段永平投资哲学：用“平常心”穿越牛熊，经营的本分，做对的事，找对的人

Core Viewpoint - The investment philosophy of Duan Yongping emphasizes integrating business logic into financial thinking, focusing on rationality and a calm mindset to navigate market volatility [2][16]. Group 1: Investment Principles - "Benfen" (本分) refers to returning to the essence of things, meaning that investing is fundamentally about buying companies, not just stocks [5][4]. - "Pingchangxin" (平常心) serves as a psychological armor against market fluctuations, allowing investors to assess risks and values without being swayed by market emotions [7][17]. - The investment approach is characterized by a long-term perspective, where the focus is on companies with strong competitive advantages that can generate sustainable cash flow over time [8][11]. Group 2: Business Understanding - Duan Yongping's investment strategy prioritizes understanding the business model over mere financial calculations, emphasizing the importance of a company's long-term future [8][9]. - He seeks companies with strong "moats," which can be derived from unique product experiences or cultural significance, ensuring long-term profitability [8][9]. - The investment process involves deep engagement with the company's products and culture, as well as evaluating management's alignment with shareholder interests [8][9]. Group 3: Investment Strategy - Duan Yongping advocates for a concentrated investment strategy, focusing on a small number of companies within his "circle of competence" to ensure a deep understanding of each investment [12][14]. - He believes that true investment opportunities are rare and emphasizes the importance of saying "no" to opportunities outside his expertise [12][14]. - The strategy involves holding investments for the long term, with minimal selling unless the fundamental nature of the company changes [9][24]. Group 4: Case Studies - The investment in NetEase during its crisis in 2001 exemplifies a contrarian approach, where Duan recognized the underlying value despite market panic [27]. - The long-term holding of Moutai showcases the importance of brand scarcity and stable demand, leading to significant returns over 17 years [28][29]. - The investment in Tencent during a market downturn illustrates the strategy of capitalizing on short-term mispricing due to market sentiment [30][31].