As soon as I started to really think about investments, I realised that this is going to a lifetime effort. Lucky me, I got good financial support from my lovely parents. I was able to go to college and graduate with a decent degree. Some small stories before we get to more details of this fund.
There was almost 0 month when I spent all my salary. So I could save up some cash during the first few years of my career. However I did not know what to do with it. I vaguely know that it's no good to hold them as cash. The first ever stock I bought was ARM. I spent 200 pounds to exchange some "virtual" shares of a company that I did not know what it does. Again being lucky ARM was taken private by SoftBank and my shares grew in price! I made 40 pounds. I did not know what I was doing.
Almost during the same time after starting my first job, I was told that I received some options. This was a hard topic for me again. Somehow in my mind I always thought they will be at some point valuable. And hence I purchased all the options I could when I left my first company. 2 years later it went public and then taken private. My shares grew by almost 80% and I was force to cash out. I did not know what I was doing.
In 2020, a good friend of mine recommended me a book by Li Lu called Civilization, Modernization, Value Investing and China. I was blown away by the book's intelectual richness in reasoning why the world runs like it does and why we're so lucky to be alive in this era. I began to think about what's long-term, and how compounding can make substantial difference even with small starting points. 2020 summer, I began investing again. This time for each company equity I purchase, I'll try my best to learn, feel and reason what does the future hold for it. Is it the global movement to an electric future? Is it the explosion of new and young innovations from Chinese IT companies? Or is it the new way we spend, transfer and exchange money?
Perhaps the most important question here is, do I know what I am doing? Well let's take the next 10-15 years to find out, would you join me?
This is fund runs like a DAF (Donor-Advised Fund). When a doner decides to donate and makes a donation, they agree that the fund will then take over the donation and convert it into investment assets. The strategy and execution are managed by me.
When the investments make a profit, once a year, the fund will decide to contribute what portion of the profit to do the below activities. Again once a year, all the donors will be given the options to decide what to do with their portion of the profit (free of charge).
- Withdraw, once receiving the profit, the donors decide how to spend the money on any charity or any activities they think are good. I trust everyone to act in good faith.
- Not withdraw, vote on a list to decide which charity institutions to contribute the funds to. Donors agree to abide by the results. List curated by me.
- Not withdraw, nothing happens.
- Leave the decision to me.
I would like to have this fund to run for many centuries, like the Nobel Foundation.
Although this is donation and charity focused fund, I offer redemptions of the donations. Upon a withdrawal request, if
- There is a loss in the donation or the annualised return does not exceed 6%, everything left in the fund is repaid. e.g., if one donated $100, and it becomes $90, one will get $90 in full.
- The annualised return exceeds 6%, one can take the principal (including the extra 6%) and 75% of the excess amount and 25% will be taken by the fund and donated to a selected charity institution. e.g., if one donated $100 at the beginning of the year and it becomes $126 and decides to withdraw, they will get $106 plus $15, the fund will donate $5.
Provided the complex and volatile movements of the market, I focus on the companies' development for the next 5-10 years. I focus on good leadership in companies which I believe will deliver consistent reasonable decision making and stable execution. The investments this fund makes will likely fall into (not limited to):
- The transition to an electric future. This can be broken down to
- Electric vehicles and autonomous driving
- Power storage and power generation from the sun
- Electricity consumption growing by a factor of 10
- Companies who benefit from the booming of China, a more integrated with the whole world China.
- Next-gen payment system in the world, paying peers, international transfers and foreign exchange.
I will hold each investment for at least few years, if possible I will continue investing and hold for longer. For now, the majority of the investment should go into equity market.
Here are some screenshots of my personal fund's performance since inception. However, one should not regard past performance as predictions for the future.
Here to view up to date performance diagram.
Here to view up to date portfolio diagram.
- You get to choose what happens when your donation makes a profit. You can influence who the fund should help
- You practice and learn about long-term investing
- You get to see how the fund is doing, I will send out investor letters frequently
- Ownership of the fund, staying in touch with family and friends for a good cause
- Continue to practice and learn about long-term investing
- Maximise the amount of help one can generate by leveraging long-term compouding technique
Fill this form please, then let me know. You know how to find me. Before you make a donation, please have a video call with me to verify who you're dealing with to avoid unnecessary trouble.
Q: Who can donate/contribute?
Only my family members and friends.
Q: Why is Zhou doing this?
I believe in the power of compounding. Even during a human being's relatively short lifespan, with the correct mindset and strategies, the amount of wealth one can accumulate will be astonishing. I don't expect to spend most of the capital when I am older. I could donate the money all at once, I could also start making a small influence now. I choose the latter.
