Zhong Guo Zheng Quan Bao·2025-11-11 16:02Core Insights - The essence of investing is to understand the business behind the stock, which is often challenging [1][3] - Investment should focus on a few companies that one truly understands rather than frequent trading [1][2] Investment Philosophy - The principle of "do not invest in what you do not understand" is central to the investment philosophy [3] - Emphasis on corporate culture, particularly user orientation, is crucial for evaluating companies like Apple [4] - The concept of "not doing" is highlighted as a significant factor in avoiding mistakes and enhancing decision-making [4] Investment Experience - Notable investments include early stakes in NetEase, Yahoo, Apple, Kweichow Moutai, and Tencent, with Apple being a significant recent holding [2] - The investment in General Electric is acknowledged as a mistake due to a poor understanding of its business model [2] Advice for Ordinary Investors - Rationality is deemed more important than cleverness in investment decisions [5] - Ordinary investors are encouraged to focus on a few companies they understand rather than spreading their investments too thin [5] - Current market conditions are approached with caution, particularly regarding the valuation of Apple [5] Philanthropic Activities - Recent donations include a 220 million RMB contribution to Beijing Normal University for educational development [6] - A donation of 15 million RMB worth of Kweichow Moutai shares was made to support educational initiatives at Jiangxi University [6]