Humility is more important than any other virtue.

During the Boao Forum, a hedge fund manager in Australia told me that people who are truly successful are humble. Undoubtedly this also applies to the field of PE. David Rubenstein, one of the founders and managing director of the Carlyle Group, said that "Carlyle is a difficult process to make every investment decision, so humility is more important than any other virtue." Because you can make a lot of mistakes.　　"Rubinstein further believes that if a PE company is to succeed," to remove the factors of luck, it is important to maintain a humble posture, to determine a achievable goal; Sequoia Capital Moritz also said that a good VC quality, the first is to "humble humility." However, "human nature is the same everywhere." Chinese investors have done a good job in a short period of time, and so will be like young investors elsewhere, "forgetting how hard our work is and how often mistakes are made." As Steve Schwarzman, chief executive of Blackstone Group, Blackstone, "Most people look humble and peaceful" in the PE industry, but the inner heart may be the big personality.　　Let no one challenge his authority. Before meeting Yichen Zhang in Boao, he knew that it was a "turtle" in high school, but it was said to be a very "earthy" style. Asiainfo, the current CEO of China's broadband fund, once joked that if Yichen Zhang was an undergraduate at MIT, "I thought you were an undergraduate in the military."　　Wang June, the former chairman of Citic Group, said Yichen Zhang had not learned other American pies except to "accompany his wife and children for dinner" every day. "People are very good, very little angry" is a subordinate and contact him a lot of people describe. Listening to Citic's staff said Yichen Zhang would "apologize to colleagues" for being late for the interview, citing his forgetfulness that added to other people's working hours.　　It reminds me of Pinglun when he talked about Li Ka-shing: Pinglun before to Hong Kong and Li Ka-shing to eat, "the elevator door open, Mr. Li at the door waiting for us, and then send us a business card"; He said he must shake hands with everyone, everyone should be held, including the edge of the service personnel. "I believe in the" golden mean "of the way of life. "The moderation of Yichen Zhang understanding is that the middle is impartial, not left, not right; "Do things in China first. Especially in China to do business, in addition to mutual trust between the two sides, encounter problems negotiated solution, more people and people to hit it off.　　' The first thing you need to do is to make your investors feel "fair in terms of cooperation and share their wealth with them," said Carlyle founder Rubinstein. His successor Hugo Shong as chairman of the China Venture Capital Association, besides "the experience in the Treasury, a lot of friends in the government" and other factors, he felt that "I have a long time in the market, and the sideThe relationship is good. "　　And it is his philosophy that makes it easy for different people to become good friends with him. But does humility mean mediocrity? "Nobody wants to be with aggressive people. But in the financial world, to be successful, you really need to be incredibly effective. If you do not have passion, others will surpass you, and in this industry the second place is no booty.　　Black Stone CEO Schwarzman said. "Madness" is another description of Yichen Zhang. This source originated from Citic's investment in Harbin Pharmaceutical Group. "Invested 40% of the capital in a project," Yichen Zhang the $110 million trillion of Citic's $250 million trillion capital into Harbin, a "diversification, risk-averse" investment practice that seems crazy.　　But Yichen Zhang believes that Kazakhstan medicine has a lot of room for development, so not only persuaded the board, but also the good friend Chang Sun pulled in. After the financial crisis, Yichen Zhang also took the lead in proposing "China PE overseas Breakthrough". "Citic Capital has been doing overseas investment, in Japan, the United States have business." In Japan, which is considered a "very low success rate," because many Japanese are unwilling to sell their businesses. CITIC Capital's Japan fund has done the second phase, "except for our own money, the fund raised mainly the money of Japanese institutions." To open an investment gap in a closed, xenophobic Japanese economy, Citic Capital put forward the concept of "China-Japan Economic complementarity", "we can not only help Japanese companies sell better products, but also help them reduce costs."　　"To persuade people to sell their stakes, you have to let them see tangible benefits," Yichen Zhang said. But he also mentioned that doing so must be "in the way". Citic Capital in Japan's team "no Chinese, 10 are all Japanese", but also the embodiment of their own capabilities. "Just as overseas funds are sent to China, they are foreigners, and I don't believe they can make a good investment," he said. "It's important to find the right team and market operations," Yichen Zhang said.