Sou Hu Cai Jing·2025-11-15 14:15Core Insights - The core message emphasizes that retail investors should not blindly follow trends but instead focus on understanding the intrinsic value of companies, which is a principle that has guided the investment success of Duan Yongping for many years [1][15]. Investment Philosophy - Duan Yongping's investment philosophy is straightforward: "Buying stocks means buying companies" [4]. - He believes that successful investors typically hold a limited number of stocks, with his main investments being in Apple, Tencent, and Moutai [4][5]. - Recently, he significantly increased his stake in Nvidia by 61.39% and made a new investment in ASML, while also boosting his position in Berkshire Hathaway by 53.53% [4][5]. Company Analysis - ASML is highlighted as a unique player in the market, being the only company capable of producing EUV lithography machines, essential for manufacturing advanced AI chips [5]. - Nvidia is recognized not only for its chip sales but also for its strategic investments in the AI ecosystem, having made 83 investments in two years to secure future demand [6][7]. Margin of Safety - Duan Yongping defines "margin of safety" not as cheapness but as the investor's understanding of the company [8]. - His past success with companies like NetEase and Apple stemmed from a deep understanding of their business models and management culture [8][9]. Investment Strategy for Ordinary Investors - Duan Yongping advises ordinary investors to avoid speculative trading, noting that 80% of retail investors lose money regardless of market conditions [11]. - He suggests that for those unfamiliar with investing, a simple strategy would be to invest in the S&P 500 index or Berkshire Hathaway, which are seen as reliable options [12][15]. Long-term Perspective - The importance of patience in investing is emphasized, with Duan Yongping suggesting that even slow-growing stocks like Moutai can provide returns over time [13]. - Companies with stable business models and core competitiveness, such as Tencent, are viewed as safer long-term investments despite short-term volatility [13]. Conclusion - The essence of successful investing, according to Duan Yongping, lies in understanding companies and minimizing mistakes, rather than relying on speculation or market timing [15].