朱啸虎：中国的财富密码，变了

Core Viewpoint - The article emphasizes that the success of entrepreneurs and investors in the past 20 years has largely been due to the era's dividends, referred to as "beta" (β), rather than individual intelligence or effort, which is termed "alpha" (α) [5][11][10]. Group 1: Market Insights - The article discusses the division of asset returns into two parts: market returns (β) and excess returns (α) [7][8]. - It highlights the importance of recognizing that success is primarily derived from market trends and not from personal superiority [11][10]. - The article identifies the aging population as a significant market opportunity, with 20 million new retirees each year who are willing to spend [14][13]. Group 2: Investment Strategy - The author stresses the need for controlling scale and increasing safety margins as a crucial strategy for the next 5 to 10 years [16][17]. - The article suggests avoiding the pursuit of α, as it can lead to losses, and instead focusing on identifying the next significant β opportunities [9][10]. Group 3: Event Promotion - The article promotes a three-day immersive course titled "Black Horse Consumption Rise" scheduled for October 17-19 in Shenzhen, featuring industry leaders and experts [18][20][23]. - The course aims to teach participants about product innovation and brand expansion in the context of the current consumption landscape [20][26]. Group 4: Learning from Japanese Experience - The article draws parallels between Japanese companies' success in transforming technology into consumer value and the current need for Chinese companies to innovate [24][25]. - It emphasizes that future consumer champions will be those who can effectively integrate demand with technology, particularly AI [25][30]. Group 5: Course Details - The course will cover various topics, including product innovation, market segmentation, and global branding strategies, with insights from notable figures in the industry [31][32][36]. - Specific sessions will focus on how to leverage AI in consumer markets and the importance of understanding local market needs for successful globalization [30][34].