艾問吳曉波：文化與資本的對撞是一種怎樣的感受？
本文章刊登在CHINA DAILY-艾問專欄
提到吳曉波，人們似乎總會習慣性地加上前半句——「著名財經作家」。
When it comes to Xiaobo Wu, people seem to habitually add the title - "famous financial writer" on him.
吳曉波的成就的確配得上他的抬頭：2001年出版作品《大敗局》，雖是嚴肅商業寫作卻也能躋身暢銷書行列；自創的藍獅子財經叢書已成為中國本土財經書籍出版的著名品牌；寫作20年，如今的吳曉波仍舊筆耕不輟、保持每年寫作一本書的速度……
Xiaobo Wu"s achievements are worthy of his title: in 2001, he published a book named Da Bai Ju (The Great Failure). Although it"s a serious business publication, it still managed to rank among the bestsellers; the Lan Shizi Financial and Economic Series he initiated has become a famous brand among domestic financial publications. Having composed for 20 years, Xiaobo Wu is still working hard to keep writing one book peryear.
他足夠勤奮，也足夠成功。
He is hardworking and successful enough.
如果說吳曉波的文章是表達自己觀點的長矛，那他的商業運作就成了保護自己自由寫作的盾牌：
If Xiaobo Wu"s articles are spikes to express his own views, then his business operation would be a shield to protect his freedom of writing:
建立起一個以中產知識人群為目標的自媒體矩陣，成為自媒體投資領域第一個吃螃蟹的人；隨後又同合作夥伴聯手發起成立頭頭是道基金，在已投資的項目中，不乏今日頭條、喜馬拉雅這樣的內容分發平台，韓寒亭東影業這樣的頭部內容公司，也有一條視頻、日食記等一線自媒體，並且仍在不斷擴張。
He established a self-media matrix targeting middle-class people with higher education backgrounds, becoming the pioneer in the self-media investment sector. Later on, he jointly launched the Toutoushidao Fund with business partners. Among the projects he invested in, there are many content distribution platforms such as Toutiao and Ximalaya, head-of-long-tail-effect companies such as Shanghai Tingdong Film Co. by Han Han, as well as other frontier self-media such as Yitiao Video and Cat"s Kitchen. The business is still expanding.
故事一：
Story No.1:
如今社會流行斜杠青年，指不滿足專一職業的生活方式，擁有多重職業、多元生活的人群，源自英文slash。對50歲的吳曉波來說，他應該稱得上是一位「斜杠中年」：財經作家/學者/商人/投資人/島主……
Today, slash youths are gaining momentum in the mainstream society. It refers to the lifestyle that does not limit to a specific occupation, i.e. the people with multiple occupations and multi-faceted life, originating from the English word "slash". For Xiaobo Wu at the age of 50, he should be called a "slash middle-aged man": financial writer/ scholar/ businessman/ investor/ island owner...
不過，他最喜歡的、也是堅持最久的一件事，就是寫作。
However, one of his favorite and longest-lasting things is writing.
吳曉波的第一本散文集叫《把生命浪費在美好的事物上》，他說生命從頭到尾都是一場浪費，你需要判斷的只是每一次「浪費」是否足夠美好。毫無疑問，在吳曉波看來，寫作這件事就等同於美好。
Xiaobo Wu"s first collection of essays is called Spend Your Time on the Fine Things. He said thatlife is a way of spending from beginning to end. What you need to judge is whether every "spending" is worthy enough.Undoubtedly, in Xiaobo Wu"s view, writing is a fine "spending".
新華社工作十三年，他對文字敬畏而嚴謹；專欄寫作上百篇，又讓他的文字飄逸而靈動。不變的是，從上世紀90年代參加工作、撰寫財經報道開始，現在的他仍舊在寫財經報道。
After 13 years of work at Xinhua News Agency, Xiaobo Wu is awe-inspired and rigorous about writing; hundreds of articles for columns shaped his elegant and vivid writing style. What remains unchanged is that he has been writing financial reviews since he started working in the 1990s and he"s still doing it.
三十歲，吳曉波開始寫書，而且一發不可收拾，以每年一本的速度向外傳達著自己的財經觀察與商業思考，《激蕩三十年》、《大敗局》等作品逐步奠定了他在財經寫作領域的位置。
At the age of 30, Xiaobo Wu beganto write books at an uncontrollable speed. He conveyed his financial observation and business thinking via books at of frequency of one work peryear. His works such as Stirring Three Decades and Da Bai Ju gradually established his reputation in the field of financial writing.
