2 1 Shi Ji Jing Ji Bao Dao·2025-11-16 02:20Core Insights - Renowned investor Duan Yongping, after over 20 years of retirement, shared his investment philosophy and experiences in a recent interview, emphasizing the importance of understanding a company's intrinsic value and future cash flows rather than focusing solely on market price fluctuations [1][3]. Investment Philosophy - Duan Yongping currently holds only Kweichow Moutai in the A-share market, indicating it is one of his few major investments. He stated that his investment decisions are primarily based on the company's future cash flow rather than a single metric like the price-to-earnings ratio [2][3]. - He expressed that even during significant price declines, such as Kweichow Moutai's stock price halving, he remained calm and continued to hold and even increase his position, reflecting his deep understanding of the company's intrinsic value [2][3]. Decision-Making Process - Duan emphasized that investment is about making comparisons and choices based on a deep understanding of the business, anchoring on intrinsic value and future cash flows rather than short-term market volatility [3][4]. - He clarified that "long-term holding" should not be equated with "never selling," and investors must continuously evaluate opportunity costs during the holding period [4]. Understanding Companies - Duan agreed with the notion that "buying stocks means buying companies," but stressed the importance of truly understanding the company, which he believes is quite challenging. He noted that many companies are difficult to comprehend fully [6][7]. - He highlighted that even if one does not fully understand a company, it does not guarantee profitability, as success in such cases often relies on luck rather than skill [6]. Cultural and Strategic Insights - Duan criticized Nokia's decline, attributing it to a corporate culture that prioritized market share over user experience and a failure to adapt to changing trends. He noted that strategic direction and cultural foundations are crucial for a company's success [7][8]. - He emphasized that understanding a company requires looking beyond its business and trends to examine its internal culture and strategic consistency [7]. Talent Selection - Duan asserted that selecting the right people is essential for organizational success, emphasizing that shared values and cultural alignment are critical for long-term collaboration [8][9]. - He categorized individuals in organizations as "like-minded" or "co-workers," stressing that those who share deep value recognition contribute significantly to organizational cohesion [8][9].