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Recently, I have read a lot of biographies of long-established companies and founders:

  • As chairman of ABC Group from 1996 until its acquisition by Disney, Iger became CEO in 2005 and chairman in 2020, his life has been closely tied to Disney.

  • In 1982, Robert Schultz left a well-paid and respectable job to move to a small coffee shop in Seattle, where he has grown from a chain of five to 13,000 stores around the world.

  • “All in One” – The biography of Amazon: Amazon started as a book-selling site and expanded its range to become an online behemoths. At the same time, in cloud computing, intelligent hardware, artificial intelligence and other fields are in a leading position.

  • “Built to last” – business classic: the author analyzes that in the past decades, enterprises that have been able to achieve sustainable development are often composed of two aspects: maintaining the core + stimulating progress, and continuously promoting the long-term development of the enterprise.

  • “World of Ideas” – Professor Li Shanyou of Hundun University: It is the present that connects the past and the future. It is very, very important to be present in the present. It is only by taking daily work as a beautiful work and putting heart into it that the most important thing is. Being is far more important than doing.

Lei Zhang: Hillhouse Capital grew from 20 million DOLLARS to 60 billion dollars today. Lei Zhang always chooses to make friends with time, looking for entrepreneurs with long-term philosophy and keeping company with his peers.

I see one word coming up again and again in these books and in these lectures — long-termism.

In a world where information flows faster and technology changes faster, people seem to need faster and faster positive feedback. I can see an interesting video within 10 seconds of swiping Douyin, and I can carry the whole audience within 10 minutes of playing King. In such an era of entertainment to death, people who talk about long-termism and silently make great progress in one thing for many years will be regarded as different people.

“Long-termism” — investing time and faith in things that produce long-term value, trying to learn the most efficient ways of thinking and standards of behavior, following first principles, and always searching for truth.

I think that long-termism may be the core concept of success.

Long-term investing

Buffett, Munger and other people’s investment life has no need to repeat, in Buffett’s heavy warehouse stocks are not long-term holdings, which also for him to obtain rich returns.

The Washington Post bought it in 1973, 47 years ago. It has been 29 years since Geely bought it in 1991. American Express bought it in 1994, 26 years ago. It has been 32 years since Coca-Cola bought it in 1988.

The chart above clearly shows the growth of Buffett’s wealth over his lifetime:

  • I made my first investment at the age of 14 with assets of 5000
  • She made her first million at 30
  • She made her first $10 million at 37
  • He made his first 100 million at 50
  • He made his first billion at 56
  • You made your first $10 billion at 60

The core code of wealth growth is that the accumulation of wealth is made up of an annualized rate of return and the length of time it lasts, and it grows exponentially. Get high annualized returns, maintain long-term stable annualized returns, look for businesses that can consistently create value, choose to be a friend of time.

In the stock market, there is always a lot of news and hot news every day, and if you are tired of chasing short-term gains, the challenge is huge. But if you’re a long-termer and you stretch out to 3-5 or even 10 years, all you have to do is ask yourself whether the business is going to create value over the next 10 years, whether it’s going to be competitive over the next 10 years, you don’t have a lot of options.

Play in power circles and buy cheap enough to keep your principal intact. Be patient enough to wait for low valuation opportunities in the market. Keep reading and continue to expand your circle of ability. That’s buffett’s investment philosophy.

Yes, someone asked Buffett, if value investing is so easy, why doesn’t everyone do the same thing you do?

Buffett said:

“Nobody wants to get rich slowly.”

Careerism

With so many changes and temptations in your career, people are likely to change jobs more and more quickly. Behind each job-hopping, it may be because of some salary increases, some conflicts in the original interpersonal relationship, and some restrictions on the future development space, so everyone’s decision will be easier and easier. Anyway, if not, they can change again.

“There are only two choices if you want to live a fulfilling life,” Kaziminao once said. One is to “do what you love.” The other is to “make yourself love your work.” The odds of landing a job you like are probably less than one in a thousand. Instead of finding a job you love, start with a job you love. “

In his lecture “World of Ideas”, Li Shanyou also emphasized the power of being present. Instead of wallow in the past and worry about the future, it is better to be present in the present. Only the present is the most important.

Jiro Ono, known in Japan as the god of sushi, said: “Once you decide on your career, you must dedicate yourself to your work. You must love your work and never complain. You have to spend your life honing your skills. That’s the secret of success. That’s the key to being respected.