書寫得好，資本也玩得轉。2005年，吳曉波創辦財經出版機構「藍獅子」，並積極為公司尋求融資。那是吳曉波第一次和資本接觸，「對我來講，還是蠻大的一次資本教育」。
Xiaobo Wu is well-versed in both writing and financing. In 2005, Xiaobo Wu founded Lan Shizi, a financial publishing institution, and actively sought financing for the company. That was Xiaobo Wu"s first interaction with financing. "For me, it"s still a major capital lesson."
艾問吳曉波：與資本對撞是一種怎樣的感受？
How does it feel to collide with capital?
艾誠：當你第一次接觸到資本，你當時認為投資家是一種什麼人？
Gloria Ai:When you first came into contact with capital, what did you think of investors?
吳曉波：很長時間並不很了解風險投資，我只認為我需要這點錢，大概當時需要1000萬左右的錢，他願意給我那些錢幫助我去冒險。
Xiaobo Wu:I didn"t know much about venture capital for a long time. I just thought I needed this much money. I needed about RMB 10 million yuan at that time. He was willing to sponsor me the money to help me take risks.
艾誠：你覺得他在幫你？
Gloria Ai:Do you think he was helping you?
吳曉波：當然他幫我，但是我希望他在幫我的時候，我能夠幫到他，能夠讓他的資本溢價。現在回過頭來想，他當時跟我講了很多話，他也沒實現，但那是我們第一次比較直接的跟一個風險投資人對接。
Xiaobo Wu:Of course he helped me, but I was hoping that when he helped me, I could help him as well and increase the value of his capital. Looking back now, I remember he told me a lot of things at the time. He did not achieve his goals, butthat was the first time we directly interacted with a venture capitalist.
艾誠：投資人在你心目中，一個純粹的投資家最讓你欽佩的和最讓你反感的分別是什麼呢？
Gloria Ai:In your mind, what is the most admirable or the most averse thing of a pure investor?
吳曉波：我覺得最讓我欽佩的是他們對行業的敏銳度。
Xiaobo Wu:I think whatI admire most is their acumen to the industry.
艾誠：但是一定也有讓你警惕資本的部分。
Gloria Ai:But there must be some parts that make you wary of capital.
吳曉波：對，當然有，一開始我並沒有意識到，但是投到三年、四年以後，你會感覺到巨大的壓力，因為它要退出，因為大量的資本是5 2、7 2，它到了退出期的時候，它對你就會壓迫。
Xiaobo Wu:Yes, of course, I didn"t realizeit at the beginning, but after three or four years of capital injection, you would feel tremendous pressure because it"s going to exit. Since a large amount of the capital structure is 5 2 or 7 2, it will oppress you when it prepares to exit.
故事二：
Story No.2:
學者與商人，兩種看似對立與矛盾的身份，在吳曉波的邏輯中卻能和諧共處。
Scholar and businessman, two seemingly opposite and contradictory identities, can coexist harmoniously in Xiaobo Wu"s logic.
很多年，吳曉波都十分信奉羅斯福說過的一句話：「作為知識分子，你必須要有一份不以此為生的職業」。在一切均可以用財富量化評估的商業社會中，思想自由不再是一個哲學名詞，而是一種昂貴的生存姿態，它的基礎是財富自由。
For many years, Xiaobo Wu has been been upholding a motto by Roosevelt:"As an intellectual, you must have another career that you make a living from."In a commercial society where everything can be quantified by wealth, freedom of thought is no longer a philosophical term, but an upscale attitude to life, based on the freedom of wealth.
在吳曉波的邏輯中，想要進行「自有的寫作」，首先就應實現「財富的自由」。於是這位曾經的媒體人，開始成為一名自媒體投資人。在吳曉波的投資經歷中，有一位重要的合作夥伴，吳曉波也曾專門撰文描述過他：「那個跟我一起投自媒體的Tony」，他的名字叫曹國熊。
In Xiaobo Wu"s logic, if you want to materialize "freedom of writing," you should first realize "freedom of wealth." So this former media person began to become aself-media investor. In Xiaobo Wu"s investment experience, there was an important partner. Xiaobo Wu also wrote an article specifically describing him as "Tony who jointly invested in self-media with me". His name is Guoxiong Cao.
曹國熊，經緯中國的人民幣基金創始人，過去幾年中曾投資過博納影業、韓寒的電影等項目，同時也是吳曉波「藍獅子」的B輪投資人之一。和曹國熊的相熟，被吳曉波歸結為「都住在杭州，而且都愛看電影」。
Guoxiong Cao, Founder of Matrix Partners China"s RMB fund, has invested in projects such as Bona Film Group and Han Han"s movies in the past few years, and was also one of the B-round investors of Xiaobo Wu"s Lan Shizi. Xiaobo Wu attributed his friendship with Guoxiong Caoto "we both live in Hangzhou and love to watch movies."
