Original source:Snowball

This is a rare public dialogue after more than 20 years of “retire”。

In the first issue of the third season of the Specialized Snowball Investment Series, The Formula, the founder of the Snowball Spectrum, across half the globe, faces this legendary investor in California, United States。

This conversation, which lasted several hours, went from his life experience to his business culture, from investment logic to the perception of children ' s education, to almost a complete repertoire of investment life。

In this interview, Dingping mentioned it allTen mistakes, 12 mistakes, 29 hard timesI don't know. Behind those words was his consistent way of thinking: “Boarding stock is buying a company”, but, as he said in his interview, “perhaps less than 1 per cent are able to understand this”。

The interview, which took place on 16 October 2025, is an unabridged full dialogue。

Precious gold sentence

Core concept on investment

"to buy shares is to buy companies."

"Investing is simple, but not easy."

"You have to see the company, you have to understand business and you have to see future cash flows."

“Most companies are hard to read.”

“The security margin of Barone is not cheap, but how well you know the company.”

"Easier things can be cheaper."

About understanding and not understanding

"You know, it's a gray area."

"Not knowing doesn't mean not making money."

One percent of the people who buy a stock buy a company, and it's even harder to do it.”

About reason and holdout

"You're not satisfied, you run away, and it's no longer with your hole. Otherwise, it would not be logical.”

"If I had that kind of money, I'd have to sell it."

“Maintenance of reason is a difficult thing.”

"The probability of making a mistake is the same for everyone, but some people don't get it all wrong."

“(l) For 30 years, the difference lies in fewer mistakes.”

About the company

"It's important to understand business. It's hard to understand investment."

"It's easier for me to read people's businesses, but I don't know much."

"I think I know a lot about the three companies, Apple, Tunnel and Shao Tai."

On business culture

Culturally well, and above all, it will eventually return to its path, with a Beidou star guiding it, what it should do. It's not business. It's easy to make mistakes when you just talk business。

“Culturally good companies, rather than making mistakes, can eventually get back on track.”

About the wisdom of not doing

“What matters is what we do, and what we do is that we are us, and that's because we don't do things.”

01

Talk about personal experience

F3: This user asked a particularly incomprehensible question, how do you spend your normal day, for example, today

Zhangping: Play, play。

Fong Man: Is this how it is every day

Zhangping: Pretty much. Play on different fields。

The only change is the location of the field and the partners who play

Equivalent: Partners sometimes have, sometimes not。

F3: There's a user called The Bookmaker Chang who wants to ask you, what kind of environment did you grow up in when you were little? Does this environment of growth have anything to do with your personality and your achievements

Dianping: That's not known. I was born in Nanchang and was transferred to Jiangxi Anfou County with my parents at around six years of age. I moved five or six places in Anfok County, where I have been living in the countryside, and moved back to the Shik outpost next to Nanchang. It was true that he went back to secondary school, where he graduated and was assigned to Beijing, where he worked for several years to study a graduate. Then he went to Guangdong, Fushan, Nakayama, Dong Wan, and finally came to California to live。

F: I think maybe this user is asking a little bit more, could you describe your family environment and what kind of education your parents have given you

It's never too much. What kind of river did I touch? It's hard to be clear. I have brothers and sisters, we have different personalities, and I don't know how much help parents are。

But to put it simply, I think my parents are really good for us, not like many parents are in a lot of trouble right now, pushing kids. My parents don't seem to care much about me, they don't ask too much, so I feel safer, and I can make decisions on my own. I've been used to making decisions on my own since I was a kid, and I think it might have a lot to do with my parents。

F: You're free. You think this is good

CHA: Yeah, I think my parents have full confidence in their children。

F: Now that you are a parent, are you the same to your children

CHA: Yeah, I don't think I can do it myself. I don't ask kids. He wanted to play. I wanted to play. But I found out that the kids were all self-conscious, that he should do his homework, what to do. The border thing is to tell him what you can't do, and I think it's important. Instead of holding the kid every day and training him. I think it's important for children to feel safe, and it's hard to be rational if they don't。

In three languages: set the boundary, full confidence

Eternity: Yes。

F: Have you had any life goals in your childhood and adolescence

D'you know, I don't have a goal, I've never had a purpose, I feel like I'm just a human being, and it's good to have a little life。

Foul: So it can also be described as the goal of living well

I didn't even think that, I didn't say I had to do something, I did something, I didn't have that idea, I did what I liked, and I was happy。

F: Has anyone ever described you this way in your childhood and adolescence, saying you have something different

Jingping: I remember when I went to high school, a teacher said, "You can't be like them who don't study and play." I don't know why that teacher said that. He probably thinks I'm good at reading. I do. I went up to college in a raid. Most of us didn't go to college, so the teacher was probably right, but I didn't fail the teacher。

F: He thinks you're probably better at learning at least than anyone else, so he has some expectations for you

Duan Ping: That's a strange thing. That's an English teacher. I'm a mess. Why do you think I'm so good at learning? I'm completely fogged. My English was taught after college, and there was no high school. But the English teacher said I was different from other kids. You really remember when someone says you're different。

