瓴张磊内部演讲笔记

瓴张磊内部演讲笔记

　　在喧哗的投资世界里，张磊比较低调。自从2005年从耶鲁基金的David Swesen手中获得2000万美金， 他实现了年化~40%的收益。作为对比，巴菲特的年化复合收益~22%，不过保持了50年。今天，Hillhouse管理180亿美金。尽管不是专注技术领域，张磊的成名来自投资了几个最成功的中国互联网企业(腾讯和京东)。以下是他4月29日在哥伦比亚商学院做的投资和人生经验分享。

　　For those who crave for brevity, here is the essence of the lessons that Lei Zhang shared:

　　简短的版本：

　　Being a long-term investor gives you a big advantage from the starting line.

　　做一个长期的投资者具有巨大的优势。

　　Do deep fundamental research, make few bets instead of keeping on chasing ideas. This way you simply your life and your business.

　　做基础研究，投资少而精，而不是追逐概念。这会使你的生活和生意简单。

　　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投资于变化，通过企业家思维和解决问题创造价值，“我们是创业家碰巧还是投资人"

　　Spend quality time with quality people, doing quality things. Hopefully part of the outcome is making money.

　　和高质量的人花够时间，做高质量的事情。挣钱是自然而然的结果的一部分。

　　Stay connected to reality and everyday life, do not become a victim of your own success.

　　不要脱离现实和生活，不要为自己的成功所束缚。

　　Four most important traits in people that Lei looks for: intellectual curiosity, intellectual independence, intellectual honesty, and empathy.

　　寻找那些有如下特质的人：好奇心，独立思考，诚实，有同理心

　　For those who want more details and articulations, read on:

　　长版本：

　　1.Investment Strategy(投资策略)

　　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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