This book introduces Zhang Lei's personal experience, his investment ideas and methods, and his thoughts on the self-cultivation of value investors. He also introduced his understanding of entrepreneurs, entrepreneurial organizations, talents, education and science in a big pattern. The book contains a lot of precious materials, not only the first seven high-profile formulas, more than 10 investment cases, but also 1 1 exquisite hand-painted color inserts and 19 photos of Zhang Zhengui.
In the book, Zhang Lei systematically expounded his all-round thinking on investment and business for the first time, comprehensively analyzed Gaoling's investment system and innovation framework for the first time, and shared his personal understanding of work and life for the first time.
Brief introduction of the author
Zhang Lei, founder and CEO of Gaoling. "We are entrepreneurs and happen to be investors". Zhang Lei founded Gaoling with optimistic entrepreneur mentality, adhered to the concept of value investment, found and created value driven by long-term and research, strengthened the "heavy position in China", supported the real economy and helped industrial innovation. Zhang Lei is also the vice chairman of the board of trustees of Renmin University of China, a director of the board of trustees of Yale University and chairman of the Asian Development Committee, a founding donor, a founding director and chairman of the Development Committee of West Lake University, a founding director of the Future Forum, and one of the sponsors and donors of the Future Science Award.
Wonderful excerpt
First of all, the process of finding value
The background color of the value 1.
Building one's own knowledge system and thinking frame is the starting point of shaping investment ability.
In order to gain insight into the rapidly changing market, we should not only master the financial theory and commercial laws, but also comprehensively review the tortuous evolution of history, be familiar with the ins and outs of current events and understand people's inner demands.
Value investment is not mathematics, not reasoning, and can't be an armchair strategist. We must understand the real production and life scenes like sociological field investigation, so as to truly grasp what products consumers need and what services are truly meaningful.
The most important thing in life is to find a group of really reliable people you like and do interesting things together.
2. Enlightenment of value investment
For the numbing concept of "risk" in finance, most people's evaluation standard is to look at the fluctuation variance of investment income, and I have been asked to see the essence behind the numbers since the first day of my career, ignoring the standard variance observed in the rearview mirror: What kind of top-down/bottom-up fundamentals are driving the generation and fluctuation of income? What factors will make the expected capital gains deviate? And what is the connection and connection between these fundamental factors in essence?
Although investors didn't ask for the return of investment funds, we still insisted that "money must be returned". We hope to thank them for their trust and support in this way. A person's career is very long, so you can't do anything harmful to those who have helped you, otherwise it may haunt you for life.
Whether the goal of investment is to make a profit or to realize a certain social ideal must be balanced.
Methods and strategies can beat the market, but the belief in long-term doctrine can win the future.
3. Preliminary study on value investment
For an investor, it is a very important ability to understand the key industries and enterprises hidden in great potential energy. Once you are good at understanding changes, investors will greatly expand their understandable scope.
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. Don't do it at the beginning. Some money cannot be taken. If investors don't understand our insistence, we can't get along from the beginning.
As long as it is an enterprise that creates value for society crazily, its income and profit will be realized sooner or later, and society will eventually give it a long-term return.
Investment institutions that truly cross the cycle often see the present, plan at all times, have a long-term vision, and will not be confused for a while.
The solution is not based on what the value investment institution has, but on the law of industrial change and what the company needs in the process of starting a business.
We may not be able to help entrepreneurs go the fastest, but we hope to go further with entrepreneurs.
Second, the concept and cultivation of value investment
1, method and concept of value investment
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, to trace the source, which includes basic axioms, philosophy of life, human nature and the law of everything.
The greatest value of independent research is to make investors dare to face doubts, firmly believe in their own judgments, and dare to re-invest in heavy positions.
The essence of business competition is the pattern, the value, the improvement of thinking and the value created for consumers from a larger framework and a broader perspective.
For investors, judging people is the biggest risk control, which is more important than financial risk control. As long as the right person is chosen, the risk will naturally be small.
If the starting point of value investment is to discover value, then its foothold should be to create value.
The so-called 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.
When most people are addicted to the world of "instant gratification", those who know the truth of "delayed gratification" have gained the upper hand.
2. Self-cultivation of value investors
Value investment depends not on genius, but on correct thinking mode and control of one's emotions.
Curiosity is not driven by ambition or the sense of accomplishment of beating others, not to be the first to compare others, nor to beat the market.
Faith is sometimes more important than the situation. Your view of the pattern determines your living environment and your investment opportunities.
There is no difference in methodology in essence, but natural self-knowledge, introspection and self-consistency.
Choosing an investment method means choosing your own lifestyle, starting from your own heart and choosing something that can make you feel happy.
I would rather lose my clients than their money.
Gaoling formula: time return formula, choice and effort formula, definition formula of choice, organizational talent concept formula, organizational culture and values formula, dumbbell theory formula, value investment innovation formula.
Third, the innovation framework of value investment.
1, walking with the great schema viewer
If you want to do great things, entrepreneurs with a big pattern view are the best partners, and "pattern view" is the common code for us and enterprises.
Putting values before profit and firmly believing that values are the real core of this enterprise, then profit will only be the natural result of doing the right thing.
Real entrepreneurship can see the unsatisfied consumer demand in the evolution of the times, which is to grasp the formula in the general trend.
Entrepreneurial spirit, combined with the way of establishing new organizations in the 2 1 century, is a new type of partnership that transcends the employment relationship.
