Introduction: In the past few years, with good corporate culture, forward-looking research and excellent mid- and long-term performance, BoCom Schroders has grown into a first-line active management investment research team in China.

In this team, there are not only the "Three Musketeers" of star fund managers: Wang Chong, He Shuai, and Yang Hao, but also a group of rapidly growing young fund managers.

Tian Yulong is a leader among the new generation of fund managers of Bank of Communications.

I met Tian Yulong as early as 2015. The deepest impression of him at that time was that he was extremely smart and had a strong learning ability.

After he became a fund manager, he was able to see Tian Yulong's learning ability more deeply.

Tian Yulong, who was born in the computer industry, is no longer a fund manager of technology stocks. He has expanded his circle of competence to the field of large consumption and improved his understanding of technology growth stocks through understanding consumption.

An important characteristic of Tian Yulong is that he has a strong sensitivity to new things and is good at understanding the essence behind changes through user experience.

Tian Yulong believes that the sweetest thing about technology stock investment is from 0 to 1, which is very explosive, but the road from 1 to N may be full of bumps.

Change is the double-edged sword of technology. The explosive power brought by change also means that it is difficult to form a strong moat.

On the contrary, the sweetest thing in the consumer industry is 1 to N. The company's moat will become stronger and stronger, and its market share will increase.

As a young fund manager, Tian Yulong is constantly expanding his circle of competence, whether it is management capacity, control of drawdowns, or improvement in investment research efficiency.

Of course, what is more important is the enthusiasm for new things and changes, which can be strongly felt in interviews.

Below, we first share some investment "golden words" from Tian Yulong: 1. I have never positioned myself as a technology stock fund manager in a narrow sense, but more of a growth stock fund manager. 2. Technology stocks 1 to N are often full of

Uncertainty often leads to a decline in the moat and deterioration of the competitive landscape in the process.

But the 1 to N of consumer goods are very sweet. Just the opposite of technology stocks, it brings optimization of the competitive landscape. 3. Our investment must prepare for the future registration system. Whoever can adapt better will win. 4

.An old leader of mine told me that the most important thing in investing is response, not prediction. 5. I feel that fund managers occupy the halo of most people in this industry, and many investment results are thanks to the power of the research department.

Under the registration system, the competition for public offerings will be more of a team competition in the future rather than an individual one. 6. When I choose technology stocks, I will put the meso-industrial trend first, and then choose after a good industry trend.

A good company 7. When studying consumer goods, you must study consumer psychology 8. The biggest change in consumer goods in the past two years comes from the integration of new products and new channels 9. When investing in consumer goods, the stages from 0 to 1, 1 to 2, and 2 to 3 are not the same.

It doesn't matter if you invest, the key is whether you dare to take a heavy position in the 3 to N stage.

Opportunities from 0 to 1 come more from diligence and foresight.

But seizing opportunities from 3 to N comes more from a deep understanding of technology, grasping 0 to 1, and enjoying consumption from 1 to N. Zhu Ang: Many growth stock fund managers have spoken highly of you before, and I finally have the opportunity to work with you.

Let’s talk about investment. How about sharing some of your insights in the past year?

Tian Yulong To be honest, I feel that my investment years are not long enough, and many frameworks are not particularly mature, but I have some insights to share.

I entered the industry through TMT, and the technology investment style in the past portfolio was also very distinctive.

But starting last year, I added consumption and medicine to the mix to expand my circle of competence.

My idea is very simple. I have never positioned myself as a technology stock fund manager in a narrow sense, but more as a growth stock fund manager.

After I looked at consumer goods, it also helped me understand the good and bad sides of technology stock investing.

What's more, after the circle of competence is expanded, the drawdown from technology investment can be effectively controlled.

Technology stocks from 1 to N are often full of uncertainties. In the process, the moat will often decline and the competitive landscape will deteriorate.

But the 1 to N of consumer goods is exactly the opposite of technology stocks, which brings about the optimization of the competitive landscape. This year I bought a leading company in the food supply chain, which belongs to the 1 to N of consumer goods.

In this process, not only the brand continues to be deeply rooted in the hearts of the people, the channels continue to improve, but the overall cost also continues to decrease, and the gap with competitors can be said to be getting wider and wider.

The charm of technology investment is that there are many technical routes, many innovations, and explosive power.

Some companies have identified a technical route and reaped dividends from 0 to 1. This process is very rapid.