▼   (Moji Technology’s equity structure) In addition to the controlling shareholders, the company’s shareholder list is filled with big names.

Users do not pay for the content, but for the effect.Students simply don’t have time to study 100,000 questions in your question bank, let alone finish reading your 1,000-hour course. The more important question is, have you taught the exercises so intensively that they can comprehend them and draw inferences from one example? Have you explained the knowledge in such a way that students can’t stop learning and follow your courses like a TV series? I found that the commonality of many learning platforms is the lack of depth. The so-called “lot of content” means more of variety, not more. It is not progressive, there are beginners, advanced and advanced courses.

Even if everyone agrees that books are valuable, as long as it is an electronic version, the overall perception is that it should be free.In China, most people have not developed the habit of paying for content.If we want to talk about the learning effect of online education, the content should not be free.

So do we have misconceptions about online education? In September 2016, BYJU's, an Indian online education company, received $50 million in Series D financing, led by the ChanZuckerberg Initiative (CZI), a charitable foundation of the Zuckerbergs and his wife, and Red Fir Capital.It is precisely because of domestic consumption habits that online education has relied on "fooling" for a long time. Schools pay for the "flicking" within the system, and students and parents pay for the "flicking" outside the system.

What online education can achieve is not to bring absolute educational fairness to students, but fairness of opportunity.

Free learning products make it easier to give up halfway. After paying, users will be more serious. After being more serious, the results will be better and the satisfaction will be higher.The natural laws of night and day are the same as the intertwining of yin and yang in Tai Chi.

Good companies in liquor and home appliances should rise, and Moutai should obtain a valuation that far exceeds that of industry peers.From this point of view, the background of the "Nifty 50" in the United States is very similar to that of the current Chinese economy.

Judging from the Merrill Lynch clock, the stagflation cycle is very detrimental to the performance of equity assets. What impressed me most about China in the past ten years was 2008 and 2011. In 2011, there was a double kill of stocks and bonds, and 2008 was also a big bear market.Not many of these companies have landmines and have stopped growing.