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张磊下神坛_创事记_新浪科技_新浪网

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<span id="pub_date"> 2022-05-30 11:42:12 </span> &nbsp;&nbsp; <span id="media_name"> <a href="http://tech.sina.com.cn/zl/" target="_blank" data-sudaclick="media_name">创事记</a> <a id="media_weibo" class="weibo-card-dropdown" href="http://weibo.com/2012chuangshiji?zwm=tech" onmouseover="WeiboCard.show(2907917243, 'tech' , this)" data-sudaclick="media_weibo">微博</a> <span class="author" id="author_ename"> 作者: <a href="https://weibo.com/u/7519182683?is_hot=1" target="_blank">巨潮WAVE</a> </span> </span> &nbsp;&nbsp; <a id="media_comment" href="#SI_FormList1" rel="我有话说" class="J_Comment_Count_Txt" style="display:none;" action-type="anchorGo" data-sudaclick="media_comment">我有话说</a> </div> <div class="font_change" id="J_Font_Zoomer" data-sudaclick="font_change"> <span font-size="14"> <a class="J_Font_Zoomer_Trigger icon font_down font_down_disable" action-type="fontZoom" action-data="type=down" href="javascript:void(0);" title="减小字号"></a> <a class="J_Font_Zoomer_Trigger icon font_up" 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src="//n.sinaimg.cn/tech/transform/146/w550h396/20220530/827c-8d9ab5ee890c76328493b8870df7864c.jpg" alt="" data-link=""><span class="img_descr"></span></div> <p>  <span style="font-family: 楷体, 楷体_gb2312, simkai;">欢迎关注“新浪科技”的微信订阅号:techsina&nbsp;</span></p> <p>  文 | 杨旭然</p> <p>  来源:巨潮WAVE</p> <p>  1. 2022年走下神坛的人有很多,张磊不是第一个也不会是最后一个。需要注意的是,当我们说到“张磊下神坛”的时候,并非是什么舆论审判,而是简单代表了市场对于投资主体的反作用力——就像投资主体本身对于市场有作用力一样。简单点的解释就是,当某个投资者有能力凭借自己的名声去影响市场风向的时候,就需要承担随之而来的风险和代价。</p> <p>  2. 张磊曾反复多次表达,高瓴资本是一个“长期结构化价值投资”的资产管理公司,这个定义给价值投资加了一个关键定语“结构化”。<font>虽然张磊熟稔巴菲特式的价值投资理念,但非常显然,他没有以原教旨的方式和态度去践行这些理念,</font>而是在此基础上,按照自己的逻辑去调整投资战术。高瓴资本从未承诺过自己会是中国的伯克希尔·哈撒韦,张磊也没有像巴菲特一样做时间的朋友。</p> <p>  3. 在2016年之前,虽然张磊也有大量的二级市场投资,但更多时候其实是以一个风险投资者的面孔出现的。最典型、最被人所熟知的桥段,就是2010年京东经营陷入困境,刘强东希望张磊能够出资7500万美元,张磊却决定出资3亿美元,“要么不投资,要么就投3亿。”当时的张磊和高瓴仍没破圈。<font>其真正被大众所熟知实际上开始于2020年,</font>那一年《价值》正式出版。更重要的是,那一年是“价值投资”在A股市场最狂热的时期。</p> <p>  4. 2020年《价值》的出版,成为了张磊系统性总结自己投资逻辑的标志性事件。在那本书中,张磊将自己的投资逻辑总结为三方面:守正出奇、弱水三千,但取一瓢、桃李不言,下自成蹊。粗浅地解释这三方面意思就是:稳健投资的同时博取高收益、广泛筛选且集中投资、相信优质公司的长期价值和市场表现。<font>这三条与彼时“强者恒强、买龙头、长期持有各种茅”的投资风向高度吻合,</font>张磊也由此成了散户(和大量机构投资者)眼里中国顶级价值投资者的代表。</p> <p>  5. 2020年之后,鼎盛时期的高瓴资有一种魔力,能够带动大量资本的动向——当然这是建立在以往大量成功投资案例的基础上。筛选最优质企业,与企业长期共同成长,并超额获利的美好图景,深深地吸引着每一个在炒小炒烂泥潭中挣扎多年的投资者们。<font>高瓴的投资动作在市场上形成了非常强的指引作用,</font>这在其2020年对宁德时代、隆基股份两笔投资的过程中体现得尤其充分,有大大小小无数的投资者跟随了张磊的脚步。</p> <p>  6. 美股市场上,张磊的动作同样凌厉。在“重仓中国”的大原则下,高瓴资本成了在美中概股最大牌的买家之一。其中有一部分是在上市前就以风险投资方式进入的,最具典型的代表就是逸仙电商(完美日记)和蔚来汽车。在Archegos资本创始人Bill Huang爆仓之后,长期持有大量中概股、科技股股票的高瓴资本,同样无法在这次历史级别的局部股灾中幸免于难。