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This article is from:Sina Technology, the title map is from: Sina Technology

On the afternoon of November 7, 2019 Yunfeng Fund Global Investor Conference was held in Shenzhen on the 6th. After two years, Ma Yun and Yan Feng, the co-founders of the Yunfeng Fund, started an ideological dialogue.

“There are still many excellent companies in the complex era, but you must first have the ability to judge complex. You see this snake is a viper, you will not be bitten by it, you will not be stupid to play It is right?” Asked about the judgment of the next 5 to 10 years, Ma Yun showed optimism. Sui Feng, who sat next to him, added: “The people who do business are always revolutionary optimists.”

At the meeting, Yunfeng Fund showed transcripts for investors: In the nine years since the fund was established, the fund management scale has grown by nearly 60 times, and the average annual return rate of the fund is (IRR) is up to 30%.

However, Ma Yun is more concerned about the mission and original intention of Yunfeng Fund. “From the next 30 to 50 years, China does need a few (management scale) hundreds of billions of dollars in funds, Yunfeng Fund wants For the entire Chinese economy, for entrepreneurs, to create value for the invested companies.” Compared to the rate of return, he is more concerned about how many good companies continue to invest in the fund.

Yun Feng, Chairman of Yunfeng Fund, introduced that in the past 9 years, Yunfeng has continued to focus on the head enterprises in the field of excellence, and has created exclusive transactions and investment projects for many times, creating unique values ​​for the invested companies with “entrepreneurship”. Ultimately promote the common growth of industry, enterprises and funds. He attributed his investment experience to two words: creation.

At the meeting, the co-founders of Ma Yun and Yan Feng, the co-founders of Yunfeng Fund, started an hour-long dialogue with the “founders’ talks”, not only focusing on investment, but also on the environment and how to do business.Ma Yun and Yan Feng also interacted with investors on topics such as women leaders, future opportunities, and technology challenges.

The following is a question and answer for the founder of the 2019 Yunfeng Fund Global Investors Conference(with abridged):

About organization: People are the key to doing business.

Question: Yunfeng Fund has been very successful in the past nine years and ten years. In the future, it will take a bigger step. What challenges do you think will be encountered?

Ma Yun: As the world’s second largest economy, China will certainly create hundreds of billions of dollars in funds. Tencent or Ali, China must have such a company to be able to match the size of the world’s second largest economy, but most of China’s enterprises now do not match the size of the world’s second largest economy, so There is a huge opportunity to do this. The same is true for investment institutions.

Investment institutions are also enterprises. I think that companies must always grasp two points. One is to judge the future. As a corporate person, as a fund manager, they must always judge the future. If you have problems with your judgments about the future, you have a way to prepare for problems. If you feel that the future situation is good, you have a good situation. There are good times in the good times. There are bad times in the bad times. The bad times are that the good times have broken the good times, and the bad times have made the bad times worse. I see more companies.

Second point, when you start your business, your eyes are on your own business, but after the business starts to get better and goes smoothly, your eyes must be on your own people. You must seriously cultivate your own people.

I think that to be a business, people are the key. In the past, it was “breaking things”. You decide things and use them to do it. The future is “using people to break things.” Ask him to help you judge how things are done. We can’t understand medical and biological things, but we find people who know better than us. We train them. The so-called good will be like a wave, so we must train people. After training people, the second thing is to create a culture that keeps these people and gives them a culture of self-motivation. The third is to improve the system and system, including the ability to set KPIs, set the ability to be transparent, and set the ability to change, so that the organization is constantly changing. These three things are all good to be useful.

Talent, culture, organization, judgment on the future, I think if these are all done well, big mistakes will not be made, small mistakes will be committed every day, then no problem, but big problems. In fact, any company has opportunities in ten or twenty years, I think a companyDon’t capture opportunities, but turn things on your head into bigger opportunities, because opportunities are always there, opportunities are everywhere.

虞锋: Both of us are business-oriented, and the people who do business are always revolutionary optimists. We always feel that the trend can be better, and we believe that companies can do better. The most important thing I think about is whether our team is ready or not. Of course, the team can never be ready, always fighting the speed of evolution. The world can’t wait for you to be ready, we can only rush into the changing world to learn, self-itate, and self-subvert. Today, your understanding of the company and the industry is not useful only by financial calculations. It must be very understanding of the industry, industry and enterprises. If you invest in it, you can help it work and grow together.

