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Chowws
2021-06-10

Zhang Lei of Hillhouse Capital: After four turns in life, I admire two people the most

01 人生四次转折成为投资人我经历了四个转折点。第一，小学考初中，差点没考上。因为我当时学习成绩比较差，小学考初中的最低录取分是140分，我考了141分，刚好多1分。我大概从高中二年级才开始努力；

Zhang Lei of Hillhouse Capital: After four turns in life, I admire two people the most

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":189645621,"tweetId":"189645621","gmtCreate":1623260852463,"gmtModify":1704199650975,"author":{"id":3572270355848461,"idStr":"3572270355848461","authorId":3572270355848461,"authorIdStr":"3572270355848461","name":"Chowws","avatar":"https://static.tigerbbs.com/0d82981bc22efc904e32b4eaf83288c2","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":2,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>?</body></html>","htmlText":"<html><head></head><body>?</body></html>","text":"?","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/189645621","repostId":1155033069,"repostType":4,"repost":{"id":"1155033069","kind":"news","pubTimestamp":1623306885,"share":"https://ttm.financial/m/news/1155033069?lang=en_US&edition=fundamental","pubTime":"2021-06-10 14:34","market":"hk","language":"zh","title":"Zhang Lei of Hillhouse Capital: After four turns in life, I admire two people the most","url":"https://stock-news.laohu8.com/highlight/detail?id=1155033069","media":"投资人","summary":"01 人生四次转折\n成为投资人我经历了四个转折点。\n第一，小学考初中，差点没考上。因为我当时学习成绩比较差，小学考初中的最低录取分是140分，我考了141分，刚好多1分。我大概从高中二年级才开始努力；","content":"01 Four turning points in lifeI have experienced four turning points in becoming an investor.First, I almost didn't get into the junior high school in primary school. Because my academic performance was relatively poor at that time, the minimum admission score for primary school and junior high school was 140 points, and I scored 141 points, just one point more. I've probably been working on it since my sophomore year of high school; This is the first time I have started to feel like I have to work hard, and I am particularly impressed.Second, I think I am studying at Renmin University. Now, many good friends I have made are still met when I was studying at the National People's Congress. Among them, some are friends, some are deep partners, and some are engaged in some public welfare undertakings together.Third, I work at the Yale University Endowment. In the painful process of finding a job, I rediscovered myself. Coupled with what kind of person I worked with in my first job, I think these two things have a great impact on me. In fact, it was a last resort to do it when I first entered the Yale Foundation internship. Looked for several other job opportunities, all of which were rejected.The fourth is to start a business. Between working for a company or starting a business, I choose to start a business. At that time, my job was relatively good, and I had a good relationship with John Thain, CEO of the New York Stock Exchange at the time, so he appointed me to be the first NYSE representative in China. This is a very good development opportunity, and I can continue to do it, but then I decided to start a business. In 2005, I founded Hillhouse Capital.02 Do things wellNow I often think about it over and over again. I find that my biggest characteristic is that I love to toss, not satisfied with the status quo, and love to challenge myself. Today, the scale of the company is so big, but I always talk about starting a second venture within the company and starting a business forever. Just as I like adventurous sports, I also love to toss in my career. Besides, I am never satisfied with the status quo. Some people may think that if you have tens of billions of dollars in funds, it is enough to charge management fees, so you don't have to toss so much. But I don't want to do this. If I want to do it, I have to do my best or don't do it.I feel that I think about problems thoroughly and comprehensively, and I like to scrutinize and ponder many things over and over again. I like to plan in advance. In fact, before I started my business, I started planning very early. I first went to work in the fund, and then to other