Q: How can the fund sustain if it does not take any profit? A careful observer would notice, that there is no way for the fund to earn profit for its own benefits. This is a relatively small fund at the moment, so at least for the first 5 years from launch the management overhead should be under control.
Q: Can there be new charity options, I know someone who needs help?
Just let me know. This is possible.
Q: Is this legal?
This fund is an investment club operated like a mini hedge fund. The total number of donors should not exceed 100.
Q: Where to find the most updated information?
All the information should be here, this document will be constantly updated.
Q: What's the difference between making a donation directly and making a donation to this fund?
Assuming the fund can preserve 15% ROI and we donate 50% of the profit. Please see the below table:
| Year | $1000 donated at once | $1000 donated to the fund (left in the fund after donation) |
|---|---|---|
| 0 | $1000 | $0 ($1000) |
| 1 | $0 | $75 ($1075) |
| 2 | $0 | $81 ($1156) |
| 3 | $0 | $86 ($1242) |
| 4 | $0 | $93 ($1335) |
| 5 | $0 | $100 ($1436) |
| 6 | $0 | $108 ($1543) |
| 7 | $0 | $116 ($1659) |
| 8 | $0 | $124 ($1783) |
| 9 | $0 | $134 ($1917) |
| 10 | $0 | $144 ($2061) |
| Total | $1000 | $1061 |
The influence does seem similar. Let's keep in mind the fund still has $2016 in the account! And this can continue running for many years to come.
Obviously another difference is immediate impact vs. long-term impact.
Last but not least, if you have any feedback, fill this form please.
当我开始认真开始思考“投资”这件事时，我意识到这并不是一朝一夕的易事，需要倾注长期的努力和付出。一方面我很幸运，父母给予了良好的经济支持，使我能够专注于学业并且获得体面的学位证书。另一方面我也在想，能为他人带来什么。在详细介绍本基金之前，我还想分享几个小故事。
坦白说，我不是一个“月光族”。所以在工作的前几年时间里，我还能够攒下一些积蓄。虽然当时我还不确定可以做些什么，但隐约知道，将积蓄单纯作为现金持有并非良策。于是我选择了购买股票。第一支是 ARM，花了 200 英镑兑换了这家芯片设计公司的一些“虚拟”股票（我在购买时甚至还未了解这家公司究竟做什么）。小幸运降临于我，ARM 被软银私有化，我的持股也相应增值。这笔交易中，一个懵懂的小伙子赚了 40 英镑。
第一份工作入职期间，我获悉得到了一些期权。再次面对这个令人头大的话题时，我的脑海中浮现出这个想法：它们在某种程度上会带来价值。因此当我离开这家公司时，我购买了能力范围内的所有期权。2年后，股票公开发行，而后私有化。我的持股价值增加了 80%，并不得不套现退出。这一次，我依然是“随波逐流”。
时间到了 2020 年，一个好朋友向我推荐了来自 李录 的《文明、现代化、价值投资与中国》。书中展示的丰富知识令我大为震撼，比如世界为何如此运作，我们生活在这个时代又是何其幸运。渐渐地，我开始思考何为长期性目标，以及即使在 起点不高 的情况下复利也能带来巨大的变化。这一年夏天，我拾起了投资。对于我将购买的各家公司的股权，我都会尽全力去学习、感受并分析这家公司的未来支柱力量。比如，这是走向电动未来的全球化举措吗？这是来自中国 IT 产业的年轻创新爆发吗？或者，这是我们支出、转账和兑换资金的新颖方式吗？