At this stage, Yunfeng’s investment strategy is gathering more and more heads. We are investing more and more in a single company, but our number is decreasing, mainly for those heads, especially in the industry. The top rankings are laid out, and finally we can see if they can improve and integrate them in the future.

In the past two years, we have spent a lot of effort into the construction of the middle and back office, which makes us ready to do big projects. In addition, our team has a professional investor background, and several of them are from the management of the company. At the same time, we have built a strong team dedicated to post-investment management to help the company continue to improve.

Yunfeng usually speaks the most in the week, not to say that “there is a chance to go to the IPO today.” We ask forever the essential question: the status of the company in the industry after five years and ten years. How about this industry, the company itself, not that there is a trading opportunity today. This requires that what you think about today is to stand on the business and think about the future.

Some people think that Ma Yun often talks about values ​​and culture. It is a mysterious thing. In fact, there is a KPI in the core point of Ma Yun. This KPI can adjust everything, but this KPI is not just a number. KPI, but it contains the results of a series of comprehensive assessments such as culture and values.

Question: What are the main differences between Yunfeng Fund and other funds?

虞锋: Many of our fund teams are engaged in business management. Many of the first LPs are also entrepreneurs, so our biggest gene is entrepreneurial spirit. We have a deeper understanding of the future trends of enterprises, industries and China. Understanding.

In nine years, we have always adhered to this direction and established Yunfeng’s own ecological circle. It should be said that our core ability is to create”Creating ability”, one is the ability to create deal, use our understanding of the industry, tap out exclusive projects to truly promote the efficiency of one industry; the other is the ability to create value, use our business operations management in the post-investment process Experience helps portfolio grow.

About the LP market: Entrepreneurs can’t be single-minded, RMB LP is evolving

Question: I would like to ask a question about domestic LP(limited partners ). Behind the world’s largest asset management companies are institutional investors such as insurance companies, pension funds or college funds. We also hope that local large-scale fund management companies can be produced, but the domestic RMB LP market does not seem to be fully institutionalized and internationalized. How do you think the domestic LP market will develop in the future?

虞锋: I have a lot of dealings with LP. I can feel that the RMB LP has been developing over the years, but there are still some gaps in the institutionalization of the US dollar LP. Compared with the domestic RMB LP, the characteristics of the US dollar LP are that the capital cycle is long, and the second is that they understand the business model deeply, so they are willing to continue to support the GP for a long period of time.

In the past two years, some domestic entrepreneurs have done both business and investment, resulting in a large span and problems with cash flow during the economic downturn. After two years of experience, many entrepreneurs began to concentrate on the main business, and the investment was handed over to the professional team. I think this is a very good progress. In addition, there are now domestic funds in the domestic fund, and invested in professional investment institutions, but this is a good trend regardless of daily operations. In short, the recognition and professionalism of the domestic RMB LP are improving.

Ma Yun: I just added that many Chinese companies made some mistakes in the past few years, that is, people who do business think they will be a good investor. In fact, doing business with investment is two things. Many people who invest in it think that they can be entrepreneurs and often change CEOs. This is stupid. In fact, this is two different skills.

China’s LP market will be cultivated. So many bosses think of ways to do their own business every day, but to find ways to invest in more companies. Can you say that you can do well? Therefore, China’s LP market will definitely rise.

About the Times: There are still many great companies in the complex era

Question: Teacher MaDo you think this is a good or bad era? What are the uncertainties in the global scope that may be of concern to Ma in the next few years?

Ma Yun: Is the next five to ten years a good or a bad one? This is a complicated era, but the key is to look at your own abilities. Most people can’t judge that this is a complicated era. The second one has complicated problems and they don’t know how to deal with them. I feel that all of us must learn the ability to deal with complex problems and solve problems in complex times.

The next five to ten years must be complicated because the whole world is entering a very complex state. The key is that there will still be many outstanding companies in the complex era, which is purely your ability and vision.

