Yesterday, I watched Wang Shi's interview with China's most impressive investor, Duan Yongping. New哥 believes that his long-term value investment philosophy may not necessarily apply to the cryptocurrency space.

But Duan Yongping's status in China's investment community is similar to Buffett's, and his views are worth studying for my brothers.

1. Investment Philosophy — "Understanding business is key"

Duan Yongping repeatedly emphasizes that the fundamental reason many retail investors incur losses is not luck, but a lack of understanding of the essence of the enterprise, treating investment as speculation.

2. Retail Investor Situation and Speculative Risks

"More than 80% of retail investors lose money in both bull and bear markets," and he defines this behavior of being ready to escape at any time as true speculation.

He believes that the short-term pleasure (dopamine) brought by speculation is a false stimulus, making it harder to succeed in the long run.

3. Value Logic of Quality Companies

Taking Kweichow Moutai as an example, he explains that his long-term holding is not based on luck, but on understanding the core consumer value and stable demand logic of this enterprise.

Regarding certain emerging cultural consumption companies (such as Pop Mart), he says, "I don’t understand it, don’t invest, but I recognize that turning emotional value products into this is not luck."

He explains that true value investing is not about short-term games, but about deeply understanding the business model and long-term expectations.

In summary:

Investment is a patient behavior to understand the long-term value of an enterprise, while most retail investors incur losses due to an inability to comprehend the essence of the business; true success comes from a deep understanding of the enterprise's operational logic, not short-term market performance.