institutions. These institutions often sent me back to China and gave me a time transition zone to consider and arrange my affairs. Every step was relatively solid.In fact, it is very important to choose what kind of people to do things with. I am very picky about this, and I like to find familiar people to work with who are based on long-term trust. The core colleagues around me are either classmates of the National People's Congress or former colleagues. My career was first started by such a handful of friends together.03 Two people I admire mostThere are two people I admire the most, one is Buffett and the other is Swenson. I have the opportunity to get close contact with these two people. What I admire most about Buffett is his investment ability. In addition, I also admire him as a person with strong empathy, which is empathy in English. I quite like this kind of empathetic person; Empathy enables him to better understand young people, people different from him, and management. So today I often talk to my managers about the need for empathy, which I learned from him.Buffett can always think from someone else's point of view. For example, suppose that from a strict point of view, there is a management who is not the best, but he can always stand in the perspective of others, assume that he is in that environment, and analyze whether this situation is due to these or those reasons. He is not just standing in his own perspective, only standing in the perspective of investors. I don't think it's easy to think from other people's point of view, because everyone is used to thinking from their own point of view.I think this empathy is a very good quality for investment, life, even family and interpersonal relationships. I also often communicate with children and ask them to think about, if you think from someone else's perspective, what is it like? Empathy is very important and can help relate to people better.When it comes to Swenson, what I admire most about him is that he has a very strong sense of morality and responsibility. He is, so to speak, the best combination of fiduciary duty and intellectual honesty I have ever met. These two people will always be my role models and the people I admire most.Swenson also taught me a lot of things, such as long-term value investing, institutional investing, asset allocation, understanding of risk and so on. Many companies in China, such as Social Security and China Investment Corporation, regard his books as must-reads. I think these methods can promote the institutionalization of investment in China; It is helpful to think about institutionalization and build a system. But for example, there are many restrictions on how to apply the effective boundary in China, so many things still need to be done if we want to better integrate with China's situation.043 opportunities in the futureFor the Internet/mobile Internet, I think there are many opportunities, and it is very important to integrate the whole industrial chain. But I am more optimistic about Internet finance, using the Internet to combine the whole financial industry chain and financial products, from insurance, mortgage loans to consumer finance. A lot of the combined stuff is just getting started right now, and there are many opportunities to come.Our Clear Stream Capital has invested in several companies in this field. For example, 51 Credit Card, which is like Mint in the United States, manages everyone's financial management and credit cards. We're just beginning to invest in that, and I'm sure there's plenty below.As for the investment opportunities in the next five years, I am optimistic about innovation first, the huge consumption opportunities brought by the middle class second, and the financial and asset management industries third. The current demand is far from being met, especially for asset management. I think there will be many good business models.05 Everyone Can FightSome people say that I am not only a successful investor, but also an excellent leader. But I think these two characters are different and often contradictory. A good investor should have strong questioning ability, and