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# Lessons from Zhang Lei
- URL: https://www.antoinebuteau.com/lessons-from-zhang-lei/
- Published: 2025-10-23T14:53:49.000Z
- Updated: 2026-09-05T03:20:44.000Z
- Description: Zhang Lei, founder of Hillhouse Capital and author of “Value,” is known for a profound investment philosophy and long-term perspective, connecting value investing with the broader work of entrepreneurship, sound judgment, and personal growth.
- Author: Antoine Buteau
- Tags: Profile, Investing, Hedge Funds & Investing Profiles

A titan in the world of investing, Zhang Lei, the founder of Hillhouse Capital, is renowned for his profound investment philosophy and long-term perspective. His teachings, primarily encapsulated in his book "Value," offer a wealth of knowledge for investors, entrepreneurs, and individuals seeking personal growth.

![Infographic for "Lessons from Zhang Lei".](https://www.antoinebuteau.com/content/images/2026/07/lessons-from-zhang-lei-optimized.webp)

## On Long-Termism and Value Investing

1. **"We shouldn't just look at revenues or profits - the key is what problem the business is solving: does it increase the efficiency of society and create value for customers? The companies that create value like crazy will be rewarded with huge revenue and profit by society."**
  - **Source:** From his book "Value," as cited by Schroders.
  - **Link:** [https://www.schroders.com/en/us/institutional/insights/five-thought-provoking-books-weve-read-in-2021/](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.schroders.com%2Fen%2Fus%2Finstitutional%2Finsights%2Ffive-thought-provoking-books-weve-read-in-2021%2F&ref=antoinebuteau.com)
2. **"Long-termism is not only a methodology but also a way of life."**
  - **Source:** Moomoo.
  - **Link:** [https://www.moomoo.com/news/post/1505856/hillhouse-capital-zhang-lei-life-has-experienced-four-twists-and-turns-and-i-admire-two-people-most](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moomoo.com%2Fnews%2Fpost%2F1505856%2Fhillhouse-capital-zhang-lei-life-has-experienced-four-twists-and-turns-and-i-admire-two-people-most&ref=antoinebuteau.com)
3. **"The greatest moat is a business that continuously creates value for society."**
  - **Source:** A central theme in his book "Value," often quoted in summaries.
  - **Note:** A direct link to a specific page is unavailable, but this is a widely recognized principle from his book.
4. **"Choose to be a friend of time. Time is the friend of great businesses and the enemy of mediocre ones."**
  - **Source:** Moomoo.
  - **Link:** [https://www.moomoo.com/news/post/1505856/hillhouse-capital-zhang-lei-life-has-experienced-four-twists-and-turns-and-i-admire-two-people-most](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moomoo.com%2Fnews%2Fpost%2F1505856%2Fhillhouse-capital-zhang-lei-life-has-experienced-four-twists-and-turns-and-i-admire-two-people-most&ref=antoinebuteau.com)
5. **"We are entrepreneurs who happen to be investors."**
  - **Source:** GuruFocus.
  - **Link:** [https://www.gurufocus.com/news/1236888/zhang-lei-on-longtermism](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.gurufocus.com%2Fnews%2F1236888%2Fzhang-lei-on-longtermism&ref=antoinebuteau.com)
6. **"The first principle of our investment is 'We don't have to do anything.'"**\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Source:** Moomoo.\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Link:** [https://www.moomoo.com/news/post/795856/zhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moomoo.com%2Fnews%2Fpost%2F795856%2Fzhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing&ref=antoinebuteau.com)\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
7. **"In this industry, the most dangerous thing is to be driven by money and don't know what to do."**\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Source:** Moomoo.\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Link:** [https://www.moomoo.com/news/post/795856/zhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moomoo.com%2Fnews%2Fpost%2F795856%2Fzhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing&ref=antoinebuteau.com)\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
8. **"What is scarce is not capital, but good entrepreneurs and good ideas."**
  - **Source:** Moomoo.
  - **Link:** [https://www.moomoo.com/news/post/1505856/hillhouse-capital-zhang-lei-life-has-experienced-four-twists-and-turns-and-i-admire-two-people-most](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moomoo.com%2Fnews%2Fpost%2F1505856%2Fhillhouse-capital-zhang-lei-life-has-experienced-four-twists-and-turns-and-i-admire-two-people-most&ref=antoinebuteau.com)
9. **"Focus on the long-term, be a friend of time, and the value you create will eventually be recognized."**
  - **Source:** A recurring theme in his public statements and writings, as summarized by various financial news outlets.
  - **Note:** This is a synthesis of his core philosophy rather than a direct quote from a single source.
10. **"The three most important things in investment are: people, people, and people."**
  - **Source:** Moomoo.
  - **Link:** [https://www.moomoo.com/news/post/1505856/hillhouse-capital-zhang-lei-life-has-experienced-four-twists-and-turns-and-i-admire-two-people-most](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moomoo.com%2Fnews%2Fpost%2F1505856%2Fhillhouse-capital-zhang-lei-life-has-experienced-four-twists-and-turns-and-i-admire-two-people-most&ref=antoinebuteau.com)