张磊先后重仓过的阿里巴巴、京东、爱奇艺、拼多多、新加坡SEA等股票都出现过大幅下跌。<font>其中还有在高位大量建仓买入之后暴跌,在暴跌之后清仓退出的情况出现,典型代表包括了阿里、拼多多、BOSS直聘等。</font></p> <p>  7. 张磊在《价值》一书中把爱尔眼科当作非常重要的投资案例讲述,给予了足够多的篇幅。但在2021年三季度最终清仓卖出。与此情况类似的还有良品铺子、宁德时代等。<font>对于任何投资者来说,在高估值的情况下选择抛售都是理性且理所应当的</font><font>,但追随者却不一定会这么想。</font>现实发生的是,当张磊选择抛售这些高估值的优质资产时,仍然引起了市场舆论层面大量不满的声音,他也因此被送上了一个“领导的朋友”的标签。</p> <p>  8. 张磊在其投资历程中多次、充分地证明了自己极强的能力,从而获得了来自投资人的信任——不论是跟投者还是真正的金主。得到资金方充分的信任之后,高瓴也在投资类型、方向、范围上进行了扩容,从最早侧重消费、医疗和互联网企业开始,逐步拓展到先进制造、硬科技、企业服务、前沿科技等领域,并配套进行了新消费、碳中和、硬核科技等多类基金的融资,还进行了更多的早期轮次投资。<font>这相当于传统商业企业进行了产能扩张和多元化扩张,将会有大量突破能力圈的情况出现,正是容易犯下决策错误的时期。</font></p> <p>  9.最近市场上出现的关于高瓴资本的消息是,公司年初与高毅、中金、摩根大通等机构共同参与的上市公司用友网络的定向增发。共计53亿元定增资金被一股脑地套在高点上,浮亏超过了20亿元。其中张磊在这个项目上掷出10亿元,浮亏约为40%。根据华夏时报的报道,这笔投资失误或许是因为“当时从用友获得的信息和事实有出入。”</p> <p>  10.“欲戴王冠必承其重”,高瓴近期局面的不顺,与此前的一路顺遂形成了鲜明的对比。但对于张磊来说,此时走下神坛并非坏事——<font>远离被无脑追捧的狂热氛围,也就不会被这种狂热的反作用力伤害。</font>追根究底,投资机构最关键的是要对出资人负责。而对于出资人来说,投资机构的出色业绩要比一堆华丽的虚名实际得多。</p> <div class="img_wrapper"><img style="border:0" width="557" src="//n.sinaimg.cn/tech/47b4da8f/20210524/1.png" alt="" data-link=""></div> <!-- 声明 --> <p style="text-indent:2em;text-align:left;"> <span style="font-family: KaiTi_GB2312,KaiTi;font-size:14px;"> (声明:本文仅代表作者观点,不代表新浪网立场。) </span> </p> </div> <!-- 正文页广告 --> <script type="text/javascript"> (function(){ var adScript = document.createElement('script'); 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a,b;this._init();a=$.popUp.loading;b=$.popUp.mask;b.css({'height':$(document.body).height()+'px'});a.css({'width':'50px','height':'24px','top':Math.max(document.body.scrollTop,document.documentElement.scrollTop)+$(window).outerHeight()/ 2 - 24 /2+'px','left':document.body.clientWidth/ 2 - 50 /2+'px'});b.show();a.show();this.states.loading=false};$.popUp.hideLoading=function(){var a=this.loading;var b=this.mask;b.hide();a.hide();this.states.loading=false};$.popUp.modifyCont=function(a){var b=$('#popup');b.html(a)};$.popUp.enable=function(a){this.states.enabled=a?true:false};$.popUp._init=function(){var a;if(this.states.inited){return}else{a=$(document.body);this.mask=$('<div id="popup_mask" style="display : none;"></div>').appendTo(a);this.loading=$('<div id="popup_loading" style="display : none;"></div>').appendTo(a);this.popUp=$('<div id="popup" style="display : none;"></div>').appendTo(a);this.states.inited=true}};$.popUp.states={inited:false,showing:false,loading:false,enabled:true};$.popUp.defaults={trigger:'click',maskClickClose:true,autoSize:false,width:500,height:300,innerHTML:'提示'}; } var html5Cont = $('meta[property="toutiao"]').eq(0).attr('content'); var mbUrl = '//cj.sina.cn/article/normal_detail?url=' + html5Cont var codeImgSrc = '//comet.blog.sina.com.cn/qr?' + mbUrl; if(codeImgSrc.indexOf('?') > 