a good manager should have stronger affinity and management ability.My leadership style is influenced by two aspects, one is ancient Chinese culture, especially Lao-Zhuang philosophy; The second is Internet thinking and Internet spirit.From the perspective of Chinese philosophy, it is more like Laozi's \"rule by doing nothing\". From the perspective of real organizational behavior, what I believe is a subversion brought about by the Internet model, which I call the decentralized management model. Like fighting on the front line, I think, as Ren Zhengfei is concerned, it is the person who hears the sound of guns who should make decisions, instead of the person who hears the sound of guns who should call the company commander, then the battalion commander, then the battalion commander and then the regiment commander to make decisions. The decentralized decision-making model can greatly improve the combat capabilities of squad leaders and soldiers on the front line.The second is to significantly reduce the hierarchy of the company. There are very few levels in our company. I am one level, six partners are one level, and all employees are one level. There is only one level of partners between each employee and me. In this way, the hierarchy will be greatly reduced. At the same time, carefully select every employee. \"Decentralization\" plus \"hierarchy reduction\", and strive to enable everyone to fight.But I will also encounter many challenges in the management process. First, temptation. There are many things that can be done in China. How can we choose what suits us in the temptation? \"Three thousand weak water, but take a ladle\"; Second, the challenge is the cultivation of talents. This process is longer than I thought, but we have a good way now. People have to spend energy selecting, and after selecting, they also spend a lot of time carving according to Hillhouse culture and values. Curiosity, honesty and independence are the corporate culture of Hillhouse Capital.Whenever I have time, I have to do sports, such as surfing and snowboarding, which can fully display my personality and require full attention in sports. Just like you are on a snow-capped mountain, what else can you think of? I often go surfing in summer, three or four times a week. I go out at eight o'clock, come back at nine o'clock to take a shower, and go to work at nine thirty. It's easy in summer, but I go skiing in winter.06 Zhang Lei's investment philosophyHillhouse Capital represents a very different investment institution, covering the earliest venture capital to private equity investment to listed company investment and merger investment after listing. We are the only institution in China that is doing the whole industrial chain, which is actually uncommon in the world.Because there is no distinction between private equity and listed company equity in the United States, the best, most successful and largest equity industry chain is actually in the United States. For example, Buffett not only buys Coca-Cola (45.430, +0.80%) stocks, but also buys listed company stocks. Do venture capital or even do private equity investments by yourself. In essence, this is how investment should be done, and don't frame whether to do venture capital or listed equity investment.In fact, in the ever-changing China, one year is equivalent to ten or twenty years in the West. The most important thing is not the format of equity, but what kind of business model and what kind of people there are. In the internal training of Hillhouse Capital, the first lecture is people and business. What kind of people we want to invest in and what kind of business model we want to invest in. The combination of people and business is the first criterion for us to choose a company.Why can't most people achieve this standard? Some people say that I either do venture capital or listed equity investment. I think there is the only belief, which is the first principle of our investment. What is it? We don't have to do anything. You don't need to do anything. This is our first philosophical idea of investing. When you say that you don't need to do anything, you