iAsk x China Daily | How does it feel to collide with capital?

本文章刊登在CHINA DAILY-艾问专栏

提到吴晓波,人们似乎总会习惯性地加上前半句——“著名财经作家”。

When it comes to Xiaobo Wu, people seem to habitually add the title – “famous financial writer” on him.

吴晓波的成就的确配得上他的抬头:2001年出版作品《大败局》,虽是严肃商业写作却也能跻身畅销书行列;自创的蓝狮子财经丛书已成为中国本土财经书籍出版的著名品牌;写作20年,如今的吴晓波仍旧笔耕不辍、保持每年写作一本书的速度……

Xiaobo Wu’s achievements are worthy of his title: in 2001, he published a book named Da Bai Ju (The Great Failure). Although it’s a serious business publication, it still managed to rank among the bestsellers; the Lan Shizi Financial and Economic Series he initiated has become a famous brand among domestic financial publications. Having composed for 20 years, Xiaobo Wu is still working hard to keep writing one book per year.

他足够勤奋,也足够成功。

He is hardworking and successful enough.

如果说吴晓波的文章是表达自己观点的长矛,那他的商业运作就成了保护自己自由写作的盾牌:

If Xiaobo Wu’s articles are spikes to express his own views, then his business operation would be a shield to protect his freedom of writing:

建立起一个以中产知识人群为目标的自媒体矩阵,成为自媒体投资领域第一个吃螃蟹的人;随后又同合作伙伴联手发起成立头头是道基金,在已投资的项目中,不乏今日头条、喜马拉雅这样的内容分发平台,韩寒亭东影业这样的头部内容公司,也有一条视频、日食记等一线自媒体,并且仍在不断扩张。

He established a self-media matrix targeting middle-class people with higher education backgrounds, becoming the pioneer in the self-media investment sector. Later on, he jointly launched the Toutoushidao Fund with business partners. Among the projects he invested in, there are many content distribution platforms such as Toutiao and Ximalaya, head-of-long-tail-effect companies such as Shanghai Tingdong Film Co. by Han Han, as well as other frontier self-media such as Yitiao Video and Cat’s Kitchen. The business is still expanding.

故事一:

Story No.1:

如今社会流行斜杠青年,指不满足专一职业的生活方式,拥有多重职业、多元生活的人群,源自英文slash。对50岁的吴晓波来说,他应该称得上是一位“斜杠中年”:财经作家/学者/商人/投资人/岛主……

Today, slash youths are gaining momentum in the mainstream society. It refers to the lifestyle that does not limit to a specific occupation, i.e. the people with multiple occupations and multi-faceted life, originating from the English word “slash”. For Xiaobo Wu at the age of 50, he should be called a “slash middle-aged man”: financial writer/ scholar/ businessman/ investor/ island owner…

不过,他最喜欢的、也是坚持最久的一件事,就是写作。

However, one of his favorite and longest-lasting things is writing.

把生命浪费在美好的事物上

吴晓波的第一本散文集叫《把生命浪费在美好的事物上》,他说生命从头到尾都是一场浪费,你需要判断的只是每一次“浪费”是否足够美好。毫无疑问,在吴晓波看来,写作这件事就等同于美好。

Xiaobo Wu’s first collection of essays is called Spend Your Time on the Fine Things. He said that life is a way of spending from beginning to end. What you need to judge is whether every “spending” is worthy enough. Undoubtedly, in Xiaobo Wu’s view, writing is a fine “spending”.

新华社工作十三年,他对文字敬畏而严谨;专栏写作上百篇,又让他的文字飘逸而灵动。不变的是,从上世纪90年代参加工作、撰写财经报道开始,现在的他仍旧在写财经报道。

After 13 years of work at Xinhua News Agency, Xiaobo Wu is awe-inspired and rigorous about writing; hundreds of articles for columns shaped his elegant and vivid writing style. What remains unchanged is that he has been writing financial reviews since he started working in the 1990s and he’s still doing it.

三十岁,吴晓波开始写书,而且一发不可收拾,以每年一本的速度向外传达着自己的财经观察与商业思考,《激荡三十年》、《大败局》等作品逐步奠定了他在财经写作领域的位置。

At the age of 30, Xiaobo Wu began to write books at an uncontrollable speed. He conveyed his financial observation and business thinking via books at of frequency of one work per year. His works such as Stirring Three Decades and Da Bai Ju gradually established his reputation in the field of financial writing.

