Ji Zhongzhan (Intellectual): Is there a ceiling for content? Is there a ceiling for everything? When you feel that it is difficult to make 100 million, why do many people still feel that they still have 1 billion US dollars, or have already done it? How about reaching 1 billion U.S. dollars and feeling that there is unlimited space? From the perspective of success studies, this is not just a matter of mentality, but a lack of openness in thinking.

Of course, there are many types of martial arts, and we cannot say that value investing must be authentic from Shaolin Wudang, but I think value investing is a broad road.When you wake up every morning and do an extra day's work, are you increasing your moat, or are you reducing your moat?

At the same time, I am personally very wary of recruiting people who are No. 1 in all aspects. Such people may not really like what they are doing, but are just doing things because of the inertia of wanting to succeed. People with this kind of thinking actually go not far.If he has a lot of invisible pressure because of your existence, but he can't play himself at his best, then there must be a problem.If it hadn't been for 40 billion at that time, the well-run company would have almost gone bankrupt.

Later, although the boss was a good person in nature, he unfortunately met a world-famous investment bank. He took him to visit various international companies every day, and successfully encouraged him to carry out cross-border mergers and acquisitions at the highest point before the 2007 financial crisis.In the United States, in the 1950s, brands were the "moats" that maximized and created value the fastest. However, with the impact of the Internet on brands, the moat of brand value is not necessarily the most efficient way, because some people say that in It is more efficient to create value through opinion leaders online.

1. The best investment does not require exit. Take Qunar invested by Hillhouse Capital as an example, whether it is the early stage venture capital investment in Qunar, the cornerstone investment accompanying Qunar’s IPO, or the directional convertible bonds after listing. Investment, until the recent merger with Ctrip, Hillhouse invested up to US$1 billion in Ctrip.

JD.com has suffered losses for eight consecutive years, which is expected.Well, you are the pride of the Chinese people because you speak English so well and because you have led so many small and medium-sized enterprises and individuals to make fortunes.

Being invisible and demoted, I couldn’t survive but could not survive. I couldn’t operate in the early stage. There was too much confusion. Others had fattened up the product before I put it on the shelves.And small merchants will always be buried at the end, so why can’t we distribute the resources evenly to give some small merchants the opportunity to display in turn? We spend so much advertising money on Tmall’s bidding ranking, but it’s not the same. The bigger the company, the better the sales. The merchants' sales are getting worse and worse, and if they fail completely and lose everything, they are your Taobao.

Because after listening to Ma Yun's speech, I plan to join Taobao, I am a businessman, so I will always pay attention to various subscription accounts, news, Qianniu information, etc. of Mr. Ma and Taobao e-commerce platform.Who of you understands it? Ma Yun, the richest man in China, to you, money is just a number, but to us businessmen, money is everything.