Sou Hu Cai Jing·2025-11-13 16:12Core Insights - The conversation between Fang Sanwen and Duan Yongping highlighted the importance of understanding what not to do in investment, emphasizing that avoiding unsuitable actions can lead to fewer mistakes and better decision-making [2][37] - Duan Yongping discussed the concept of "margin of safety," clarifying that it relates more to the depth of understanding of a company rather than just its price [3][33] - The discussion included a recommendation to invest in the S&P 500 index for long-term gains, suggesting that this approach can yield positive results over time [4][24] Investment Philosophy - Duan Yongping shared his experience of investing in the oil and gas index, where he lost over $10 million, and emphasized the importance of quickly correcting mistakes in investment decisions [5][48] - He expressed a cautious approach to investing, stating that he only invests in companies he understands, such as Moutai, and highlighted the risks of "copying" investment strategies without understanding the underlying companies [53][50] - The conversation pointed out that many retail investors lose money in both bull and bear markets, with an estimated 80% of them facing losses [10][59] Company Analysis - Duan Yongping mentioned that Moutai is a relatively easy-to-understand company and suggested that it may be a worthwhile investment for many, despite concerns about changing consumer habits [12][62] - He also discussed the potential for Apple to grow significantly in the future, although he noted that its current price is not attractive for investment [38][40] - The dialogue included reflections on past investments, such as General Electric, where changes in corporate culture and business model led to a decision to sell [41][44] Market Trends - The impact of AI and quantitative funds on stock trading was discussed, with Duan Yongping warning that these advancements make it increasingly difficult for individual investors to succeed in short-term trading [11][58] - He emphasized that true investment requires a deep understanding of companies and their business models, rather than relying on market trends or technical analysis [65][66] - The conversation concluded with a recognition that while investing can be challenging, it is possible to succeed by focusing on companies that one understands and believes in [61][67]