?

Once upon a time, a standard oil company with 90% of the refining market was dismembered into a fiercely competitive industry. The big tobacco, big pharma, and the big trusts have all been weakened and the consumers are excited. This time, big tech has naturally attracted the voice of dismemberment.

Some people think that the technology oligarchy is not even as good as the previous trust. Because the great oil, big cars, and big medicines of the twentieth century also hatched the middle class of the United States, but the four knights had very little money and benefited a few super-rich people.

Put GM's market capitalization on the staff, each employee has a market value of about 230,000 US dollars; and such as Facebook, the corresponding market value of each employee is - 20 million US dollars. Of course, this is a kind of persuasion that does not consider externalities. I have hardly paid for Google but have always enjoyed her intimate service as a righteous eye. (My generation is also alert, the old saying goes: If you buy a product but don't need to pay, then you are the product itself.)

The masses called for supervision, but some people also called for supervision to learn the political wisdom of the British before the violent dismantling of the four knights, to be a balanced hand in the mainland, that is, to provide a platform and encourage competition. Because the four knights seem to have their own territories, they obviously can't be safe. Let's take a look at the competitive landscape they love and hate.

Pick a few major contradictions and talk about it.

Google vs Apple

Google has been on the smartphone several times with Apple. Although Pixel has no special day, although the price of the Pixel 2 hangs the 700 knives makes people "sell the system and send the phone", but Google's spirit is indeed persistent. People feel bad. And Google Pay is also eager to start a new round of fall with Apple Pay, and now it has realized voice-activated payments - although I think both are not as good as WC Pay.

Before that, we still remember Google Checkout and Google Wallet, which have been breathing for many years. We still remember that Google ate the Motorola, and had to admire Google’s obsession with not breaking the fruit stall. What's more, Google also has Android to 啃 iOS, as well as the incubator Fuchsia. Repeatedly slammed but not beaten repeatedly, let us awe-inspiring for Google.

Amazon vs Google

However, Google's back garden is not impregnable. It has been mentioned that 55% of online shoppers choose Amazon as a search portal. For advertisers, Amazon is certainly not as sophisticated as Google's housekeeping AdWords, but its strength lies in the accurate analysis of consumer behavior. Amazon has always been known as the sleeping lion in the advertising industry. (There is no single advertising revenue in the earnings report. According to eMarketer, 2017 advertising revenue is 1.77 billion US dollars, compared with 178 billion total revenue is a hair), due to the massive amount of users, accurate Shopping data, to break the Google and Facebook in the digital advertising profile, non-Amazon.

(Digital advertising revenue, eMarketer research forecast)

Google is also not very kind to Amazon. In Amazon’s cloud business, Google once again uses the old strategy of selling software to send hardware. This time, if you switch to her home cloud service, you will be sent a Chomebook notebook. . On the e-commerce front, Google recently launched Google Express, and joined forces with a large number of Amazon's deadly rivals, Target and Wal-Mart, to build a one-stop shopping portal.

Google vs Facebook

The double-faced advertising between Google and Facebook is naturally an opponent. Although Google is organizing information resources, and Facebook is sorting out interpersonal relationships, it needs advertising to be realized in the end.

Originally, Google was very ambitious about socializing. Google+ directly called Facebook, and it was also fierce, competing for user time and entry status. Later, I couldn’t play it. The strategy of reorganization is now basically a slap in the face. Although Google basically sheds tears with SNS, it has never forgotten that Facebbok, such as Google’s recently pushed Google Stream for information streaming business, directly calls Facebuk’s News Feed.

However, between the skills of the two heads, under the slaughter of negative externalities, the blood of the traditional media is released.

Conclusion

Killing noon, where is the soul? Will the four knights turn each other over, and the people who eat me will benefit from it?

As a consumer, you will hope that the four knights will be stunned, as you hope that the US team will use a 20-meter-long knife to cut the drops. But the Silicon Valley spirit is essentially against Darwinian competition, and Peter Till publicly declared that "competition is a relic of history", as Keynes said "gold is a barbaric relic." In the "From 0 to 1" that lets Til's famous world, he repeatedly preached the danger of competition and regarded competition as a trap set by capitalism - "Competition keeps your eyes on the opponent, not going Pay attention to yourself."

Seeing that many companies have to succumb to endless industry competition, Silicon Valley also wants to understand that we are doing business, either for the ideal, or for making money, who is trying to beat the competition? If you want to understand it, you will be able to do it. When there is a smog, the old man will merge with the opposite side, and the group will have a monopoly. In Silicon Valley, technology companies like Snap must be non-mainstream; for most start-ups, it’s only natural to invest in safer than to urinate.

For example, Google, a beast, bought more than 200 companies from start to finish.

So you don't think that competition can play a substantial limiting role. If competition is useful, how can the four Cavaliers and Big Four become more and more PK? It’s true that Google and Facebook have local skirmishes, but the fact is that the two-headed giant snakes are added together – together with the flow of information – from 2006 to 2015, the traditional newspaper’s advertising revenue was 75%. . They are not competing, they are competing.

There was a Google employee who said: "Silicon Valley is such a place, there are so few people working for a small company, but their choice will affect one billion people." Last time we saw a person in charge of the whole body When is the desire, the omnipresent, the far-off club that affects a billion people? (There is no intention of conspiracy theory. All of them are conspiracy here.)

If Silicon Valley is in a group, then the liberation of all mankind will fall on the Amazon in Seattle. I have analyzed the terrible thing about Amazon is the universal applicability of its subversive model. I predict that in the PK chart above, many years later, there will be a dense battle flag inserted around the Amazon, and even come up with the drama of the three British wars. The expansion of the Amazon model is something that the other three companies don't have – Google's business is also very extravagant, but it always seems to be brave.

And all the ambitions of Amazon have been revealed, you can observe the Amazon trademark, an arrow from A to Z, meaning that Laozi is the leader. This trademark has changed from the millennium, and it has a clear willingness like a hammer. After Google realized that it had lost something, it changed the name to the "alphabet" of the mouth, and barely got it.

Those who are familiar with Western culture will remember a passage in the Bible. The first chapter of the book of Revelation is recorded in the eighth chapter. The Lord God said: "I am Alpha, I am Omega (Arafat, Omega) It is the first and last words of the Greek alphabet. It is the Almighty who has been, is, and will be forever.” How much ambition a company must have in order to use a piece of God in the Bible to endorse it for itself.

I seem to hear Amazon saying: I am A, I am Z, I am all, I am everything. - Think about it, I feel that the back is cold.

This article first appeared on WeChat public number: Tiger Fortune. The content of the article belongs to the author's personal opinion and does not represent the position of Hexun.com. Investors should act accordingly, at their own risk.

(Editor: Li Jiajia HN153)

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