“老登股”有那么差吗？巴菲特说的这句话，许多人都理解错了 | 猫猫看市

Group 1 - The core idea of the article revolves around Warren Buffett's principle of "never losing money," emphasizing that it refers to preserving intrinsic value rather than avoiding market fluctuations [2][3]. - The article argues that understanding "money" in the context of investing is crucial, as market value and net worth can fluctuate, making it impossible to avoid losses entirely [2][3]. - It highlights that buying stocks at a reasonable price, regardless of short-term price drops, does not equate to losing money if the intrinsic value remains intact [3][6]. Group 2 - The term "old Deng stock" is introduced to describe traditional companies with stable returns but declining stock prices, reflecting investor sentiment towards these stocks [5]. - Despite the negative perception, "old Deng stocks" can still represent sound investments if their fundamentals are strong and prices are reasonable, aligning with Buffett's principle [5][6]. - The article concludes that understanding the distinction between intrinsic value and market price fluctuations is essential for investors to grasp Buffett's investment philosophy [6].