Zhang Lei: Long-Termism as a Set of Values

In an age when black swans seem to fly everywhere, everyone hopes to find the ultimate weapon against uncertainty. Unfortunately, there is no master key and no eternally unchanging rule. As participants in our times, perhaps the urgent questions before us are these: How do we endure today’s compromises while looking toward the distance? How do we find inner order while confronting external uncertainty? Our times will not reveal the answers in advance. But on a larger scale, the pursuit of long-termism and the continuing exploration of value and meaning may offer clues. In Zhang Lei’s view, for businesses and individuals alike, long-termism is not only an inevitable path to corporate transformation but also a fundamental approach to personal development and self-realization. Grounded in value creation, it moves from a spontaneous reaction to external constraints into a conscious choice to seek growth and inner peace. ----- In a complex world, change may be the only enduring theme. I often wonder: how can we preserve inner peace in such a world? As an investor, how can I find a compass through cycles and fog? As an entrepreneur, how can I keep creating value? As those questions intertwine, a clear answer shines through: long-termism. Commit time and conviction to things that can create lasting value, strive to learn the most effective ways of thinking and standards of behavior, follow first principles, and keep seeking truth. Over years of investing, I have gradually understood that the victory of long-termism is not merely about investment outcomes. More importantly, it means discovering paths to value creation along the way, joining like-minded people and entrepreneurs with a broad vision, working together through difficulties, and creating the most beneficial value for society and others. Better still, shared purpose and value creation make this path endlessly engaging. It is a road that becomes less lonely the farther you travel. Long-termism is more than an inner rule investors should follow. It offers an excellent perspective from which to see the world anew. For individuals, it is clarity: a rational framework that resists short-term temptations and distracting noise. For businesses and entrepreneurs, it is perspective: rejecting confining zero-sum games and rebuilding dynamic economic moats through continuous innovation and value creation. Entrepreneurship accumulating over time is not an anchor sinking beneath the waves, but a sail catching the wind. For society, it is passion: countless forces converging on the foundations of humanity’s long-term development, supporting education, science, and the humanities in a self-renewing, sustainable positive cycle. Whether as individuals, businesses, or society, if we see clearly, think deeply, and create value over the long term, we can travel a broad and open road. It is a road that becomes steadier and reaches farther as you travel. Every choice in life is an important judgment of value, and every judgment comes from underlying convictions. Amid rapid social, economic, technological, and cultural change, we should be particularly alert to opportunism and trend chasing. Long-termism is not merely a method but a set of values. Flowing water does not compete to arrive first; it seeks to flow without end. Whatever our work or undertaking, looking far ahead and diligently cultivating value will enable us to withstand time’s tests and find a way to meet challenges. It is a road that becomes calmer and more peaceful as you travel. Countless memorable experiences in pursuing long-termism have shaped my understanding of life. The book describes parts of my journey, the investment philosophy and methods I uphold, and my thoughts on a value investor’s self-development. By remaining rationally curious, honest, and independent, pursuing positive-sum games, and choosing an investment approach that brings happiness, we can understand investment’s meaning and value from a longer-term, more sustainable perspective. True investment has one standard, and one alone: whether it creates genuine value that benefits society’s overall prosperity. Uphold that standard, and time and society will reward you—often continuously and enormously. The book also discusses my understanding of entrepreneurs and entrepreneurial organizations with expansive visions, and my views on talent, education, and science. These are among investing’s most precious encounters. Today, as technology innovates and business evolves, value investing can both incubate new drivers of development and bridge the digital divide between the traditional economy and technological innovation. This is also the best way for capital to serve the real economy and contribute to the optimal allocation of resources. I therefore thank all my teachers and mentors. A good education allows me to keep seeking truth, which is investing’s greatest pleasure. I cannot forget the capital providers and investors who trusted us at critical moments. I have always admired their professional prudence and long-term vision. Above all, I thank the founders, business leaders, and scientists who share our values and remain committed to creating value. Creating it together is one of life’s greatest joys. As this book approaches publication, COVID-19 is sweeping the world, affecting countless families, communities, and industries. Economic uncertainty makes the future difficult to judge. Hardship is a mirror, often prompting our deepest reflection. Every crisis offers a rare stress test and an opportunity to review our investments. Ultimately, values determine how we respond and conduct ourselves. At this extraordinary time, we remain committed to long-termism because we see the present—paying attention to short-term profits and cash flow, preparing thoroughly to escape temporary difficulties and endure today’s compromises—and also believe in the future. We never doubt the importance of creating value. We keep seeking long-term structural opportunities and the promise of a more meaningful future. Finally, everyone can become a value investor in their own life. Time, energy, aspirations, and convictions—all these choices involve investing in ourselves. Value creation is not a hierarchy; many open roads lead forward. Keep an unspoiled heart, unshaped by the noise. After half a lifetime away, may you return with youthful spirit intact. I hope to travel with you on the journey of long-termism, as friends of time.