Long-term thinking needs substantive research
Zhang Lei connects his investing experience with an approach centered on long horizons, research, and the creation of value. Read the personal history separately from the general claims about how businesses develop. A successful investment record is context, not a guarantee that every stated principle transfers.
Define what would become more valuable
A useful reading exercise is to name the capabilities, customer benefits, or organizational improvements behind a long-term thesis. Merely holding something for longer does not explain why it should improve. Ask which evidence would show that the underlying business is strengthening and which evidence would contradict the story.
Patience is not immunity to error
A long horizon can support disciplined work, but it can also become a way to postpone admitting a mistake. Keep a thesis revisable and distinguish conviction from sunk-cost attachment. Treat the book as a perspective on business and investing, not personalized financial advice or a reason to imitate a portfolio without independent research.