书写得好,资本也玩得转。2005年,吴晓波创办财经出版机构“蓝狮子”,并积极为公司寻求融资。那是吴晓波第一次和资本接触,“对我来讲,还是蛮大的一次资本教育”。

Xiaobo Wu is well-versed in both writing and financing. In 2005, Xiaobo Wu founded Lan Shizi, a financial publishing institution, and actively sought financing for the company. That was Xiaobo Wu’s first interaction with financing. “For me, it’s still a major capital lesson.”

艾问吴晓波:与资本对撞是一种怎样的感受?

How does it feel to collide with capital?

吴晓波

艾诚:当你第一次接触到资本,你当时认为投资家是一种什么人?

Gloria Ai: When you first came into contact with capital, what did you think of investors?

吴晓波:很长时间并不很了解风险投资,我只认为我需要这点钱,大概当时需要1000万左右的钱,他愿意给我那些钱帮助我去冒险。

Xiaobo Wu: I didn’t know much about venture capital for a long time. I just thought I needed this much money. I needed about RMB 10 million yuan at that time. He was willing to sponsor me the money to help me take risks.

艾诚:你觉得他在帮你?

Gloria Ai: Do you think he was helping you?

吴晓波:当然他帮我,但是我希望他在帮我的时候,我能够帮到他,能够让他的资本溢价。现在回过头来想,他当时跟我讲了很多话,他也没实现,但那是我们第一次比较直接的跟一个风险投资人对接。

Xiaobo Wu: Of course he helped me, but I was hoping that when he helped me, I could help him as well and increase the value of his capital. Looking back now, I remember he told me a lot of things at the time. He did not achieve his goals, but that was the first time we directly interacted with a venture capitalist.

艾诚:投资人在你心目中,一个纯粹的投资家最让你钦佩的和最让你反感的分别是什么呢?

Gloria Ai: In your mind, what is the most admirable or the most averse thing of a pure investor?

吴晓波:我觉得最让我钦佩的是他们对行业的敏锐度。

Xiaobo Wu: I think what I admire most is their acumen to the industry.

艾诚:但是一定也有让你警惕资本的部分。

Gloria Ai: But there must be some parts that make you wary of capital.

吴晓波:对,当然有,一开始我并没有意识到,但是投到三年、四年以后,你会感觉到巨大的压力,因为它要退出,因为大量的资本是5+2、7+2,它到了退出期的时候,它对你就会压迫。

Xiaobo Wu: Yes, of course, I didn’t realizeit at the beginning, but after three or four years of capital injection, you would feel tremendous pressure because it’s going to exit. Since a large amount of the capital structure is 5+2 or 7+2, it will oppress you when it prepares to exit.

故事二:

Story No.2:

学者与商人,两种看似对立与矛盾的身份,在吴晓波的逻辑中却能和谐共处。

Scholar and businessman, two seemingly opposite and contradictory identities, can coexist harmoniously in Xiaobo Wu’s logic.

很多年,吴晓波都十分信奉罗斯福说过的一句话:“作为知识分子,你必须要有一份不以此为生的职业”。在一切均可以用财富量化评估的商业社会中,思想自由不再是一个哲学名词,而是一种昂贵的生存姿态,它的基础是财富自由。

For many years, Xiaobo Wu has been been upholding a motto by Roosevelt: “As an intellectual, you must have another career that you make a living from.” In a commercial society where everything can be quantified by wealth, freedom of thought is no longer a philosophical term, but an upscale attitude to life, based on the freedom of wealth.

在吴晓波的逻辑中,想要进行“自有的写作”,首先就应实现“财富的自由”。于是这位曾经的媒体人,开始成为一名自媒体投资人。在吴晓波的投资经历中,有一位重要的合作伙伴,吴晓波也曾专门撰文描述过他:“那个跟我一起投自媒体的Tony”,他的名字叫曹国熊。

In Xiaobo Wu’s logic, if you want to materialize “freedom of writing,” you should first realize “freedom of wealth.” So this former media person began to become aself-media investor. In Xiaobo Wu’s investment experience, there was an important partner. Xiaobo Wu also wrote an article specifically describing him as “Tony who jointly invested in self-media with me”. His name is Guoxiong Cao.

吴晓波、曹国熊

曹国熊,经纬中国的人民币基金创始人,过去几年中曾投资过博纳影业、韩寒的电影等项目,同时也是吴晓波“蓝狮子”的B轮投资人之一。和曹国熊的相熟,被吴晓波归结为“都住在杭州,而且都爱看电影”。

Guoxiong Cao, Founder of Matrix Partners China’s RMB fund, has invested in projects such as Bona Film Group and Han Han’s movies in the past few years, and was also one of the B-round investors of Xiaobo Wu’s Lan Shizi. Xiaobo Wu attributed his friendship with Guoxiong Caoto “we both live in Hangzhou and love to watch movies.”

