The release of the 2019 Hurun Rich list has attracted a wave of hype as usual. Among them, many big names in the investment community continue to appear on the list.

Since the beginning of this year, although the stock market has experienced the same roller coaster as last year, the Shanghai Composite Index has risen 12.9% annually, calculated according to the deadline of the wealth list, on August 15.

Naturally, with the strength of a large number of investment leaders, wealth has further increased.

According to the list, there are seven investment bosses worth more than 10 billion yuan, slightly adjusted from last year, but they are still old faces.

Among themThe change in wealth also reflects a Matthew effect. The stronger the strong, the more the rich earn.

At the top of the list is Sequoia Capital and Shen Nanpeng, whose wealth increased by 15% to 30 billion from 26 billion in 2018.

In second place, Hillhouse Capital Zhang Lei, his fortune increased by 10% from 20 billion to 22 billion.

In third place, Yunfeng Capital Yu Feng, his fortune increased 15% from 13 billion to 15 billion.

Among the stock private offerings, Chongyang Investment Qiu Guogen and his wife are worth 7.5 billion, Jinglin assets Jiang Jinzhi is worth 3.7 billion, futures investment boss chaos Investment GE Weidong is worth 13 billion, and only one is new on the list.

Shen Nanpeng: the man who bought half of the Internet in China

Sequoia Capital and Shen Nanpeng topped the list of the richest people in the private fundraising circle for three years in a row, with his fortune rising 140 per cent to 30 billion from 12.5 billion in 2015.

In the face of such a large amount of wealth, there is only one reason why growth can be doubled.He bought half of the Internet in China.

In China, you can't do without the projects that Shen Nanpeng has invested in: BABA, Sina, JD.com, Pinduoduo, Dajiang, 360, focus, Douban, Meituan.

These companies have a total market capitalization of more than one trillion yuan, which also represents half of the domestic Internet industry.Shen Nanpeng is regarded as the "king of venture capital".

In April this year, Forbes released the list of "the best venture capitalists in the world" ("The Midas List") in 2019, and Shen Nanpeng won the first place in the world again.

As long as you are still starting a business, as long as you are still in this big industryI believe that if you go around, you will encounter sequoias, because sequoias are always there, and they are always in the front.

This is the industry's basic summary of Sequoia Capital.

Of course, Shen Nanpeng is not open to all, but adheres to the principle of "four no votes":

Do not vote for the CEO that does not know the strategy; do not vote for the CEO that does not understand the product; do not vote for the CEO that does not take the team; and do not vote for the CEO that does not know how to calculate the accounts.

When someone asked Shen Nanpeng about his investment secret, he replied"Don't hibernate in winter, go swimming in winter. "

The sentence is full of venture capital spirit.

Venture capital has been in China for 20 years, and Sequoia has been established for 14 years. During this time, many people have failed or have been erased by the times, while Shen Nanpeng is still a towering tree in the venture capital industry, continuing to highlight his influence.

After all, Shen Nanpeng is the only man who can get Ma Huateng to express his love directly in public:

He is not one of the most successful investors in the Chinese venture capital industry in my impression.

Zhang Lei: the man who changed the pattern of e-commerce in China

Zhang Lei graduated from Yale University in 2005 and founded Hillhouse Capital with $20 million. Today, Hillhouse Capital has more than $60 billion (about 426 billion yuan) under management.

However, compared with Shen Nanpeng's continued growth,Zhang Lei's fortune has had its ups and downs in recent years, and his wealth of 22 billion is only the same as it was in 2016.

As of the end of the second quarter, Hillhouse held 58 companies with a market capitalization of $7.606 billion, up 27% from a month earlier, according to the latest data from the Securities and Exchange Commission (SEC).

In the second quarter, Hillhouse took advantage of the opportunity to increase its positions aggressively.And put a heavy position in the field of travel.Not only set up positions for Uber and Tesla, Inc., but also doubled their holdings of NIO Inc. cars.

Among them, more than 15 million shares of Uber were bought, with a total market value of nearly US $700 million at that time, making it the second largest stock after iQIYI, Inc..

Besides,Both Pinduoduo and NIO Inc. have become the subject stocks of Hillhouse nearly doubling their holdings.The holdings were increased by 4.43 million shares and 20.62 million shares, respectively, with a market capitalization of $193 million and $107 million, respectively.

But Hillhouse this large-scale Jiancang Uber and plus NIO Inc., has become an obvious drag oil bottle.

Since AugustThe shares fell 31% and 55%, respectively, meaning a paper loss of $280 million (about 1.99 billion yuan) for Hillhouse.

In the context of the overall downturn of the car market, subsidy retreat, and fierce competition in the industry, whether it is new energy vehicles or ride-hailing, it seems that the prospects are not very good, and the possibility of continuing losses is quite high.

However, Zhang Lei is still the best among fund managers.Recently, Belle's Pao Bo Sports has been split and listed in Hong Kong, which also shows the strength of Zhang Lei.

Two years ago, Belle International was delisted from the Hong Kong Stock Exchange, with an overall valuation of HK $53.1 billion, a 65 per cent decline from its peak market capitalization of HK $150 billion.

