Ge Long Hui·2025-11-12 07:48Core Viewpoint - The interview with Duan Yongping highlights his investment philosophy and specific stock holdings, particularly emphasizing his confidence in Kweichow Moutai and the long-term nature of investments [2][5]. Investment Strategy - Duan Yongping has invested significantly in companies like NetEase, Yahoo, Apple, and Kweichow Moutai, with a notable mention of Tencent [2]. - He follows a conservative investment approach, suggesting that understanding a company is crucial before investing, and he prefers to hold a small percentage in any single stock, with a maximum of 5% in any one company [2][5]. Kweichow Moutai Insights - Duan believes that Kweichow Moutai should remain consistent in its operations and product offerings, particularly the 53-degree Feitian Moutai [3]. - He expresses confidence that Kweichow Moutai's stock price will recover over time, despite recent declines, and emphasizes the importance of patience in investment [5][7]. - The stock price of Kweichow Moutai has seen a significant drop from 2600 to 1200, a decrease of 50%, but he remains optimistic about its long-term recovery [4][5]. Market Sentiment - Duan acknowledges that while younger generations may not currently consume Kweichow Moutai, there remains a strong market among older consumers, and future consumption patterns are uncertain [6]. - He notes that the emotional value of drinking Kweichow Moutai will continue to attract consumers, regardless of health concerns associated with alcohol [6]. Company Buyback and Dividends - Duan emphasizes that the true buyer of a company is itself, as it generates profits and can buy back its shares, suggesting that Kweichow Moutai should engage in share buybacks when financially feasible [5]. - He believes that even if the stock does not recover quickly, dividends will provide returns over time, making it a better option than leaving money in a bank [5][7].