# On Pinduoduo's Lack of Shareholder Returns

The biggest criticism comes from the fact that every time financial results are released, management talks down their own company. They say the future environment will be more difficult, profits will be harder to achieve, competition will intensify, external conditions will be challenging, and so on.

Plus, with hundreds of billions in cash on the balance sheet and interest income of hundreds of billions annually, they don't pay dividends or buy back shares.

But does this mean they don't value shareholder returns? Not at all.

Rather, it's those who constantly talk up their own company and then frantically dump shares that are really harvesting retail investors...

The massive cash reserves look substantial, but if you understand how ambitious Pinduoduo's vision is, it's actually nothing.

Munger said a person only needs to get rich once.

Huang Zheng will only start businesses once. As a disciple (friend) of Daniel Ek, he only does the right things. These right things will make him the world's largest retail e-commerce company. He's already defeated Taobao and JD.com, and in the future will defeat Amazon, Walmart, and Sam's Club.