have the opportunity to do what you think is most important. We practice this principle in the process of investing.The scale and return of our global investment are also very high. Many people know that I am from the Yale school, and many people know that the Yale Investment Fund has given me ideas on how to invest. When translating \"The Institutional Investor's Path to Innovation\", I gained a deep understanding of investing. In fact, I have worked in many industries before, and I didn't find what I wanted to do until later.The most difficult thing about investing in China is that the market is very impetuous. Every day, people tell you what happened in the market. How do I stay calm in an impetuous market? It is my first investment philosophy, \"Govern the country with righteousness, use strangeness with soldiers, and use strangeness with righteousness.\" When you can be \"upright\", you can withstand all kinds of temptations and challenges.Why use Qi? One would rather be very conventional failure than unconventional success. Why? Unwilling to break the routine and make mistakes, at this time, all kinds of people can't break through all kinds of restrictions to \"use strangeness\" after \"keeping upright\". If your ideas are different from others, you can go out of your own path.When investing in China, it is more important to know how much you can fit in your bowl. So the second point I want to talk about is, \"Three thousand weak water, but take a ladle\". Your daily effort is to make your ladle bigger, stronger and deeper, instead of drinking and eating all the dishes in the pot and on the table all day. There is such a theorem in investment. Chinese and western cultures are the same. To foreigners, it is a piece of mine. Will you be anxious when you see that others have invested in something good and you can't invest? If you have this philosophical support, you will find the piece of mine.When you only keep a low profile, you can concentrate on doing your stuff well. You were very high-profile in your early years. In the words of God, \"If you want to destroy it first, you must first make it crazy\". Keep a low profile and invest in a down-to-earth manner. Really good resources, really good investors, and good investment projects will gradually find you.The most dangerous thing in this industry is that you are driven by money. Either you earn a lot of money quickly and you don't know what to do, or you haven't earned money and are in a hurry, and you don't know what to do, so driving for money is the most dangerous idea. Money is not important, it is the last nature income, and it can't be a goal. 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Because my academic performance was relatively poor at that time, the minimum admission score for primary school and junior high school was 140 points, and I scored 141 points, just one point more. I've probably been working on it since my sophomore year of high school; This is the first time I have started to feel like I have to work hard, and I am particularly impressed.Second, I think I am studying at Renmin University. Now, many good friends I have made are still met when I was studying at the National People's Congress. Among them, some are friends, some are deep partners, and some are engaged in some public welfare undertakings together.Third, I work at the Yale University Endowment. In the painful process of finding a job, I rediscovered myself. Coupled with what kind of person I worked with in my first job, I think these two things have a great impact on me. In fact, it was a last resort to do it when I first entered the Yale Foundation internship. Looked for several other job opportunities, all of which were rejected.The fourth is to start a business. Between working for a company or starting a business, I choose to start a business. At that time, my job was relatively good, and I had a good relationship with John Thain, CEO of the New York Stock Exchange at the time, so he appointed me to be the first NYSE representative in China. This is a very good development opportunity, and I can continue to do it, but then I decided to