兩人試水投資，始於2015年，吳曉波和曹國熊創立「獅享家」基金專挑自媒體，在不到一年的時間中，一口氣投下九個公眾號。同年，又成立頭頭是道投資基金，如今後者已逐步進化為涵蓋四大文化消費領域的消費型基金。
The two men started testing the water in investing in 2015. Xiaobo Wu and Guoxiong Cao only picked self-media when they founded the Shixiangjia Fund. Within less than a year, they invested in nine public accounts. In the same year, they founded the Toutoushidao investment fund. Now the latter has gradually evolved into a consumption fund covering the four major cultural consumption fields.
投資生意做得風生水起，但吳曉波本人卻保守得多：「我不會是一個優秀的投資人，因為我缺乏做一個專業投資人的基本素質。」
The investment business has been doing well, but Xiaobo Wu himself is very modest: "I will not be an outstanding investor because I lack the basic qualities of being a professional investor."
艾問吳曉波：你是一個合格的投資人嗎？
Are you a qualified investor?
艾誠：如果你不做藍獅子和巴九靈，專做投資人，你會是一個優秀的投資人嗎？
Gloria Ai:If you hadn"t run Lan Shizi or 890 New Media and focused on being an investor, would you be an excellent investor?
吳曉波：我不會，其實我缺乏做一個專業投資人的基本素質。就是我對我不感興趣的行業沒有好奇心，說到財經文化，有話劇，有電影，有露營……但我可能只對其中很小一部分感興趣，但如果你做文化行業的投資人，你要對所有都非常感興趣，我沒有這樣的好奇心。
Xiaobo Wu:I wouldn"t. In fact,I lack the basic qualities of being a professional investor. I am not curious about the industries that I am not interested in.When it comes to financial culture, there are dramas, movies, camping... but I may only be interested in a small part of it, but if you are an investor in the cultural industry, you need to beinterested in everything; I have no such curiosity.
艾誠：當我們在評估一個人是否能夠成為優秀投資人的時候，關鍵是看成功和失敗，看他的回報，您投資過的成功和失敗，你覺得比例是多少？
Gloria Ai:When we assess whether a personcan become a good investor, the key is to judge by his success and failure as well as his return. What was the ratio of success and failure based on your own investment experience?
吳曉波：我直投的絕大部分都失敗了。
Xiaobo Wu:Most of my direct investments have failed.
艾誠：那你怎麼敢自稱吳曉波是企投家呢？
Gloria Ai:Then how could you claim yourself as an entrepreneurial investor?
吳曉波：我認為還比較成功的有兩個基金，一個是獅享家基金，一個是頭頭是道基金，獅享家基金封閉了，基本上可以認定它是個成功的項目。
Xiaobo Wu:I think there are two relatively successful funds. One is the Shixiangjia Fund, the other is the Toutoushidao Fund. Even though the Shixiangjia Fund is closed, it can basically be considered a successful project.
艾誠：雖然您叫企投家，但您投資成功的秘訣是找到了你認為最專業的人來輔佐你做決策？
Gloria Ai:Although you are called an Entrepreneurial Investor, does your secret of investment success lie in finding the person you think is the most professional to assist you in making decisions?
吳曉波：對，我就拜託投資專業團隊，我找到曹國熊的時候，他在這行已經幹了10年了，我覺得這是特別重要的一件事情。
Xiaobo Wu:Yes, I rely on professional investment teams. When I reached out to Guoxiong Cao, he had been working in this line of business for 10 years. I think this is particularly important.
艾誠：是不是一個做企業的人，當他希望成為企投家的時候，像吳老師這樣去搭配一個更專業的投資人夥伴是一個標準模式呢？
Gloria Ai:For entrepreneurs, is it a standard mode for them to team up with professional investors just like you did if they want to become Entrepreneurial Investors?
吳曉波：我覺得應該是，或者他就拜託一個基金團隊來做，自己只作為一個普通合伙人，或者是作為管理人之一。
Xiaobo Wu:I think it should be, or he could ask a fund to do it. He serves either as a general partner or as amanager.
故事三：
Story No.3:
「從今天起，有一類企業家叫做『企投家』。」
"From today, there is a type of entrepreneurs called "Entrepreneurial Investors"."
