对话 Monolith 曹曦：有趣可以当饭吃

Core Viewpoint - The investment landscape has shifted significantly, requiring new strategies and approaches to identify and capitalize on opportunities, particularly in the AI sector [5][10][30]. Group 1: Investment Philosophy - The essence of good investment is akin to recognizing lightning; it is rare and difficult to articulate, yet instinctively understood when encountered [4][24]. - The new fund Monolith aims to be one of the best GPs in Asia, focusing on both primary and secondary markets, reflecting a shift in the investment paradigm [5][7]. - The investment strategy emphasizes betting on the best companies within the largest changes, particularly in AI, while maintaining a concentrated portfolio [48][49]. Group 2: Market Dynamics - The market has transitioned from a period of excess liquidity to a more cautious environment, with a significant reduction in the scale of investments [30][31]. - The previous decade saw a 100-fold increase in the scale of capital in China's primary market, but this has now contracted by approximately 70% [30][31]. - The current investment climate allows for more thorough evaluations of projects, as time has become cheaper and capital more expensive [30][31]. Group 3: Fundraising and Investor Relations - Monolith successfully raised $488 million, exceeding its initial target by 60%, indicating renewed interest in Chinese investments [7][9]. - The fund's early investors include notable CEOs, reflecting a strong network built on trust and past relationships [8][9]. - The current generation of entrepreneurs is more financially equipped and willing to support the next wave of startups, contributing to the fund's success [9][10]. Group 4: Entrepreneurial Insights - Successful entrepreneurs often exhibit resilience and a unique ability to see the essence of their business, which is crucial for long-term success [45][41]. - The new generation of entrepreneurs, particularly those born in the 1990s, is characterized by a more balanced and rational approach, shaped by a stable economic environment [52][53]. - The investment community is increasingly recognizing the importance of understanding an entrepreneur's background and personal story as indicators of their potential [54][55].