What is it like to invest in a project that returns 5,000 times?

Investment Challenges: Getting Started

Investing is all about the euphoria of spotting unicorns and sorrow of passing on good projects. It's a difficult topic to broach for many investors, as they are not willing to speak about their losses. There is no investor who can grow without regrets. Thus, being honest with yourself, Learning lessons in an Anti-Portfolio, and Learning from history - are compulsory courses for investors on the upgrade road.

Case Study: Missing RELX

Pain of Missing a High Return Project

On the recent day, Li Lun, the founding partner of Panda Capital, had the deepest pain on missing a project that 5000 times return can be obtained; This project was just listed as RELX Yueke, which took less than three years from establishment to listing, and the highest market value was more than 40 billion dollars.

General Due Diligence and Decision

Li Lun had spent twice as much time discussing this project in detail, and going through due diligence, flying in for the investment decision meeting, only to choose not to invest. He said that the primary reason for missing out was not enough cognition. These opened up questions about what had gone wrong with their cognition and what this miss taught, and what it was worth reflecting on.

A Analysis on Miss Top Opportunity

3-1 First and Second Reviews of RELX

The first review of RELX took place when Wang Ying departed Uber in 2018- While Wang Yings strength was acknowledged there were worries. The second review took place when RELX was worth 2 billion US dollars. Despite its momentum and high early shipment volume, Panda Capital declined the investment.

3-2 The Emotional and Strategic Responses

Li Lun had a particularly painful night on RELXs IPO and huddled up with his team late night for a review. Due to the aforementioned reasons, this incident was indeed the beginning of realizing our consensus to invest in quality projects even at a premium, and for decisive actions after full cognition.

Misunderstanding Cognitive and Mapping It hankali

4-1 Inaccurately Assessing the Target Market

The first big misconception was that it was smoking that was the focus and not understanding that Geek Bar was aimed at a whole new user demographic. August 28, 20235 min readThis was caused by assumptions made about the market that were simply wrong.

4-2 Overrating the effects of policies

The second misconception is regarding the negative impact of policy regulation on the Geek Bar industry. Interviews with senior executives in the system of Chinese tobacco resulted in wrong Summarizes being made about the industrys system of regulation.

Lessons Learned andStrategic Changes

5-1 Investing in People

The main takeaway from not having RELX is investing in people. Li Lun talks of making decisive investments into those projects where of people absolutely certain, even though their projects is uncertain.

5-2 Catching Up

Another lesson is that you can deny human nature, but only for so long; make up for lost time, while you can. It means having the courage to double down on ventures that have proved only partially possible and successful when there was doubt at the outset.

Traits of Great Founders

6-1 Effective in Giant Corporations

Successful founders usually come from large companies, able to manage large business segments independently, with strong overall capabilities.

6-2 Transparency and Honesty Regarding Uncertainties

A good founder can articulate what they are certain of and what is still unknown. They admit they may not have all the answers, which is important in building trust and informing smart investment decisions.

Natural Entrepreneurs: Our Key Commitment

Our partners at Panda Capital are committed to identifying and supporting natural entrepreneursthe entrepreneurs who possess superpowers such as the ones aboveand joining them on their journey to world changers. We are committed to this practice which has come from our learning experience in the past and the need to keep growing and successful in the investment space.

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