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It's ironic. If I hadn't been bad at Chinese, I would never have ended up investing in Baidu.
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At that time, we had a crystal ball, and the crystal ball was that what had succeeded in the US would probably replicate in China.
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If you have patentable tech, it's easier to succeed. Otherwise it's just first-mover advantage.
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So if a company does not have a clear path to profitability, then that's not a company we will invest in.
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It's okay to wait it out. As they say, live to fight another day. But you have to live so that you can fight again.