两人试水投资,始于2015年,吴晓波和曹国熊创立“狮享家”基金专挑自媒体,在不到一年的时间中,一口气投下九个公众号。同年,又成立头头是道投资基金,如今后者已逐步进化为涵盖四大文化消费领域的消费型基金。

The two men started testing the water in investing in 2015. Xiaobo Wu and Guoxiong Cao only picked self-media when they founded the Shixiangjia Fund. Within less than a year, they invested in nine public accounts. In the same year, they founded the Toutoushidao investment fund. Now the latter has gradually evolved into a consumption fund covering the four major cultural consumption fields.

投资生意做得风生水起,但吴晓波本人却保守得多:“我不会是一个优秀的投资人,因为我缺乏做一个专业投资人的基本素质。”

The investment business has been doing well, but Xiaobo Wu himself is very modest: “I will not be an outstanding investor because I lack the basic qualities of being a professional investor.”

艾问吴晓波:你是一个合格的投资人吗?

Are you a qualified investor?

艾诚、吴晓波

艾诚:如果你不做蓝狮子和巴九灵,专做投资人,你会是一个优秀的投资人吗?

Gloria Ai: If you hadn’t run Lan Shizi or 890 New Media and focused on being an investor, would you be an excellent investor?

吴晓波:我不会,其实我缺乏做一个专业投资人的基本素质。就是我对我不感兴趣的行业没有好奇心,说到财经文化,有话剧,有电影,有露营……但我可能只对其中很小一部分感兴趣,但如果你做文化行业的投资人,你要对所有都非常感兴趣,我没有这样的好奇心。

Xiaobo Wu: I wouldn’t. In fact, I lack the basic qualities of being a professional investor. I am not curious about the industries that I am not interested in. When it comes to financial culture, there are dramas, movies, camping… but I may only be interested in a small part of it, but if you are an investor in the cultural industry, you need to beinterested in everything; I have no such curiosity.

艾诚:当我们在评估一个人是否能够成为优秀投资人的时候,关键是看成功和失败,看他的回报,您投资过的成功和失败,你觉得比例是多少?

Gloria Ai: When we assess whether a personcan become a good investor, the key is to judge by his success and failure as well as his return. What was the ratio of success and failure based on your own investment experience?

吴晓波:我直投的绝大部分都失败了。

Xiaobo Wu: Most of my direct investments have failed.

艾诚:那你怎么敢自称吴晓波是企投家呢?

Gloria Ai: Then how could you claim yourself as an entrepreneurial investor?

吴晓波:我认为还比较成功的有两个基金,一个是狮享家基金,一个是头头是道基金,狮享家基金封闭了,基本上可以认定它是个成功的项目。

Xiaobo Wu: I think there are two relatively successful funds. One is the Shixiangjia Fund, the other is the Toutoushidao Fund. Even though the Shixiangjia Fund is closed, it can basically be considered a successful project.

艾诚:虽然您叫企投家,但您投资成功的秘诀是找到了你认为最专业的人来辅佐你做决策?

Gloria Ai: Although you are called an Entrepreneurial Investor, does your secret of investment success lie in finding the person you think is the most professional to assist you in making decisions?

吴晓波:对,我就拜托投资专业团队,我找到曹国熊的时候,他在这行已经干了10年了,我觉得这是特别重要的一件事情。

Xiaobo Wu: Yes, I rely on professional investment teams. When I reached out to Guoxiong Cao, he had been working in this line of business for 10 years. I think this is particularly important.

艾诚:是不是一个做企业的人,当他希望成为企投家的时候,像吴老师这样去搭配一个更专业的投资人伙伴是一个标准模式呢?

Gloria Ai: For entrepreneurs, is it a standard mode for them to team up with professional investors just like you did if they want to become Entrepreneurial Investors?

吴晓波:我觉得应该是,或者他就拜托一个基金团队来做,自己只作为一个普通合伙人,或者是作为管理人之一。

Xiaobo Wu: I think it should be, or he could ask a fund to do it. He serves either as a general partner or as amanager.

故事三:

Story No.3:

“从今天起,有一类企业家叫做‘企投家’。”

“From today, there is a type of entrepreneurs called ‘Entrepreneurial Investors’.”