start a business. In 2005, I founded Hillhouse Capital.02 Do things wellNow I often think about it over and over again. I find that my biggest characteristic is that I love to toss, not satisfied with the status quo, and love to challenge myself. Today, the scale of the company is so big, but I always talk about starting a second venture within the company and starting a business forever. Just as I like adventurous sports, I also love to toss in my career. Besides, I am never satisfied with the status quo. Some people may think that if you have tens of billions of dollars in funds, it is enough to charge management fees, so you don't have to toss so much. But I don't want to do this. If I want to do it, I have to do my best or don't do it.I feel that I think about problems thoroughly and comprehensively, and I like to scrutinize and ponder many things over and over again. I like to plan in advance. In fact, before I started my business, I started planning very early. I first went to work in the fund, and then to other institutions. These institutions often sent me back to China and gave me a time transition zone to consider and arrange my affairs. Every step was relatively solid.In fact, it is very important to choose what kind of people to do things with. I am very picky about this, and I like to find familiar people to work with who are based on long-term trust. The core colleagues around me are either classmates of the National People's Congress or former colleagues. My career was first started by such a handful of friends together.03 Two people I admire mostThere are two people I admire the most, one is Buffett and the other is Swenson. I have the opportunity to get close contact with these two people. What I admire most about Buffett is his investment ability. In addition, I also admire him as a person with strong empathy, which is empathy in English. I quite like this kind of empathetic person; Empathy enables him to better understand young people, people different from him, and management. So today I often talk to my managers about the need for empathy, which I learned from him.Buffett can always think from someone else's point of view. For example, suppose that from a strict point of view, there is a management who is not the best, but he can always stand in the perspective of others, assume that he is in that environment, and analyze whether this situation is due to these or those reasons. He is not just standing in his own perspective, only standing in the perspective of investors. I don't think it's easy to think from other people's point of view, because everyone is used to thinking from their own point of view.I think this empathy is a very good quality for investment, life, even family and interpersonal relationships. I also often communicate with children and ask them to think about, if you think from someone else's perspective, what is it like? Empathy is very important and can help relate to people better.When it comes to Swenson, what I admire most about him is that he has a very strong sense of morality and responsibility. He is, so to speak, the best combination of fiduciary duty and intellectual honesty I have ever met. These two people will always be my role models and the people I admire most.Swenson also taught me a lot of things, such as long-term value investing, institutional investing, asset allocation, understanding of risk and so on. Many companies in China, such as Social Security and China Investment Corporation, regard his books as must-reads. I think these methods can promote the institutionalization of investment in China; It is helpful to think about institutionalization and build a system. But for example, there are many restrictions on how to apply the effective boundary in China, so many things still need to be done if we want to better integrate with China's situation.043 opportunities in the futureFor the Internet/mobile Internet, I think there are many opportunities, and it is very important to integrate the whole industrial chain. But I am more optimistic about Internet finance, using the Internet to combine the whole financial industry chain and financial