## On Entrepreneurs and People

1. **On the qualities he looks for in entrepreneurs: "First, empathy... Second, a commitment to lifetime learning... Finally, the ability to build an effective organizational culture."**\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
  - **Source:** Goldman Sachs Interview.\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
  - **Link:** [https://www.offpisteinvesting.com/gs-interview-with-zhang-lei/](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.offpisteinvesting.com%2Fgs-interview-with-zhang-lei%2F&ref=antoinebuteau.com)\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
2. **"The best entrepreneurs see their competitors as a positive force and think about how they can nurture the market together."**\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
  - **Source:** Goldman Sachs Interview.\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
  - **Link:** [https://www.offpisteinvesting.com/gs-interview-with-zhang-lei/](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.offpisteinvesting.com%2Fgs-interview-with-zhang-lei%2F&ref=antoinebuteau.com)\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
3. **"We invest in dreams and the people who dare to chase them."**
  - **Source:** YouTube - Lessons for Success.
  - **Link:** [https://www.youtube.com/watch?v=videoseries](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3Dvideoseries&ref=antoinebuteau.com)
4. **"I felt much more connected with people who have lots of passion in what they do, and that just so happened to be entrepreneurship."**\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
  - **Source:** Goldman Sachs Interview.\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
  - **Link:** [https://www.offpisteinvesting.com/gs-interview-with-zhang-lei/](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.offpisteinvesting.com%2Fgs-interview-with-zhang-lei%2F&ref=antoinebuteau.com)\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
5. **"Do meaningful things with brilliant people."**
  - **Source:** FSDC.
  - **Link:** [https://www.fsdc.org.hk/en/media/events/zhang-lei-chairman-and-ceo-hillhouse-investment-management-limited](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.fsdc.org.hk%2Fen%2Fmedia%2Fevents%2Fzhang-lei-chairman-and-ceo-hillhouse-investment-management-limited&ref=antoinebuteau.com)
6. **"It is very important to choose what kind of people to do things with."**\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Source:** Moomoo.\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Link:** [https://www.moomoo.com/news/post/795856/zhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moomoo.com%2Fnews%2Fpost%2F795856%2Fzhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing&ref=antoinebuteau.com)\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
7. **"I like to work with people I know based on long-term trust."**\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Source:** Moomoo.\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Link:** [https://www.moomoo.com/news/post/795856/zhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moomoo.com%2Fnews%2Fpost%2F795856%2Fzhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing&ref=antoinebuteau.com)\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
8. **"Empathy enables him to better understand young people, people who are different from him, and management."** (Speaking about Warren Buffett)
  - **Source:** Moomoo.
  - **Link:** [https://www.moomoo.com/news/post/795856/zhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moomoo.com%2Fnews%2Fpost%2F795856%2Fzhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing&ref=antoinebuteau.com)
9. **"I always say within the company, always start a business."**\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Source:** Moomoo.\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Link:** [https://www.moomoo.com/news/post/795856/zhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moomoo.com%2Fnews%2Fpost%2F795856%2Fzhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing&ref=antoinebuteau.com)\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
10. **"The one \[culture\] he likes most is the sports team culture – you want to win, but by playing by the rules and as a team."**\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
  - **Source:** Goldman Sachs Interview.\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
  - **Link:** [https://www.offpisteinvesting.com/gs-interview-with-zhang-lei/](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.offpisteinvesting.com%2Fgs-interview-with-zhang-lei%2F&ref=antoinebuteau.com)\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]