I have seen many opportunities, seeing new technologies, and seeing China’s investment infrastructure and export-oriented, becoming driven by domestic consumption and import-oriented, and also seeing China’s problems and the world’s problem. The world is more complicated now, but this part of the complex has nothing to do with you. The good news is that everyone is facing complex problems. The bad news is that you have no absolute stability in any country. What kind of mentality should you face?

You see that the complicated problem is not terrible. You see that this snake is a viper, you will not be bitten by it, you will not be stupid to play with it, right? As long as you judge that the next five years are complicated, you should be careful, you must find opportunities in the complex.

I think that in the next five years, I hope to spend more time on things that I feel interested. I have no interest in making money before. I am not interested now, because all companies should make money, and making money is a result. . You do things that you are happy and meaningful, and you do it well with a group of people. I think it is fun.

I may be interested in education in the future. I think education should train people to cope with complex abilities. How do we cultivate a group of people who can adhere to their own strength, value system, and mission in a complex situation? I feel that I am interested.

About entrepreneurship: Entrepreneurs are not afraid of complex situations

Ma Yun: Any country must develop entrepreneurship, because enterprises are the forces that truly create social value.

I summed it up, doing business is quite regular, I have done five or six companies, whether it is Ali, Taobao, Tmall, Alipay, Aliyun or rookie, we have a family to do it. Found that the middle is regular. Maybe most people only have one company in their lifetime, but many people don’t.Do things according to the rules of the company.

Entrepreneurs are not afraid of complicated situations. The more complicated, the more opportunities there are. Are you step by step, what is your turn? The power of a big business is bigger than you, and the money is more than you. In a complicated situation, a small business has a chance. Good companies spend a lot of time looking for people, recruiting good employees, second is training people, and the third is to dare to use them. If you are recruiting the wrong person, this is a problem. The material for the stool cannot be used as a beam, so you recruit people, then temper him in various ways, torture him, train him, and let him grow up slowly.

About female leaders: A company must have more female leaders to do well

Question: In many PEs, male investors are the mainstay, but I found that Yunfeng has many impressive female investors. Why does Yunfeng choose to let female investors dominate many investments?

虞锋: The delicate, keen and tenacious women are the most valuable qualities for outstanding investors. Our fund women account for half of the sky. If you look at Yunfeng’s portfolio, there are many successful women entrepreneurs in the invested companies.

Ma Yun: In a word, Yan Feng and I both like women and believe in women, so we support women.

I feel that the world needs more and more female leaders. This is not a political rhetoric, but a company must do more with more female leaders. The company has to rely on men to do a good job. It depends on women to do well. It depends on men and women to do well. This is very particular. To be quick, men are generally better than women. To be steady, there is a feeling that women are doing better than men. To be fun, you need men and women.

My future fun is here, education, entrepreneurs, and women leaders. I also hope that there are many female leaders and entrepreneurs in the company invested by Yunfeng Fund.

About competition: Without a top competitor, a company can’t succeed

Question: What kind of competition model is between Alipay and WeChat in the future? Is it peaceful to get along, both sides coexist, or does Alipay have to go beyond WeChat? For example, when WeChat does the action, we also need a corresponding action to crush it.

Ma Yun: It is almost impossible to crush WeChat. The ants and Alipay should be thankful for WeChat. Why do you thank WeChat? If you want to play boxing, be sure to play with a master.

I think it’s a very interesting phenomenon. There are very few cases in the United States where Amazon, Facebook and Google are doing the same thing. Only in China is it that you are living and dying. Because of the fierce competition, let us practice a martial art. WeChat can be made so large today, and Tencent is an amazing company. In China, our two companies are engaged in various competitions, making Ali more and more powerful, and Tencent becoming more and more powerful. We are more than a future strategy, talent system, thinking about the organization and judgment of the future world. Everyone exchanges and learns very well. Without competitors in these markets, it is impossible for a company to succeed.

When it comes to the difference between WeChat payment and Alipay, ants have formed the entire thinking system. From 2004 to now, we have the ability, whether it is risk control, security, credit, and technology. The ability has reached the highest level in the world.

Without the perseverance of WeChat, the ants will sleep late. I can retire because of a company like WeChat. They train our people every day, and suddenly there is an eight-segment, nine-segment game for you to play chess every day, you will not sleep late. I think about the whole competitive situation of the Internet, I still have confidence in my team, because they are young, they need someone to spur, they need excellent top opponents, so companies like WeChat, I think it is a huge ant Reward.