products, from insurance, mortgage loans to consumer finance. A lot of the combined stuff is just getting started right now, and there are many opportunities to come.Our Clear Stream Capital has invested in several companies in this field. For example, 51 Credit Card, which is like Mint in the United States, manages everyone's financial management and credit cards. We're just beginning to invest in that, and I'm sure there's plenty below.As for the investment opportunities in the next five years, I am optimistic about innovation first, the huge consumption opportunities brought by the middle class second, and the financial and asset management industries third. The current demand is far from being met, especially for asset management. I think there will be many good business models.05 Everyone Can FightSome people say that I am not only a successful investor, but also an excellent leader. But I think these two characters are different and often contradictory. A good investor should have strong questioning ability, and a good manager should have stronger affinity and management ability.My leadership style is influenced by two aspects, one is ancient Chinese culture, especially Lao-Zhuang philosophy; The second is Internet thinking and Internet spirit.From the perspective of Chinese philosophy, it is more like Laozi's \"rule by doing nothing\". From the perspective of real organizational behavior, what I believe is a subversion brought about by the Internet model, which I call the decentralized management model. Like fighting on the front line, I think, as Ren Zhengfei is concerned, it is the person who hears the sound of guns who should make decisions, instead of the person who hears the sound of guns who should call the company commander, then the battalion commander, then the battalion commander and then the regiment commander to make decisions. The decentralized decision-making model can greatly improve the combat capabilities of squad leaders and soldiers on the front line.The second is to significantly reduce the hierarchy of the company. There are very few levels in our company. I am one level, six partners are one level, and all employees are one level. There is only one level of partners between each employee and me. In this way, the hierarchy will be greatly reduced. At the same time, carefully select every employee. \"Decentralization\" plus \"hierarchy reduction\", and strive to enable everyone to fight.But I will also encounter many challenges in the management process. First, temptation. There are many things that can be done in China. How can we choose what suits us in the temptation? \"Three thousand weak water, but take a ladle\"; Second, the challenge is the cultivation of talents. This process is longer than I thought, but we have a good way now. People have to spend energy selecting, and after selecting, they also spend a lot of time carving according to Hillhouse culture and values. Curiosity, honesty and independence are the corporate culture of Hillhouse Capital.Whenever I have time, I have to do sports, such as surfing and snowboarding, which can fully display my personality and require full attention in sports. Just like you are on a snow-capped mountain, what else can you think of? I often go surfing in summer, three or four times a week. I go out at eight o'clock, come back at nine o'clock to take a shower, and go to work at nine thirty. It's easy in summer, but I go skiing in winter.06 Zhang Lei's investment philosophyHillhouse Capital represents a very different investment institution, covering the earliest venture capital to private equity investment to listed company investment and merger investment after listing. We are the only institution in China that is doing the whole industrial chain, which is actually uncommon in the world.Because there is no distinction between private equity and listed company equity in the United States, the best, most successful and largest equity industry chain is actually in the United States. For example, Buffett not only buys Coca-Cola (45.430, +0.80%) stocks, but also buys listed company stocks. Do venture capital or even do