Zhong Guo Zheng Quan Bao·2025-11-11 20:09Core Insights - The essence of investing is understanding that buying stocks equates to buying companies, which is a challenging task [1][2] - Investment philosophy emphasizes focusing on a few companies that one truly understands rather than frequent trading [2][3] Group 1: Investment Philosophy - The investment approach is characterized by a focus on understanding business models rather than market predictions or trends [1][2] - The concept of "not investing in what one does not understand" is central to the investment strategy [3][4] - The importance of company culture and user orientation is highlighted, particularly in the case of Apple [3] Group 2: Investment Examples - Notable investments include NetEase, Yahoo, Apple, Kweichow Moutai, and Tencent, with a focus on understanding their business models [2][5] - The investment in NetEase was driven by a strong belief in its gaming team's passion and a favorable business model, resulting in a significant return [2] - Apple's transition from a hardware company to a comprehensive platform was recognized early, leading to a successful investment [2] Group 3: Market Perspective - Current market conditions are approached with caution, particularly regarding the valuation of Apple, which is deemed "not cheap" [5] - The concept of opportunity cost in investment decisions is emphasized, suggesting that sometimes it may not be necessary to invest in high-profile stocks if better returns can be found elsewhere [5]