Keyu Jin

So that, I think it's patently obvious to most people around the world.

But I think that most of them would not have known that there's a very popular motto in China, which is called short, flat, fast.

That's the impatient part of the Chinese culture, especially with respect to the economy.

Short, flat, fast was used to describe a winning volleyball strategy that eventually became adapted to describing the society as a whole and economic decision making.

If you're an investor, you only want to invest in things that you can quickly turn around, make a lot of money and don't need to do much work.

It also applies to marriages.

So a short courtship, a very flat emotional relationship, and a fast divorce.

That is how you see these companies rise within a very short period of time.

Of course, investors are only interested in those companies that can turn around and exit in a very short period of time, making many, many multiples.

And so in that sense, people are very, very impatient.

Right.

I sit on some boards of these longstanding companies and the values are just so different, even though a lot of these public companies are constrained by the quarterly results and so forth.

But the values are about sustaining something, a company for a long time, thinking about organic growth, right?

thinking about investments for the future, sustainability.

Maybe it's that competition.

Maybe it's the speed that we're used to in China.

People think about short.

So, you know, this dichotomy is very, very interesting.

That's a transitory phenomenon, I'd say.

But if you look at the cheaper stuff, poor quality, that's a reflection of that.