private equity investments by yourself. In essence, this is how investment should be done, and don't frame whether to do venture capital or listed equity investment.In fact, in the ever-changing China, one year is equivalent to ten or twenty years in the West. The most important thing is not the format of equity, but what kind of business model and what kind of people there are. In the internal training of Hillhouse Capital, the first lecture is people and business. What kind of people we want to invest in and what kind of business model we want to invest in. The combination of people and business is the first criterion for us to choose a company.Why can't most people achieve this standard? Some people say that I either do venture capital or listed equity investment. I think there is the only belief, which is the first principle of our investment. What is it? We don't have to do anything. You don't need to do anything. This is our first philosophical idea of investing. When you say that you don't need to do anything, you have the opportunity to do what you think is most important. We practice this principle in the process of investing.The scale and return of our global investment are also very high. Many people know that I am from the Yale school, and many people know that the Yale Investment Fund has given me ideas on how to invest. When translating \"The Institutional Investor's Path to Innovation\", I gained a deep understanding of investing. In fact, I have worked in many industries before, and I didn't find what I wanted to do until later.The most difficult thing about investing in China is that the market is very impetuous. Every day, people tell you what happened in the market. How do I stay calm in an impetuous market? It is my first investment philosophy, \"Govern the country with righteousness, use strangeness with soldiers, and use strangeness with righteousness.\" When you can be \"upright\", you can withstand all kinds of temptations and challenges.Why use Qi? One would rather be very conventional failure than unconventional success. Why? Unwilling to break the routine and make mistakes, at this time, all kinds of people can't break through all kinds of restrictions to \"use strangeness\" after \"keeping upright\". If your ideas are different from others, you can go out of your own path.When investing in China, it is more important to know how much you can fit in your bowl. So the second point I want to talk about is, \"Three thousand weak water, but take a ladle\". Your daily effort is to make your ladle bigger, stronger and deeper, instead of drinking and eating all the dishes in the pot and on the table all day. There is such a theorem in investment. Chinese and western cultures are the same. To foreigners, it is a piece of mine. Will you be anxious when you see that others have invested in something good and you can't invest? If you have this philosophical support, you will find the piece of mine.When you only keep a low profile, you can concentrate on doing your stuff well. You were very high-profile in your early years. In the words of God, \"If you want to destroy it first, you must first make it crazy\". Keep a low profile and invest in a down-to-earth manner. Really good resources, really good investors, and good investment projects will gradually find you.The most dangerous thing in this industry is that you are driven by money. Either you earn a lot of money quickly and you don't know what to do, or you haven't earned money and are in a hurry, and you don't know what to do, so driving for money is the most dangerous idea. Money is not important, it is the last nature income, and it can't be a goal. You must be for a passion, taking you down.We are an \"heterogeneous\" with independent thinking and don't care about the market or other investment institutions.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://mp.weixin.qq.com/s/7BrGRylc59CUAS9DqPG17Q\">投资人</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/890dd2dfb205aa8aa1d140672304b3c8","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/7BrGRylc59CUAS9DqPG17Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155033069","content_text":"01 人生四次转折\n成为投资人我经历了四个转折点。