2017年,吴晓波在“吴晓波频道”正式提出了企投家的概念,在他看来,中国的商业文明正从产业商业主义时代,向产融商业主义时代急速地迭代衍变,与之相对应,企业家的角色也要发生相应变化。

In 2017, Xiaobo Wu officially proposed the concept of Entrepreneurial Investors on the “Wu Xiaobo Channel”. In his view, China’s commercial civilization is rapidly evolving from the era of industry commercialism to the era of industry and financing commercial civilization. The role of entrepreneurs will also change accordingly.

吴晓波

“创业、投资两不误,两手都要硬,把实体经营的智慧融通于风险投资,是他们共同的特征,也是他们的财富得到几何级增加的不二法门。而在当今中国,最适合成为企投家的,是那些已经在实体产业中获得成功,并希望通过投资与时代同步前行的企业家们,他们的年龄跨度在50后到80后的长宽频之中。”

“Entrepreneurship and investing arenot contradictory. Both aspects should be valued. Applying the wisdom from running a business to venture capital is a common feature and the key toincreasing the value of their wealth exponentially. In China nowadays, the most qualified candidates for Entrepreneurial Investors are those who have already achieved success in the real economy and hope to move forward with the times through investment. Their year of birth spans from 1950s to 1980s.

对于这个概念,有人否定,也有人怀疑,但吴晓波自始至终都坚定不移:“我完全不怀疑,我觉得这个一定是未来的一种企业存在和裂变的方向。”只不过企投家们存在的方式是多种多样的。

Some people have negated or doubted this concept, but Xiaobo Wu has been steadfast from the beginning: “I have no doubt at all. I think this must be a direction for enterprises to exist ordiverge in the future.” The way of existence is diverse.

“比如何伯权是一个串联式的生存方式,他做完一件事情以后就断掉了,做第二件,然后再做第三件。但我可能更处在一个并联的状态,就是我还在做我的文化公司,但我同时投资跟文化相关的一些新兴行业,这个是最大的区别。”

“For example, Boquan He upholds a series way of doing business. After he completes one undertaking, he puts an end to it and moves on to the second and third. But I lean towards a parallel state, meaning that I still run my cultural company while investing in some emerging industries related to culture. This is our biggest difference.”

艾问吴晓波:你眼中的企投家是什么样子?

What is Entrepreneurial Investor like in your mind?

吴晓波

艾诚:我记得在2017年3月份的时候,你第一次在会场上讲到企投家是一个新物种。如果今天我把这个问题再抛给你的话,你的解释会跟当初不一样吗?

Gloria Ai: I remember that in March 2017, you first mentioned at the discussion panel that Entrepreneurial Investors are a new species. If I ask you the same question again today, would your answer stay the same?

吴晓波:未来在企业家群里会出现一类人,第一类,他专注于自己的行业,把这个行业做得非常好。另外一部分,他有投资的思维和理念,他把自己的公司作为一个标的物去吸纳资金;同时作为一个投资人去投跟自己相关或者不相关的行业,他的身上就会具有实体企业经营和投资思维行动这样的一种复合型人格。

Xiaobo Wu: I think among the group of entrepreneurs in the future. There will be The first kind of people, who are focused on their own industry and excel at the line of work. Another kind of people have their own investment mentality and beliefs. They would use their own company as a target to attract investments. In the meantime, as investors, they would invest in industries either relevant or irrelevant to their own. He would demonstrate a compound identity from both business entity operations and Investment mentality.

艾诚:企投家就一定比纯粹企业家和投资人,更被这个时代需要吗?

Gloria Ai: Should enterprise investors be more needed by this era than pure entrepreneurs and investors?

吴晓波:我觉得企投家实际上是一种生存状态。当然会有纯粹的投资人,但也有一部分人,他可能原来做过实体企业,像沈南鹏;可能也有像我这样的,我还在做巴九灵,同时我也有一个基金在做投资;也会存在像曹德旺这样的人,我永远不会去碰投资,我只做我喜欢的。

Xiaobo Wu: I think Entrepreneurial Investors are in fact a certain form of existence. There are of course pure investors, but there’re also another group of people, who might have operated their own businesses, just like Nanpeng Shen. There might be others like me. I’m still running 890 New Media. Meanwhile I’m also investing through a fund. There are people like Dewang Cao, who never engage in investing. They only focus on their own field of expertise they enjoy.

艾诚:所以企投家是众多活法中的一种?

Gloria Ai: So Entrepreneurial Investors are just one of so many forms?

吴晓波:对,我觉得它是一种生存状态,而且这种生存状态更符合今天中国商业世界现状和未来。

Xiaobo Wu: Yes, I think it is a state of existence, and this state of existence is more in line with the current state and future of the Chinese business world.

END.

吴晓波签名图

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