段永平：投资茅台比放银行好，“茅台将来一定会回来”

Core Viewpoint - The interview with Duan Yongping emphasizes the long-term investment potential of Moutai, suggesting that it is a better option than keeping cash in the bank and that it will eventually recover in value [1][2] Group 1: Investment Philosophy - Duan Yongping believes that investing in Moutai does not require consideration of macroeconomic conditions, as investment should focus on a long-term horizon of ten to twenty years [2] - He stresses the importance of understanding the business when investing, stating that "buying stocks is buying companies" [1] - Duan expresses a strong preference for holding Moutai shares over cash, indicating that he feels uncomfortable holding cash without investment [1] Group 2: Moutai's Market Position - Duan Yongping asserts that Moutai will have international opportunities, as Chinese people consume Moutai wherever they go, and it represents a long-standing cultural product [1] - He has consistently invested in Moutai, having made purchases in January and October of this year, and actively engages with the investment community regarding Moutai [2] - Duan believes that the current dividend yield from Moutai investments is better than keeping money in the bank, with potential yields of 3% to 4% [2] Group 3: Investment Strategy - Duan Yongping indicates that the decision to sell Moutai shares will not be based on the price-to-earnings ratio but rather on future cash flow expectations [1] - He acknowledges the volatility of Moutai's stock price, stating that if an investor cannot withstand a 50% drop, they should not invest in it [1] - Duan emphasizes the importance of having a clear alternative for investment if not in Moutai, suggesting that without a solid plan, discussions about investment are meaningless [1]