智通财经网·2025-11-11 13:40Investment Philosophy - The core investment philosophy is that buying stocks equates to buying companies, emphasizing the importance of understanding the business behind the stock [5][6][22]. - Understanding a company's business model and future cash flows is crucial, yet challenging for most investors [6][21]. Personal Investment Experience - The investor has primarily focused on three stocks: Apple, Tencent, and Moutai, indicating a concentrated investment strategy [18]. - Significant past investments include NetEase, Yahoo, and Apple, with a notable mention of a 20-fold increase in NetEase's stock price within six months [10][28]. Company Analysis - Apple has transitioned from a hardware-centric company to a balanced model of hardware and software, with a strong emphasis on user experience and long-term value [34][37]. - The investor believes that Apple's corporate culture is strong, focusing on delivering value to users rather than merely pursuing profit [38][47]. Investment in Emerging Companies - The investor has engaged in risk investments in companies like Pinduoduo, expressing a cautious optimism about its potential while acknowledging the inherent risks [73][75]. - The investor's approach to Pinduoduo reflects a deeper understanding of its financials and business model compared to earlier assessments [74]. Market Insights - The investor notes that many retail investors struggle to make profits in stock trading, suggesting that understanding the business is essential for successful investing [76][78]. - The investor emphasizes that investing in well-understood companies, like Moutai, can be a safer choice for most investors [77][79]. Future Outlook - The investor expresses uncertainty about the future performance of companies like Pinduoduo, contrasting it with the more predictable outlook for Apple [75][51]. - The investor acknowledges the potential for significant growth in AI-related companies like Nvidia, highlighting its strong ecosystem and competitive position [57][60].