Yesterday, I saw a video of a speech featuring Jensen Huang and Masayoshi Son. Huang reflected on a series of astonishing achievements that Son has made in the history of internet development:
- Son brought Bill Gates to Japan
- Son brought (Yahoo's founder) Jerry Yang to Japan
- Son facilitated Alibaba's success in China
- Son brought Steve Jobs to Japan
These four achievements span four stages of contemporary information technology development: software, networking, e-commerce, and mobile.
Huang summarized this series of achievements as follows:
Masayoshi Son is the only entrepreneur in the world who has found the winners of each stage of this era and collaborated with them.
Even more astonishing is that about 10 years ago, Son bought NVIDIA stock in the secondary market and was once the largest shareholder of NVIDIA.
At that time, Son privately approached Huang and told him:
The market does not understand NVIDIA's value; NVIDIA's future is limitless. You should buy all of NVIDIA's stock; I can lend you money to buy the stock.
Son also said:
NVIDIA will have to endure for a while because NVIDIA is creating the future.
Unfortunately, Son sold all his NVIDIA shares in 2019.
During the entire speech, there was one scene that was particularly poignant:
When Huang mentioned that Son was once the largest shareholder of NVIDIA, the now gray-haired but still spirited genius lowered his head, embraced Huang tightly, and laughter echoed throughout the venue.
Was the laughter tinged with embarrassment? Regret?
Was it a lament for having missed out on history? Or a helplessness over fleeting opportunities?
Perhaps only Masayoshi Son himself can truly understand the feelings behind it.
However, the more mixed emotions there are, the more one can see the greatness of such a timeless investor.
A great investor is not one who never makes mistakes in investing, but rather one who can continuously create investment miracles, and any miracle he creates is enough to shine throughout his peers' lives.
The reason Son can create these miracles, aside from his extraordinary thinking, is something I believe is very important:
That is, his investments are not merely focused on money, but on the entrepreneurs behind the projects, imagining their future.
Son invests in cutting-edge technology industries. This is very different from investing in traditional industries: cutting-edge technology investments are about the future—future industries, future models.
These industries and models either do not exist in modern society or are still in very early experimental stages, with the possibility of being falsified and going to zero at any time.
Therefore, investing in such projects carries enormous risks.
NVIDIA went public in 1999, but Son only bought NVIDIA stock in the secondary market around 2014, more than 10 years after NVIDIA's IPO.
In fact, NVIDIA's explosive growth only occurred in recent years due to the surge in artificial intelligence.
In 2014, NVIDIA's performance was far from as impressive as it is today.
I do not know why Son said that the market did not understand NVIDIA's value back then. Did he see NVIDIA's potential in cloud computing, or did he truly see NVIDIA's potential in artificial intelligence?
In any case, being able to see through such projects requires imagination, creativity, and patience, along with a bit of extra passion and innocence.
An investor who only focuses on money can only see tangible benefits, only the money right in front of them, and cannot see the grand vision, cannot penetrate the present to see the distant future, and certainly cannot see the light through the darkness.
The reason Huang was on stage with Son is that Huang attended NVIDIA's Japan summit and, at Son's invitation, worked together to promote the development of artificial intelligence in Japan.
The prosperity of capitalism has not only created countless stunning technologies but also countless great companies and countless great entrepreneurs.
In my view, this is the greatest practical achievement of humanity's industrial revolution over the past few hundred years.
Although our country does not yet have entrepreneurs like Masayoshi Son, over the decades of reform and opening up, our country has also seen a large number of outstanding entrepreneurs emerge.
However, times have changed, and I hope that the once glorious scene can be recreated on this land.
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