There is no business that must be done, but there are friends who must help.
At any time, don't let circumstances, money, education, etc. become your burden, and let you be divorced from reality and others.
In fact, the biggest risk of entrepreneurial activity itself is that it remains unchanged and does not dare to take risks. If entrepreneurs don't take risks, investors take the biggest risks.
2. Excellent organizations that continue to create value.
Every entrepreneur should be a natural practitioner of value investment.
Corporate culture must be established at the beginning of starting a business, without problems or reinvention.
The best state of an excellent entrepreneurial organization is young, relying on endogenous organizational strength, without burden, full of longing and thinking, starting from the end.
Attracting and respecting talents is not a slogan, but an important choice for startups to maintain their vitality.
In a startup company, a better way is to focus on cultivating and "blooming" talents and developing the ability of each person and team.
It's not that the boss gives you a net to catch some fish, but that you take the initiative to find a sea, a better fish, or even a better fish, and so on.
Let the smartest people stay together, who knows what good ideas will collide to change the world!
3. Value investment in industrial transformation
In the new consumption concept, products and their brands include all-round requirements for communication with consumers in the service process. In other words, retail is service, content is commodity, what you see is what you get, and the product power of material and the brand power of culture become a composite perspective to understand the new consumption trend.
The realization of new retail is to meet the changing needs with more subdivided scenes, and good consumption scenes are the key to building brand power.
Digital technology empowerment is to change the engine in flight. It will not change the industry attributes of traditional enterprises, nor will it "stop business for rectification" or innovate for innovation's sake. It must directly bring increment to the business.
There is no distinction between technology enterprises and traditional enterprises in the world. Excellent enterprises will always make timely and effective use of all advanced production factors to improve operational efficiency and achieve sustainable growth.
4. Practical exploration of value investment.
Value investors can only stand the test of time if they think clearly about long-term problems and the dimensions of industry shaping and value creation.
The emergence of a commercial species originated from its era and environment, and its accumulated productivity, supply chain efficiency and brand value are the perfect interpretation of that era, which can be called a classic, but the classic value cannot collapse or disappear in an instant.
Technology is not the patent of technology enterprises. Traditional manufacturing combined with science and technology will transform the whole business system from the industrial side to adapt to the ever-developing business environment.
The starting point of M&A investment is not the pursuit of investment scale or pure investment income. It is more important to judge whether technological empowerment can become a new value to drive industrial upgrading, whether the existing business model can be refined and polished through technological innovation, and whether the long-term situation of the acquired company can be improved by introducing new resources.
The real "China's heavy position" is to help China's manufacturing industry achieve better and faster transformation and upgrading, truly improve the level of digitalization, science and technology and informatization of the industry, and help China's manufacturing industry occupy the top end of the value chain.
5. Always pursue a rich and beneficial life.
For employees with potential and consistent values, we pursue the long-term, don't worry, take it slowly and give them enough time to grow.
Education is a field that pays great attention to emotional care and encouragement. The more in the era of artificial intelligence where machines are rampant, the more it calls for the unique empathy and emotional interaction in human nature.
Future construction needs endless imagination and actual implementation. The combination of these two forces is innovation, and the core of innovation is talent.
Fourth, be friends with time.
If the capital allocation realized through investment can't promote the harmonious development of people, society and nature, but push society into a whirlpool of barbarism, indifference and waste, people can't get their due rights with economic development, and enterprises lose the social environment on which to live, then what's the point of such capital?
Really good capital should consider the relationship between short-term and long-term, local and whole, individual and general, random and regular, think about the overall value from a more rational point of view, and focus on innovation with universal significance.
A feasible new law should devote itself to the overall prosperity and development, and should not benefit others at the expense of the interests of some people. This can't be a zero-sum game. The best capital allocation should be to persist in long-term doctrine and take risks for innovation that is beneficial to the general interests of society, so as to realize the overall progress of social welfare.
Returning to humanistic care is the highest criterion that we must follow in the practice of value investment.
Under no circumstances can you be superior. Sometimes, only after suffering can we understand the difficulties of others.
Pursuing truth and creating value. Heaven and earth don't say anything, but do things at four o'clock; Time is silent and sincere. The ancients said, "Life between heaven and earth is like a passer-by." We hope that in the practice of long-term doctrine, we can seek the cycle of everything, find the law of advance and retreat, be friends with time and return to inner peace.
reaction to a book or an article
What is value? When goods or services can meet the utility needs of different customers, this is the value of goods or services. Value is the social attribute of commodity, which embodies the social relationship of commodity producers exchanging labor with each other. In this book, the author expounds his unique value investment concept and philosophical thinking.
However, "value investment" is one of the hot words in recent years. Value investment is different from long-term investment and undervalued stocks. Long-term holding is only a result, not an end. It cannot be said that long-term holding is value investment, and non-long-term holding is not value investment. Buying low-valued stocks is not the source of returns, but enterprises can continue to create value. Understanding why this stock is undervalued is more important than looking for a stock with low valuation.
Whether start-ups and listed companies have investment value, we must first evaluate their value creation ability. The difference is that start-ups are constantly exploring and verifying, while listed companies must have a complete model and constantly explore. We need to believe that enterprises will still exist after ten years and have the ability to continuously create value.
There is only one moat in the world, that is, entrepreneurs constantly innovate and create long-term value crazily.
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