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Summary
Editor's review
The book's core value lies in its grand narrative perspective. Zhang Lei places investment within the broad context of technological evolution, industrial change, and social development, emphasizing that true value investing empowers the real economy and helps outstanding companies unleash their potential. The book analyzes in detail Hillhouse's classic cases—investments in Tencent, JD.com, Blue Moon, Belle International, and others—revealing how it used the lens of "long-termism" to see through the fog of cycles and discover and accompany companies as they grew. These cases are not merely retellings of business stories but vivid annotations of the core idea of "value creation."
What is especially valuable is the book's profound humanistic concern. Zhang Lei proposes that "investing is investing in people," stressing the vital importance of entrepreneurship, organizational culture, and social responsibility. He elevates investment from mere financial calculation to an art of seeking structural value and a discipline of walking alongside those with a grand vision. For readers, whether or not they work in investment, the book offers valuable wisdom on how to choose a track, build a moat, maintain an evolving mindset, and practice "being a friend of time." Written in plain language yet rich in insight and tightly reasoned, this book is an indispensable intellectual map for understanding contemporary Chinese business innovation and the logic of capital.
Who it's for
A good fit for
- Investors and finance professionals with a strong interest in value investing and long-termism
- Entrepreneurs and executives seeking insights on long-term corporate strategy and organizational culture building
- Observers and researchers who wish to understand how capital empowers the real economy and technological innovation
- Lifelong learners eager to build a systematic thinking framework and practice "being a friend of time" in their careers and lives
Not a good fit for
- Readers seeking short-term trading techniques, market fluctuation analysis, or get-rich-quick secrets
- Beginners expecting a highly structured, step-by-step investment operations manual
Reading tips
- Read the first two chapters in full first to understand the foundation and intellectual origins of Zhang Lei's value investing philosophy and establish an overall cognitive framework.
- When reading the specific investment cases, reflect on them against your own industry experience, focusing on how "research-driven" and "empowerment-oriented investing" were put into practice.
- The sections at the end on talent, education, and science go beyond the business realm and deserve separate, quiet reading to reflect on the resonance between personal value and social value.
About the publisher
Zhejiang Education Publishing House is a professional publisher focusing on educational publishing while also serving general readers and academic accumulation, with publications covering textbooks, educational readers, popular science, and academic works. Judging from the more than 1,000 titles in the database, the press places considerable emphasis on classics and traditional culture for general readers: modern literature includes Lao She's Camel Xiangzi, Lu Xun's Call to Arms and Wandering and Wild Grass, Xiao Hong's The Story of Hulan River, and Zhu Ziqing's Back View; classical poetry includes Three Hundred Tang Poems and selections from the "Good Chinese Poetry" series, such as the Chu Ci and Qing ci anthologies. Related authors include modern writers such as Lao She, Lu Xun, Xiao Hong, and Zhu Ziqing, as well as classical literature selectors and annotators such as Hengtang Tuishi, Jin Xingyao, Jin Kaicheng, and Qian Zhonglian. Common categories in the database also include social novels, classic works, prose and miscellaneous writings, popular science, and inspirational growth, reflecting a publishing orientation that balances educational service with the popularization of public culture.
Contents
- 版权信息
- 自序 这是一条长期主义之路
- 第一部分 寻找价值的历程
- 第1章 价值的底色
- 我的知识大树
- 人生第一次“操盘”
- 从五矿到五湖四海
- 第2章 价值投资启蒙
- 现代历史交集之地纽黑文
- 偏执带来的不断碰壁
- 初识大卫·史文森
- 走近耶鲁捐赠基金
- 第3章 价值投资初试炼
- 孕育和新生
- “老友记”开张
- “中国号快车”，请立即上车
- 大行情中的“特立独行”
- 基因决定了非如此不可
- 第二部分 价值投资的哲学与修养
- 第4章 价值投资方法与哲学
- 从持续20年的零售业研究谈起
- 研究驱动
- 理解时间的价值
- 世界上只有一条护城河
- 投资的生态模型
- 从发现价值到创造价值
- 坚守三个投资哲学
- 第5章 价值投资者的自我修养
- 坚持第一性原理
- 强调理性的好奇、诚实与独立
- 拒绝投机
- 警惕机械的价值投资
- 避开价值投资中的陷阱
- 价值投资无关对错，只是选择
- 交给我管的钱，就一定把它守护好
- 高瓴公式
- 1．时间回报公式
- 2．选择与努力公式
- 3．选择的定义公式
- 4．组织人才观公式
- 5．组织文化与价值观公式
- 6．哑铃理论公式
- 7．价值投资创新公式
- 第三部分 价值投资的创新框架
- 第6章 与伟大格局观者同行
- 拥有长期主义理念
- 拥有对行业的深刻洞察力
- 拥有专注的执行力
- 拥有超强的同理心
- 选择与谁同行，比要去的远方更重要
- 第7章 持续创造价值的卓越组织
- 实践价值管理：做一名超级CEO
- 打造文化：追求内心的宁静
- “绽放”人才：和靠谱的人做有意思的事
- 激活组织：创建好的小生态系统
- 第8章 产业变革中的价值投资
- 哑铃理论：让科技成为和谐再造的力量
- 突破生命科学：研发与创新
- 拥抱消费转型：升级与细分
- 闯入智能时代：产业互联网
- 价值创造赋能路线图
- 第9章 价值投资的实践探索
- 创造新起点：实体经济巨头的价值重估
- 激发新动能：重仓中国制造
- 开拓新世界：think big，think long
- 第10章 永远追求丰富而有益的人生
- 长期主义的人才观
- 成长型的人才培养机制
- 教育和人才是永不退出的投资
- 后记 做时间的朋友
- 附录 我的演讲和文章
- 将绽放进行到底
- 选择做时间的朋友
- 有一条解决当今很多现实问题的根本途径
- 用“科技+”做正和游戏
- 数字化转型时要让企业家坐在主驾驶位上
- 人工智能是对话未来的语言
- 这是一门需要用一生去研习的必修课
- 论一个投资人的自我修养
- 以价值投资理念优化市场资源配置
- “科技创新2.0”助力构建经济新格局
- 大学筹资核心在于广泛性和永续性
- 致敬雪山之魂
- “守正用奇”，论耶鲁捐赠基金的投资哲学
- 心灵宁静，“延迟满足”
- 叙事：理解过去与未来
FAQ
How does this book differ from the value investing ideas of Buffett and Munger?
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About the author
Zhang Lei is an author whose works span a notably wide range of subjects. Public information about him is limited, and no clear record of his background, nationality, or dates of birth and death is available. Judging from the thirty-one works held in the collection, his writing falls roughly into two directions. The first is finance and investment: he has produced the Logical Thinking in Financial Investment series, the Five Volumes on Value Investing, the Essential Value Investing series, and several boxed sets on investment history and top investors, which sort through investment ideas and logical methods for general readers. The second is traditional Chinese medicine; his Representative work Zhang Lei's Medical Case Records and Discourses indicates practical writing in that field. His works also touch on personal finance, education, and food, and are characterized by practicality and knowledge popularization, often organized in series and boxed sets that help readers approach larger topics systematically.