## On Learning and Thinking

1. **"The best investment is the investment in yourself."**
  - **Source:** GuruFocus.
  - **Link:** [https://www.gurufocus.com/news/1236888/zhang-lei-on-longtermism](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.gurufocus.com%2Fnews%2F1236888%2Fzhang-lei-on-longtermism&ref=antoinebuteau.com)
2. **"Not just because you want to make more money, but because you are intellectually curious and you want to become a better person everyday."** (On lifetime learning)\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
  - **Source:** Goldman Sachs Interview.\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
  - **Link:** [https://www.offpisteinvesting.com/gs-interview-with-zhang-lei/](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.offpisteinvesting.com%2Fgs-interview-with-zhang-lei%2F&ref=antoinebuteau.com)\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
3. **"Keep asking and thinking about basic questions and see the innate needs of the business in order to improve."**
  - **Source:** FSDC.
  - **Link:** [https://www.fsdc.org.hk/en/media/events/zhang-lei-chairman-and-ceo-hillhouse-investment-management-limited](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.fsdc.org.hk%2Fen%2Fmedia%2Fevents%2Fzhang-lei-chairman-and-ceo-hillhouse-investment-management-limited&ref=antoinebuteau.com)
4. **"Young people should always have critical thinking and ask basic questions."**
  - **Source:** FSDC.
  - **Link:** [https://www.fsdc.org.hk/en/media/events/zhang-lei-chairman-and-ceo-hillhouse-investment-management-limited](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.fsdc.org.hk%2Fen%2Fmedia%2Fevents%2Fzhang-lei-chairman-and-ceo-hillhouse-investment-management-limited&ref=antoinebuteau.com)
5. **"Do not be confined to the success or knowledge itself that is right in front of you."**
  - **Source:** FSDC.
  - **Link:** [https://www.fsdc.org.hk/en/media/events/zhang-lei-chairman-and-ceo-hillhouse-investment-management-limited](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.fsdc.org.hk%2Fen%2Fmedia%2Fevents%2Fzhang-lei-chairman-and-ceo-hillhouse-investment-management-limited&ref=antoinebuteau.com)
6. **"Education is an investment you never quit."**
  - **Source:** FSDC.
  - **Link:** [https://www.fsdc.org.hk/en/media/events/zhang-lei-chairman-and-ceo-hillhouse-investment-management-limited](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.fsdc.org.hk%2Fen%2Fmedia%2Fevents%2Fzhang-lei-chairman-and-ceo-hillhouse-investment-management-limited&ref=antoinebuteau.com)
7. **"The best investment is one where you don't need to think about an exit."** (On education)\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
  - **Source:** Goldman Sachs Interview.\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
  - **Link:** [https://www.offpisteinvesting.com/gs-interview-with-zhang-lei/](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.offpisteinvesting.com%2Fgs-interview-with-zhang-lei%2F&ref=antoinebuteau.com)\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
8. **"I think my thinking is quite thorough and comprehensive, and I like to ponder and ponder a lot of things over and over again."**\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Source:** Moomoo.\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Link:** [https://www.moomoo.com/news/post/795856/zhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moomoo.com%2Fnews%2Fpost%2F795856%2Fzhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing&ref=antoinebuteau.com)\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
9. **"I'm not satisfied with the status quo and do my best."**\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Source:** Moomoo.\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Link:** [https://www.moomoo.com/news/post/795856/zhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moomoo.com%2Fnews%2Fpost%2F795856%2Fzhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing&ref=antoinebuteau.com)\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
10. **"You have to give someone else part of the value chain; people will only start to care when you have breathed margin into the whole system so that other players can make some money."**
  - **Source:** Off-Piste Investing.
  - **Link:** [https://www.offpisteinvesting.com/some-nuggets-from-the-blog/](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.offpisteinvesting.com%2Fsome-nuggets-from-the-blog%2F&ref=antoinebuteau.com)

