KWEICHOW MOUTAI(SH:600519) 雪球·2025-12-03 08:37Core Viewpoint - Value investing is not synonymous with long-term investing; the focus should be on the underlying value of the asset rather than merely holding it for an extended period [3]. Group 1: Investment Philosophy - The essence of value investing lies in assessing the intrinsic value of a company, and if a company becomes overvalued or deteriorates, it may be prudent to sell [3]. - Holding onto a stock simply because it is perceived as a good company can lead to missed opportunities, especially if the stock is overvalued [3]. - The investment strategy should prioritize understanding the business rather than fixating on short-term price movements [4]. Group 2: Investment Strategy - Investors should focus on identifying undervalued small companies that they can understand, as these often present better opportunities than well-known large companies [7][9]. - The investment approach should involve patience and a thorough understanding of the company's future cash flows and business model [10]. - Small companies may have less research available, but for investors with time and interest, they can offer significant potential [10]. Group 3: Market Behavior - The notion of "buy low, sell high" can be detrimental to investors, as it may lead to constant trading without substantial gains [4]. - Investors should be wary of market noise and focus on the fundamentals of the companies they invest in [8]. - The market often reflects a company's value, and if a stock is already overvalued, holding onto it for the sake of long-term investment may not be wise [7].