August 7, Friday.
Zhao Chen is organizing the last batch of archived documents in the first half of the year in the office.
He recorded Investment Decision Committee's meeting minutes, Research Institute's quarterly review report,
Legal Department's compliance confirmation letter, and the mid-year summary of "From Intuition Driven to Institution-Driven" that was only printed in paper version--
Arrange them one by one in date order and put them into a Kraft Paper file box marked "First Half of 2020 - System Framework Operation Record".
His fingers stayed on the cover of the archive box for a moment, then he picked up Fountain Pen and wrote the filing date and number on the cover label.
The last document put into the file box was the few lines of manuscript he wrote in the Manhattan hotel a long time ago about the core competitiveness of Nvidia.
This manuscript was later printed on the title page of Henglong Research Institute Independent Tracking Manual,
After experiencing Silicon Valley's deduction in front of the whiteboard and Huang Renxun's personal confirmation in the Japanese food store,
The edges of the paper are now slightly furred, and the creases have the unique light yellow color of old paper.
He turned the manuscript to the back and added a new line of annotations with Fountain Pen below those lines:
"In June 2020, all core variables were consistent with Huang Renxun's long-term strategic framework confirmed in public disclosures and private communications.
The position logic remains unchanged. Verification completed."
He spent an entire afternoon checking these archived materials one by one.
Starting from the center of Fairy Mountain Meeting, he drew the Triangle Framework picture on the whiteboard.
To the Research Institute listing, the first quarterly review, the Silicon Valley meeting, and the mid-year summary of "From Intuition Driven to Institution-Driven"--
It took Henglong more than half a year to complete the transformation from "Person-Driven" to "Institution-Driven".
That Triangle Framework--system, Model, team--
Initially it was just an emergency plan he used to re-anchor the direction after the butterfly wings flapped away from all coordinates.
Now it has become Independent Valuation Model that runs automatically every quarter in Chen Xi's computer,
It became a standardized review material for everyone on the Investment Decision Committee conference table, and it became the clear isolation rule in the Zhang Qingxue legal memorandum.
He closed the lid of the file box, fastened the stainless steel lock, and placed it on the top shelf of the filing cabinet next to his desk.
Then he took out another blank Henglong Letterhead from the drawer, and used Fountain Pen to write four words on the top of the paper - "First Year of the System".
"Henglong completed the transformation from 'Person-Driven' to 'Institution-Driven' in the first half of 2020.
Investment Decision Committee Collective decision-making, Research Institute Independent Model verification, Legal Department compliance traces, quarterly review mechanism--
These four pillars constitute a complete institutional framework.
This framework does not rely on any personal intuition or prediction.
Every decision is completed in an independent Model, data and trace system to complete a complete closed loop from proposal to execution.
From today on, Henglong will never return to the era of relying on one person to make decisions under any extreme circumstances.
The system itself is self-correcting, the quarterly review is the immune system,
Trigger-Based Review Mechanism is the emergency Contingency Plan, and the independent Model cross-validation is the underlying logic.
I built this system, but it doesn't need me now."
He put down the pen, folded the piece of paper and put it on the top shelf of the file box.
He walked a long way along the riverside trail of Jiangbeizui.
The evening breeze in August blows from the river, carrying the smell of moist water plants and a very faint smell of diesel.
He has walked this road countless times.
Every time I walk on this road, there is no one else around me, only the river breeze, the whistle of the freighter, and the variables in my mind that are constantly being dismantled and reorganized.
When he walked this road before, he was calculating--
Calculate when the additional margin will arrive, and how many days the remaining pledge financing Principal and Interest can last.
Let's see if Nvidia's CUDA ecosystem moat can survive this cycle.
He didn't need to count any numbers as he walked down this road today--
The system is doing the math for him, Chen Xi's Model is doing the math for him, and Investment Decision Committee is doing the math for him.
He stopped under Chaotianmen Bridge, holding his hands on the railing by the river.
Two Rivers Confluence is brightly lit at night, and Yangtze River and Jialing River merge into a wider river here.
The muddy yellow river water and the green river water flowed side by side for a long time before finally merging into one.
He remembered that Shen Jue asked him in the teahouse a long time ago - "Are you ready that Henglong will no longer be your Henglong?"
At the time he thought she was asking about his attitude towards power.
Later he realized that she was asking about his trust in the system--
Does he dare to hand over the empire he built with his own hands to a set of rules to manage, and take a step back to only be the guardian of the system?
Late one night at the beginning of the year, he walked back and forth along the river alone for a long time.
The message from Shen Zhiyi is still on the phone screen - "The oar is in your hands, the sail is in your hands."
At this moment, he is standing by the river. Behind him is the fully functioning institutional framework. In front of him is the never-ending river Two Rivers Confluence.
He took his hand back from the railing, took out his mobile phone and sent a message to Shen Zhiyi.
"Today I finished sorting out all the archives for the first half of the year.
Fairy Mountain Meeting's resolutions, quarterly review records, Silicon Valley meeting follow-up manual, and the mid-year summary were all sealed in a file box.
I wrote a line on the cover of the file box - 'The first year of the system'.
In the past, every time I walked along this riverside, I was calculating - calculating how many days there were until the margin call.
Calculate how much Principal and Interest is left in the pledge financing,
Let's see if Nvidia's moat can survive this cycle.
There is no need to worry about anything when you walk here today.
The system is doing the math for me, Model is doing the math for me, you are doing the math for me."
Shen Zhiyi's reply popped up quickly.
"From the day you Short Selling Henglong, you have always been walking in the front alone.
Later, Sister Sister Su came to your side and helped you block all administrative matters.
Later, you asked me to come next to you and help you keep the line of compliance.
Later, Chen Xi, Aunt Zhang, and Qiming all came to your side and each helped you carry a piece.
Today you handed over the entire framework to us and retreated behind the system.
You used to row this boat by yourself, then we helped you row it, and now you built an automatic navigation system.
If you believe it, I believe you."
Zhao Chen put the phone in his pocket and continued walking along the river.
Chaotianmen Bridge's steel rope is getting brighter and brighter in the night,
The freighter on the river has sailed out of sight, leaving only the low and long whistle slowly dissipating in the dusk.
The first year of Henglong's system is not the end—it's the starting point.
The quarterly review mechanism will be continuously iterated, and Trigger-Based Review Mechanism will be activated when the next market storm comes.
The independent Model will continue to update variables and revise assumptions, and every decision of Investment Decision Committee will be fully traced under the new institutional framework.
He was sitting alone in his office one early morning at the beginning of the year,
Looking out the window at the Chaotianmen Bridge steel cable looming in the morning fog, I wrote on the paper -
"I used to use maps to navigate, but now I use Compass. The map will be old, but Compass will not."
Later, when he drew the picture Triangle Framework on the whiteboard of Fairy Mountain Meeting,
"Compass" has become a structural diagram cross-supported by the three lines of system, Model and team.
Later, he hung this structural diagram in the corridor on the 23rd floor.
Every day when you pass by, you can see Chen Xi leading the team to update variables in Data Analysis Center.
Zhang Qingxue reviewed the compliance traces of the quarterly review item by item at the Legal Department,
Shen Jue is reviewing the system operation report in Independent Advisory Committee's office.
Today he sealed all the system operation records for the past six months into a Kraft Paper file box and wrote the words "First Year of the System" on the cover.
The butterfly has already flown.
The map has been put into the file box.
From now on Henglong will be able to fly by itself.