Original link: https://ljf.com/2023/07/07/1270/
2015 Daily Journal Shareholders’ Meeting Speech
When companies encounter disruptive technological change, failure is the norm. If you can’t keep up with the pace of the times, you can only be eliminated by the times.
I can tell you that, of all the smart people I have ever met, there is not a single one who doesn’t read a lot.
Shareholders: You have been very successful in your life, do you have any good habits or secrets?
I eat whatever I want and never worry about my body. The workouts I don’t want to do, never do.
I am good at doing one thing, think things through, think through, think deeply, find the right answer, and then put it into action.
Shareholder: How did you read it? How did you absorb the information in the book? Do you have your own way of organizing your notes?
I only read the books I love, read when I want to read, and think when I want to think. This is my way of reading.
Shareholders: You recently wrote an article about the benefits of trust…
Only associate with people you trust, and stay away from people who are not trustworthy.
Shareholders: How can I gain the trust of others?
Trust is something you earn yourself. You are always reliable in doing things yourself, and over time, others will naturally trust you.
Affected by human nature, the currency will not only continue to depreciate in the future, but the speed of depreciation will also accelerate.
Shareholder: Lee Kuan Yew of Singapore has passed away. Do you have anything to say?
On a swamp where malaria was rampant, Lee Kuan Yew built a modern and powerful country. Singapore’s success has inspired countries like China and Vietnam. After seeing the successful case of Singapore, China carried out drastic reforms and completely got rid of poverty and backwardness. Lee Kuan Yew’s political influence went far beyond Singapore itself.
Shareholders: In recent years, experts in the financial field have found through research that companies with strong profitability and good quality are more worthy of investment. Tracing back to the source, they found that Buffett had already proposed this concept, and Buffett also said that he realized this concept because he was inspired by you. As early as the 1950s and 1960s, you had such an advanced idea. At that time, you were still a lawyer and had not made any achievements in the investment field. How did you come up with this concept?
The better the company, the more expensive the price and the lower the odds. I have known this for a long time.
I’m not much smarter than other people, I’m just a little bit better at being less stupid. Others are thinking about how to be better, I just want not to be stupid. One is not to be stupid, and the other is to live a long life. If you achieve these two points, you must be a winner in life. Most people think that it is difficult not to be stupid, but it is actually quite difficult.
In the fierce market competition, no matter how strong a company is, it will be overtaken by its competitors if it takes a nap. This is the cruelty of the modern capitalist market. If you don’t work hard, you can’t survive.
The more successful an organization is, the easier it is to become bloated and overstaffed. This is due to human nature.
3G Capital helped us see a reality – there are always many idlers in large institutions
This article is transferred from: https://ljf.com/2023/07/07/1270/
This site is only for collection, and the copyright belongs to the original author.