My Age of Investment

Too much to chew!

Xia Jingxing knew that he was misunderstood.

Although he didn't have to prove anything to anyone or explain anything to anyone, it still wouldn't feel good if he really came across as an idiot.

However, before he could speak out, Gates jumped out to defend him.

"You may not know much about Darren. He started investing when he first founded Facebook. He invested in the Chinese Internet company NetEase in 2002..."

After Gates invested in Facebook, he also got close to old man John, Breyer and others a few times, and heard many secret stories about Xia Jingxing.

At this time, he told everyone that Xia Jingxing invested in Netease, then invested in Amico, then made angel investment, and finally established a professional investment institution.

Xia Jingxing's story in the past few years in the United States is very exciting, legendary and magical enough.

Many people don't know that besides Facebook, he has also opened up a brilliant flower in the investment field.

At this time, Buffett and the other three were stunned when they heard about Xia Jingxing investing in NetEase and earning dozens of times the return, investing in Aimee and earning ten times the return, etc.

How can you do so well while starting a business and investing at the same time?

Is this still human?

When Gates threw out the last bomb and the Lixia Fund reached a rate of return of nearly 700% a year, Buffett and others finally couldn't help it.

The old man Ba ​​was the first to ask, "Daren, can you talk to me about two investment cases?"

Xia Jingxing was quietly listening to Gates bragging to himself.

It feels great to hear the world's richest man boasting about himself.

But at this time, when Buffett suddenly asked, he simply chatted about two investments.

The process is very simple, and the result is also very simple. What is difficult is the various analysis before investment, which can be said to be the crystallization of investment wisdom.

Naturally, it was impossible for Xia Jingxing to say that he had no foresight, so he could only talk about the company's fundamentals and the company's future performance.

Buffett and others also believed that the investment was so successful, and it was not an accident.

It is almost a one-shot one-shot.

Apart from amazing judgment and financial talent, there is no other more reasonable explanation.

Buffett asked, "Are you raising a second hedge fund?"

Xia Jingxing replied and introduced: "Yes, Vision Capital's second hedge fund is called Grain full (Xiaoman), which is taken from one of the twenty-four solar terms in Chinese cultural tradition."

The literal translation of Xiaoman in English is "the grain is full", which means that the harvest is about to be abundant.

Buffett found it interesting and said with a smile: "Investing and managing asset portfolios are indeed no different from growing crops.

You have to sow, fertilize, weed, and watch out for the weather (black swan event). "

Charlie Munger had a lot of contact with Li Lu and had a certain understanding of Chinese culture. The octogenarian also followed behind and asked Xia Jingxing about the names and allusions of several other funds.

The reason why Xia Jingxing named the fund Twenty-Four Solar Terms was to show that he did not forget his roots, and to tell stories and play the Chinese card.

At present, various domestic industries are still in their infancy, and the technology and technology are also backward, and the industry has not ushered in a major explosion.

But in the future, it will be a big trend for capital to be long on China.

So after Xia Jingxing introduced the Chinese allusions of the three solar terms of Lichun, Lixia, and Liqiu, he began to talk about the Chinese market.

"...Last year, that is, in 2004, China's GDP was 13,651.5 billion yuan, an increase of 9.5% over the previous year."

Xia Jingxing glanced at the four people present, and continued: "Maybe everyone has paid attention to these statistics, and they all know that China's economic growth is very rapid.

At the same time, there are also voices of doubt, who believe that there is a bubble in the economy, and this kind of economic miracle cannot last for a long time.

But I want to say that it can only prove that these so-called experts and scholars do not understand the national characteristics of the Chinese people. "

Young and vigorous!

Buffett and Charlie Munger, the two men in their seventies and eighties, looked at each other and smiled.

Gates nodded, "Yes, the Chinese people are smart and hardworking, and I also think China's economy will continue to improve.

In fact, Microsoft has been increasing its investment in China.

