Huang Zheng：Two Faces of Long-Termism
Huang Zheng《Pinduoduo 2018 Letter to Shareholders》· “Looking ahead” · Investing · Growth · Decision
拼多多将是个勇于投资未来，立足长远的公司。
Source：
http://it.people.com.cn/n1/2018/0630/c1009-30097415-2.html
Locator：2018 letter to shareholders, section “展望未来” · Verified：2026-10-19 · Verification：Exact match
Reading
Pinduoduo will invest for the long term even when that looks aggressive or conservative.
Context
Huang told investors that Pinduoduo would sometimes look aggressive and sometimes conservative, but that both styles followed one logic: focusing on the institution's intrinsic value. He warned that long-term vision might not produce short-term returns and that the data could be volatile. The letter asks investors to judge the company by the durability of its value creation rather than quarterly noise.
Today's question
What was your last aggressive-looking long-term investment—and are you prepared for short-term misunderstanding?
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