Core Insights - The primary investment risk is a lack of understanding of the companies being invested in, rather than macroeconomic trends or stock price fluctuations [1] Investment Success Stories - Notable investments by a successful investor include: - NetEase: Initial investment of over $2 million, held for 8-9 years, resulting in over 100 times return, earning approximately 2 billion RMB [2] - Apple: Purchased in 2011, held for over 14 years, with a return exceeding 20 times, and current holding value over $10 billion [2] - Kweichow Moutai: Investment at 8-10 times PE, held for over 12 years, yielding over 10 times return, with a holding value exceeding 20 billion RMB [3] Understanding and Belief in Investments - The investor's background in gaming and technology, along with a deep understanding of the companies, contributed to their ability to hold investments confidently [4] - The investor's personal enjoyment of Moutai also played a role in their belief and commitment to the investment [5] Investment Philosophy - The investor emphasizes a disciplined approach of "not touching what one does not understand," leading to impressive investment performance despite spending less than 20% of their time on investments [5] - The investor does not manage institutional funds, allowing for a long-term focus on a single stock like Apple [6] Investment Opportunities - Notable investors like Charlie Munger and Warren Buffett suggest that a few well-understood investment opportunities can lead to significant success, with Munger stating that 4-5 great opportunities in a lifetime are sufficient [6][7] - The investor's experience aligns with this philosophy, having identified and invested heavily in a limited number of companies over a decade [7]