https://www.programmersought.com/article/119036671/
Mr. Duan Yongping talked with Chinese students at Stanford. The author from the link above compiled a record of dialogue with Duan Yongping based on the notes of the participants.
Mr. Yong Ping has words he believes are worth 10 million.
What should we give up?
Mr. Duan Yongping’s "Stop Doing List" gives us the answer.
On September 30, 2018, US time, from 2 pm to 5 pm, Mr. Duan Yongping exchanged and shared with Chinese students on Stanford's campus to explain the meaning of "one's duty" and "complacent heart" and explore how to make good use of the Stop Doing List. Do the right thing and share the wisdom and stories behind him, such as "slow is fast", "less is more", "small but beautiful" and "dare to be after the world".
Q: Why do you think that the secret is to have a Stop Doing List?
Paragraph: Things that are not done are more important. Focus on what can be done in the long run.
People often say Do right thing, do things right, do the right thing, do things right, everyone knows, how to do it? It is not doing anything wrong. Most people don't judge right or wrong, but they know what is wrong, because they often have short-term temptations.
If you want to make a long-term foundation, if you want to let things compound over time, you need to have long-term thinking and believe in patience. Looking at the S&P index, how many years does it take before it goes up? Look at the essence of things and insist on doing the right thing in order to identify and withstand fluctuations.
When you view every problem with long-term thinking, many problems dissolve. Look at the China-US trade war, if you look at the nature of things with a perspective of more than ten years, you can completely jump over this and ignore the fluctuations of trade wars.
In fact, we have always been in turmoil. Some people are in danger and there are people. The opportunity in a crisis, which is good for companies and investors. Trade wars are an opportunity for good companies and bad companies.
Having a Stop Doing List, in turn, helps you build and stick to long-term thinking. It’s not enough to have a list and awareness. You must stick to your actions. You have to be more energetic with yourself: if you confirm one thing and one direction is wrong, I will stop immediately, instead of waiting for the next so-called road which claims to be a "better one".
Q: How did you build your own Stop Doing List?
Duan: Today our theme is "The Secret of Evergreen: Stop Doing List".
"The Evergreen" is a masterpiece by Stanford professor Jim Collins. He also has another "Good to Great" (from excellent to excellent), which is given through continuous observation and quantitative analysis of many long-term enterprises. A set of methodologies, as long as you comprehend and insist on doing it, have the opportunity to reach excellence. Whether your industry is trendy or not is not important.
This list was created through the of the successful experience and the summary of abandoned mistakes.
Create this list and make sure it's really hard to accept when something stops. Especially when you actually do something good by doing something, this is your success and it is difficult to decide not to do it. But inspired by Good to Great, it's hard but right, you still have to do it. You have to have this courage, I have eliminated myself from the company.
Q: What is your Stop Doing List? Can you give some examples?
Paragraph: Let's take a few general ones:
Don't blindly expand your ability and circle of competence. What a person can do is limited. Whether people say whether you can or not, is not important. What is important is that you can do what you can.
Don't make 20 decisions a year. If you make 20 decisions in 1 year, you will definitely make mistakes. That is not a value investment. It is enough to make 20 investment decisions in a lifetime.
Know what you know and don't know, and act upon it. If you are not familiar with a subject, you should not have an opinion. If you don't understand or are unfamiliar with something, you can't make heavy bets and seize the opportunity you can seize.
Don't take shortcuts, don't believe in cutting corners. Cutting corners is done by people who don't drive and have never driven a car. In the long term, people who cut corners or always switch lanes will always be overtaken.
There are also several articles about investment:
Do not take out long-term interest-bearing loans. This will give you the greatest chance of survival in the economic crisis. I will not buy a house with loans.
Do not short. I have made mistakes in this regard- especially not in the short-term with good companies, such as Baidu in the early years.
Do not engage in short-term speculation. Some people say that I don't expect to make money on this matter, but when it comes to spending, I don't focus on it once and for all. Often walking along the river, it is inevitable that wet shoes will be wet, and the shoes will be wet for a lifetime.
I will give two examples about doing business:
We rejected being an OEM for Walmart. Wal-Mart wants to suffocate you with a towel, and if you give them a contract, you will feel bad, and your company will be killed.
No discounts or rebates at Oppo or Vivo. Oppo and Vivo have a total annual income of 40 billion US dollars, no Sales department, no discounts, rebates, and the same size and size.
Q: This reminds me of Buffett's "circle of competence" principle. How do ordinary people learn from Buffett?
Duan: Buffett is a great wisdom, and he is sincere and sincere to people. I have seen a lot of entrepreneurs like the United States, and I have never seen them in China.
He can tell something that is so complicated and simplify it for his mother to understand. Ordinary people just understand what he says just fine. Look at his letters, listen to his speeches-- watch more and listen more. Listen to his sharing of wisdom like listening to music.
Q: What company is the investment target that you think is good?
