Zhang Lei, "Buffett" of China's value investment.
Lei Zhang is the founder of Hillhouse Group.
After reading Mr. Zhang Lei's book "Value", I felt that the book as a whole 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 speculative activity; paying attention to and participating in opportunities for structural market and industry change, creating a dynamic moat, 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 research; long-term research = key timing + key changes; independent research = unique perspective + data insight. Since this is value investing and earning money for the growth of the company, researching the company is the most important thing, and the conclusion of the research is also the most reliable basis for making investment decisions.
Supporting these three aspects is human rational curiosity, honesty and independence. Key changes in investment at critical times.
What Zhang Lei sees is not form, but whether a person essentially creates value for society.
On the basis of adhering to a high degree of ethical self-discipline, personality independence and abiding by the rules, adhere to professionalism and focus, have a great view of the pattern and seek the long term.
There is no such thing as growth investing and value investing; a successful growth invest must be able to anticipate the chances of success of new technologies, trends in new markets and the development of new business models Evaluating the company's development goals should be to measure the company's internal mechanisms and dynamics.
Value touches all aspects of investment, of which three points touched me the most: one is about corporate investment, the other is research, and the third is about value investment.
In His book Value, Zhang Lei's discussion of research deserves our reflection: Thank you very much: The theory in an article on "value".
Whether it is in the process of adhering to long-term investment, maintaining a good company, helping to grow and find inner peace, because investors will indeed face many opportunity costs; or how to unite people's hearts, make progress together, and jointly discover value in the high-level start-up period, Zhang Lei himself concluded that co-investing in value stocks and efficient learning ability is the key, of course, it is also important to continue to output.
This sentence shocked me: "The starting point for investment decisions is a deep insight into the industry, including changing trends on the supply side, the historical evolution of the industry environment, and the nature of the business model."
What kind of company to consider is worth holding for more than 30 years? "This also truly reflects Hillhouse's investment philosophy and approach."
There is also a wealth of scarce material in the book, and his investment skills and his wisdom in wealth, knowledge, social and thinking are also included in the book. Including detailed dismantling of [7 Hillhouse Investment Formulas] and [More than 10 Investment Cases]
Zhang Lei is not only an investor, but also a thinker. I have read this book many times, and every time I can be shocked by Zhang Lei's thoughts, many investment, wealth, and confusion problems encountered in life. Zhang Lei gave the solution in the book, and some of them even have steps.
The number of people who recommend this book is even more amazing, and more than 50 business leaders are recommending this book.
Having money is a result, what causes to plant, what fruits to bear, standing on the shoulders of giants, we can see farther and wider, learn the experiences and lessons of powerful people, and absorb their methodologies for our own use. You will have the power to change your life!
Only need a meal money, your thinking can be qualitatively improved, your money-making thinking will be broader, or worth it, to give the future self a chance.
I believe that no matter what kind of reader you are, you can get unexpected gains from this book.
The whole book is very thick, there are many dry goods, the printing is exquisite, the price is not expensive, whether it is to collect it yourself or give it to a friend is a very good choice!
Value Financial Investment Management Principles Bestseller ¥99 Purchase