## On Strategy and Philosophy

1. **"Although peach and plum trees do not speak, people still beat a path to find them."** (A Chinese saying he often quotes)\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
  - **Source:** Goldman Sachs Interview.\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
  - **Link:** [https://www.offpisteinvesting.com/gs-interview-with-zhang-lei/](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.offpisteinvesting.com%2Fgs-interview-with-zhang-lei%2F&ref=antoinebuteau.com)\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
2. **"Focus on doing the right thing, building their reputation, standing up for the values they believe in and people will find them and want to work with them."**\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
  - **Source:** Goldman Sachs Interview.\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
  - **Link:** [https://www.offpisteinvesting.com/gs-interview-with-zhang-lei/](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.offpisteinvesting.com%2Fgs-interview-with-zhang-lei%2F&ref=antoinebuteau.com)\[[2](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)\]
3. **"If you have three thousand weak water, you can take a ladle."** (On the importance of focus)\[[3](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHIygxSgnXRpbMCLyFPuU7z7Fx5%5FyqNYnSCbl0W0cpE25xqbi5bcZxsM5eZ9qVLyFsi5NdYkPO0QKH2HQOm1KPrquy6Ne25UaD6V5aLA2A%5Ffc4wgQmUTBYxYoGak-LLKL3ru9LBs%5FdR2bMwRwM3PbtIvkphmlB6d7vEEgDFBZ3z1reo7sNnPylD-VrX%5F%5FfQWFMjC-WxWjnF5PhHBQCzk4i2PqkrbA%3D%3D&ref=antoinebuteau.com)\]
  - **Source:** Moomoo.\[[3](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHIygxSgnXRpbMCLyFPuU7z7Fx5%5FyqNYnSCbl0W0cpE25xqbi5bcZxsM5eZ9qVLyFsi5NdYkPO0QKH2HQOm1KPrquy6Ne25UaD6V5aLA2A%5Ffc4wgQmUTBYxYoGak-LLKL3ru9LBs%5FdR2bMwRwM3PbtIvkphmlB6d7vEEgDFBZ3z1reo7sNnPylD-VrX%5F%5FfQWFMjC-WxWjnF5PhHBQCzk4i2PqkrbA%3D%3D&ref=antoinebuteau.com)\]
  - **Link:** [https://www.moomoo.com/news/post/1505856/hillhouse-capital-zhang-lei-life-has-experienced-four-twists-and-turns-and-i-admire-two-people-most](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moomoo.com%2Fnews%2Fpost%2F1505856%2Fhillhouse-capital-zhang-lei-life-has-experienced-four-twists-and-turns-and-i-admire-two-people-most&ref=antoinebuteau.com)\[[3](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHIygxSgnXRpbMCLyFPuU7z7Fx5%5FyqNYnSCbl0W0cpE25xqbi5bcZxsM5eZ9qVLyFsi5NdYkPO0QKH2HQOm1KPrquy6Ne25UaD6V5aLA2A%5Ffc4wgQmUTBYxYoGak-LLKL3ru9LBs%5FdR2bMwRwM3PbtIvkphmlB6d7vEEgDFBZ3z1reo7sNnPylD-VrX%5F%5FfQWFMjC-WxWjnF5PhHBQCzk4i2PqkrbA%3D%3D&ref=antoinebuteau.com)\]
4. **"Your daily effort is to make your ladle bigger, stronger and deeper, instead of drinking and eating everything in the pot and on the table all day."**\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Source:** Moomoo.\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Link:** [https://www.moomoo.com/news/post/795856/zhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moomoo.com%2Fnews%2Fpost%2F795856%2Fzhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing&ref=antoinebuteau.com)\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
5. **"Do a career, not satisfied with the status quo, always maintain the entrepreneurial heart."**\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Source:** Moomoo.\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Link:** [https://www.moomoo.com/news/post/795856/zhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moomoo.com%2Fnews%2Fpost%2F795856%2Fzhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing&ref=antoinebuteau.com)\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
6. **"I like to plan in advance."**\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Source:** Moomoo.\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Link:** [https://www.moomoo.com/news/post/795856/zhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moomoo.com%2Fnews%2Fpost%2F795856%2Fzhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing&ref=antoinebuteau.com)\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
7. **"You can lose any particular game, but you will be better in the next one."** (On the sports team culture)
  - **Source:** Off-Piste Investing.
  - **Link:** [https://www.offpisteinvesting.com/some-nuggets-from-the-blog/](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.offpisteinvesting.com%2Fsome-nuggets-from-the-blog%2F&ref=antoinebuteau.com)
8. **"We have to remind ourselves not to lose the instinct of asking the most basic questions."**
  - **Source:** FSDC.
  - **Link:** [https://www.fsdc.org.hk/en/media/events/zhang-lei-chairman-and-ceo-hillhouse-investment-management-limited](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.fsdc.org.hk%2Fen%2Fmedia%2Fevents%2Fzhang-lei-chairman-and-ceo-hillhouse-investment-management-limited&ref=antoinebuteau.com)
9. **"Business model depends on business nature after all, but not purely on a novel idea."**
  - **Source:** FSDC.
  - **Link:** [https://www.fsdc.org.hk/en/media/events/zhang-lei-chairman-and-ceo-hillhouse-investment-management-limited](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.fsdc.org.hk%2Fen%2Fmedia%2Fevents%2Fzhang-lei-chairman-and-ceo-hillhouse-investment-management-limited&ref=antoinebuteau.com)
10. **"Simplicity is the key."** (Advice to analysts)
  - **Source:** Off-Piste Investing.
  - **Link:** [https://www.offpisteinvesting.com/some-nuggets-from-the-blog/](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.offpisteinvesting.com%2Fsome-nuggets-from-the-blog%2F&ref=antoinebuteau.com)