Paragraph: nothing more than looking for a right business, right people, right price, looking for a company that can take more than 10 years, you don't want to take 10 days for a company that takes 10 years to research.
A good business is the ability to generate cash flow in the life cycle and to make people sleep well. Can you let the operators and investors sleep well? It is an important sign to judge whether it is a good business.
The right person is to see the founder, team and corporate culture. The most important thing for a business is its culture, including its mission, vision and core values.
This can help you find people in the same way, and you don't have to try to convince people who don't believe you. Some companies are not successful in mergers and acquisitions.
The roots are because their culture is different, such as HP's acquisition of Compaq. Corporate culture is actually formed by founder, and once it is formed, it is difficult to change. The best feature of a good entrepreneur and founder is integrity.
As for the price, in fact, as long as it is a good company, if it is not expensive for a long time, and mobile Internet Apps has been rising. We can know what will happen, but knowing when it will happen is harder.
Q: What do you think of smart investment? Can AI do well in the investment field?
Paragraph: Value investment, AI is no more than people; speculation, people are better than machines.
I have not made any mistakes in my investment, and I have committed it on speculation.
Q: What direction and company do you invest in now?
Duan: I am mainly investing in public companies, because there is more information to see, and it is easy to verify that the average rate of return is beyond S&P. I don't really think about how the market looks. The information is related to when you buy a certain subject, when you buy it, and it doesn't matter.
I now invest 95% of my holdings in Apple.
Q: Apple is already a well-known company. The market value and stock price are so high. Can you invest?
Segment: Apple is the best company, I will always hold it. I thought it would earn $50 billion a year. Now I have done it. I believe it will earn $100 billion in the future. And you don't want to look at it, the watch may contribute 50% of sales in the future, which in turn drives the sale of mobile phones.
This company culture is very strong, very focused, and profitable. Tim Cook said, “We just want to integrate our products into our lives.” To do this, we don’t rely on the most products, but always do the best products, do the right products, and match the products to satisfy the users. There are very few companies that influence 20% of the ads and let them affect the other 80%. Many of its competitors are doing things in a homogenized and commoditized field, and a homogenized company is hard to grow big.
To make products-- focus on performance-- cost performance is not good enough.
In the earlier days, our cheap products were excuses for inferior products. At this point, Apple is doing very well. OV is still working hard and doing very well. Brand and marketing are not so important.
After we dare to be the world, we must fight for the first. I told Tim Cook that Oppo and Vivo are the enemies of Apple's competitors. We don't compare with Apple. I hope that there will be only Apple, Oppo and Vivo in the future.
Q: I have a lot of jaundice, saying that I am influenced by you, and I regard you as an expensive person in his life. He also took a lot of time to bring the listings to market. What do you think about Huang Wei?
Duan: Being a person, doing things, speed is not a problem, people are a hero, faster and slower are all heroes.
Huang Hao has many necessary characteristics of successful entrepreneurs. I and he can ask questions continuously and deeply, and the corporate culture of copying is also copied by Oppo.
There will be opportunities and problems in a short period of time, and time will be the biggest problem he has encountered in doing business. Give him longer, people can see him.
Q: Investing in NetEase is one of your most classic cases. Now how do you look at Netease now?
Paragraph: Now basically sold. For the sale, you can't say it. But I think Ding Lei is a big boy and can't put so much money on him.
Q: You don't have a lot of positions, but which stocks have you sold?
Paragraph: I sold Tesla. As a CEO, you need to be rational, and if you are not rational, you will have problems.
Many of the fronts get back. Charlie Munger said that Elon Musk has an IQ of 190, but thinks that it is 250...
Q: You are mainly with your relatives and friends, and there are very few people returning to China. What do you think of entrepreneurial opportunities in China?
Duan: I don't necessarily go back once a year, and I don't want to be seen by the media. I don't want others to think that I am still running a company. Like Oppo, I was involved in the early days, and Vivo I didn't participate at all.
Entrepreneurship is definitely a great opportunity for both China and the United States. The soil of entrepreneurship is better in the United States. Compared with Chinese entrepreneurs, it must be a bit harder. They have to do their own police affairs and security affairs.
At different stages of life, I now feel that family and friendship are the most important and I want to give my child a sense of security. To be tolerant to friends, to find like-minded people, without much explanation, persuasion, you handed him over to him, he handed him over to you.
For relatives and friends, it is important to accompany them, and to have high-quality companionship, right and wrong issues, border issues to be said, to make clear the consensus, others do not care, do not say no; usually accompany relatives and friends, also hide the phone, together Stay tuned, don't look at each phone.
Q: If you are asked to give someone a few suggestions for doing things, what do you want to mention?
Duan:
It is important to be a good man.
In the long run, slow and steady wins the race. Slow is fast in the long run.
Simple things are not easy.
Always do the right thing, don't take the easy way out;
Don't take advantage of others, create win-win scenarios;
Do what you like, with people you like, and you won’t feel you are working overtime.
If you try your best to do things, you can do things well. Don’t over think.
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