券商中国·2025-04-19 23:28Core Viewpoint - The article emphasizes that despite multiple significant macroeconomic crises over the past 30 years, the profitability and stock price trends of strong companies remain unaffected, highlighting the importance of investing in companies with a competitive edge and buying them at reasonable prices [1][2][5]. Group 1: Historical Context of Market Crises - Since 1996, there have been at least four major negative events that did not alter the profitability and stock price trends of good companies, including the 1997 Asian financial crisis, the 2003 SARS outbreak, the 2008 subprime mortgage crisis, and the 2013 "money shortage" incident [2][5]. - For instance, Gree Electric's net profit increased from 155 million yuan in 1995 to 29 billion yuan in 2023, a growth of 186 times, while its stock price rose 92 times over the same period [2]. - Fuyao Glass's net profit grew from 48 million yuan in 1995 to 7.498 billion yuan in 2024, marking a 155-fold increase, with its stock price also increasing nearly 90 times [2]. Group 2: Investment Philosophy - The article argues that successful investing is about identifying understandable companies that can significantly grow their earnings over the next five, ten, or twenty years, and buying them when they are undervalued [3][6]. - It stresses that macroeconomic factors should not dictate investment decisions; instead, understanding the business model and capital structure of companies is crucial [4][6]. - Notable investors, like Warren Buffett, emphasize focusing on what is important and knowable, rather than macroeconomic uncertainties, which are often unpredictable [5][6]. Group 3: Long-term Investment Strategy - Investors are encouraged to avoid using leverage or short-term funds and to focus on long-term investments in companies with solid business models [6]. - The article suggests that during market downturns, astute investors should take advantage of lower prices to buy quality companies, as these opportunities often arise during periods of panic [5][6]. - The key to successful investing lies in recognizing good companies and favorable prices, rather than attempting to predict macroeconomic trends [6].