“茅台2600块时想卖却没卖” ，段永平自曝最纠结时刻……

Core Insights - Renowned investor Duan Yongping, who has been "retired" for over 20 years, recently shared his investment philosophy in an interview, emphasizing the importance of understanding intrinsic value and future cash flows over short-term market fluctuations [2][3] - Duan currently holds only Kweichow Moutai in the A-share market, indicating it is one of his few significant investments [2] - He expressed that his investment decisions are primarily based on the company's future cash flow rather than a single metric like the price-to-earnings (P/E) ratio [2] Investment Philosophy - Duan's investment philosophy revolves around deep understanding and comparison, focusing on intrinsic value and future cash flows rather than temporary market price movements [3] - He shared a personal experience where he considered selling Kweichow Moutai when its price reached 2600-2700 yuan, but ultimately decided against it due to opportunity cost considerations [2] - Duan believes that if a stock cannot withstand a 50% drop, it should not have been purchased in the first place, showcasing his confidence in Kweichow Moutai's intrinsic value [2][3] Market Behavior - Despite Kweichow Moutai's stock price halving, Duan remained calm and continued to hold and even increase his position during the downturn, reflecting his long-term investment strategy [2] - He identifies as a "full position" investor, preferring to stay invested rather than holding large amounts of cash, which he views as yielding low returns [2]