《方略》上新！方三文对话段永平：买股票就是买公司，但看懂公司不容易

Core Insights - The first episode of the third season of the investment dialogue program "Fanglue," produced by Xueqiu, features a conversation between Xueqiu's founder Fang Sanwen and renowned investor Duan Yongping, focusing on his personal experiences, investment philosophy, and understanding of companies [1][3] Investment Philosophy - Duan Yongping's investment in companies like NetEase, Tencent, Moutai, and Apple has become classic cases of discussion in the investment community [3] - He emphasizes the importance of "integrity" and "being true to oneself" in corporate culture, as well as the principle that "buying stocks means buying companies," which has had a profound impact in both the real economy and investment sectors [3] - Duan attributes his understanding of investment to Warren Buffett's quote, stating that while the concept is simple, the challenge lies in truly understanding a company and its future cash flows [3] Investment Decisions - Duan Yongping notes that his significant investment decisions over the years are limited, with fewer than "10 holes" compared to Buffett's metaphor of making 20 holes on a card for investment decisions [3] - He provides a detailed analysis and commentary on his holdings, sharing unique insights on popular sectors [3] Program Impact - Since its launch in July 2022, "Fanglue" has featured various notable guests, including well-known investors and economists, contributing to its broad influence in the industry [4]