0){ codeImgSrc = codeImgSrc + ''; } else{ codeImgSrc = codeImgSrc + ''; } jQuery('#share_weixin').click(function(){ var tpl_tip_wx = '<div class="tip_weixin"><img src="' + codeImgSrc + '" alt="" class="weixin_qr" /><span class="tip_weixin_close" suda-uatrack="key=menhu_weixin_share&value=weixin_layer_close"></span><p class="weixin_qr_intro">用微信扫描二维码<br />分享至好友和朋友圈</p></div>'; var wxWrap = $(this).parent(); var $tip_wx = wxWrap.find('.tip_weixin'); // 因执行了return false,需要手动布track码 try{ SUDA.uaTrack("yunying_share", "wx_click"); } catch(e){} 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<div id="tycard_list" class="ty-feed-card-container"> <div class="cardlist-a__tip" node-type="tip" style="display:none;"></div> <div class="cardlist-a__list" node-type="list"></div> <div class="cardlist-a__loading" node-type="loading">加载中<s class="icon-loading"></s></div> <div class="cardlist-a__more" node-type="more" style="display:none;">点击加载更多</div> <div class="cardlist-a__pager" node-type="pager" style="display:none;"></div> </div> <!-- 天乙feed 容器 end --> </div> <div id='tab01_cont02' style='display:none;' data-sudaclick="related_weibo"> <iframe id='related_wb' frameborder="0" height="500" width="640" marginheight="0" marginwidth="0" scrolling="no" allowfullscreen="true" src=""></iframe> </div> </div> </div> <script src="//finance.sina.com.cn/other/src/article-widgets.min.js"></script> <script> (function () { SinaPage.loadWidget({ trigger: { id: 'tab_related' }, require:[ // \u5929\u4e59\u8d44\u6e90 [ { url:'//sjs0.sinajs.cn/video/sinaplayer/js/page/player_v1.js' },{ 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优质用户微博推荐 begin --> <link rel="stylesheet" href="//news.sina.com.cn/css/268/2011/1110/17/weibo-all.css" /> <style> .wb_rec{ margin-top: 15px; margin-bottom: 20px;} .wb_rec_c{ width: 556px; padding-bottom: 20px; padding-top: 5px; margin: 0 auto; border: 1px solid #ccc;} .wb_rec_tt{ margin-left: 20px; padding-left: 30px; font-size: 15px; height: 32px; line-height: 32px; overflow: hidden; color: #5b5b5f; background: url(//i1.sinaimg.cn/IT/deco/2013/1106/weibo/wb_rec_wb.png) left center no-repeat;} .wb_rec_tt a, .wb_rec_tt a:visited{ color: #5b5b5f;} .wb_rec_list{ padding-top: 10px;} .wb_rec_list .wb_rec_item{ float: left; display: inline; width: 110px; height: 110px;} .wb_rec_pic_w{ position: relative; display: block; width: 50px; height: 50px; margin: 0 auto; cursor: pointer;} .wb_rec_pic{ display: block; margin: 0; width: 50px; height: 50px;} .wb_rank_check{ position: absolute; z-index: 2; left: 0; bottom: 0; display: block; width: 15px; height: 14px; font-size: 0; line-height: 0; 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