Thinking on the reading value of Zhang Lei, the capital of high-tech, and its practical disassembly.
1. is to study and understand a person. There is a better way than reading his autobiography, that is, reading the books he reads. This information is very profitable;
Only if you succeed, will someone listen to you, that is, there is no absolute right or wrong method. There are enough outstanding people in every field, and each outstanding person has his own method. Only if you are successful enough, can you have enough right to speak;
The full text is about 4000 words, which can be collected.
Let's talk about the name Gaoling first. It comes from a tall building, which means to pour the water out of the bottle from the top of the tall building. Metaphor condescending, unstoppable. Refers to a comprehensive grasp and thorough understanding of things. From Historical Records Biography of Emperor Gaozu
Is it simple? In fact, Dayu's whole book is also very simple, but simple things are often the most difficult to do.
I don't know if there are many things we can't see in the overall investment market, such as financing with ppt, not pursuing profit from business model, pursuing arbitrage in capital market and so on.
Zhang Lei doesn't like these very much. What he wants is
It is not only a stage, but also an investment institution that truly practices the long-term investment concept and spans the cycle.
I think this sentence is very clear, but the whole article has a lot to say.
Once investors are lazy, once they lose the spirit of pursuing truth and the ability to understand things, they may lose some instinct for positive growth.
Some things can't be done at the beginning, and some money can't be taken. If investors don't understand our insistence, we can't get along from the beginning.
Between short-term and long-term, risk and benefit, doing something and not doing something, cultivate your own core and insist on doing the right thing.
Long-term structural value investment is relative to cyclical thinking and opportunism, and its core is anti-arbitrage, anti-speculation, anti-zero-sum game and anti-game thinking.
Capital is profit-seeking, and capital has a cost. Once capital is not leveraged, the return is not enough or slowly uncertain, which means failure. Therefore, time, short-term and long-term will be so valued. Only with a good direction and no good exit mechanism, everything is empty. Perhaps this is where he keeps saying that it is not easy to be long-term, and he does understand that it is not easy to get money. It is mentioned that Zhang Lei's employer is the investment team of Yale Endowment Fund. This is a conservative team. In Zhang Lei's words, this is a team that focuses on medium and long-term value. Of course, Gao Xian earned a profit of $2.4 billion for Yale with an investment of $30 million.
In other words, when most people are addicted to the world of instant gratification, those who know how to delay gratification have gained the upper hand.
Next, I am divided into four chapters: talking about methods/teams/values/people.
First, talk about methods.
The best analysis method is not necessarily to use valuation theory, asset pricing model and portfolio strategy, but to adhere to the first principle, that is, tracing back to the source includes basic axioms, philosophy of doing things, human nature and the law of everything.
In fact, as long as the first principle is mentioned in recent years, everyone will think of Musk, the first principle of investment system, a perfect knowledge system as the basis of decision-making, and have the ability to control their emotions, first to see the essence of things clearly, and then to innovate freely on the basis of understanding the essence (echoing the creation of value here)
This is very different from our previous education. We like to guess problems by analogy or learning from the results. Habits will be incorporated into historical laws rather than first principles, and we will return to the basic definition of investment. We should use the eyes of enterprise analysts, not market analysts, macroeconomic analysts, and even less stock analysts.
Why do many fund owners try their best to abstain from sex? You should be rational, don't be numb, investing means earning or not. There is a simple reason. People with a slightly higher level will certainly find some commonly used methodologies in the market after a period of time, but according to this logic, not everyone can enforce them. This is also a very important point expressed in the book Principles.
We should reject short-term temptations, utilitarianism and many natural human weaknesses, at the same time, we should also reject subjective assumptions and objectively question whether we respect facts and common sense, so that the knowledge we form is ourselves. Only in this way can we turn it into wisdom and keep pace with the times.
Be patient with what you insist on, control your emotions, always reflect on yourself and keep a high degree of concentration. Stress can usually be eliminated by concentration. Focus is to dare to say no and not to do things that are useless to your core goals. Even if you have the spare capacity to do more things, don't overestimate your self-control, don't underestimate human nature and avoid short-term mentality.
Known is the biggest obstacle to our study. We should make good use of market feedback, constantly improve our comprehensive thinking ability, maintain a normal mind and accept self-feedback. Self-denial is evolution.
Give you four investments that are easy to fall into, and you can make a list of principles.
1. Value trapped. The value in value investment is not an absolute low price-earnings ratio, but a comprehensive consideration of various indicators of buying stocks. The first rule of investing in this game is to be able to play. The essence of value trap is the unsustainability or unpredictability of corporate profits.
2. There is a trap in growth. The investment target should continue to grow, and the growth rate should be at least higher than the overall economy, otherwise it cannot be held.
