作者：admin

来源：迈达斯（ID：dmidas），已获授权

10月19日，全球价值投资领域的代表人物，高瓴资本（Hillhouse Capital）创始人兼CEO、香港金融服务发展委员会（FSDC）委员张磊，在香港中文大学与业界做了关于金融科技（Fintech）及价值投资的研讨。

高瓴资本集团成立于2005年，专注长期价值投资，经过十一年的发展已经成为亚洲地区资产管理规模最大，业绩最优秀的投资基金之一。

期间张磊与迈达斯国际集团的CEO及在座探讨并诠释了价值投资理念的核心、工作与生活的平衡、情绪管理等，其中重要的观点包括：价值投资不仅是价值发现，更强调价值的共同再创造；要先问对最本质的问题，做深入的基本面研究；尽量与高水平的人一起度过高质量的时光；还特别介绍了在自我情绪管理方面的个人经验和建议。

精选问答环节原文：

迈达斯国际集团、迈达斯中国CEO及前海迈达斯基金创始合伙人邓京晶：

谢谢，张先生，我是Dundas，事实上是您的粉丝。您一直是我在价值投资界的楷模。我一直非常好奇您这样在投资界如此成功并且有影响力的人，在需要做非常艰难的个人或商业决策时，如何面对个人情绪的纷扰？或者说，您在日常生活中如何避免自己受到负面情绪的影响？

Question from Dundas Deng (CEO of Midas International Group, Midas Investments (China) and Founding Partner of Qianhai Midas Investment Fund):

Thank you Mr. Zhang, my name is Dundas, actually I'm personally a big fan of you, and you've always been my role model the value investing industry. I'm also very curious all the time like for someone as successful and influential as you in the investment world, how do you deal with your personal emotions when you face very hard personal or business decisions in life? Or in other words how do you prevent yourself from negative emotions on a daily basis.

张磊：谢谢，这是个非常好的问题。我并不确信我在这方面做得很好。最合适的说法是，在这方面我也一直“在路上”。所以我有几个建议，一个是反复练习才能达至完美，你需要去实践。

ZhangLei: Thank you, that's a great question. Well, I'm not sure I'm great in that? I’m always, the best way to say that is always on the road. So well I'll say couple of advices, one I'd say practice makes perfect. So you have to practice.

我的情况是，会面临很多的挑战、失望、（甚至是）梦想破灭，然后发觉自己非常愚蠢。这些情况几乎总是发生，你必须有能够自嘲的能力，如果你太在乎自己，你只会使自己陷入预设的失败。

In my situation, I face a lot of challenges, disappointments, disillusions, and I recognize how stupid I am, you know, almost all the time, so that happens and you have to have the capacity to laugh at yourself, if you think too much of yourself, and you'll just set yourself up for failure.

所以你知道，自嘲的能力很重要。对自己开个玩笑，放松下来。第二点是，认识这个世界意味着一段旅程，是关于这个全部过程中的成功本身。并不是关乎你要去哪里，而是为什么你要这么做。

The ability, capacity to laugh at oneself is very important. You know, make a joke with yourself and relax it. The second is to recognize the world is a journey, that's about the success itself among all that journey. Not about where you go but why you're doing this.

所以这是为什么我总是感到很幸运，能建设更多高瓴这样的团队。就真的像是有我们高瓴这个族群，是一群让我能找到互动的乐趣、经历非常长时间的工作也能一直享受乐趣的人们。所以我想，有享受旅程的这个能力很重要。一旦你能做到，就能在处理失败与失望时感觉容易一些。

So that's what I always mean, but I'm so lucky always set more team of, Hillhouse, you know, really kind of our, Hillhouse cognation, people that I really find a lot of fun to interact with, work together and really work very long hours and also have fun all the time as well. So I think have that capacity and enjoy that journey is so important. Once you're able to do that, it's a little bit I'll say easier to deal with failures and deal with disappointments.

