现场1点半到3点用主题演讲keynote speech

SHANGHAISTATIONMarkJ.LernerPresidentofMorgenEvanAdvisoryBoardofMBABIBLESWhartonMBAAlumnuseAddressSHANGHAISTATIONGraceGePartnerofARESManagementFormerManagingDirectorofGoldmanSachsHarvardMBAAlumnaKeynoteSpeech2015WorldMBA/EMBAAlumniForumToBuildTRUST,

ToBuildFUTURE,ToBuildBUSINESSJuly4,2015Shanghai

JPGan(甘剑平)AgendaQiming

IntroductionInvestmentPhilosophy(投资理念）5QimingIntroductionJPGanQimingProfile2014年完成第四期5亿美元和第三期10亿人民币基金募集美元基金获得国际著名出资人的认可，如普林斯顿、麻省理工大学基金及强生、Dietrich慈善基金人民币基金获得国内最大的创投母基金——国创元禾投资，同时获得一期基金出资人、其他母基金、著名企业家、政府引导基金等的认可和投资四期美元2014年4月5亿美元正在投资已投资15家公司三期人民币2014年10亿元人民币

正在投资已投资5家公司基金规模总共105亿人民币一期美元2006年3月1.9亿美元投资23家公司二期人民币2012年6.05亿元人民币投资16家公司一期人民币2010年4月2.5亿元人民币投资7家公司三期美元2011年5月4.5亿美元投资38家公司二期美元2008年5月3.2亿美元投资31家公司Fast-growinginFundSize(AUM9timesin8years)US$:Million’s旗下多个投资公司已上市或者成功退出北京上海香港西雅图纽约深圳苏州全部或部分股份退出InvestmentPhilosophyJPGanInvestmentRuleNo.1WarrenBuffett:“Neverlosemoney.RuleNo.2:NeverforgetruleNo.1”JohnPaulson:“Watchthedownside,theupsidewilltakecareofitself”AccordingtoModernPortfolioTheory-thebestwaytoreducerisk(onlycompanyspecificoridiosyncraticriskpossibleforreduction)istodiversifyVenturecapitalisoneassetclassordiversificationfactorofourLP(universityendowment,charity,familyoffice,etc.)WarrantBuffet:“Iwouldratherbecertainofagoodresultthanhopefulofagreatone”Howdowebecertainofagoodresult?–DuediligenceMarket–past,present,andfutureTechnology/Product/BusinessmodelTeam–passion,capability,expertise,fraud?ValuationMarketFindtherightmarkettoinvestinWarrenBuffett:“Whenamanagementteamwithareputationforbrilliancetacklesabusinesswithareputationforbadeconomics,itisthereputationofthebusinessthatremainsintact”男怕入错行，女怕嫁错郎！Sizematters!Really!TimingiseverythingDon’tbethefirstvictiminthebattlefield一朝被蛇咬十年怕井绳当了先烈会影响人生观的Whenthemarketisready,youwouldbetooafraideCommerce,手游，B2Bservice/softwareLookforthetrends柳传志“大势来了

猪都会飞”寻找大风，观察风向，最好能找到比猪飞得高的(产品和团队)吃肉还是喝汤取决于你在食物链中的地位Porter’sFiveForcesBuyer,seller,substitute,competition,newentryWhichistheking,Channel,Content,Product?反政府和靠政府都是不得好死的Product/Technology/BusinessModelFindagoodproducttoinvestin好吃好玩好用好棒啊！小杨生煎，CandyCrush,iPhoneWhatproblemdoesitsolveforusers?ListentouserfeedbackDisruptive,innovative,improvementHowmuchisvalueadded?Howmuchdoesthevalueaddcost?不要做反革命！Anti-revolutionary

群众的眼睛是雪亮的BestventuredealscomeoutofgoodinitialproductingviralEbay,Google,QQ,FacebookBestproductsarepromotedoverwordofmouth雷军：“坚决不能打广告”是不是真的口碑传播？Exchange–bestbusinessmodelAlotofbuyersandalotofsellersApieceofactionnomatterwhatInfinitescalableHongKongStockExchange(monopolybyregulation),TaobaoManagementPEOPLE,PEOPLE,PEOPLESuccessofinvestmentdependsonthemanagementteamExecution,execution,executionHowtoreadpeople?八字，面相，星座，心理测试？ThereisNOwaytosummarizewhattypesofpeoplecansucceed刘备，曹操，孙权RobinLiv.s.JackMaMikeMoritz:“Betonthetracknotthejockey”MydesiredcharactersGoodchemistryPassionateaboutwhathedoesSmart,analytical,learningabilityExecutiveatbigcompanyfromgoodschool有远见有专业能打仗能带队伍Hasn’tcheatedcustomers,partners,employees,investors

PeoplechangefasterthanthemarketandproductsValuationWarrenBuffett:“It'sfarbettertobuyawonderfulcompanyatafairprice,thanafaircompanyatawonderfulprice。”好货不便宜便宜无好货GetintothebestdealatmarketpriceWhatisinacompany’svalue?Bookvalue/netassetvalue–realestate,banks,rentalcarsIntangibleassets–brand,technology,knowhow,peopleReflectionofmarket,product,andmanagementteamIntrinsicvaluebasedonourassessmentofalloftheaboveOptionvalueBeindependentAvoidherdmentalityInvestmentisbeingwith20/20hindsightHenryKravis:“We'reinahigher-risk,higher-returnbusiness.Thekeyintheprivate-equitybusinessisthatyougettobatenoughsoyouhaveenoughthingstolookat,enoughopportunitiestobecreativeandthencreateaninvest