Take the risk of being sealed the wooden wood this article turn aroundCornerstone capital Zhang Wei

rarely write so long things, we have money to hold a money field, no money to hold a personal field ah: my garbage station life

small wood wood: my station in life

was very fascinated by the Internet, feel very magical, people all over the world, it can through a computer, linked together, free, broad, rich, this is my feeling of FIRST net

I contact the computer should be regarded as relatively first, 93 years at the school came into contact with the hard disk, not only a five inch floppy disk boot 286, learn typing, five pen and have forgotten when the LOGO language;

Although he is still

Design website

/////////////////////////////////////////////////////////////////////////////< >

cited two companies we voted for, for example, is a mountain intelligent, cornerstone capital invested in 2004. At that time, macroeconomic regulation and control, no one voted, we did not expect to get much higher returns, we think that 3 times meet. Later, the company went public in 2006, and in 2007 we received a 100 fold return. After that, sunward entered the decline cycle, and we were at the right point, and when we peaked in 2007, we pulled out.

many entrepreneurs think we are very concerned about the macro economy, because we are doing a later investment, but in fact it is not. Macroeconomic growth is 7%, or 5% growth, does not affect investment decisions, because investment is to invest in an industry of a living enterprise, rather than cold macro data. So what do we focus on as an investor? The answer is: the growth of an enterprise.

, is the logic that we invest in the top three and the top two in the investment industry? That’s not the case. At that time, the portal business model faces uncertainty, and they and electricity providers, stores in the process of combining, there is still vast space and evolution. For China enterprise, industry and market share of the top three, only relatively concentrated railway, telecommunications, insurance, banking and other industries, most of the industry is highly fragmented and highly dispersed means that most of the enterprises in the growth stage, not to the industry consolidation period, we also have the opportunity.

industry structure has its inherent law. It is almost not transferred by human will, but it is not a simple repetition of history. Many industries have experienced such growth process: start-up, growth, maturity and decline. Judging when the industrial cycle ends is as important as when. Investing or starting a business at the end of the industry cycle is difficult to create high returns.

determines the factors of enterprise growth: industry cycle, corporate governance, entrepreneurship, organizational system, industrial structure, technological progress. Among them, the industry cycle and the growth of enterprises are closely related, this is the most central factor.

1, pay attention to the industry cycle


The development of

another company is the Jiangsu 365 network, which we launched during its initial phase. This investment brings us 100 to 200 times return when we exit, and can achieve such a high return. It is also an industry and market factor that is not transferred by individual will.

Kearney Management >

, as I said, this growth must be sustained through the growth of the economic cycle, not dependent on the endogenous growth of sustained capital input, and can generate cash flows that match the size of the net profits. We reject pseudo growth, namely, short-term growth based on economic or industrial cycles; transfusion based growth that relies on continued capital input; and reliance on the growth of sustained mergers and acquisitions.


Leave a Reply

Your email address will not be published. Required fields are marked *