When Hillhouse acquired Belle that year, it used more than HK $28 billion of leveraged funds.However, judging from Hillhouse's current shareholding and market capitalization of more than 60 billion, the investment has been fully recovered, and Belle's women's shoes business is given away.

Belle operates more than 13000 women's shoes stores and more than 7000 sports stores, receives more than 6 million customers every day, has tens of millions of registered users, and the huge network still contains a lot of treasure.

In the two years of privatization, Hillhouse not only allocated capital, but also allocated talent and resources, and even carried out a lot of reforms to restructure the business and give new momentum.

This is just like Hillhouse's investment philosophy: "to create sustainable long-term growth as the goal, through scientific and technological innovation, jointly create value." "

For investors,Missed ball or failure is inevitable and normal, but it does not represent the whole picture of an investor.

Don't forget that the pattern of e-commerce in China has changed dramatically since the merger of Tencent e-commerce and JD.com in 2014, and Zhang Lei is behind it.

Yu Feng: a man fighting side by side with Jack Ma

In 2010, the "Yunfeng Fund" was established, with the name embedded in the names of BABA founder Jack Ma and Juzhong Media founder Yu Feng.

Behind Yunfeng Fund, there are a lot of luxurious LP, including Ma Huateng, Giant Network Shi Yuzhu, Huayi Brothers Wang Zhongjun, female Buffett Zhao Wei and so on.

Every time Yunfeng fund investment project, the media like to report in the tone of "being favored by Jack Ma", but in factYu Feng, who is often out of the public eye, is the ultimate trader with a higher voice.

Like Jack Ma, Yu Feng worked as a teacher after graduation, but the latter kept a much lower profile and formed a sharp contrast with Jack Ma.

According to some sources, in the GP share of Yunfeng Fund, Yu Feng Ma Yun has a 60% stake, Yu Feng accounts for 60%, and Jack Ma accounts for 40%.

In recent years, Yu Feng's wealth has also experienced ups and downs, and his wealth of 15 billion yuan is less than the peak in 2016. However, for Yu Feng, it is believed that short-term wealth changes are not so important. Yu Feng is a man who is used to looking at the general trend.

In January 2006, Juzhong Media has submitted the IPO information by SEC, which is basically close to the door from the listing. Unexpectedly, as the founder, Yu FengIn order to sit down and talk with its biggest rival focus Media, it did not hesitate to jettison the entire listing process.

On January 8, 2006, focus Media and focus Media reached an agreement to acquire a 100% stake in focus Media at a price of $325 million.

According to Yu Feng's later explanation, if Juzhong chose to go public at that time, the only choice after financing would be to continue to spend money against focus, so the vicious competition between the two sides would only be endless.Under the premise of interests, peace and war between the two sides is the best choice.

In fact, all these reasons are understood, but it is very difficult to do so in reality.

Especially at the juncture of listing.Being acquired not only means giving up the honor of ringing the bell on NASDAQ, but also means giving up power vigorously to some extent.For the average entrepreneur, this is impossible.

However, Yu Feng managed to do it, which is enough to reflect his rational side, which may have something to do with his experience of learning go when he was young.

Go can cultivate people's thinking ability, make people have a stronger sense of logic, and the most important thing is to exercise the wisdom and habits of looking at the overall situation.

Yu Feng said more than once, "take your time and take your time. If you just want to make some money in the short term, it won't last long."

Accustomed to looking at the general trend, one city and one place is not taken so seriously.

Dinghui: old capital, but a stable wealth manufacturing factory

According to the number of people on the listCDH has a total of 6 people on the list, with a total wealth of 41.5 billionThere are three people in Red shirt and only one in Hillhouse Capital.

CDH, founded in 2002, is an established capital faction. Six founding partners have worked together for more than 17 years, and no one has left so far.

By the end of 2017, CDH had managed funds of 120 billion yuan.

CDH is the backbone of investment in the post-60s and post-70s.Especially when the investment managers in the Chinese market are centrally covered by the post-80s and post-90s generation, CDH appears to be a little out of place.

Moreover, in the absence of fresh blood, CDH has missed DouYu International Holdings Limited, Bilibili Inc., DiDi Global Inc. and other projects, but also away from the mainstream VC camp.

But,This does not mean being abandoned by the return of the fund.

No matter how times change, it will not change the old thing of capital. Experience, qualifications and contacts accumulated over time have irreplaceable uses.

In 2019, CDH had two billionaires, Wu Shangzhi and Jiao Zhen, with a fortune of 13.5 billion and 11.5 billion respectively. The six people on the list, except Guo Li, are all founding partners.

Most important of all,Members' wealth has successfully crossed the economic cycle, almost doubling in four years.

Missed a lot of money, but can add up, which is also a good experience of the world's most valued Buffett quote.

"Life is like a snowball. As long as you find wet snow and a long ramp, the snowball will get bigger and bigger. "

Wang Lin, one of the founders, once said:

"I am a post-60, and when the number 60 is reversed, it becomes 90. It also reminds us to constantly subvert ourselves, maintain the mentality of the post-90s, be good at discovering new things, learning, exploring, and maintaining new desires. "

Even after 60 years, do you still have an excuse to touch the fish?