Zhang Lei is the founder of Hillhouse Group.
After reading Mr. Zhang Lei's book "Value", I feel that this book has both investment methods and investment skills.
Warren Buffett, the understanding of value is also constantly changing.
Maintaining a sufficiently cautious sense of risk and rational expectations is anti-arbitrage and speculation;Focusing on and participating in opportunities for structural market and industry change, creating dynamic moats, and abandoning unsustainable monopoly positions or arbitrage space is anti-zero game and anti-game thinking.
The growth of profitable enterprises is actually the anti-arbitrage, anti-speculation, anti-zero-sum game, and anti-game thinking mentioned by Zhang Lei.
There are three forms of research-driven: in-depth research = in-depth research + thorough researchLong-term study = critical timing + critical change;Independent research = unique perspective + data insights.
Then how to study it, only to go deep into the company, to see the founding team of the company to use his products with empathy, and then you can know whether the product has value, we have to return to the essence of investment, restore all simple concepts to his original meaning, always hold a simple pursuit of the spirit of truth, one of the most important things in life is to find a group of people you like, really reliable people, together to do a beneficial thing, I think a period of investment in us** It's very meaningful.
So from now on, we don't have to look at **to choose**, it doesn't make sense, because he can't reflect whether this company has real value, we have to study this company. When you invest, you can generally study from three aspects, and it is very important for everyone to take note.
Primary Sector;Second Company;
Third Management;
The industry is concerned about the business model, what is the essence of the business, the logic of making money, the company's business model, operation model, process mechanism management radius, scale effect whether there is synthetic competitiveness, to see whether the management should pay attention to whether the founder has a pattern, whether there is execution, whether there is creation, whether there is an efficient organization's thinking and ability, whether there is an entrepreneurial spirit, including how the business was born, how to change and how to die, think about these problems with first principles, and look for compensation in the free of charge Waiting for free in the paid, exploring the five steps away, investing in change, investing in quality, I think a paragraph is really very good, very good, completely told us, we must not be **, we can only be used as leeks, that can only be done, we can also be like Zhang Lei, when we invest in the future, it is to invest in the equity of this company, and it is to breathe and share the fate with this company.
And we can also through these two points, to investigate the company's enterprise, the most important sign of value investment is research-driven, for an investment company that focuses on the study of industry fundamentals, the core competence is a keen insight into the nature of business, when Hillhouse was founded, we require every researcher to try their best to become some industry experts, and is an independent expert, to see the ins and outs of the industry clearly, because the best analysis method is not necessarily to use valuation theory, asset pricing model, portfolio strategy but adhere to the first principles, that is, to trace back to the source of this source, including basic axioms, the philosophy of doing thingsThere are two indicators that are very important for in-depth study, one is to study deeply, and the other is to study thoroughly.
If we don't have an in-depth study of an industry, we are taking a risk when we invest in this company, we are taking a risk, studying deeply, studying deeply, we want to study for a long time, study the key nodes and key changes in this company and this industry, we want to study independently, we have to have a unique perspective, we want to use data to gain insight into whether this company is worth investing in.
Second, we like to study the history of global business evolution very much, by seeking the most advanced business trajectory around the world, different industries in different regions of the world, and then come and go to study, when we study and understand the nature of the world, we will come and invest, we will do half the work, I think this paragraph is very good, you are here, I once gave me an assignment in the **class**, I said if you have 50 billion now what you should do, what should you do, we have a lot** I said it, I take 10 billion to invest **, 10 billion to invest in real estate, 10 billion to invest in this and this, I said wrong, if there is 50 billion, I would rather you use 40 billion to do research, study the hottest industry in the future, the hottest company is the most worthy of investment, and the remaining 10 billion is directly all, what does it mean to kill heavy positions?
Maybe I'm going to talk about this example more extremely, but what I want to express in it is two words, it's called research, no investigation, no right to speak, friends, you know why when I'm answering my friend's question, I only need to ask him a few questions, and I know whether the project can make money or lose money.
In other words, research is more important than anything else, Zhang Lei has only invested in 800 companies in 15 years, and each of these 800 companies is in-depth research, and even sometimes, in order to study a company, he can spend three months, five months, eight months, or even a year to study a company, research the industry, in-depth research, research thoroughly, and then 100% sure before daring to invest, and in order to study this company, it is possible that he will go to various peers around the world to study this industry, such an investment is called investment。
Today's content is just inspired by the book "Value", in which there are many valuable contents that are closely related to your career and making money.
The book "Value" seems to be related to investing, but in fact it is a life manual, and investment knowledge is a part of it, but also the reaction behind the thoughts, which can help us solve almost all the puzzles in life.
For example, the concept of moat mentioned in "value" can help us discover the certainty in uncertainty and improve our ability to resist risks. This book also draws on the wisdom of Chinese culture and summarizes three behavioral philosophies, which everyone can learn better. The book "Value" also helps us to carefully analyze the value of time from multiple dimensions, which can greatly improve our time utilization. Don't be afraid, if you want to be a big problem, but confused, "values" can help you overcome the difficulties in front of you. Interested friends, you can poke the above strip, the book is very thick, but as long as a pack of cigarette money, the manuscript fee of the book will also be donated to China's public welfare, the significance of this reading is self-evident.
It's not difficult to do things, the key is to find the direction of the other party, if you rely on yourself, it is difficult to find a reasonable direction, and how to use the wisdom of those cows, you can take a lot of detours and find a better direction, "Value" is worth reading.