Apple(US:AAPL) 创业邦·2025-11-12 10:11Investment Philosophy - The core investment philosophy is that "buying stocks is buying companies" and understanding the business and future cash flows is crucial [4][15][18] - The concept of "safety margin" is not just about price but about how well one understands the company [4][15][19] - It is emphasized that most companies are difficult to understand, making investment challenging [4][15] Company Culture - A good company culture guides the organization back to the right path, focusing on long-term value rather than short-term profits [5][24] - Companies with strong cultures may still make mistakes, but they are more likely to correct them [5][24] - The importance of user-oriented culture is highlighted, as it drives companies to prioritize user experience and product quality [21][24] Case Studies - The transition from feature phones to smartphones at BBK Electronics was driven by market necessity rather than initial support from leadership [6][7] - The rapid decline in feature phone sales was unexpected, showcasing the need for companies to be sensitive to market changes [8][9] - The failure of companies like Nokia and Motorola is attributed to cultural issues and a lack of focus on user needs [10][21] Investment Examples - Investments in companies like Apple and Tencent are based on a deep understanding of their business models and market positioning [4][15][21] - The investment in NetEase was driven by confidence in its gaming team and favorable market conditions, resulting in significant returns [19] - The decision to invest in NVIDIA is based on its strong ecosystem and the growing demand for AI technology [26][27] Market Trends - The electric vehicle market is seen as highly competitive, with many companies likely to fail due to lack of differentiation [30][31] - The potential for AI to disrupt traditional business models is acknowledged, with companies needing to innovate to survive [28][29] - The sustainability of companies like Tesla is questioned, with concerns about the long-term viability of the electric vehicle business model [29][30] Long-term Investment Strategy - The importance of understanding investment opportunities and aligning them with opportunity costs is emphasized [15][28] - Companies like Berkshire Hathaway are viewed as safer long-term investments due to their established business models and management culture [33][34] - The notion that age should not dictate retirement from investment is discussed, as long as one remains competent [13][34]