价值：我对投资的思考

by 张磊

编辑推荐

高瓴创始人兼首席执行官张磊的首部力作。

张磊以乐观主义创业者的心态创立高瓴，坚持价值投资理念，以长期主义和研究驱动发现价值，创造价值，坚定地"重仓中国"，支持实体经济，助力产业创新。经过十五年的发展，高瓴不仅成为亚洲地区资产管理规模*的投资机构之一，更支持和参与了一批伟大企业的诞生和成长。



沉淀15年，张磊的投资思想首度全面公开。

在这部百万读者翘首以盼的年度巨制中，张磊*次系统地阐述了他对投资和商业的全方位思考，*次全面剖析了高瓴的投资体系和创新框架，也*次倾情分享了他对工作和生活的个人体悟。



50 位国内外大咖罕见同框共同力荐。

这本书得到了马化腾、王卫、王晓东、方洪波、巴曙松、左晖、冯仑、庄辰超、刘伟、刘芹、李开复、李革、李彦宏、李勇、邱国鹭、张轩松、张勇、张懿宸、陆奇、陈东升、陈邦、郁亮、罗秋平、季琦、周其仁、施一公、秦朔、钱颖一、梅志明、曹德旺、龚宇、董明珠、雷军、虞锋、袁征、大卫·史文森、苏世民等国内外大咖的联袂推荐。



湛庐文化出品。

 

内容简介

全书共3个部分10个章节，介绍了张磊的个人历程、他所坚持的投资理念和方法以及他对价值৛

Genres: Nonfiction, Finance

1213 pages, Kindle Edition

Published February 25, 2021

Reviews

[Terry · Rating 3 out of 5]

A bit disappointing book:
1. The entire book is very dry. Difficult to read. Simply not very interesting. He should learn from Buffett, who is very good at making simple ideas interesting.
2. The ideas are too simple and obvious. I don’t think he has proposed anything new or any investors who don’t know.
3. He didn’t talk about even one example where he made a wrong decision. In the book, he is correct 100% of the time, which is impossible. I think he should have a session on mistakes he has made and why. That’s why I don’t think he is being completely honest.
4. He should talk more about how he has made all the deals, which are not available to other investors. He is able to invest in good private companies, get discounted placement, and etc.

[吕不理 · Rating 3 out of 5]

当然了又是倒霉老板让看的车轱辘话。不算浪费时间 心术要正这件事再怎么强调都不为过 尤其是离钱近的行业。初心谁能守得住哦不知道大佬回不回得来是否能全身而退呢嘿。听说五矿那段儿根本没看矿 工会的看个毛的矿 可见历史都是成功的人写的哈。哎偶也想读耶鲁 我计划天天敦促我领导早日财富自由然后捐楼当校董再给我推荐一下 嗯就这么办。

[Yijia Chen · Rating 4 out of 5]

Another "humble brag" autobiography, though whose values I cannot agree with more. People who's never read an investor biography perhaps would find this very helpful, or just a reminder of the stuff that everyone knows but forgets occasionally: integrity, and refraining from fear and want. In one sense it is one of the best modern autobiographies by a Chinese author. As of the autobiography quality, the book is neither the most honest (in the amount of actual failures or incompleteness of the author, such as Sam Walton's Made in America) nor the most succinct (in summarizing principles, such as Schwarzman's biography or Dalio's Principles). None of which is to deny Lei's incredible stamina and his accomplishments.

[Lu Wangshan · Rating 4 out of 5]

这本书包含了无数具体私募股权投资的案例细节。作者在讨论这些具体案例的同时，给出了很多关于行业的思考和感悟。这让读者能够一睹中国乃至世界一流的基金管理人是如何从价值的角度去分析公司和作出投资决定的。另外，作者在书中还用了相当大的篇幅讲述组织文化，如何持续的将企业家精神注入到组织中，让聪明和踏实的人发挥最大的效率。最后，作者在书中也强调了为客户负责的价值观，给予高瓴的投资人以信心。全书散发极强的正面气息，所以并未有显著篇幅讲述作者的投资失败以及如何从具体失败中学习到东西。即使如此，这本书仍然是任何想了解私募股权投资乃至基本面投资的人的必读。

[Larry Hou · Rating 5 out of 5]

Great book to read! A young Chinese, studied in Yale, worked & learnt from a great Investment manager from Yale Endorsement Fund, came back to China and started his own investment fund, became super successful in Neo-value investing.

[Rock Yang · Rating 4 out of 5]

略显啰嗦，很多观点重复，但投资逻辑清晰，难怪这么成功，成功者自然书写历史，但失败之处却一点都没写到，实在遗憾。

[Miles Wen · Rating 5 out of 5]

看完本书之后，感觉：1. 张先生竟然如此喜欢读书；2. 似乎学到了很多东西，但是又好像什么都没有学到；3. 让我更加坚定了自己的信念："Focus on doing the right thing and money will follow".

[Ethan J · Rating 5 out of 5]

虽然有一些自吹的成分，但是这本书应该还是会从两方面深刻地影响我：
1. 这是我第一次深刻的认识到组织架构的重要性，只有优良的组织结构、企业文化，才能成就伟大的企业，屹立不倒。之前太过专注于自身的技能培养。
2. 长期主义，就是找到优秀的企业和优秀的公司，然后和时间做朋友。最大的护城河来自企业自身的创新能力。

[David Dâng · Rating 3 out of 5]

主要还是讲故事。

[Nico P · Rating 5 out of 5]

highly recommended

[清 · Rating 5 out of 5]

看完。写得不错，理念也认同。有好多人按图索骥，赔钱了又回来怨张磊就不对了。

[Alex Xu · Rating 2 out of 5]

这也太水了点。。。

[Swanking · Rating 2 out of 5]

Not well organized and written. The whole book can be summarized in one page. Please, save yourself some time by reading a synopsis of the book rather than the whole thing.

[Sen Foo · Rating 3 out of 5]

A very good intro book to investments in China

[Zhao · Rating 3 out of 5]

看来认识金主最重要

[Alen · Rating 2 out of 5]

看不下去了，感觉充满了很虚的话

[Brandon Chan · Rating 4 out of 5]

BE THE FRIEND OF TIME.

[OceanStar · Rating 2 out of 5]

not many solid contents

[Wen Jun Ong · Rating 3 out of 5]

A big let-down, given the profile of the author. Drag myself to complete 2/3. DnF

[Shuyan · Rating 3 out of 5]

投资成绩和个人经历令人钦佩，但本书像是金句和鸡汤合集。对于读过些巴菲特、芒格、格雷厄姆、达利欧的人来说，没有太多新意，略显粗浅了。

[Pengxiang Hu · Rating 4 out of 5]

如果案例更多 能更清晰易懂一些。目前读起来还流于泛泛

[Hailong · Rating 5 out of 5]

Worth reading, a lot of long-term investing thinking improved.