Shang Hai Zheng Quan Bao·2025-12-10 11:27Core Insights - The core perspective of the discussion revolves around the importance of understanding business models in investment and the significance of hard work in achieving success [1][4][6]. Group 1: Investment Philosophy - Investment is fundamentally about understanding the business and its model, with a strong emphasis on effort and diligence [1][4]. - Segmenting investments based on personal understanding of the business is crucial; for instance, the investment in Moutai is justified by personal connections and understanding of its market [2][5]. - The experience with investing in NetEase, which yielded a 20-fold return, highlights the importance of recognizing and understanding business operations rather than relying on luck [5][6]. Group 2: Views on Specific Companies - There is a strong belief in the potential of Moutai, with the assertion that it is a better investment than keeping money in the bank, although there may be other opportunities with higher returns [2]. - The investment in Apple is still viewed positively, emphasizing the difficulty of finding good companies and the importance of not selling too quickly after a profit [5][7]. Group 3: Personal Insights and Life Philosophy - The discussion includes reflections on personal effort and the misconception of talent, emphasizing that success comes from hard work rather than innate ability [8]. - The concept of "being grounded" is highlighted, which involves rational decision-making and a long-term perspective in business [8].