2万字收藏，段永平罕见公开访谈

Core Views - The essence of investing is to understand that "buying stocks is buying companies," a concept that only about 1% of people truly grasp [3][6][61] - Investment is simple but not easy; it requires a deep understanding of the business and future cash flows [6][52] - The importance of company culture is highlighted, as a good culture helps a company return to the right path after mistakes [7][30] Investment Philosophy - "Buying stocks is buying companies" emphasizes the need to understand the business behind the stock [6][52] - The concept of safety margin is not just about price but about how well one understands the company [6][52] - Rationality in investment is challenging; the probability of making mistakes is similar across investors, but the key is to minimize those mistakes [6][39] Understanding Companies - Understanding the business is crucial; without it, investing becomes very difficult [6][51] - The speaker feels relatively knowledgeable about companies like Apple, Tencent, and Moutai, but acknowledges limitations in understanding other businesses [6][51] Company Culture - A strong company culture guides the organization and helps it stay on the right path [7][30] - Good culture does not prevent mistakes but allows the company to correct its course [7][30] Decision-Making and Management - The decision to pivot from feature phones to smartphones was driven by market necessity rather than initial support [36][39] - The management style emphasizes delegation and trust in the team, allowing them to make decisions independently [38][47] Investment Experience - The speaker's investment journey began post-retirement, focusing on understanding businesses rather than just stock prices [50][51] - Significant investments include companies like NetEase, Apple, and Moutai, with a focus on understanding their business models [53][60] Market Trends and Adaptation - The rapid decline of feature phones was unexpected, highlighting the need for sensitivity to market changes [40][41] - The transition to smartphones was a response to market demands, showcasing the importance of adaptability in business strategy [39][40]