We established an office in Beijing in 1992, and then established Microsoft China Research and Development Center, Microsoft Global Technical Support Center and Microsoft Asia Research Institute and other branches.

Microsoft China can now be said to be the most complete subsidiary of Microsoft outside the US headquarters. "

Li Lu smiled and nodded at Xia Jingxing from the side, he felt that Xia Jingxing shared many views with him.

I am optimistic about the Chinese market not because of ethnic bias, but because I grew up there and am familiar with many things that cannot be seen in the research report.

"Investment is an art, and it can also be said to be an interdisciplinary subject. In addition to the most basic financial knowledge, one must also understand politics, history, philosophy, management, psychology, etc.

Every investment decision-making behavior is made by you based on your own cognition.

One's own cognitive circle is what everyone has learned throughout his life. "

Xia Jingxing pointed at himself, "I spent the first eighteen years of my life in China, and I can talk about China in my eyes.

After the reform, China established special economic zones in coastal cities to provide policy, land, human resources and other resource support.

As we all know, China is a traditional agricultural country, and it will be a long and painful process to completely transform into an industrial power.

What pain?

Farmers in the central and western regions have to go to the eastern coastal cities to work, leave their children in the care of the elderly at home, and see their children only once a year or even several years...

The work of the workers is also very hard, two shifts, three shifts, working more than ten hours a day is the norm...

Even though the family is separated, the work is hard, and many people even face the situation that the boss defaults on their salary, the Chinese will not be knocked down by difficulties, nor will they give up their pursuit of a better life. "

Buffett nodded, "I understand this, the Chinese are indeed a very tough nation."

"This kind of tenacity is the gene engraved in the body of every Chinese under the scouring of five thousand years of history."

Xia Jingxing said with a smile: "The Chinese will not "repair the afterlife" like the Indians, and they will not "just muddle along" like people in Latin America and Southeast Asia.

Not to mention Africa and the Middle East, where regimes are divided and military conflicts are frequent.

If you look at the map, there are more than 200 countries and regions on six continents, excluding the developed countries in Europe and North America, the next one to rise must be China, and it can only be China.

In addition to external factors such as a stable political environment, favorable business conditions, and a large demographic dividend, the most important internal factor is the national characteristics of "self-improvement". "

"Even so, I think China can only do some low-end manufacturing and export processing for the time being, and the economy will continue to grow until it becomes a middle-income country.

The per capita income stagnated in the stage of 4,000 US dollars to 12,000 US dollars, and no longer increased.

Then there's the dreaded middle-income trap! "

Buffett sprawled on the sofa, looked at Xia Jingxing, and said, "Traps include increasing wealth inequality, difficulties in industrial upgrading, stymied urbanization, prominent social conflicts, and so on.

At this time, new developing countries will rise, low-end industries in middle-income countries will be transferred, and capital will flow to new value depressions. "

"There is only one way to solve the problem, to upgrade the industry, to enter the high-end field, to provide a better life for the people, and to win living space."

As soon as Xia Jingxing finished speaking, Buffett shook his head and laughed, "It's very difficult, and the success rate is slim!"

Xia Jingxing doesn't argue, because it's meaningless to argue about these things now, and the previous life was only at this stage in 2020 - the per capita GDP is 10,000 US dollars, and we have to continue to work hard!

"Even if it becomes a middle-income country, according to China's size, it is still a US$15 trillion economy, and there are many investment opportunities!"

Buffett nodded, "That's right. Is Xiaoman Fund planning to take a heavy position in China?"

Xia Jingxing shrugged, "Of course, is there any better investment opportunity than this?"

"How's the Xiaoman fund raising going?" Charlie Munger asked on the side.

"Counting Mr. Gates's 100 million US dollars, the intention to raise 400 million US dollars has been reached."

Bill Gates stared at Xia Jingxing with his mouth wide open, wondering if he should say something.

When did I agree to invest 100 million US dollars?

That's how it was forcibly designated.

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