Super dry goods: notes on the value investment of Gaoyao Capital Zhanglei

1, three major investment philosophies: keeping the right and using the strange; Weak water 3 thousand, but take a ladle, peaches and plums without saying anything, each showing his magical powers; The scenery should be long-term, build high walls, accumulate grain widely, and slow down to be king;

2. Concept and quality: super-permanence, delayed gratification, self-drive, lifelong learning, academic research, first principle, multiple thinking mode, rational curiosity, honesty and independence, embracing change, understanding the value of time, being friends with time, humanistic spirit, sportsmanship and normal heart.

3. Entrepreneurship: craftsman spirit, big pattern view, super empathy, no end point, no organizational boundary, starting from the end point; Constantly crazy to create value.

4. People, business, environment and organization: On the one hand, I hope to think big and long-term, set up a telescope to observe changes and seize opportunities. On the other hand, study the essence of business with a microscope and see its genes, cells and energy clearly.

5, three fires: what can be burned is not important, such as money, house or other material wealth, but what can't be burned is important. There are three kinds of combination, that is, a person's knowledge, ability and values, but also deep in the heart, really belong to their own three fires.

6. In the process of struggle, it is difficult to predict the road ahead. Choosing who to go with is more important than going far away.

7. The most important thing in life is to find a group of really reliable people you like and do interesting things together. (ps also finds a person who shares joys and sorrows and supports each other for a lifetime. )

8. We are entrepreneurs and investors.

9. The only constant is change. People haven't run yet, and the times are already riding and whipping.

10, the essence of retail: retail is service, content is commodity, what you see is what you get.

1 1. Methodology: The logical dimension increases, but the decision-making dimension decreases. Bold assumptions, careful verification. Grasp the finite key variables that are understandable, predictable and predictable.

12, strategy and tactics: accurate data can't replace general judgment, and tactical diligence can't make up for strategic laziness.

13. assets and expenses: every investor should understand that assets can deepen the moat over time. the longer the time, the more unfavorable it is to the business.

14, moat: There is only one moat in the world, that is, entrepreneurs constantly innovate and create long-term value crazily. Early death and early super life, subverting yourself from the heart.

15, 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. The core of long-term structural value investment is the pattern view, which constantly subverts itself, reshapes the industry and constantly creates value for society.

16. Delayed gratification: In a world where most people are addicted to instant gratification, those who know how to delay gratification have gained the upper hand.

17, watch out for the value investment of machinery, that is, watch out for the right and prevent the left, but mainly prevent the left. The right to value investment refers to opportunists, and speculation should be rejected. The left of value investment means that radicals are more terrible than the right.

18, the way of investment, thousands of methods. What kind of investment philosophy you insist on, you can't pretend to be decent, and you can't admit that you are a master. Although the Wulin is big, anyone who practices the secret sword can walk alone in the Jianghu.

19. Trustee's responsibility: I would rather lose customers than their money, and adhere to a high degree of moral self-discipline.

20, corporate culture must be established at the beginning of the venture, can't make mistakes, also can't tear down.

2 1. Real value investment should abandon the utilitarian method of accurate calculation to achieve so-called success. No matter what kind of financial cycle, whether there is a bubble or not, value investors should rely on the endogenous growth of enterprises to obtain investment income, rather than relying on risk preference or valuation multiplication.

Second, the high collar formula