## On Life and Personal Growth

1. **"The only thing we ‘rabble’ have in common is our boundless curiosity and confidence and yearning for China's future."** (On the early days of Hillhouse)
  - **Source:** Moomoo.
  - **Link:** [https://www.moomoo.com/news/post/1449605/the-past-of-hillhouse-capital-zhang-lei-and-his-mentor](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moomoo.com%2Fnews%2Fpost%2F1449605%2Fthe-past-of-hillhouse-capital-zhang-lei-and-his-mentor&ref=antoinebuteau.com)
2. **"I find that my biggest characteristic is that I like to toss about, not satisfied with the status quo, and like to challenge myself."**\[[3](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHIygxSgnXRpbMCLyFPuU7z7Fx5%5FyqNYnSCbl0W0cpE25xqbi5bcZxsM5eZ9qVLyFsi5NdYkPO0QKH2HQOm1KPrquy6Ne25UaD6V5aLA2A%5Ffc4wgQmUTBYxYoGak-LLKL3ru9LBs%5FdR2bMwRwM3PbtIvkphmlB6d7vEEgDFBZ3z1reo7sNnPylD-VrX%5F%5FfQWFMjC-WxWjnF5PhHBQCzk4i2PqkrbA%3D%3D&ref=antoinebuteau.com)\]
  - **Source:** Moomoo.\[[3](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHIygxSgnXRpbMCLyFPuU7z7Fx5%5FyqNYnSCbl0W0cpE25xqbi5bcZxsM5eZ9qVLyFsi5NdYkPO0QKH2HQOm1KPrquy6Ne25UaD6V5aLA2A%5Ffc4wgQmUTBYxYoGak-LLKL3ru9LBs%5FdR2bMwRwM3PbtIvkphmlB6d7vEEgDFBZ3z1reo7sNnPylD-VrX%5F%5FfQWFMjC-WxWjnF5PhHBQCzk4i2PqkrbA%3D%3D&ref=antoinebuteau.com)\]
  - **Link:** [https://www.moomoo.com/news/post/1505856/hillhouse-capital-zhang-lei-life-has-experienced-four-twists-and-turns-and-i-admire-two-people-most](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moomoo.com%2Fnews%2Fpost%2F1505856%2Fhillhouse-capital-zhang-lei-life-has-experienced-four-twists-and-turns-and-i-admire-two-people-most&ref=antoinebuteau.com)\[[3](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHIygxSgnXRpbMCLyFPuU7z7Fx5%5FyqNYnSCbl0W0cpE25xqbi5bcZxsM5eZ9qVLyFsi5NdYkPO0QKH2HQOm1KPrquy6Ne25UaD6V5aLA2A%5Ffc4wgQmUTBYxYoGak-LLKL3ru9LBs%5FdR2bMwRwM3PbtIvkphmlB6d7vEEgDFBZ3z1reo7sNnPylD-VrX%5F%5FfQWFMjC-WxWjnF5PhHBQCzk4i2PqkrbA%3D%3D&ref=antoinebuteau.com)\]
3. **"In the difficult process of looking for a job, I rediscovered myself."**\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Source:** Moomoo.\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
  - **Link:** [https://www.moomoo.com/news/post/795856/zhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.moomoo.com%2Fnews%2Fpost%2F795856%2Fzhang-lei-what-is-the-most-dangerous-thing-to-do-in-investing&ref=antoinebuteau.com)\[[1](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)\]
4. **"I hope young people can remain to have some humanistic feelings – critical spirit and independent thinking allows them to better understand human nature and society."**
  - **Source:** FSDC.
  - **Link:** [https://www.fsdc.org.hk/en/media/events/zhang-lei-chairman-and-ceo-hillhouse-investment-management-limited](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.fsdc.org.hk%2Fen%2Fmedia%2Fevents%2Fzhang-lei-chairman-and-ceo-hillhouse-investment-management-limited&ref=antoinebuteau.com)
5. **"What kind of people you spend time with determines what kind of person you will become."**
  - **Source:** FSDC.
  - **Link:** [https://www.fsdc.org.hk/en/media/events/zhang-lei-chairman-and-ceo-hillhouse-investment-management-limited](https://www.google.com/url?sa=E&q=https%3A%2F%2Fwww.fsdc.org.hk%2Fen%2Fmedia%2Fevents%2Fzhang-lei-chairman-and-ceo-hillhouse-investment-management-limited&ref=antoinebuteau.com)
6. **"I always hope to understand the lives and situations of others with empathy, understand different life experiences, and understand this rich and changing world."**
  - **Source:** Allocators Asia.
  - **Link:** [https://allocatorsasia.substack.com/p/zhang-lei-lessons-from-a-legend](https://www.google.com/url?sa=E&q=https%3A%2F%2Fallocatorsasia.substack.com%2Fp%2Fzhang-lei-lessons-from-a-legend&ref=antoinebuteau.com)
7. **"Value investing is not mathematics or reasoning, and cannot be just a story. It must be like a field investigation in sociology to understand real production and life scenarios in order to truly grasp what it is."**
  - **Source:** Allocators Asia.
  - **Link:** [https://allocatorsasia.substack.com/p/zhang-lei-lessons-from-a-legend](https://www.google.com/url?sa=E&q=https%3A%2F%2Fallocatorsasia.substack.com%2Fp%2Fzhang-lei-lessons-from-a-legend&ref=antoinebuteau.com)
8. **"In a world where many are drunk on instant gratification, those who understand the value of delayed gratification will already have a massive competitive advantage."**
  - **Source:** Allocators Asia.
  - **Link:** [https://allocatorsasia.substack.com/p/zhang-lei-lessons-from-a-legend](https://www.google.com/url?sa=E&q=https%3A%2F%2Fallocatorsasia.substack.com%2Fp%2Fzhang-lei-lessons-from-a-legend&ref=antoinebuteau.com)
9. **"The water flow does not compete to be the first, instead it competes for flowing continuously, endlessly."** (Citing a proverb to illustrate his long-term view)
  - **Source:** Finance Mandarin.
  - **Link:** [https://financemandarin.com/video-hillhouse-zhang-lei-and-his-friends-talking-about-value/](https://www.google.com/url?sa=E&q=https%3A%2F%2Ffinancemandarin.com%2Fvideo-hillhouse-zhang-lei-and-his-friends-talking-about-value%2F&ref=antoinebuteau.com)
10. **"When you are stuck in the present, you have to think of poetry and fields far away in heart."**
  - **Source:** Finance Mandarin.
  - **Link:** [https://financemandarin.com/video-hillhouse-zhang-lei-and-his-friends-talking-about-value/](https://www.google.com/url?sa=E&q=https%3A%2F%2Ffinancemandarin.com%2Fvideo-hillhouse-zhang-lei-and-his-friends-talking-about-value%2F&ref=antoinebuteau.com)

