11月11日，雪球发布其创始人、董事长方三文访谈知名投资人段永平的视频。这是段永平"退休"二十多 年后的罕见公开对话。 这场近2小时的访谈，从段永平的人生经历到企业文化，从投资逻辑到对子女教育的看法，几乎是一次 关于投资生活的完整复盘。 段永平在投资圈久负盛名，曾靠投资网易一战成名，随后重仓苹果、茅台、腾讯，并一直持有至今。 2006年他曾一掷千金以62万美元的价格成为了拍下巴菲特午餐的第一位华人。此外，段永平还是知名的 企业家，曾创立"小霸王"和"步步高"两个知名品牌，后担任步步高集团董事长。在段永平加持之下，步 步高系高管还创立了vivo、OPPO两大手机品牌以及快递品牌极兔。 智通财经记者总结了此次访谈的十大金句： 一，"买股票就是买公司。" 二，"投资很简单，但是不容易。" 三，"投资是要卖的，我觉得很多人对所谓的价值投资有个很大的误解就是，你要长期持有，就不可以 卖了。" 四，"懂生意很重要，不懂生意投资是很难做的。" 五，"我觉得我对苹果、腾讯、茅台这三家公司是比较懂的。" 六，"不懂不等于不挣钱。" 七，"买股票就是买公司这句话，能有1%的人真懂这句话就了不起，做到就更难。" 八，"如果我只有那 ...

Group 1 - The article discusses the insights shared by Duan Yongping during a recent talk at Zhejiang University, focusing on investment strategies and personal development in the context of current market trends [3][4]. - Duan emphasizes the importance of long-term thinking in decision-making, whether in learning, entrepreneurship, or investment [6][10]. - He warns against the misuse of AI tools, particularly in academic settings, advocating for a balanced approach to technology [6][9]. Group 2 - Duan highlights the necessity of taking risks that one can afford, suggesting that aspiring investors should not chase quick profits but rather focus on sustainable growth [12][14]. - He asserts that good business models do not lead to low-margin markets, indicating that entrepreneurs should carefully consider their market entry strategies [24][25]. - The discussion includes the importance of understanding the essence of business and making informed decisions based on long-term perspectives [29][30]. Group 3 - Duan addresses the challenges of entrepreneurship, stating that those who are meant to start businesses will do so without needing encouragement, and emphasizes the need for genuine passion in entrepreneurial endeavors [18][36]. - He discusses the impact of economic downturns on young people, suggesting that good companies continue to thrive even in tough times, and advises seeking opportunities in reputable firms [93][95]. - The conversation touches on the global expansion of Chinese companies, with Duan noting that successful globalization often depends on the right timing and product-market fit [97]. Group 4 - Duan critiques the notion of blindly following trends, emphasizing that innovation should be purposeful and address real user needs [51][55]. - He discusses the balance between risk and reward in investment, particularly in high-risk scenarios, advocating for a thorough understanding of the business model before investing [84][90]. - The article concludes with reflections on the nature of value investing, stressing that it is fundamentally about investing in value rather than speculative gains [79][81].

Group 1 - The core mission of OPPO is to create an ultimate user experience, aiming to become a global leader in smart terminal manufacturing and technological innovation [6] - OPPO emphasizes its unique core value of "本分" (being true to oneself), which significantly influences its corporate culture and daily operations [6] - The company has a comprehensive welfare system that includes employee care, career development support, and diverse compensation incentives [6] Group 2 - The recruitment process at OPPO includes detailed steps such as presentation arrangements, resume screening criteria, written tests, and interview stages [6] - Recent trends in campus recruitment show a growth in recruitment scale and demand in popular industries, enhancing students' awareness of employment preparation and career planning [6] Group 3 - Alumni shared their experiences, highlighting the importance of a supportive work environment and the impact of OPPO's core values on personal and professional growth [7][9] - Continuous learning and curiosity are emphasized as essential qualities for success in a competitive job market [9] Group 4 - OPPO is dedicated to continuous research and optimization to provide high-quality user experiences, ensuring that its products meet user needs and enhance daily convenience and reliability [10] - The visit revealed that OPPO's culture is characterized by a balance of technological strength and humanistic care, challenging the stereotype of large corporations [11]

Core Insights - The article emphasizes the importance of integrity and character in investment decisions, as highlighted by Warren Buffett's "10% classmate shares" thought experiment [2][9] - It discusses the downfall of Long-Term Capital Management (LTCM) as a cautionary tale of high intelligence combined with greed and over-leverage leading to financial disaster [3][4] - The article advocates for the long-term economic value of integrity in business, suggesting that companies with strong ethical foundations tend to outperform their peers [8][15] Group 1: Investment Philosophy - Buffett's perspective on investment prioritizes management's character over financial metrics, suggesting that ethical leadership can mitigate risks [5][7] - The LTCM case illustrates the dangers of ignoring human behavior and market unpredictability, despite advanced mathematical models [4][3] - The concept of "trust assets" is crucial in Buffett's investment strategy, allowing for swift decision-making based on confidence in management [7] Group 2: Character and Business Success - Research indicates that companies with integrity yield a 2.5% higher long-term shareholder return compared to industry averages [8] - The article highlights the success of Chinese entrepreneur Duan Yongping, who built a strong corporate culture based on integrity, leading to resilience in the competitive smartphone market [8][15] - The case of Ningde Times demonstrates that adhering to ethical practices can lead to significant market share growth, increasing from 17% in 2017 to 37% in 2023 [13] Group 3: Ethical Challenges in Modern Finance - The rise of Web3 and quantitative trading has made integrity a rare commodity, with recent failures in decentralized finance (DeFi) underscoring the risks of a lack of moral constraints [12] - The article critiques the current societal trend towards shortcut thinking, contrasting it with Buffett's long-term commitment to integrity as a guiding principle [15]