雪球·2025-11-11 10:50Core Investment Philosophy - The essence of investing is to understand that "buying stocks is equivalent to buying companies" [6] - Investment is simple but not easy; it requires understanding the business and future cash flows [6][57] - A significant portion of companies are difficult to comprehend, making investment challenging [6][57] Understanding and Rationality - Understanding is a gray area; not knowing does not equate to not making money [6][67] - Maintaining rationality in investment decisions is difficult; many investors make similar mistakes but some learn from them [6][70] - The probability of making mistakes is similar across investors, but the key is to minimize those mistakes over time [6][70] Company Analysis - Understanding the business is crucial; without it, investing becomes very challenging [6][57] - The speaker feels relatively knowledgeable about companies like Apple, Tencent, and Moutai [6][57] Corporate Culture - A strong corporate culture guides a company back to its core mission, ensuring it does not stray for mere profit [6][34] - Good corporate culture does not prevent mistakes but helps the company return to the right path [6][34] Investment Experience - The speaker's investment journey began post-retirement, driven by an interest in business and investment [56] - Significant investments include companies like NetEase, Yahoo, Apple, and Moutai, with a focus on understanding their business models [56][59][64] - The speaker emphasizes that understanding a company is essential for successful investment, and that many investors may not truly grasp this concept [67][70]