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瓴張磊內(nèi)部演講筆記
在喧嘩的投資世界里，張磊比較低調(diào)。自從2005年從耶魯基金的David Swesen手中獲得2000萬美金， 他實(shí)現(xiàn)了年化~40%的收益。作為對(duì)比，巴菲特的年化復(fù)合收益~22%，不過保持了50年。今天，Hillhouse管理180億美金。盡管不是專注技術(shù)領(lǐng)域，張磊的成名來自投資了幾個(gè)最成功的中國互聯(lián)網(wǎng)企業(yè)(騰訊和京東)。以下是他4月29日在哥倫比亞商學(xué)院做的投資和人生經(jīng)驗(yàn)分享。
For those who crave for brevity, here is the essence of the lessons that Lei Zhang shared:
簡(jiǎn)短的版本：
Being a long-term investor gives you a big advantage from the starting line.
做一個(gè)長(zhǎng)期的投資者具有巨大的優(yōu)勢(shì)。
Do deep fundamental research, make few bets instead of keeping on chasing ideas. This way you simply your life and your business.
做基礎(chǔ)研究，投資少而精，而不是追逐概念。這會(huì)使你的生活和生意簡(jiǎn)單。
Hillhouse invests in changes and strives to help create value through entrepreneur-like thinking and problem solving. “We are entrepreneurs so happen to be investors”
Hillouse投資于變化，通過企業(yè)家思維和解決問題創(chuàng)造價(jià)值，“我們是創(chuàng)業(yè)家碰巧還是投資人"
Spend quality time with quality people, doing quality things. Hopefully part of the outcome is making money.
和高質(zhì)量的人花夠時(shí)間，做高質(zhì)量的事情。掙錢是自然而然的結(jié)果的一部分。
Stay connected to reality and everyday life, do not become a victim of your own success.
不要脫離現(xiàn)實(shí)和生活，不要為自己的成功所束縛。
Four most important traits in people that Lei looks for: intellectual curiosity, intellectual independence, intellectual honesty, and empathy.
尋找那些有如下特質(zhì)的人：好奇心，獨(dú)立思考，誠實(shí)，有同理心
For those who want more details and articulations, read on:
長(zhǎng)版本：
1.Investment Strategy(投資策略)
Flexibility - Lei only had one investor in his fund when starting out Hillhouse - David Swensen from Yale Endowment seeded Hillhouse with $20 million. He could have raised more money with Swensen’s endorsement but did not. He wanted to start with a solid foundation, a strategy that allows him 100% flexibility to invest in whatever he believes in and is passionate about, be it public equity, venture capital, or private equity. In Lei’s words “it’s not about the format but about the essence.” To him the essence is to invest in companies that he thinks make sense, truly believes in, run by people who he respects and are open-minded, and could compound capital over a long stretch of time no matter what stage the company is in. In terms of his investment team, Lei believes in a generalist model and prides himself on being one of the analysts.
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