到这里，最重要的一个问题浮出水面，就是：我是否对所做的事情心中有数？在接下来 10-15 年里，我们可以让事实说出答案。那么，你愿意加入吗？
本基金的运作方式类似于捐赠人建议基金（简称 DAF）。当捐赠人决定并进行捐赠时，即表示他们同意本基金来接管捐赠并转为投资资产。具体策略和执行将由我本人（余宙）来管理。
当投资获利后，基于一年一次的频率，本基金将决定拿出利润值的多少比例来执行下列行为。同样基于一年一次的频率，所有捐赠人都可以决定如何来使用他们的利润部分（免费）。
- 在获利后提取利润值，捐赠人可自行决定如何将金额用于任何心仪的慈善机构或公益事业。“行善”是一件非常美好的事情。
- 在获利后不提取利润值，但捐赠人可以在名单上投票，选出资金流向哪些慈善机构用于项目支持。选择此行为，即代表捐赠人同意遵守投票结果。名单将由我本人（余宙）进行策划管理。
- 不提款，不做任何行为改变。
- 将决定交由我本人（余宙）。
我的目标是，让本基金能够顺利运作并长期传承，如同 诺贝尔基金会 一样。
虽然这是一个着力于捐赠和慈善的基金，我依然提供捐赠赎回的选项。发出提款请求后，按照不同情况分别执行：
- 如果捐赠额出现亏损或者年化收益率不超过 6%，剩余款项将全数偿还。比如，捐赠了 100 美元，如果最后金额是 90 美元，那么捐赠人将获得全数的 90 美元。
- 如果年化收益率超过了 6%，捐赠人可获得本金（包括额外的 6%）加上利润部分的 75%，剩余 25% 本基金会收取并捐给指定慈善机构。比如，捐赠了 100 美元，一年后金额是 126 美元，如果捐赠人决定赎回，那么他能拿到 106 美元加上 15 美元，基金会捐赠 5 美元。
考虑到市场复杂多变的走势，我将关注公司未来 5-10 年的发展。其中，我会关注能够提供持续性合理决策和稳定执行的公司领导团队。本基金的投资方向可能属于（但不限于）下列领域：
- 电动化发展趋势，比如细分为：
- 电动车辆和自动驾驶
- 电力储存和太阳能发电
- 电能消耗增长 10 倍
- 从中国全球化市场蓬勃发展中获益的公司。
- 全球新一代支付系统、点对点支付、国际转账和外汇。
每项投资我将至少持有几年时间，如可能，我将继续投资并持有更长时间。目前，大部分投资将流入股票市场。
下方是我个人基金的一些业绩数据图（仅作参考，不作为未来趋势预测）。
点此 可浏览最新的业绩数据图表。
点此 可浏览最新的投资组合图表。
- 当捐款获利时，你可以选择下一步行为；你可以影响基金帮助对象/项目。
- 你可以练习和学习长线投资的相关知识。
- 你将收到由我发送的投资人电子报，了解基金的运作情况。
- 拥有基金的所有权，并与亲朋好友一起关注公益保持联系。
- 持续实践和学习长线投资。
- 利用长期性复利技术，最大限度扩大个体可带来的公益影响力。
请 填写表格 并与我本人联系。（你应该知道我的联系方式:p）注意：在进行捐赠前，为避免产生不必要的问题，请务必与我进行视频通话以确认对象。
问题：谁可以捐赠？
仅限我的家人和朋友。
问题：余宙为什么想做这件事？
我相信复利的力量。即使人类的生命周期相对比较短暂，只要有正确的心态和策略，一个人能累积的财富数量也可以达到惊人的程度。我可以在年迈时支出大部分资金进行一次性大额捐助，但这并不是我理想的方式，我更希望从现在起就逐步发挥影响力，汇小溪成江海。
问题：这个基金不收取任何费用，它如何持续运营呢？
细致的同学会发现，本基金没有一种本身盈利的方式。它是一个相对来讲较小的规模，目前综合的管理的开支也较小。以目前 5 年来说，总体的情况可控。
问题：我可以选择其它慈善捐助对象/项目吗？
请与我联系，我们可以讨论更多细节。
问题：这合法吗？
本基金是一个 投资俱乐部， 运作方式类似小型对冲基金。捐赠人总数不应超过 100 人。
问题：如何查找最新信息？
你可在 此 了解全部信息。本文档将持续更新。
问题：直接捐赠和向本基金捐赠有什么区别？
假设本基金可以保持 15% 的投资回报率，那么我们将捐出利润值的 50%。具体参见下表：
| 年数 | 一次性捐赠 $1000 | 向本基金捐赠 $1000（基金累计金额） |
|---|---|---|
| 0 | $1000 | $0 ($1000) |
| 1 | $0 | $75 ($1075) |
| 2 | $0 | $81 ($1156) |
| 3 | $0 | $86 ($1242) |
| 4 | $0 | $93 ($1335) |
| 5 | $0 | $100 ($1436) |
| 6 | $0 | $108 ($1543) |
| 7 | $0 | $116 ($1659) |
| 8 | $0 | $124 ($1783) |
| 9 | $0 | $134 ($1917) |
| 10 | $0 | $144 ($2061) |
| 总额 | $1000 | $1061 |
虽然乍看之下两者的捐赠影响力区别不是特别大，但后者基金账户里仍然拥有 2016 美元，这可以在接下来数年中继续用于运作。
当然另一个区别是，前者带来的是即时性影响，后者带来的是长期性影响。
如果你有任何意见和想法，欢迎在 这张表格 留言。谢谢！