3. Risk is trapped, seek the margin of safety, think of the worst case, see what secondary harm there is after the worst case, see if there is any self-help means when disaster comes, and judge the ability of enterprises to continuously create value, that is, minimize risks. That's understandable.
4. The information is trapped. The first step, the information forms a micro-judgment. The second step is to be good at identifying the weight of information. The third step is to link these micro-judgments with weighted information through first principles. Please pay attention here. Can we separate micro-judgment from experience, and everything will be separated until it can't be separated?
Second, talk about the team.
Zhang Lei said that doing interesting things with reliable people is one of the reasons why I always like my job very much.
I remember in the Netflix culture handbook, why did you come to our company? A very high-level candidate replied, because there are people who are better than me, and they are very powerful. Talent really attracts talent, and it is a positive cycle.
As an enterprise manager's requirements for himself.
To truly understand and practice value management, large companies can operate by inertia, and start-ups can operate carefully from the beginning. Refined operation is not blindly reducing costs. Correspondingly, it is to determine the value structure of products, services and processes from the customer's point of view. Only what customers need is valuable. On this basis, we can establish a complete value chain and improve the overall efficiency.
Building enterprise culture
Corporate culture is established at the beginning of entrepreneurship, and there can be no problems and can't be reinvented.
1. Adhere to the academic style of pursuing truth.
2. Dare to fight and lose, sports team culture, hard-working, assists spirit, can do sparring, and speak with results.
3. Frank communication and communication
The definition of a reliable person
Self-driven, time-sensitive, empathy, lifelong learning.
To give a long-term sense of mission and accomplishment, the self-esteem of truly top talents does not need to be concerned. Everyone knows that work performance and contribution are the most important.
Understanding of organizational ecology
1. Learning, a learning organization, has the function of life reproduction, mentoring spirit, self-immunity, the ability to be calm, think clearly, judge and deduce when facing problems, and the unmoved meditation spirit. It not only has the way to reach the other side, but also the way to reach it, the fighting mechanism and the spirit, combining instrumentalization with the craftsman spirit.
2. Authorization, the function of an organization is not to assign tasks, but to match employees' interests, expertise and problems that need to be solved in organizational development. Empowering organization is a kind of cultural carrier, where employees enjoy culture and gain a sense of identity and mission.
3. Decentralize and let the people who hear the gunshots make decisions.
There is only one thing that the management has to do, that is, how to fight against entropy increase.
Third, talk about value.
Buying low-valued stocks is not the source of continuous return of value investment, but the continuous creation of value by enterprises. The core of paying attention to an enterprise is what problems it solves, whether it improves efficiency and whether it creates value for society and consumers. As long as enterprises frantically create value for society, their income and profits will be realized sooner or later, and society will eventually give long-term returns.
In the process of industrial transformation, Zhang Lei talked about several directions.
1. From connection to fusion
The innovation era 1.0 is essentially the innovation of business model. The key to the era of innovation 2.0 is integration, rather than simply copying other people's experiences and simply superimposing various technologies and application scenarios. The innovation of basic science will comprehensively and deeply promote the overall upgrading of manufacturing industry. The future innovation is the integration of black technology and traditional industries.
Integrate who? There are two more directions.
1) innovation is not limited to the field of consumer internet, but also includes life sciences, new energy, new materials, high-end equipment manufacturing, artificial intelligence and other fields.
2) The innovation transformation and digital transformation of traditional enterprises are constantly iterative in the direction of better cost, higher efficiency and finer management, and the information field, consumption scene, manufacturing scene, supply chain scene and capital operation scene are stripped of the role differentiation in the value chain and reshape the business logic; Empowering traditional industries, online traffic is becoming more and more expensive, there are many companies with good offline fundamentals, and high technology empowers traditional enterprises. Technology is not a subversive force, but a force for harmonious reconstruction.
2.R&D and life science innovation
Medical care and medical industry have strong consumption and technology attributes, high entry threshold, growth, profitability, anti-cyclicality, etc., and can build a dynamic moat. He thinks so throughout the industrial chain.
1) In the field of medical and health services, how to build a comprehensive pre-hospital, in-hospital and post-hospital health service system from the perspective of patients;
2) How to solve information asymmetry through digital upgrade.
3) In the field of drug research and development, how to realize the hierarchical classification of the industry and how to fully interpret medical data by using artificial intelligence technology to help drug research and development enterprises accelerate the iteration.
He directly announced the enterprises he invested in, such as Wuxi PharmaTech, Tiger Medicine, Fangda Holdings, Gloria Ying, Aier Ophthalmology, Jinyu Medicine, Jin Xin Reproductive, Mindray Medical, Shanghai Minimally Invasive, Kailitai, Ai Kang Medical and Baekje Shenzhou.
