In 2012, a recent college graduate came to see Ma Gang wearing a T-shirt and jeans.

Ma Gang gave him 2 million.
By 2020, that 2 million had become 4 billion.
A 20,000-fold return.
This college student is named Wang Ning, and the company is Pop Mart.
What did Ma Gang see in him? Three traits:
1. Rapid learning ability
2. Deep thinking ability
3. Team leadership
He didn’t look at the business model, financial data, or market size.
He looked at the people.
After the investment, in 2014 the company nearly died—cash flow was tight, and Wang Ning wanted to give up.
Ma Gang said: Hold on. I believe in you.
In 2016, the Molly series took off in a single shot.
Four years of silence, then a sudden breakout.
This is called “Companionship for ten years—quietly waiting for the flowers to bloom.”
The same person, in 2013, discussed Bitcoin in a VC group and was kicked out by the group owner.
Back then he said: Bitcoin will become a national reserve for multiple countries.
Everyone thought he was crazy.
In 2013, Bitcoin was 100 US dollars.
What about now?
Ma Gang’s judgment framework is just three sentences:
What problem does your company solve?
Who are your competitors?
Why will you win?
Very few people can answer clearly.
Most people spend their whole lives chasing hot trends and have never seriously thought about these three questions.
His investment principle is also very simple:
Investing is about being “dumber,” not being “smarter.”
Pop Mart has been in it for 8 years; Chinese Online for 10 years.
Those who buy today and sell tomorrow think they are investing.
In fact, they are speculating.
In the end, he said one sentence I especially like:
My slogan changed from “making great companies” to “being a good person.”
Truly great companies are created by good people.