长期持有不等于不卖！段永平：五年前看懂英伟达也愿意拿茅台换

Core Insights - Renowned investor Duan Yongping, who has been "retired" for over 20 years, recently shared his investment philosophy and views on company management and personal growth in an interview [1] - Currently, Duan holds only Kweichow Moutai in the A-share market, indicating it is one of his few major positions [1] - He emphasized that investment includes the option to sell, countering the common misconception that value investing equates to never selling [1][2] Investment Philosophy - Duan believes that "long-term holding" is more about the intention and mindset at the time of purchase rather than a rigid doctrine [1] - He stated that investors must continuously assess and compare opportunity costs during the holding period [1] - He provided an example where recognizing Nvidia's potential five years ago would justify switching from Moutai to Nvidia if conditions allowed [1] Decision-Making Criteria - The ability to make rational comparisons and choices within one's circle of competence is crucial [2] - Investment should not be about holding indefinitely but rather about having the courage and clarity to adjust positions when superior options are identified [2]