Ge Long Hui·2025-11-13 00:07Core Insights - The core principle of investing is to view stock purchases as buying a company, which is challenging to fully understand [2][24] - Successful investing requires a deep understanding of a company's business model and future cash flows, which is often difficult to achieve [8][24] Group 1: Investment Philosophy - Understanding a business is crucial for successful investing; without this knowledge, investment becomes difficult [7][8] - The concept of "buying a company" is simple in theory but complex in practice, as most companies are hard to comprehend [2][8] - The investor has only heavily invested in a limited number of companies, indicating a focused investment strategy [3][9] Group 2: Investment Examples - Early investments in companies like NetEase were based on clear business models and favorable cash positions, leading to significant returns [32] - The investor emphasizes the importance of company culture, particularly in companies like Apple, which focuses on user experience and long-term value [41][44] - The investor has not made substantial investments in companies like Google, indicating a selective approach to investment opportunities [16] Group 3: Market Insights - The investor believes that Apple has potential for significant future growth, despite current valuations being considered high [66] - The discussion highlights the importance of understanding a company's unique value proposition and market positioning, as seen in Apple's reluctance to enter certain product categories [55][61] - The investor acknowledges that while short-term profits can be made without understanding a company, replicating such success is challenging [26][28]