3. Embrace consumption transformation
Which direction are you going to take, upgrade or segmentation?
Retail is a service, the content is a commodity, what you see is what you get, and consumer goods contain two dimensions: material and spiritual. Consumption transformation is not an upgrade or downgrade of any single dimension, but a compound, dynamic and subversive one. Different product segments, regions and age groups produce new consumption trends. In the new consumption concept, products and their brands include all-round requirements for communication with consumers in the service process. Retail is a service, content is a commodity, what you see is what you get, and the product power of material and the brand power of culture together become a composite perspective to understand the new consumption trend.
The traditional people's freight yard has also changed.
The first one is
Consumption is no longer for the public, but based on my personalized consumption. From the flow economy with small profits but quick turnover to the single-customer economy that pays attention to individual differentiated needs and life cycle value, a large number of users form strong interaction through social networks, and a better consumption experience forms a head effect in the industry.
then
Lifetime value of consumers
Overall orientation: how to think about the spiritual essence behind the product, give life more sense of ceremony and let consumers experience more happiness.
Sales link: how to quickly feedback from the perspective of supply chain, replenish goods in time, and enrich the accessible retail channels and purchasing experience.
Promotion link: how to identify diversified consumers, understand the key needs of real magnitude, and spend the least time making decisions.
Finally, go back to the original R&D and design links, and remove the attributes or designs that consumers don't need, which can save a lot of money.
Finally,
Intelligent front-end with data, centralized background, understanding the front-end scene with background algorithm, and meeting the changing needs with more subdivided scenes. Good consumption scene is the key to building brand power.
In the future, retail will no longer be driven by scale, function and supply, but by personality, service and demand. The value chain will be integrated through technical platforms such as sensing, data and user operation, and will change from passive to active in consumer capture, and combine scientific and technological elements, social elements, cultural elements and consumer experience to reshape the multi-scene, omni-channel and full-link shopping mode.
From operating products to operating users, from scale growth to dynamic growth.
The industrial internet is really terrible. Consumer Internet is physical, and industrial Internet is chemical.
1) Games change payment, e-commerce, retail, education and other industries, such as Alipay public welfare games/social games that call friends to cut a knife/gamification reward tasks to urge shop assistants to complete key business indicators.
2) The integration and innovation of Internet business models, such as Meituan's super app/ WeChat communication software, can enjoy shopping, transportation, music and payment.
3) Online and offline omni-channel Internet innovation, dual-teacher education (live offline)/fresh retail exploration.
Consumer Internet has created many scenes, which are used by algorithms, computing power and data, and then presented in an automated, networked and intelligent way.
The upgrading of traditional industries, traditional industries+artificial intelligence+big data+cloud computing, has formed a dynamic revolution based on industry and taking technology as an indicator. Data is the means of production. Only when there is a process can we operate, and only when there is an algorithm can we sublimate. Data, algorithms and processes promote each other to form a positive cycle, which generates value for business. Users define products and software define processes, transforming industrial logic into digital logic, and reconstructing operational efficiency through lean management.
Fourth, talk about people.
Must have followed his whole system
1. has a long-term concept, including three points: stick to the initial heart, keep evolving, and there is no end. Here, it is difficult to judge whether there is no end. Subsidies will continue to devour entrepreneurs' will and investors' confidence, treat things bought with money as capital or expenses, think about the infinite end of business models, and create new paradigms of services or products in advance.
2. To gain a deep insight into the industry, the key is to gain insight into changes and invariance, not stick to experience, respect common sense of the industry, find invariance, not be imprisoned by existing laws, and find changes. Two examples are very representative. One is 7- 1 1, and the constant convenience of customers has become a variety of services; The other is Pinduoduo, where people are looking for goods, that is, goods are the center, and goods are looking for people, that is, people are the center, and the unity of time and space is used to promote overall efficiency and lower cost. In fact, from my point of view, I appreciate more products, and I don't know how this road can be killed;
3. Have a dedicated execution and do the little things you do to the extreme.
4. Have a strong sense of empathy. Here's one thing: be the first customer and the first employee, create the ecology of talents through a better organization, mobilize everyone's enthusiasm and initiative, and let the members of the organization have a common ideal.
finally
In other words, the three sentences that Zhang Lei said on the major speech platforms were highly summarized by China's philosophy.
First, make a surprise victory and stimulate innovation on the basis of adhering to the "right path"
Second, the weak water is 3,000, but take a ladle and do what you are best at in your limited talent.
Third, don't say anything, do your own thing, and success will come to you naturally.