\n第一，小学考初中，差点没考上。因为我当时学习成绩比较差，小学考初中的最低录取分是140分，我考了141分，刚好多1分。我大概从高中二年级才开始努力；这是我第一次开始感觉要努力，印象特别深。\n第二，我觉得是在人民大学读书。现在我交的很多很好的朋友还都是当年在人大读书的时候认识的，他们当中，现在有的是朋友，有的是关系很深的合作伙伴，有的还一起从事一些公益性事业。\n第三，我在耶鲁大学捐赠基金工作。在找工作这个煎熬的过程使自己重新发现了自己，再加上第一份工作中跟什么样的人工作，我觉得这两件事对我影响比较大，其实刚进耶鲁基金实习工作是不得已而为之。找了好几个别的工作机会，都被拒绝了。\n第四，就是创业。在为公司打工还是创业两者之间，我选择创业。当时我的工作比较不错，而且和当时的纽约证券交易所CEO，John Thain, 关系很好，所以他委派我担任中国地区第一任NYSE的代表。这是非常好的发展机会，我完全可以继续做下去，但后来我还是决定创业，在2005年我创建了高瓴资本。\n02 做事就要做好\n现在我经常会反复考虑，我发现自己最大特点就是爱折腾，不满足现状，爱挑战自己。今天公司规模已经这么大了，但是我总在公司内部说二次创业，永远创业。这就像我喜欢具有冒险精神的运动一样，在事业方面我也是爱折腾。此外，我从来不满足于现状，可能有些人会觉得你有几百亿美元基金，收管理费就够了，不用那么折腾。但我不愿意这样，要做就要做到最好，要么就不做。\n我觉得自己思考问题还算比较彻底全面，喜欢把很多事情反复地去推敲和琢磨。我很喜欢提早计划，其实创业之前我很早就开始计划，先到基金工作，然后到别的机构，这些机构经常派我回中国，给了我一个时间过渡区来考虑和安排我的事情，每一步走得比较扎实。\n其实，选择和什么样的人一起做事情非常重要。我对这一点非常挑剔，我喜欢找基于长期信任的、熟悉的人一起工作。我身边的核心同事，要么是当年人大的同学，要么就是以前的同事。我的事业最早就是这么一小撮朋友一起做起来的。\n03 最佩服两个人\n我最佩服的人有两个，一个是巴菲特，一个是史文森。这两个人我都有机会比较近距离的接触，我最佩服巴菲特是他的投资能力，另外我也十分佩服他是一个具有强烈同理心的人，英文就是empathy。我很喜欢这种有同理心的人；同理心能使他更好地去了解年轻人，了解和他不一样的人，了解管理层。所以今天我经常和我的管理人员说需要有同理心，这点我从他身上学到的。\n巴菲特总是能站在别人的角度想问题。打个比方，假设从严格的角度来讲，有个管理层不是做到最优秀的，但他总能站在别人的角度，假设自己处在那个环境下，分析这个情况是由于这些或者那些原因造成的。他不是只站在自己的角度，只站在投资者的角度。我觉得站在别人的角度想很不容易，因为每个人都习惯从自己的角度思考问题。\n我觉得这个同理心对于投资，人生，甚至家庭、人际关系，都是一个非常好的品质。我也经常和小孩子交流，让他们想想，如果你站在别人的角度上想，是什么样的？同理心非常重要，可以帮助更好地与人产生共鸣。\n说到史文森，我最佩服他的一点就是，他有非常强烈的道德感、责任感。可以这么说，他是我见过的把fiduciary duty和intellectual honesty结合得最好的一个人。这两个人永远都是是我的楷模，是我最佩服的人。\n史文森还教会了我很多东西，比如长期价值投资，机构投资，资产配置，对风险的理解等等。中国很多公司，比如社保、中投都把他的书当做必读物。我认为这些方法能推动投资在中国的机构化；对机构化的思考问题，体系搭建都是有帮助的。但比如说有效边界，怎么把它运用过来，在中国是有很多限制条件的，所以若要更好地跟中国状况相结合，还需要做好很多事情。\n04 未来的3个机遇\n对于互联网/移动互联网来说，我觉得机遇很多，把整个产业链整合是很重要的一块。但我更看好互联网金融，利用互联网把整个金融产业链、金融的产品，从保险、抵押贷款、到消费金融都结合在一起。很多结合的东西现在只是刚刚开始，还有很多机会在后面。\n我们旗下的清流资本已经投资了好几个这方面的公司。比如像51信用卡，这是像美国的Mint，把大家的理财、信用卡都管理起来。我们才刚刚开始这方面的投资，我相信下面还有很多。\n未来5年的投资机遇，我第一是看好创新，第二是看好中产阶级带来的巨大消费机会，第三是看好金融和资产管理行业，现在的需求远远没有被满足，尤其是资产管理，我觉得会有很多好的商业模式出来。\n05 每个人都能战斗\n有人说我不但是成功的投资者，也是优秀的领导者。但我觉得这两个角色是不一样的，经常有矛盾。一个好的投资者要有强烈的质疑能力，一个好的管理者要有更强大的亲和力与管理能力。\n我的领导风格受两个方面的影响，一是中国古代文化，尤其是老庄哲学；二是互联网思维、互联网精神。\n从中国哲学的角度来讲，比较像是老子的“无为而治”。而从真正的组织行为学来讲，我相信的是互联网模式带来的一种颠覆，我称之为去中心化的管理模式。像在前线打仗，我觉得像任正非而言，应该是听到炮声的人去做决策，而不是听到炮声的人要打电话给连长、再打给营长、营长再打给团长再做决策。去中心化决策模式能大幅度地提升在前线的班长和战士的作战能力。\n第二是大幅度减少公司的层级。我们公司的层级非常少，我是一层，六个合伙人是一层，所有的员工是一层。每个员工和我之间只有合伙人一层。这样的话就大幅度地消减层级。同时，精挑细选每一个员工。“去中心化”加“消减层级”，争取让每一个人都能够战斗。\n但是在管理过程中我也会遇到很多挑战。第一，诱惑。中国有很多事情可以做，我们怎么在诱惑中选取适合自己的，“弱水三千，但取一瓢”；第二，挑战是人才的培养。这个过程比我想象的要漫长，但我们现在摸到了好途径。人要花精力挑选，挑进来之后也要花很多时间按照高瓴文化和价值观来雕琢。好奇、诚实、独立是高瓴资本的企业文化。\n一有时间我还要去运动一下，像冲浪、单板滑雪，都是比较能够充分张扬个性，并且要求在运动中全神贯注。就像你在雪山上，能想什么别的？我夏天经常去冲浪，一周三四次，八点钟出去、九点钟回来洗个澡、九点半去上班，夏天很容易，冬天就去滑雪。\n06 张磊的投资哲学\n高瓴资本代表了一个非常不一样的投资机构，涵盖了最早期风险投资到私募股权投资再到上市公司投资以及上市以后的兼并投资。我们是全中国唯一在做全产业链事情的机构，这实际上在世界上也是不常见的。\n因为在美国完全不分私募股权和上市公司股权，股权全产业链做得最好最成功最大的实际上在美国，像Buffett既买可口可乐（45.430，+0.80%）股票，买上市公司股票，又自己去做风险投资甚至去做私募股权投资。本质上，投资就应该是这么做的，不要框定是做风险投资还是做上市股权投资。\n实际上，在风云变幻的中国，一年相当于西方的十年二十年，其中最重要的不是股权的format，最重要的是一种什么样的商业模式，有什么样的人。在高瓴资本内部培训中，第一讲就是人与生意，我们要投资什么样的人，要投资什么样的生意模式，人与生意的组合是我们选公司的第一个标准。\n为什么这种标准中大部分的人不能做到？有人说我要么做风险投资，要么做上市股权投资。我觉得有唯一一个belief，就是我们投资的第一原则，是什么呢？是We don‘t have to do anything．你不需要做任何事情，这是我们投资的第一个哲学思想，当你说自己不需要做任何事情时，就有机会做自己认为最重要的事情，我们在投资的过程中都在实践这一原则。\n我们在全球投资的规模和回报也是很靠前的，很多人知道我是耶鲁流派的，很多人知道耶鲁投资基金给了我怎么投资的想法。在翻译《机构投资者的创新之路》时，我对投资有了很深的理解。其实之前我做过很多行业，直到后期才找到我想干的事。\n在中国做投资最难的一点就是市场很浮躁，每天都有人告诉你市场上又发生了什么事情。我如何在浮躁的市场上保持冷静？就是我的第一个投资哲学，“以正治国，以奇用兵，守正用奇。”当你能够做到“正”你就能经得起各种各样的诱惑与挑战。\n为什么要用奇呢？一个人宁愿很conventional failure，也不愿unconventional success，为什么呢？不愿意打破常规去犯错误，这时候各种各样的人，在“守正”之后不能突破各种各样的限制去“用奇”，你的想法如果和别人不一样就可以走出一条自己的道路。\n在中国做投资，知道自己碗里能装多少东西更重要。所以我要讲的第二点就是，“弱水三千，但取一瓢”。你每天的功夫就是要把你的这一瓢做得更大更结实更深，而不是整天壶里的和桌上的菜都要喝掉吃掉。投资里面有这样一个定理，中西文化是相同的，跟老外讲就是a piece of mine，看到别人投了很好的东西你投不到你是不是会着急。你有这个哲学支撑就会找到the piece of mine，something you think make sense。\n当你只有低调的时候才能专心致志地把自己的东西做好。你在早年时就非常高调，拿上帝的话说就是“欲先使其灭亡，必先使其疯狂”。要低调，踏踏实实的做好投资，真正好的资源，真正好的投资人，好的投资项目会逐渐找到你的。\n在这个行业里最危险的事情就是，你是被钱驱动的。要么你很快就挣了很多钱，你不知道干什么，要么你一直没挣到钱很着急，你也不知道要干什么，所以为钱驱动是一个最最dangerous的想法。钱并不重要，是最后的一个nature income，不能成为一个目标，你肯定是为了一个passion，带着你走下来。\n我们是一个“异类”，有独立的思考，不在乎市场，不在乎别的投资机构。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2192,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}