About going out to sea: You can do things that others can’t do.

Question: In the past two years, whether it is a Chinese company or a Chinese investment company, going to sea has become an increasingly popular topic. How should companies or investors respond to this change?

Ma Yun: Each of us has to ask a question: What special value can you bring to foreign countries if you want to go abroad? You can do things that others can’t do, but don’t say it to the sea. It’s hard to do business in the province. Don’t think that the place is cheap and the land is cheap. The problem is that you go there, what value can you create, what is your unique thing, and you want to understand this.

I think the Chinese market is huge. If we really insist on reform and opening up, the Chinese market is the largest international market in the world. Nowadays, foreigners are coming to China more and more, so there is no difference between domestic and foreign. Businesses that rely solely on money and resources are generally short-term, and doing business is always a long-term and lasting development.

The reason why Ali is going abroad is a very important reason. It is related to our mission. We said that there is no difficult business in the world. We did not say let HangThere is no hard-to-do business in the state, and there is no business that makes China difficult to do. Therefore, this mission will take 102 years and force us to develop overseas.

虞锋: From the perspective of investment, I have two meanings in going out to sea: one is that we invest in foreign companies, and the second is to invest in local companies abroad. These are two concepts. What we have been doing for the past few years is to invest in overseas companies because I feel that China still needs a large number of overseas consumer brands and overseas technology companies. We have very strong market resources in China and we have an understanding of the Chinese market. After we have finished, we can help it develop.

There are several companies that our medical team has invested in, like the Italian Parkson Medical, we will help it develop in China after investing in it. It may be a relatively flat growth in Europe, but in fact it is technically very advanced in the market segment.

On the other hand, in the past few years, China’s model has spilled over, especially some models of the Internet, such as payment, logistics, and e-commerce, which have just been successful in China, and then copied to Southeast Asia. But as a PE, we are very cautious about these models. It is true that Southeast Asia is also a big market, but whether it is enough to understand the local market is the biggest challenge.

About technology trends: the future is about people’s issues

Question: Mr. Ma has presupposed new retail trends for several years. What do you think is the next wave or trend of technology?

Ma Yun: I think personally, the next step is life science, which may become very important to the human body and human health.

The biggest difference between the industrial age and the data age is that the industrial era emphasizes manufacturing, and the data age emphasizes the service industry. The core of the service industry is to make people live healthier and make the society’s economy develop more sustainably. , do the best with the least resources, so I think the future is a problem around people.

The industrial age is looking outward, from this world to the moon and to Mars. The data age is looking inward, we know more and more people. I often talk about the difference between a smart person and a wise person. A smart person is created in the industrial age. I know more than others. I know what I want, and a wise person is very interesting. A wise person knows what he wants. So the data age lets humans know that many of the things we pursue are not what we want.

I think that in the process of huge social changes, you can find many interesting machines.meeting.

Question: In 2000, at Wharton, I had a professor who said that in the future world, one-third of people would be unemployed, one-third of them might not work very well, and one-third of them would still Good work, society will change. Can you share with us our views on the future world?

Ma Yun: First, I think the future must be better than today, but it will be more complicated than today. This is definitely two trends.

Second, technological change often leads to social change, so we must pay full attention to technological change. Many countries and many institutions now pay less attention to technological changes, and they cannot see, look down on, or keep up with technological changes.

It is impossible to say that the machine controls humans. A few years ago, I was joke that some people said that they were particularly depressed when they played AlphaGo under Go. I said what are you depressed? Go is designed for humans, and there is a go game between people. Because the other party will play the bad game, you feel very happy. If the other party won’t play the bad game, what are you doing with him? Machines are inherently more manpower and faster than people. You are faster than the car, isn’t that a fool? You are better off with the machine than Go, and that is a fool. I never compare these things to machines, machines are machines, people are people.

But in the future, due to the development of technology, machines will free humans from monotonous, complicated and painful work. So don’t worry about this. The most important thing is human understanding of the future, technology, and self. I am not so pessimistic about the future, I believe that the future will be very good, but it will be very complicated and there will be a lot of entanglement. This is humanity, this is society.

This article is from:Sina Technology