Sou Hu Cai Jing·2025-11-12 08:35Investment Philosophy - The core investment philosophy is that buying stocks equates to buying companies, emphasizing the importance of understanding the business and future cash flows [3][4] - The speaker has not fully utilized their investment capacity, indicating a selective approach to investments [4][9] Apple Inc. - The speaker invested in Apple in 2011, recognizing its evolving business model that balances hardware and software profits [9][10] - The company's strong user-oriented culture is highlighted as a key factor in its success, focusing on product quality and user experience [11][12] - Current valuation of Apple is considered not cheap, with uncertain expectations for high investment returns [18][19] Nvidia - Nvidia is recognized for its strong ecosystem and partnerships, particularly in the AI sector, indicating a competitive edge in the semiconductor industry [21][22] - The speaker acknowledges the potential for AI to drive significant changes in the industry, suggesting a cautious investment approach [21][38] Electric Vehicles - The speaker expresses skepticism about the electric vehicle market's profitability, noting that Tesla has managed to differentiate itself despite overall market challenges [24][25] - The electric vehicle industry is expected to face significant competition, leading to potential failures among many companies [26][27] Berkshire Hathaway - The culture and investment philosophy established by Warren Buffett are expected to persist under new leadership, focusing on long-term cash flow generation [28][29] - The speaker believes that investing in Berkshire Hathaway is preferable to many mutual funds for those unfamiliar with investing [28] Pinduoduo - Pinduoduo is viewed as a risky investment, but the speaker has increased their position due to a better understanding of the company's financials [30][31] - There is uncertainty about Pinduoduo's long-term sustainability compared to more established companies like Apple [33] Kweichow Moutai - Kweichow Moutai is seen as a strong investment due to its unique flavor and cultural significance, with confidence in its long-term viability [34][35] - The speaker emphasizes that investment decisions should be based on future cash flows rather than current valuation metrics [36] Artificial Intelligence - AI is identified as a significant industrial revolution, but the speaker warns of accompanying market bubbles [38][39] - The impact of AI on stock trading is noted, with a suggestion that retail investors may find it increasingly difficult to succeed in short-term trading [41][42]