Dajia Picks

You spot a venture capital opportunity with strong long-term potential—how do you decide? Often, you can’t. The group isn’t private, so it can’t engage in venture capital. Even if it’s part of a strategic transformation, there’s still no way to do it—because there’s no accountable risk-bearing entity.

Seeing what others don’t see is called investing; seeing nothing at all is called taking someone else’s loss.

Better to lose a piece than to lose the initiative. The amount of money you lose is irrelevant. What matters is that you never get your position suffocated, deadlocked, and entirely dependent on the enemy collapsing on its own. In a game of chess, you can afford to sacrifice any piece — but you must always keep your position alive.

And as for actually doing it, if you can achieve even a small part of it, or just be slightly better than your predecessor, that’s enough to show off at the year-end conference. Goals are inherently divided into phases—phase one, phase two, phase three, up to phase N.

There are only two types of people: those who live off their assets, and those who live off their labor.