Group 1 - Investment is often perceived as a game for the highly intelligent in the financial sector, but everyone engages in "investment" daily through time, energy, attention, and money [1][2] - Notable figures like Duan Yongping, Naval Ravikant, Warren Buffett, and Steve Jobs have found the underlying logic of life, which has contributed to their legendary status [2][3] Group 2 - Duan Yongping is recognized as both an investor and entrepreneur, having made significant contributions to companies like NetEase during its financial crisis, where he bought shares at a low price and achieved over 100 times profit [4][5] - The book "The Way of Investment: Duan Yongping's Q&A" compiles his insights on investment, business management, and personal philosophy, making it accessible to a broad audience [6] Group 3 - "The Navalmanack" by Eric Jorgenson is a recommended book that distills Naval Ravikant's thoughts on wealth and happiness, emphasizing the importance of time freedom and reducing desires for true happiness [8][9] - The book serves as a guide for those feeling lost in their pursuit of wealth and meaning, encouraging readers to focus on learning rather than mere credentials [11] Group 4 - "The Intelligent Investor" by Benjamin Graham is considered the "bible of value investing," providing a framework for rational investment decisions and distinguishing between investment and speculation [13][14] - Graham's principles emphasize buying assets significantly below their intrinsic value to create a margin of safety, which is crucial for long-term investment success [15] Group 5 - "Zen and the Art of Investment" by Li Guofei combines Zen wisdom with investment principles, introducing the "Four Powers" model: willpower, focus, innovation, and insight, which are essential for successful investing [17][18] - The book highlights the importance of self-awareness and long-term thinking in both investment and life [19][20] Group 6 - "Principles" by Ray Dalio offers a decision-making framework based on his extensive experience in investment and management, emphasizing the value of pain and reflection for personal growth [21][22] - Dalio's principles advocate for extreme transparency and systematic thinking, which can help individuals make better decisions and achieve greater control over their lives [22]

Core Insights - The articles emphasize the importance of investment as a means to achieve financial freedom and personal growth, highlighting the challenges and opportunities within the investment landscape [1][2][4]. Group 1: Investment Literature - Investment books serve as valuable guides, providing insights into market complexities and sharing practical experiences [2][3]. - They help cultivate a sound investment mindset, teaching readers to remain calm amidst market fluctuations and to identify opportunities in uncertainty [4][5]. Group 2: Recommended Books - "The Way: Investment Q&A with Duan Yongping" offers insights from Duan Yongping's experiences, covering investment wisdom and personal philosophies [6][7][8]. - "The Intelligent Investor" by Benjamin Graham is regarded as a foundational text in value investing, emphasizing rational decision-making and the concept of "margin of safety" [11][12][13]. - "Wealth Depends on K-Waves" by Zhou Jintao provides a macroeconomic perspective on wealth accumulation, linking individual fortunes to economic cycles [17][18][19]. - "The Investment Moat" by Heather Brilint teaches investors how to identify companies with sustainable competitive advantages, focusing on long-term value rather than short-term market trends [21][22][24]. - "Reminiscences of a Stock Operator" by Edwin Lefevre narrates the life of Jesse Livermore, illustrating the psychological aspects of trading and the importance of self-awareness in investment decisions [28][30][31].

Core Viewpoint - The article highlights the investment philosophy and business insights of Duan Yongping, often referred to as the "Chinese version of Buffett," emphasizing his impact on various influential companies and the release of the book "The Great Way," which systematically organizes his thoughts on business and investment [1][3]. Investment Philosophy - Duan Yongping's investment approach centers on value investing, which he defines as buying companies based on their future cash flow discounted to present value [3][4]. - Key considerations for investing in a company include its long-term profitability and how profits are distributed to shareholders [4]. Business Model and Company Culture - The importance of a strong business model and corporate culture is emphasized, with Duan stating that these factors are more critical than price in assessing a company's value [5][6]. - A good business model is characterized by consistent profits and cash flow, with high barriers to entry that deter competition [5]. Investment Criteria - Duan employs a "soul five questions" framework to evaluate companies, focusing on their business model, culture, and long-term prospects [7]. - He believes that understanding a limited number of companies deeply is more beneficial than spreading investments too thinly across many [8]. Successful Investments - Duan's notable investments include NetEase, Apple, and Moutai, with significant returns achieved through long-term holding [10][11][12]. - His success is attributed to a deep understanding of the companies he invests in, allowing him to hold onto them through market fluctuations [14]. Margin of Safety - The concept of margin of safety is crucial in Duan's investment strategy, emphasizing the need for a buffer when predicting future cash flows [15]. - He believes that the frequency of finding great investment opportunities is less important than the strength of the investment decisions made [16]. Valuation Insights - Duan stresses that learning to value companies takes time and that a solid understanding of a company's future cash flow is essential for making informed investment decisions [18][19]. - He advocates for using discounted cash flow (DCF) as a logical valuation method, focusing on companies with monopolistic advantages and strong cash flow certainty [19]. Long-term Perspective - The article underscores the importance of making principled investment choices and maintaining a long-term perspective, as exemplified by Duan's adherence to value investing principles [20][21]. - Duan's investment philosophy aligns with the belief that value investing leads to sustainable success and personal fulfillment [23][24].