很明显，我们是非常好胜的人，我们想赢。所以我们还是要对待利益（得失），但你戴着长远目光的“镜片”去做事而不是想着过于短期的成败。接下来对于家庭，我要说，众所周知在一颗平和的心中，你可以拥有很好的家庭。有福气的家庭带来爱和伟大，可爱的孩子让我开怀大笑并让我更年轻。所以我与长子一起学风帆冲浪，现在也终于跟小儿子打上了乒乓球。这带来很多的快乐。我想你得平衡事业、生活和家庭，时不时地，你会接收到类似的提醒。

Obviously we're very competitive people, we want to win. So we still have to deal with those interests, but you take it in a kind of long-term lens instead of taking it as too short term success or failure issues. And family I'll say, you know in a peace of mind, and you could have a great home or great family so blessed with a family that love the greatness and have sweet kids and make me laugh and make me younger. So I learned to do wind surfing with my older son, and right now finally pick up my ping pong with my younger son. So it's a lot of fun. I think you have to balance career, life and family you know, from time to time you'll get a reminder of that.

一位私募基金同行：

我跟您一样是价值投资的坚定信仰者。因此我的问题非常简明直接：“作为机构投资者，您如何建议我们将价值投资的哲学融入到对互联网金融的投资里去呢？”第二个问题是：”作为年轻的专业人士，您建议我们应如何投资，并且为大格局的互联网金融做准备呢？“

Question by one of the audience from a PE firm:

I'm a firm believer of value investing justlike you, so my question is very simple and very straight-forward, how would you recommend that we as investor incorporate the philosophy of value investing in investing into the internet finance. And also the second question is: As young professionals, how would you suggest ourselves to invest and be ourselves to prepare for larger area of the internet finance.

张磊：我认为这两个问题都很好。说实话，我认为它们是相通的，终究是关于创造价值。价值投资不只关系价值的发现。并不只是说看到你所知的这块儿蛋糕有多大，即当别人可能只看到这么大而从我的角度能看到这么大。

ZhangLei: I think both are great questions.It's really, I mean they're interconnected. At the end it's about creating value. Value investing is not just about discovering value.It's not just about ok this pie is big, and upon you know, I have a view other people may see this much and I can see this much.

这只是其中一种或是从传统和惯常意义上对价值投资的理解。我认为真正的价值投资不仅关乎价值的发现，还包括了价值的共同创造。所以我认为我们相信的是，发现价值是重要的，但在那个过程中发展出成为价值创造者的能力（同样重要）。这与今天的学生们息息相关，与你们职业生涯的选择息息相关。

That's only one way or traditional, conventional sense of value investing. I think real value investing is not only about discovering value but creating value together. So I think that's what we believe that discovering value is important, but building up the capacity to be value creator in that process (is also important). So that's relevant to students today, that's relevant to your career choice.

我认为与其说我只是要弄清发生了什么事，应说OK，我能不能做些什么来协助加快这个进程呢？使我能在这个过程中创造价值的关键是什么呢？

I think instead of saying I'm just hand on the what's going on, say ok, can I do something to help accelerate this process? What was the key that I can contribute by creating value in the process.

回到我们之前关于回归本质和回归基本面的谈话。第一，学生们要能够进行深度的基础研究并提出非常本质的问题，这种能力在这个新的创新领域（金融科技）非常重要。在此基础上我会建议你跟你真正相信并信任的人一起工作。

Come back to my earlier talk about back to basics and back to fundamentals. No. 1 for students is to be able to do deep fundamental research and ask very basic questions. And having that capacity isso important in this sort of new innovation area. On top of that I would advise that you work with people that you truly believe and truly trust.

我的意思是并不一定需要公司有多大规模，或者这个产业有多么光鲜亮丽。重点是关乎你每天与谁互动，你花时间与谁为伍。在高瓴，我们称之为“与高水平的人一起度过高质量的时光”。很简单明了。我们不认为加入一个公司就……你懂的。

I mean it's not actually necessary about size of the company or how glamourous the industry is. It's about daily who are you interacting with, who are you spending time with, at Hillhouse we call it "spend quality time with quality people", that's it. It's very simple. You know, we don't think joining a firm you know...

高瓴资本从名不见经传开始，到现在我们收到数以千计的求职申请。这就是关乎你与谁一起过，这将导致你被塑造成什么样的人。而不是因为这家银行或公司很出名所以我就要在里面。关键是每天你都跟什么样的人互动。

We started from that nobody knew what Hillhouse is, and today we got thousands of applications. That is really about who you are spending time with, that's gonna shape who you are. It's not about I'm in this bank or in this firm because it's famous. It's about who are you interacting on a daily basis.

格上理财：在基金业协会登记的私募基金管理人，十年深度研究，甄选阳光私募、PE/VC、海外基金等高端理财产品，为您的资产增值保驾护航！