$Minimally Invasive Medical (00853)$ According to Bamang’s standard, this product cannot enter Bamang’s eye. They never cast their hopes on promising businesses, but seek to capture real happiness—good business with a high degree of certainty. Such as See’s Candy, Coca-Cola, Mrs. B’s Furniture Store, Geico Insurance…
There are three main criteria: one is the business model, which must be able to make money, with outstanding competitive advantages and long-term predictability; the other is the corporate culture, which pursues the business concept of honesty, win-win and mutual benefit, and the pursuit of profit. The third is the leader of the enterprise. The enterprise is based on a sense of mission and love, and is not short of money. It has been proven by time that it is worthy of the trust and trust of all stakeholders such as customers, employees, shareholders, and society.
The core is a good business built to last.
As far as the business model is concerned, minimally invasive meets the standards, and high-value devices are a good business that can make money in the world, and once the market is occupied, the long-term certainty is very strong. Even centralized procurement can only affect a moment, but not a lifetime.
In terms of corporate culture, although the vision and mission statement is very cumbersome, the long-term value pursuit, mission responsibility, quality and innovation cultural genes have been formed. MicroPort is a company that is reassuring and worthy of trust in terms of quality research and development and social responsibility.
From the perspective of leaders, it is Chang Chang that creates the culture of quality and innovation, and the pursuit of profit over enterprise also comes from Chang Chang. Whether it is for employees, shareholders, customers or the country, it is of course for MicroPort® to develop into today’s Chang Chang. Outstanding achievement. Lao Chang is definitely a good person who pursues money and money, but there are still many points worth scrutinizing in terms of resource allocation in management, balancing the interests of all parties, short-term and long-term interests, and organizational emotional intelligence.
There is another difference. Baman’s management pursues flatness and inaction. One platform covers all listed and unlisted businesses, and a high degree of trust is fully authorized to the leader of the subsidiary. Therefore, the headquarters of 24 people can manage 360,000 people plus a secondary investment portfolio. !
MicroPort is doing the opposite. It continuously spins off subsidiaries. Although it is a model innovation to meet the needs of development or to be forced, it leads to an increasing management level and radius. How to achieve a MicroPort and fully delegate power? The balance between subsidiaries is particularly critical. Once the balance is not good, it will not only be tiring, but also affect the overall development of the company. All lines are looking good so far, and they all have a bright future. However, if something goes wrong, it is possible that Munger’s raisins and feces are mixed together.
Therefore, in general, MicroPort satisfies at most 2.5 of the Baman 3 criteria. The shortcomings are mainly in management. The loss is not the reason why Baman does not invest in similar companies. After all, he is investing in business-sharing aircraft companies, and he has been losing money for many years.
In the end, whether the lack of 0.5 is not a good long-term investment target, it is hard to say, Baman is just seeking to win first and then fight. Amazon, Walmart, who won the battle after the war, the amazing stock price increase before investing in Apple, Tesla, etc., he just didn’t want to bet in advance, but chose to miss it.
Going back to MicroPort, Otsuka took the shares sold by domestic investors in 2004, regardless of whether they were listed or unlisted, and whether the stock price fell or rose after the listing, they have been holding it as if they forgot to hold the shares. Despite sending two directors to the board of directors, it never interferes with the usual operations. Up to now, even if the stock price has fallen by 80%, guess how many times you have earned? ! 18 years, 80-90 times!
To be a hands-off shopkeeper, history has proved that it is not bad. In the future, there are 400 million to 500 million elderly people, especially the richest people born in the 1960s in Chinese history who gradually retire and endorse. Even if I don’t fully meet the Baman standard, I will choose to be a silly shareholder.
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