Sources

1. [moomoo.com](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQG465bPTOq85Uur3GXMicjgZR1jP8AIo2JOpWuSVgbqKqkqFH-nLbqoIHT3jrzM-9JXFK-3ELYY6RRVHzTtytJIBil04xAGNBw-nF58lsK5oSaGtzVe25YacnGYdVAuIFAFutdkEZikqOWeTcTX1Hi%5F73o4lNWaaLJvmPoCr7h2xpG7LWRso4JFMpNz8kjdfo1Lwm3q&ref=antoinebuteau.com)
2. [offpisteinvesting.com](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQEit4Jsn7WTb159sYeqoUvwZ828or1HFi71QGgAtn2jb2OJJVgEtij95WYJAfLVmc31bf-pyb5WFoExRDseFvbGTk8labPkupSqA9WUX3ySg0SoUiB5RvQtBEXlwbAB6Gho%5Fq4YrXmz8mLLa7ocbUvOc7Vbnxc%3D&ref=antoinebuteau.com)
3. [moomoo.com](https://www.google.com/url?sa=E&q=https%3A%2F%2Fvertexaisearch.cloud.google.com%2Fgrounding-api-redirect%2FAUZIYQHIygxSgnXRpbMCLyFPuU7z7Fx5%5FyqNYnSCbl0W0cpE25xqbi5bcZxsM5eZ9qVLyFsi5NdYkPO0QKH2HQOm1KPrquy6Ne25UaD6V5aLA2A%5Ffc4wgQmUTBYxYoGak-LLKL3ru9LBs%5FdR2bMwRwM3PbtIvkphmlB6d7vEEgDFBZ3z1reo7sNnPylD-VrX%5F%5FfQWFMjC-WxWjnF5PhHBQCzk4i2PqkrbA%3D%3D&ref=antoinebuteau.com)