The lights are on.

It's already work time, and the city of Seoul has become more lively, especially in Gangnam, where colorful lights intersect to create a blurry night scene, and the streets are full of groups of friends or frolicking couples.

Korean men are accustomed to having dinner and drinking after work, and now many women are also infected, and often drink several times a night, and immediately go to the next one after drinking, and occasionally sleep on the street after drinking.

In his office in Cheongdam-dong, Park Ji-hoon is still busy.

Once you get into the work mode, you will unconsciously postpone the end of work all the time.

In the combing of the investment business.

Today, the My Investment Fund is well-known around the world, investing in more than a dozen "unicorn" start-ups.

The so-called "unicorn" refers to startups with a valuation of more than $1 billion.

Moreover, many of them are the kind with great potential, such as Slack, Adyen, Lyft, Stripe, Spotify, etc., many of which are companies that burn more money, although the valuation has been rising, but before going public, there is a lot of pressure, and it is very likely that it will be sung down by the outside world because of a true or false report, or the founding team is cheating, or indulging in enjoyment, etc.

It's all about experience.

He's experienced failures, but no one cares about your failures.

At the beginning, Zenefits, a company that was originally very optimistic, later found that the internal management was simply a "garbage dump", and parted ways, on the condition that they would not make negative remarks to the outside world, and made a lot of money.

Others were not so lucky, investing in Apttus, the founder died, internal corruption and fraud, and investing in Domo, but was cheated by the founder, who spent a lot of money on other businesses under his name...... It's all a bloody lesson.

That's why he attaches so much importance to intelligence, even if he is in South Korea, he can understand the character of the founder of each company, the internal style, and so on.

This is very similar to the management of the country, some Ming monarchs of the feudal dynasty, even if they "stay at home" and only live in the palace, can manage a huge country in an orderly and prosperous manner.

How did these people do it? What do they have in common, what are their characteristics, and what are some important things that are unintentionally or intentionally ignored by future generations...... The premise of reading history to make people wise is to read it with the heart and brain, not to watch the excitement.

Of course, there are also positive ones.

For example, Twilio, a 9% stake in My Investments, invested $100 million, valuing it at $1.1 billion.

In June 2016, Twilio was listed on the New York Stock Exchange, rising 91.93% on the same day, with a market capitalization of $2.367 billion.

On May 12, 2017, the closing price was $24.

During this period, there were ups and downs, but he was still optimistic about the company, and instead of selling shares, he increased his holdings to 15%!

Because Jeff Lawson, as the founder, has a very clear vision, and once said to him that "Twilio sells communications, while AWS sells servers", he did not plan to be a single product line company from the beginning, and began to "buy, buy, buy" and build his own moat after going public.

Of course, it's not just that, he's personally looked at Twilio's customer retention rate over the course of a year.

Twilio's business model is to earn longer-term benefits through continuous customer use, and customer acquisition cost and retention rate are the two most important metrics.

In 2014 and 2015, Twilio required $5,120 and $4,860 per base customer acquisition, respectively, and 1.76 and 1.37 years to recover, respectively. The payback cycle for SaaS companies is about 2.5 years, and the payback cycle for high-growth listed companies in the United States is 1.7 years.

Twilio's average one-year customer retention rate is over 90%!

This information is why he is bullish on Twilio and has strong support for Jeff Lawson.

Discerning is also a skill.

Time passed little by little, and the noise outside continued.

In his early 20s, he finally couldn't help but get up, rubbed his stiff neck, and closed the computer.

When a person is engaged, he will always maintain a posture, and at the end of the day, his neck and shoulders become stiff.

I'm hungry too, and I haven't eaten dinner yet.

After packing up his things and just about to go home, he suddenly received a call from Kim Min-joon.

"Brother Minjun. Park Ji-hoon said as he walked out.

"Ji-hoon, what are you busy with?" Kim Min-joon seemed to be on the way, and there was still a noise on his phone.

"I'm about to go home for dinner, what?" The former agents knew each other very well, and Park Ji-hoon was not polite.

"It just so happens that I just came back from Japan and I haven't eaten, so let's come and drink together!" Kim Minjun said immediately when he heard it.

"Location. Park Ji-hoon said.

"I just arrived in Cheongdam-dong and am about to go to the company, should I buy the company or find a restaurant outside?" asked Kim Minjun for his opinion.

"Go to your office. Park Ji-hoon said with a smile. His president's office has become a regular dining place.

"I knew it would be like this......" Kim Minjun complained as if aggrieved, and then responded: "Okay, I'll see you later." ”

I'll see you in a moment.

Park Ji-hoon is in Cheongdam-dong, and Kim Min-joon has to go shopping, so he must be later than him.

Sure enough, when he arrived at the agency, Kim Min-joon hadn't arrived yet.

The little girl at the front desk was signing for takeout, and when she saw him, she hurriedly greeted: "President, you are here!"

"The trainees haven't eaten yet?" Park Ji-hoon asked after bowing slightly. There are more than a dozen takeaways, it is impossible for the two little girls to eat, at this time, it can only be a trainee.

The company here does not have its own canteen, and generally orders takeout, of course, the company pays for it.

A certain amount of food will be provided for trainees every month, which can also make trainees more attentive.

If the quantity is large and long-term, the price is still cheap, but Kim Min-joon has always been very budget-conscious, and the money saved is either used to improve hardware facilities, or to hire teachers, singing, dancing, rap, foreign languages, ...... What big companies have, almost all of them here. In terms of artist development, publicity, etc., these small amounts of money are useless, but they have never been left behind, and a lot of the company's income is used in these aspects.

His own car has never been changed, and his office has never been renovated, so such a president, to be honest, may not be welcomed by shareholders, but he will definitely be respected by his artists.

Fortunately, the chairman is Park Ji-hoon.

"Some people haven't eaten yet. The front desk replied.

"I'll send it over. Park Ji-hoon said.

Originally, they all called the trainees to come and get it themselves, but since he wanted to help, one person from the two front desks also separated, and he went to the practice room with takeaways.

"Hahaha......" As soon as he approached the trainee practice room, he heard a burst of laughter and applause.

Very cheerful.

The little girl at the front desk couldn't help but glance at Park Ji-hoon who was walking in front, and wondered if he would be angry.

Brokerage companies have always had strict requirements for trainees, and almost all companies are.

"Knock knock......" Park Ji-hoon kicked the door with his foot.

Carrying takeout in both hands.

Laughter.

A little girl came to open the door, presumably a primary school student, and after seeing Park Ji-hoon with takeaway in both hands, she asked stupidly, "Didn't you put the front desk today?"

Treat him like a delivery man!