His value investment principle is to choose excellent companies and make friends with time. If you don't vote, you will bet heavily as soon as you vote, and you will hold it for a long time.
He understands that basic value investors must be long-term activists. It is difficult to see anything short, but a little longer will make you understand a lot. As the saying goes, running water does not strive for the first place, and struggles endlessly.
Whether a person can apply long-term doctrine to daily micro-decision-making, and after forming muscle memory, he will really become a long-term person, crossing the cycle, with value for money and no hurry. Do the right thing and maximize the long-term value.
What makes people stunned is that this value investment master was actually a scum who often skipped classes when he was a child.
When Zhang Lei was a child, his parents were very busy at work and had no time to take care of him. Zhang Lei completely liberated himself. He was fishing in the river when the students were listening carefully in class. The academic performance of such a truant king can be imagined. He got 14 1 in junior high school, and the admission score was 140, which means he almost didn't get into junior high school.
In the second day of junior high school, he studied as hard as a different person, because he knew Shi Gong Yi, and the power of example was infinite. In the college entrance examination, he was admitted to China Renmin University with the first place in Zhumadian liberal arts, and became a teacher of Liu. After graduation, I went to Yale for further study in the United States, where I studied under the famous value investment master and chief investment officer of Yale, David Swenson. After finishing his studies, Zhang Lei returned to China with $20 million from his tutor.
In 2005, he returned to China to set up Tencent as the first investment project of Gaoling Capital. He made a full investigation and came to his own conclusion. He thought that Tencent's instant messaging tools would change the way people communicate in the future, so he invested all the money he could in Tencent, and the final income exceeded 100 times, completing a high-quality leap.
Zhang Lei's investment in the Blue Moon is also a classic. In 2008, Zhang Lei conducted an in-depth study on the upgrading of consumer goods in China. At that time, many basic categories of consumer goods were occupied by multinational companies, such as Procter & Gamble and Unilever.
Seeing that these multinational companies have historical burdens in essence, they can't grasp the trend of consumption upgrading, so based on this logic, we found Luo, the founder of Blue Moon Company, and encouraged him to make laundry detergent. 20 10, Gao Yan Capital invested 45 million dollars in the Blue Moon Angel Wheel, and 20 1 1 added investment.
With the blessing of Zhang Capital, the Blue Moon soon embarked on the fast lane of development. The annual sales of Blue Moon increased from 400 million yuan in 2007 to 4.3 billion yuan in 20 13, with a compound annual growth rate of 49%, and it became the overlord of laundry detergent in China.
Gao Yan Capital holds 0/0% of Blue Moon/KLOC, and is the largest external investor. In 2020, Blue Moon 65438+February 65438+June successfully went public in Hong Kong, and Zhang Lei stuck to 10, becoming the biggest winner behind the IPO.
JD.COM is the most classic investment case in Zhang Lei, and this vote has established his Jianghu status. 20 10, Liu found it. At that time, JD.COM had just experienced the financial crisis in 2008, and almost closed down because it could not get financing.
Ask Liu how much it costs. Liu gritted his teeth and said $75 million. Zhang Lei smiled and said, "Brother, I have worked it out for you. If you want to make JD.COM your ideal Amazon plus UPS model, you need at least $300 million. If you want to vote, you will vote for 300 million. If you want to vote, you will not vote. "
Everyone knows the later story. It is precisely because of this $300 million that Liu quickly established a warehousing and logistics system all over the country. It is precisely because of the trump card of Jingdong Logistics that JD.COM has the capital to wrestle with Ali. Now JD.COM has become the largest self-operated e-commerce platform, and Zhang Lei has made a lot of money from this investment.
On 20 17, Zhang Lei donated 300 million yuan to his alma mater, China Renmin University, and established the "China Renmin University High-spirited Education Development Fund". In 20 19, Gao Yan Capital invested 41700 million shares of Gree, becoming the largest shareholder of Gree.
It took Zhang Lei more than ten years to develop the management scale of Gao Yan capital from the initial $20 million to the present $65 billion. Gao Yan Capital has become one of the largest equity investment funds in the Asia-Pacific region, and it is also known as the first value investor in China.
Zhang Lei's value describes in detail his three investment philosophies:
1, surprisingly honest: on the basis of adhering to a high degree of moral self-discipline, independent personality and adherence to principles, adhere to professionalism and dedication.
2, weak water 3,000, but take a scoop: we must resist the strong desire not to miss anything beautiful, and at the same time find our own opportunities.
3, peaches and plums don't say anything, the next step is self-sufficiency: this sentence comes from Historical Records. The original intention is that peach and plum trees don't take the initiative to recruit people, but people come to admire flowers and pick fruits and walk out of a path under the tree. In terms of investment, we should not care about the social reputation or value created in the short term, but how much value has been created in the long term.