讣告 | 深切缅怀混沌创业营 2018 级校友王国斌先生

Core Viewpoint - The article pays tribute to Mr. Wang Guobin, a respected figure in China's capital market, emphasizing his dedication to value investing and his impact on entrepreneurs and investors alike [2][3]. Group 1: Tribute to Wang Guobin - Mr. Wang Guobin passed away on November 3, at the age of 57, after battling illness [1]. - He dedicated over 30 years to the development of China's capital markets, earning respect and trust in the industry through his professional judgment and personal charm [2]. - As an alumnus of the 2018 Chaos Entrepreneurship Camp, he embodied the spirit of truth-seeking, exploration, and altruism [3]. Group 2: Investor and Entrepreneur Relationship - Serious value investors and adventurous entrepreneurs may seem like opposites, but they are interdependent; investors' capital enables entrepreneurs to realize their dreams [5][9]. - The relationship between investors and entrepreneurs is likened to a motorcycle rider trusting the driver; the more confidence in the driver's character and ability, the more attractive the investment [11]. Group 3: Value Investor's Confessions - Attitude Towards Risk: To thrive long-term, avoiding excessive leverage is crucial. Many investment failures stem from overconfidence, leading to high leverage and overexpansion [13][15]. - Focus: The stock market tends to favor leading companies in niche markets. Diversified companies often receive lower valuations compared to their focused counterparts [18][19]. - Capital Discipline: Capital is never free; it comes with costs. Companies should aim for high capital efficiency rather than merely growing or diversifying [21][22]. - Marshmallow Experiment: Self-control is vital for success. Those who can delay gratification tend to achieve greater success in life [23][25].