2017年，吳曉波在「吳曉波頻道」正式提出了企投家的概念，在他看來，中國的商業文明正從產業商業主義時代，向產融商業主義時代急速地迭代衍變，與之相對應，企業家的角色也要發生相應變化。
In 2017, Xiaobo Wu officially proposed the concept of Entrepreneurial Investors on the "Wu Xiaobo Channel". In his view, China"s commercial civilization is rapidly evolving from the era of industry commercialism to the era of industry and financing commercial civilization. The role of entrepreneurs will also change accordingly.
「創業、投資兩不誤，兩手都要硬，把實體經營的智慧融通於風險投資，是他們共同的特徵，也是他們的財富得到幾何級增加的不二法門。而在當今中國，最適合成為企投家的，是那些已經在實體產業中獲得成功，並希望通過投資與時代同步前行的企業家們，他們的年齡跨度在50後到80後的長寬頻之中。」
"Entrepreneurship and investing arenot contradictory. Both aspects should be valued. Applying the wisdom from running a business to venture capital is a common feature and the key toincreasing the value of their wealth exponentially. In China nowadays, the most qualified candidates for Entrepreneurial Investors are those who have already achieved success in the real economy and hope to move forward with the times through investment. Their year of birth spans from 1950s to 1980s.
對於這個概念，有人否定，也有人懷疑，但吳曉波自始至終都堅定不移：「我完全不懷疑，我覺得這個一定是未來的一種企業存在和裂變的方向。」只不過企投家們存在的方式是多種多樣的。
Some people have negated or doubted this concept, but Xiaobo Wu has been steadfast from the beginning: "I have no doubt at all. I think this must be a direction for enterprises to exist ordiverge in the future." The way of existence is diverse.
「比如何伯權是一個串聯式的生存方式，他做完一件事情以後就斷掉了，做第二件，然後再做第三件。但我可能更處在一個並聯的狀態，就是我還在做我的文化公司，但我同時投資跟文化相關的一些新興行業，這個是最大的區別。」
"For example, Boquan He upholds a series way of doing business. After he completes one undertaking, he puts an end to it and moves on to the second and third. But I lean towards a parallel state, meaning that I still run my cultural company while investing in some emerging industries related to culture. This is our biggest difference."
艾問吳曉波：你眼中的企投家是什麼樣子？
What is Entrepreneurial Investor like in your mind?
艾誠：我記得在2017年3月份的時候，你第一次在會場上講到企投家是一個新物種。如果今天我把這個問題再拋給你的話，你的解釋會跟當初不一樣嗎？
Gloria Ai:I remember that in March 2017, you first mentioned at the discussion panel that Entrepreneurial Investors are a new species. If I ask you the same question again today, would your answer stay the same?
吳曉波：未來在企業家群里會出現一類人，第一類，他專註於自己的行業，把這個行業做得非常好。另外一部分，他有投資的思維和理念，他把自己的公司作為一個標的物去吸納資金；同時作為一個投資人去投跟自己相關或者不相關的行業，他的身上就會具有實體企業經營和投資思維行動這樣的一種複合型人格。
Xiaobo Wu:I think among the group of entrepreneurs in the future. There will be The first kind of people, who are focused on their own industry and excel at the line of work. Another kind of people have their own investment mentality and beliefs. They would use their own company as a target to attract investments. In the meantime, as investors, they would invest in industries either relevant or irrelevant to their own. He would demonstrate a compound identity from both business entity operations and Investment mentality.
艾誠：企投家就一定比純粹企業家和投資人，更被這個時代需要嗎？
Gloria Ai:Should enterprise investors be more needed by this era than pure entrepreneurs and investors?
吳曉波：我覺得企投家實際上是一種生存狀態。當然會有純粹的投資人，但也有一部分人，他可能原來做過實體企業，像沈南鵬；可能也有像我這樣的，我還在做巴九靈，同時我也有一個基金在做投資；也會存在像曹德旺這樣的人，我永遠不會去碰投資，我只做我喜歡的。
Xiaobo Wu:I think Entrepreneurial Investors are in fact a certain form of existence. There are of course pure investors, but there"re also another group of people, who might have operated their own businesses, just like Nanpeng Shen. There might be others like me. I"m still running 890 New Media. Meanwhile I"m also investing through a fund. There are people like Dewang Cao, who never engage in investing. They only focus on their own field of expertise they enjoy.
艾誠：所以企投家是眾多活法中的一種？
Gloria Ai:So Entrepreneurial Investors are just one of so many forms?
吳曉波：對，我覺得它是一種生存狀態，而且這種生存狀態更符合今天中國商業世界現狀和未來。
Xiaobo Wu:Yes,I think it is a state of existence, and this state of existence is more in line with the current state and future of the Chinese business world.
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