段永平的投资生涯中，重仓标的并不多，他用"打孔机"比喻自己的投资节奏："我应该还没有用完20个 孔。"在他看来，投资不是频繁交易，而是集中下注于那些真正看得懂的生意。他不预测市场，不追逐 热点，只关注企业本身——"你看我什么时候讲市场，什么时候说'今天要涨了''明天要跌了'？" 这场对话，不仅是一位资深投资者的理念分享，更是一堂关于如何"看懂公司"的实战课。 "买股票就是买公司" 段永平的投资生涯，始于退休后的"无聊"。他从工程师转型投资者，最初连K线图都看不懂，直到读到 巴菲特那句"买股票就是买公司"，才豁然开朗。 ● 本报记者 张凌之 他真正重仓投资的公司屈指可数。"我可以数得出来，"段永平说，"我自己真正投过比较大金额的，最 早是网易，然后是雅虎，后来就是苹果，伯克希尔公司我的投资比重不算大，茅台也是我的重仓股，腾 讯现在比重也还可以。" "买股票就是买公司，但看懂公司很难。"在雪球11月11日出品的投资类专业对话栏目《方略》第三季第 一期节目中，段永平罕见露面，与雪球创始人、董事长方三文展开了一场关于投资、企业与人生的深度 对谈。这位早年创立步步高、后转型为价值投资者的传奇人物，言语朴实，却句句击中投 ...

Core Insights - The essence of investing is to understand the business behind the stock, which is often challenging [1][3] - Investment should focus on a few companies that one truly understands rather than frequent trading [1][2] Investment Philosophy - The principle of "do not invest in what you do not understand" is central to the investment philosophy [3] - Emphasis on corporate culture, particularly user orientation, is crucial for evaluating companies like Apple [4] - The concept of "not doing" is highlighted as a significant factor in avoiding mistakes and enhancing decision-making [4] Investment Experience - Notable investments include early stakes in NetEase, Yahoo, Apple, Kweichow Moutai, and Tencent, with Apple being a significant recent holding [2] - The investment in General Electric is acknowledged as a mistake due to a poor understanding of its business model [2] Advice for Ordinary Investors - Rationality is deemed more important than cleverness in investment decisions [5] - Ordinary investors are encouraged to focus on a few companies they understand rather than spreading their investments too thin [5] - Current market conditions are approached with caution, particularly regarding the valuation of Apple [5] Philanthropic Activities - Recent donations include a 220 million RMB contribution to Beijing Normal University for educational development [6] - A donation of 15 million RMB worth of Kweichow Moutai shares was made to support educational initiatives at Jiangxi University [6]