Core Insights - The core idea of the article revolves around the investment philosophy of Duan Yongping, emphasizing that "buying stocks means buying companies" and the importance of truly understanding the business behind the stock [5][19]. Group 1: Investment Philosophy - Duan Yongping believes that understanding a company is crucial for successful investing, and that most companies are difficult to comprehend [19][31]. - He emphasizes that many investors can make money without fully understanding the companies they invest in, highlighting the complexity of investment [9][31]. - The concept of "safety margin" is redefined by Duan as the depth of understanding one has about a company, rather than just its price [12][34]. Group 2: Company Analysis - Duan's investment in NetEase was based on his background in gaming and his belief in the company's potential, which led to a significant return on investment [32][34]. - He expresses confidence in Apple due to its strong corporate culture and user-oriented approach, which he believes will sustain its success [39][46]. - Duan acknowledges the challenges in understanding companies like Tesla and Nvidia, but recognizes their innovative potential and market position [61][56]. Group 3: Market Behavior and Company Culture - Duan discusses the importance of company culture, stating that a good culture can help a company correct its mistakes and stay on the right path [15][43]. - He believes that maintaining rationality in investment decisions is challenging, especially when market dynamics are volatile [13][33]. - The article highlights that Duan's investment strategy is cautious, focusing on companies with strong fundamentals and avoiding speculative investments [70][72]. Group 4: Specific Company Insights - Duan has a significant position in Moutai, viewing it as a unique brand with a loyal consumer base, and believes its corporate culture will help maintain its quality [72][74]. - He expresses skepticism about the long-term viability of electric vehicle companies, suggesting that the market may become oversaturated [63][64]. - Duan's investment in Pinduoduo reflects a cautious optimism, acknowledging the risks while recognizing the company's potential for growth [70][71].

来源丨 经纬创投（ID：matrixpartnerschina） "老巴的安全边际不是指便宜，安全边际指的是你对公司有多懂。" 访谈于2025年10月16日进行， 以下为企业管理和投资的精华内容： 关于投资核心理念 "买股票就是买公司。" "投资很简单，但是不容易。" "你一定要看公司，你一定要看懂生意，你也要看懂未来的现金流。" "大部分公司都不容易看懂。" 在雪球出品的最新一期《方略》栏目中，雪球创始人、董事长方三文和段永平进行了长达两个小时的 对话。这是段永平"退休"二十多年后的罕见公开对话。 访谈中，他 10 次提及 "犯错"、12 次强调 "看懂"、29 次感慨 "很难"，既复盘了步步高从功能机 向智能机转型的危机与突破，也拆解了对苹果、腾讯等企业的投资逻辑。 他推崇用户导向的企业文化，认为好文化能指引企业回归正道；在投资上坚持 "少而精"，重视安全 边际与机会成本，反对盲目抄作业。从企业授权管理到投资标的选择，从对诺基亚、松下的案例剖析 到对 AI、电动车行业的判断，这份访谈浓缩了他一以贯之的商业智慧与人生选择。 "便宜的东西可以更便宜。" 关于懂与不懂 "懂不懂，其实是个灰色地带。" "不懂不等 ...

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]

Core Viewpoint - The essence of investing is understanding companies rather than merely speculating on market trends, emphasizing the importance of company culture and long-term thinking in investment decisions [2][5][25]. Group 1: Investment Philosophy - The phrase "buying stocks means buying companies" is highlighted as a fundamental principle, but understanding the specific companies is challenging, with less than 1% of investors truly grasping this concept [2][5][16]. - The transition from technical analysis to understanding business fundamentals is crucial, as the speaker initially struggled with charts but found clarity in the concept of company ownership [3][4]. - The speaker emphasizes that investment is not about finding opportunities but rather about avoiding mistakes, indicating a focus on risk management [25][32]. Group 2: Company Analysis - The speaker's ability to understand companies like NetEase and Apple stems from personal experience in the gaming industry and insights into corporate culture, respectively [7][18][22]. - The cultural aspect of companies is deemed more significant than their business models, with a strong emphasis on user experience and long-term value creation [27][31]. - The speaker believes that a good company culture allows for mistakes but ensures a return to the right path, highlighting the importance of having guiding principles [26][31]. Group 3: Specific Investments - The speaker has made significant investments in companies like NetEase, Apple, and Moutai, with a focus on understanding their business models and market positions [8][14][35]. - The investment in NetEase was driven by a belief in its potential for profitability and a favorable cash position relative to its market value, leading to a substantial return [18][20]. - The speaker expresses skepticism about the current valuation of Apple, suggesting it is not cheap and may not offer high expected returns, while acknowledging its strong user base and potential for future growth [34][35].

Core Insights - The first episode of the third season of the investment dialogue program "Fanglue," produced by Xueqiu, features a conversation between Xueqiu's founder Fang Sanwen and renowned investor Duan Yongping, focusing on his personal experiences, investment philosophy, and understanding of companies [1][3] Investment Philosophy - Duan Yongping's investment in companies like NetEase, Tencent, Moutai, and Apple has become classic cases of discussion in the investment community [3] - He emphasizes the importance of "integrity" and "being true to oneself" in corporate culture, as well as the principle that "buying stocks means buying companies," which has had a profound impact in both the real economy and investment sectors [3] - Duan attributes his understanding of investment to Warren Buffett's quote, stating that while the concept is simple, the challenge lies in truly understanding a company and its future cash flows [3] Investment Decisions - Duan Yongping notes that his significant investment decisions over the years are limited, with fewer than "10 holes" compared to Buffett's metaphor of making 20 holes on a card for investment decisions [3] - He provides a detailed analysis and commentary on his holdings, sharing unique insights on popular sectors [3] Program Impact - Since its launch in July 2022, "Fanglue" has featured various notable guests, including well-known investors and economists, contributing to its broad influence in the industry [4]

雪球出品的投资类专业对话栏目《方略》第三季正式发布，首期节目就是重磅。由雪球创始人、董事长方三文对话知名投资人段永平，围绕其个人 经历、投资理念、对公司的理解等话题展开深入探讨。 本期节目将于 11月11日 全网上线。 段永平对于网易、腾讯、茅台、苹果等公司的投资，是投资圈反复讨论的经典案例。他也是知名企业家，曾创立"小霸王"和"步步高"两个知名品 牌。在他"退休"后的20年来，更加专注在投资领域。他强调的"本分""诚信"的企业文化以及"买股票就是买公司"等投资理念在实业与投资领域均产 生了深远影响。 他也对自己的持仓股进行了逐一分析和点评，并且分享了自己对热门领域的观察，给出了独到的见解。 作为一档投资类专业对话栏目，自2022年7月第一期上线以来，《方略》过往的访谈嘉宾包含王国斌、王鹏辉、李蓓、廖茂林、郭学文、徐志敏、 郑任远等知名投资人，野村综合研究所首席经济学家辜朝明、摩根士丹利中国首席经济学家邢自强等全球知名经济学家，也包括知名企业家，如零 跑科技创始人、董事长、CEO朱江明，已在业内形成广泛影响力。 在节目中，段永平回忆了当初离开小霸王的核心原因，以及从功能机向智能机的转型过程中曾遇到的难关。 谈 ...