Today, I read Li Xiang's "Because It's Unique," which dissects Wang Ning's characteristics. One point particularly moved me: there are always people willing to work with him.

It sounds very simple at first, but upon deeper thought, it's extremely difficult. In entrepreneurship, trends change, models become outdated, and luck runs out. But "having people willing to follow you and work with you consistently" is a hidden asset that no financial statement can calculate.

Pop Mart could grow from a small shop to what it is today, with the old guard around Wang Ning hardly leaving. Alibaba is the same. Back when Jack Ma was "talking big" at Lakeside Garden, none of the Eighteen Arhats left because of low salaries or an unclear future. Later, someone of Joseph Tsai's caliber was willing to take a million-dollar pay cut to join. This isn't about the ability to paint a rosy picture but a rare leadership trait—making people believe, feel secure, and see the person they aspire to become.

In the end, investment is about investing in people, especially founders who can keep excellent people by their side. Even if such people stumble in the short term, their foundation won't crumble.

Think about the companies in your portfolio. Does the boss have this trait? If not, it might not even qualify as "unique."

$Alibaba(BABA.US)$BABA-WR(89988.HK)$POP MART(09992.HK)