Jiro Ono was in his 90s when he briefly retired due to health reasons, but he could not adapt to leave the sushi days and returned to the dining table, his hope is to leave when making sushi, so that there is no regret in life. A man who has spent his whole life practicing a career, practicing in a small sushi restaurant, and finding great satisfaction.

In Foresight, he describes three stages of career development:

  • Stage 1: Study and explore, add fuel, start strong, this stage needs to find good things.
  • Stage 2: Anchor the sweet zone, focus on the long board, give full play to their own advantages, enhance their influence, and have fun.
  • Stage 3: Optimize the long tail and continue to exert influence.

As Ray Dalio said of his lifelong quest to “build meaningful relationships and do worthwhile things,” it’s also important to think about the long-term nature of career development and career choices with a long-term perspective. The following factors are important in my opinion:

  • Choose industries and companies with long-term upward trend, such as technology, consumer and medical industries, and choose companies with huge development space, broad moat and high degree of autonomy.

  • Learn transferable skills. Technology changes dramatically in the Internet industry. For example, if you mastered the skills of certain frameworks in the past, your skills will become useless as the frameworks decline. However, basic skills such as JavaScript, CSS, HTMl, data structures, design patterns, and so on will not change.

  • Build lasting relationships. Relationships are important in the workplace, and sometimes favors can help your career tremendously. But we want to build lasting relationships that go beyond work, that require sustained time and emotional commitment.

Long-termism in life

Christensen is the creator of disruptive innovation theory. He wrote the Innovator’s Dilemma, the Innovator’s Solution, and other well-known business books, but my favorite is How Will You Measure Your Life.

In this book, the author identifies the most important elements of living your life:

  • Finding career success: Finding work you love and committing to it consistently. By combining careful strategies, adjusting contingency strategies, and keeping the door open to unexpected opportunities, you can successfully embark on a satisfying life path.

  • Strong family relationships and close friends: The most important thing to build strong family relationships and close friends is to invest time. If you don’t nurture and develop those relationships, they won’t be there — they won’t support you through tough times and challenges, and they won’t be the most important source of happiness in your life.

  • Life without crime: Charlie Munger said that if I knew where I was going to die, I would never go there. The only way to avoid the consequences of moral concession in life is to never let it begin — the first step across the line is the one that sets you on the road to regret.

Life can sometimes seem like a long time, especially when it’s down, and we need to look for that North Star to show us where we need to go.

A great life is made up of a job you love and are good at, good friends, a great family, healthy kids, good health, and good finances. Look for something that grows exponentially over time, put your heart into it, put your time into it, and you’ll be rewarded.

Here’s what I think is worth investing in for the long term:

  • Reading: Reading classic books is an in-depth communication with the author, can have the opportunity to get the life of the other side, in the acquisition of knowledge at the same time, but also can feel more life experience.

  • Writing: The best way to learn is to impart knowledge. Writing is a one-way output with no burden. There is no feedback, but the written content has been deeply engraved in your mind.

  • Exercise: Modern medicine is already increasing human life expectancy by three years every 10 years, and you want to live long enough to make sure you live to see a medical breakthrough.

  • Financial management: “Life over 100” mentions that most people will die poor in the future, and income savings will not support life after retirement due to the increase in life expectancy. Therefore, the earlier you start investing, the better. A certain economic foundation will give you more choices to do what you love.

  • Low-level ability: a specific skill is often outdated with technological changes, but the underlying way of thinking and basic skills will not be outdated. Therefore, practicing basic skills is not only a slogan, but also a practice in daily work and life.

Write in the last

A person’s life is actually made up of countless choices, and the most important thing for a person is time. How your time is distributed and invested determines your life.

Every day and night to recite words, to practice your skilled spoken English every day and night to study hard, to practice your gold list title every day and night to exercise, to practice your healthy body every day and night to accompany carefully, to let your children become people’s eyes other people’s children

None of this will happen for nothing, so you should look at life as a long-term thing, and when you stretch it out long enough, life’s many choices won’t be difficult.

Finally, I hope everyone can be patient for a long time, and time to become friends, become long-term.

“Dad” has been engaged in Internet research and development for more than 10 years, and has worked in IBM, SAP, Lufax, Ctrip and other domestic and foreign IT companies. Currently, he is in charge of the big front-end technology team related to catering in Meituan, and regularly shares his thoughts and summaries on big front-end technology, investment and financial management, and personal growth.