Core Insights - The investment philosophy of Duan Yongping centers on "buying stocks is buying businesses," integrating Buffett's value investing with Eastern wisdom [2] Group 1: Investment Philosophy - The concept of "rough estimation" of intrinsic value is illustrated by Duan's 2001 investment in NetEase at $0.8, based on game cash flow rather than market panic [3] - Long-termism is emphasized with a ten-year perspective, exemplified by holding Apple for over a decade, yielding an 800% return due to insights into ecosystem stickiness [3] - The essence of business model selection involves avoiding low-margin industries like airlines and focusing on companies with strong moats, such as Moutai (90% gross margin) and Tencent (network effects) [3] Group 2: Decision-Making Model - The "Four Questions" framework includes understanding the industry, evaluating the excellence of the business model, assessing management integrity, and determining price rationality [7] - Extreme concentration in investments is noted, with Apple comprising 70% of U.S. stock holdings and Moutai 50% of A-share holdings, as diversification is seen to dilute cognitive advantages [7] Group 3: Risk Management and Emotional Control - The "DNA theory" of corporate culture highlights the importance of integrity in companies like Step Up and user orientation in Apple as key to risk mitigation [8] - A safety margin in valuation is illustrated by heavy investment in Gree when its PE was below 10 times, adhering to the principle of "buying one for five cents" [8] - Reverse positioning is demonstrated by increasing holdings in Tencent when its stock fell below 200 HKD, based on the monetization potential of the WeChat ecosystem [9] - Dynamic error correction is shown by the decision to liquidate airline stocks in 2020 due to the industry's vulnerabilities exposed by the pandemic, reflecting the discipline of "stopping losses is winning" [9] - Emotional management is practiced through maintaining a "calm mind," engaging in daily golf, and distancing from market noise [10] Group 4: Broader Insights and Discipline - The essence of Duan Yongping's teachings, as presented in his Zhejiang University speech, resonates with classical thoughts from texts like "Tao Te Ching" and "Analects," creating a dialogue across time [13] - Key principles include cautious investment akin to "cooking a small fish," maintaining a focus within one's circle of competence, and pursuing genuine value while opposing market bubbles [14] - Cognitive restructuring encourages ordinary investors to transition from "trend chasers" to "value discoverers," while discipline is reinforced by cautious engagement in AI concepts, with Duan only tentatively investing in Nvidia [17] - Mental cultivation involves viewing returns through a ten-year lens to avoid short-term anxiety [17]

Core Insights - The article emphasizes a shift from traditional demand research to a dynamic sequence thinking approach, suggesting that true needs are triggered by context rather than predefined lists [1][5] - It critiques the conventional methodology of focusing solely on customer needs, arguing that this perspective assumes the existence of objectively measurable problems [2][5] Group 1: Demand Research Methodology - Traditional demand research operates under the assumption that there are objective hidden desires that can be discovered and enumerated [5] - The article suggests that effective demand arises from specific behavioral sequences, and appropriate prompts can stimulate these needs [5][6] - Observational techniques are highlighted as essential, where experienced founders act like ethnographers to create a comprehensive profile of their target customers [2][3] Group 2: Dynamic Sequence Thinking - The article advocates for abandoning objectivity in demand research, proposing that presenting one's worldview can crystallize customers' chaotic thoughts into concrete needs [3][4] - It illustrates that demand is context-dependent and not an isolated entity, emphasizing the importance of situational triggers in generating needs [4][5] - The process of creating demand is likened to a learning experience, where trial and error lead to the ability to generate responses to various situations [8][9] Group 3: Practical Application - The article encourages individuals to observe and respond to their environment actively, akin to how a language model learns to generate appropriate responses based on context [7][8] - It describes the journey of mastering the ability to create demand as a developmental process, similar to learning to walk, where repeated attempts lead to proficiency [8][9] - Ultimately, the goal is to become adept at generating the right sequences that evoke desired responses from others [6][8]