Zhang Lei, the founder of Gaoling, has eight characters.

"Weak water is 3,000, but take a ladle", which means that although weak water is long, it is enough to take only one ladle to drink. I think this sentence also applies to investment. Investors need strong self-discipline, and must restrain their strong desire not to miss anything good, but also find their own opportunities.

First, how to understand the investment process. There are different types of investment projects, such as Weak Water Three Thousand, but the key to the investment realm lies in the process of independent thinking, and the way of investment itself is the content of investment. Unlike many investors who sell frequently in the market, we always spend our time on research, keep enough patience before and after investing, and form a set of our own in-depth understanding. In China, there are too many entrepreneurs and entrepreneurial projects, but too many investment projects. We are not good at "crowd tactics"-we look at many companies a year and don't often change battlefields-hoping to catch up with the market and share a piece of the capital boom. In this way, people are likely to lose the ability to think independently and fail to see or grasp the real big opportunities. Therefore, some people say that "the terrible thing is never the macro economy, but the investment that follows the trend." Looking back at the "Thousand Regiments War" on 201and the "Hundred Broadcasting Wars" on 20 15 ... the wind comes and goes quickly. The tuyere comes and goes in a hurry, and the chicken feathers are everywhere. How many investors can only experience the loss that no one tells after the blood is surging. In other words, investment is not purely for making money, and being driven by money is the most dangerous thing in this industry: either you make a lot of money and you don't know what to do next; Either you can't make money all the time, or you even take risks for money.

Secondly, how to understand investment opportunities. The key here is to choose the right spoon. I don't like to make diversified investments, but I hope to seize the most valuable investment opportunities and invest in enterprises to the maximum with ultra-long-term capital. No matter what industry or stage an enterprise is in, it is a good investment opportunity as long as it can express itself in a form suitable for its own organization and continuously create value in an adaptive environment. The starting point of investment decision-making is basic research, which determines that investors can only make moves when they are sure, and the investment can only be small and precise. Many times, the success of investment comes down to the value geometry of the chosen "that ladle" and whether it can be bigger, deeper and stronger on that ladle. There are very few really good companies, and there are very few entrepreneurs and entrepreneurs who really have a pattern view. It is better to concentrate on holding the best company for a long time and help entrepreneurs to give full play to their best abilities.

Since it is optimistic, why not take a heavy position? Investment is a choice-making industry. Every investment is invested in entrepreneurs who really create value. What matters is not only what you choose, but also what you don't choose. A choice without weight is not a real choice. If you spend your time and energy on what is most likely to succeed, it is not far from success. Of course, if you don't practice kung fu to a certain stage, don't rush to "stand up". As the ancients said, "It's not easy to learn from Bing Gu", and unnecessary transactions should be reduced in investment, so as to avoid giving up the time investment in studying first-class investment opportunities because of keeping an eye on the ups and downs of the market at any time, and taking "aiming" as the main activity of shooting, rather than "pulling the trigger".