---
title: "Zhang Lei from Hillhouse Capital: There is only one true standard for investment"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/202161687.md"
description: "How to find inner order while dealing with external uncertainties?"
datetime: "2024-04-17T11:18:52.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/202161687.md)
  - [en](https://longbridge.com/en/news/202161687.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/202161687.md)
---

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# Zhang Lei from Hillhouse Capital: There is only one true standard for investment

_This article is compiled from Smart Investors (2020)._

In an era of black swans flying everywhere, everyone hopes to find the ultimate weapon to combat uncertainty. Unfortunately, there is no universal key, and there are no eternal rules.

While gazing at poetry and the distance, how can one endure the current hardships?

While dealing with external uncertainties, how can one find inner order?

Zhang Lei, the founder and CEO of Hillhouse Capital, explores this topic in his upcoming book "Value":

> "When these questions intertwine, there is a very clear answer shining there, which is 'long-termism': investing time and belief in things that can create long-term value, striving to learn the most efficient ways of thinking and behavioral standards, following first principles, and always seeking the truth."
> 
> "In the rapidly changing current of society, economy, technology, and humanities, one must be vigilant against opportunism and trend-following. Long-termism is not just a methodology, but also a value system."
> 
> "True investment has only one criterion, which is whether it is creating real value, and whether this value contributes to the overall prosperity of society."
> 
> "Every crisis provides a rare opportunity for stress testing and investment review, and ultimately it is values that determine how you respond and conduct yourself."
> 
> "Everyone can become their own value investor, time, energy, pursuit, and belief, these countless choices all relate to the investment in one's own life."

Hillhouse Capital, founded by Zhang Lei, has become one of the largest asset management institutions in Asia, supporting and participating in the birth and growth of a group of great enterprises, such as WeChat for communication, JD.com for shopping, Meituan for food delivery, and Gree for a more comfortable life... They all have the shadow of Hillhouse behind them.

In 15 years, Hillhouse's asset management scale has grown rapidly, from an initial $20 million to over 500 billion RMB now.

How did Zhang Lei lead Hillhouse through cycles and uncertainties, continuously creating value?

In this new book, Zhang Lei provides the answer - "long-termism".

In Zhang Lei's view, whether for companies or individuals, long-termism is not only the inevitable path for Chinese corporate transformation, but also the fundamental method for personal cultivation and self-value realization.

Below is the foreword Zhang Lei wrote for this book, authorized by Smart Investors through Hillhouse Capital, shared with everyone.

**Foreword of "Value": This is a path of long-termism**

In the complex world, change may be the only eternal theme I often ponder: how can one maintain inner peace in such a world? As an investor, how can one find the compass to navigate through cycles and fog? As an entrepreneur, how can one continuously create value?

When these questions intertwine, there is a very clear answer shining there, that is "long-termism": investing time and belief in things that can generate long-term value, striving to learn the most efficient ways of thinking and behavioral standards, following first principles, and always seeking the truth.

**Long-termism is not just a methodology, but also a set of values**

Through years of investment practice, I gradually understand that the triumph of long-termism is not only about investment results, but more crucially, it is about discovering pathways to create value on the investment journey, joining forces with like-minded individuals, with visionary entrepreneurs, working together, overcoming obstacles, and creating the most beneficial value for society and others.

What is even more delightful is that this path of long-termism, because of like-mindedness and value creation, becomes increasingly interesting.

It is a path that becomes less lonely as you walk along it.

Long-termism is not just an internal rule that investors should follow, it can become an excellent perspective to reexamine the world.

Because, for individuals, long-termism is a form of clarity, helping people establish a rational cognitive framework, unaffected by short-term temptations and complex noise.

For businesses and entrepreneurs, long-termism is a mindset, helping companies reject the confines of zero-sum games, in the journey of continuous innovation and value creation, reshaping the dynamic moat of the company. The sedimentation of entrepreneurial spirit over time is not an anchor sinking in the waves, but a sail rising with the wind.

For society, long-termism is a passion, countless forces converge to support the fundamental areas of human long-term development, focusing on education, science, and humanities, forming an ongoing, sustainable positive cycle.

Whether it is individuals, businesses, or society, as long as things are seen clearly and thoroughly in the long term, and value is created, one can walk on a broad road.

It is a path that becomes more stable and far-reaching as you walk along it. In fact, every choice in life is an important value judgment, and every judgment stems from people's underlying beliefs. In the rapidly changing landscape of society, economy, technology, and humanities, one must be vigilant against opportunism and trend-chasing. Long-termism is not just a methodology, but also a set of values.

The flowing water does not compete to be first, but competes to be unceasing. No matter what work or career one engages in, as long as they focus on the long term and cultivate value, they will surely withstand the test of time and find the starting point to face challenges.

It is a path that becomes more serene and peaceful as you walk along it.

**True investment has only one criterion: whether it is creating real value**

In the journey of upholding long-termism, countless unforgettable experiences have shaped my understanding of life.

As long as one maintains rational curiosity, honesty, and independence, persists in playing positive-sum games, chooses investment methods that bring happiness, one can understand the meaning and value of investment from a longer-term, more sustainable perspective True investment has only one standard, which is whether it is creating real value and whether this value benefits the overall prosperity of society. By adhering to this standard, time and society will definitely reward, often with continuous and huge rewards.

Today's value investment, in the process of technological innovation and business evolution, can not only play the role of an incubator for generating innovative development momentum, but also bridge the digital gap between traditional economy and technological innovation. This is also the best way for capital to serve the real economy and participate in the optimal allocation of resources.

As this book is about to be published, the COVID-19 pandemic is raging globally, affecting countless families, communities, and industries, making it difficult for people to judge the future due to the uncertainty of the world economy.

Difficulties are like a mirror, and the most profound reflections often come from them. Whenever a crisis arises, it provides a rare opportunity for stress testing and investment review, and ultimately it is values that determine how you respond and conduct yourself.

In such a special period, we still adhere to long-termism because we not only see the present, focusing not only on short-term profits and cash flow of companies, making adequate preparations to overcome temporary difficulties and get through the "current hardships"; but also believe in the future, never doubting things that create value, persistently pursuing long-term structural opportunities, and finding the "poetry and distant horizon" of value.

Finally, what I want to share with everyone is that everyone can become their own value investor, with time, energy, pursuit, and belief, there are countless choices, all of which are related to investing in one's own life.

Creating value has nothing to do with superiority or inferiority, and the road to success is open to all. With a pure heart, not being influenced by noise, wandering for half a lifetime, returning still as a youth. I hope to walk with you on the journey of adhering to long-termism, and be friends with time

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