Beware of Gross Margin In Early Stage Investing

Investment Strategy - Early-stage businesses with initially poor gross margins should not be immediately dismissed, as exemplified by LLM providers [1] - Price is not a primary factor in early-stage investment decisions [1] - The company has invested $115 billion (115亿) over 30 years [2] - The company's investments have yielded returns close to $30 billion (30亿), with over $20 billion (20亿) still held in holdings [2] - The investment portfolio is concentrated in approximately 8-9 companies [2] - The company has invested in roughly 300-400 companies over the years [2]