$云集(YJ)$ 最近刚看完Scott Wapner的一本老书:When the Wolves Bite: Two Billionaires, One Company, and an Epic Wall Street Battle. 看到云集IPO，我猜Seekingalpha上面不久就会有人跳出来攻击云集的这个multi-level revenue sharing scheme. 其实当年在小比尔做空$康宝莱(HLF)$ 之前，绿光资本的David Einhorn早就先下手为强了。当年Einhorn在财报上的问题其实也可以拿来问云集：(1) "First is, how much of the sales that you'd make in terms of final sales are sold outside the network and how much are consumed within the distributor base?"(2) "What is the incentive for supervisor to sign somebody up to become a distributor as opposed to - if they're just going to consume for themselves as opposed to just selling them the product for the markup. How does the distributor - how does the supervisor come out better?" Einhorn当时只是做了个trade,提问完之后康宝莱股价跌下来赚了一笔就跑了，但是却把小比尔拽进了坑里。不知道云集以后会不会跳出来类似小比尔那样的中国投资者，扛起做空的大旗。要是有这样的故事也倒值得一看