Square: But at least it's an incentive for you。

It's just a memory. I don't think it's a big deal. If you didn't, I'd have forgotten。

F: You studied engineering, and then you went to a graduate school, called Business. Has there been some change in interest in this process

It's never gonna end: it's not. At the outset, I would like to stress that I do not read business, I read economics, actually economics, and I think engineering is a very logical discipline. After graduating from the university, they were assigned to the Beijing electronics plant and then helped in the cadres for more than six months, then went to educational centres, became teachers of adult education and taught most of the studies for two years. And then it didn't feel too interesting, having a chance to take a test, getting a big test and trying to change your taste. Because I'm not so interested in engineering stuff. People are exploring, trying to find what they like, and I think it's still helpful to me。

Fong Si: Do you think that college studies will affect your future life

Duan Ping: I think the most important thing in the university is learning how to learn, how to learn, building confidence that you can learn when you touch something you don't understand. In that case, your fear of the future will be much less than your fear of anything. I do see a lot of people who sometimes can't type a smartphone, and I find it strange. I didn't type, I learned quickly and I became a learning habit. I think it's like a change of profession, with a little bit of a different knowledge and a little different vision. But most of all it's out of the old place. Because we were poor students and you wanted to take a look at it. I went to read a book and changed a new job, and in the process, I was learning, and of course I was suffering。

F3: Do you think the specific knowledge you have learned may be less important

It's peaceful: methods and attitudes, I think. The method and the confidence you can learn is important. You're not afraid of anything, you're afraid of learning, not fear. I think a lot of people are scared, and I made my mom learn how to use iPad, 20 years ago, and now she's definitely not going to. I let her learn in her 70s, in her 80s, and she didn't want to. It's really simple. It's not about age。

Fong Si: How did you make that decision when you graduated from Guangdong

Ji Yongping: I could have stayed in Beijing. I was hired by two units. It happened that a Guangdong company had recruited people in Central Guan Village, but it was not so ideal to go there, so it went to Nakayama。

In three languages: The decision of Guangdong, South, is to some extent understandable that you went to the market

Zhangping: No, we're in the middle of nowhere. There's no other way. It was always good to try. I have a habit of leaving if something's not right. Beijing is inappropriate for me. I'm not comfortable. I don't know how Guangdong is, but it doesn't make sense for me to be in a place I don't want to be. I have also considered the past in Hainan, but after learning about Hainan, I thought it would be better to go to Guangdong。

So I thought, if you make decisions on a long-term basis, what is your future going to be, then the chances of making decisions wrong are lower. A lot of people say, "What if you go to Guangdong to retire?" I said I'm old and I have to go out and see. Of course you might say that's my luck. It went the right way. Indeed, many of the decisions in the middle were made because I felt uncomfortable and had to leave, including when I arrived in Guangdong, and so was my first job, three months later. I thought it was the right way, but I went through the wrong door, so I left again. Then I went to Nakayama, and then I became the little king, who did so well, but I didn't feel right because of the mechanism。

F3: Can we talk about the inappropriateness of this mechanism, and what is it

Duan Ping: When we started doing it, we said we had shares. The first boss said it's three or seven, then it's two or eight, then it's nine. I'm hiring people, I'm making promises with my brothers, and I finally find it impossible to keep them, because they'll never be there. By 1994, 1995 I felt certain I would not, and I decided not to do it。

F: I understand that there may be two parts: some of the incentives you want to share, and the second of the good contractual relationship between you and him

Dianping: Not to say that there is no equity incentive, because there is at first. You can't be trusted without a contract. You can't be trusted with anything you tell me. You've had it twice. Is there a third time? Just like you shaved that bottlecap, scratched it out, and you're still scraping it? If you scratch one word, you don't scratch it down. I left 30 years ago, when I left the little king, and went to Dong-hoon to start my steps。

Q: When you were founded, did you solve problems like the little king very clearly

It is not that it does not share, but that it does not fulfil that promise. We did not have that problem from the beginning. We're what we are. We've been working together. It's all about what you're saying, so you're reassured that there's a lot of trust in each other, and I think the big boss regretted it。

Q: Will it be possible to achieve a more desirable state of governance under the structure of the little king

Ping: I don't know how to answer that question, but it's not. I don't know how to be ideal, because that's not my problem, it's somebody else's. I did not leave because of interests, but because of trust. In fact, I was well-paid by then, and my wealth was free. It was also divided, but what will happen to it, I don't know. Is there a way for it to establish a joint-stock system, and is there a way for you to feel that this mechanism is yours? Just as you see that some companies give shares to shareholders as if it were a gift, I don't think it makes any sense. The bonus for shareholders is what the shareholders should have earned, and the bonus for employees is what the employees should have earned. Like when we paid the bonus, someone said, “Thank you, boss”, and I said it wasn't right, because it was a contract bonus and you didn't have to thank me. Although it was easy to say thanks for getting the money, that was not the right direction。

F3: Do you have a sense to create the business culture you like when you start high

DHAMPIR: CORPORATE CULTURE HAS A GREAT DEAL TO DO WITH THE FOUNDERS, AND YOU FIND THOSE WHO IDENTIFY WITH YOU, WITH YOUR CULTURE. SO OUR CORPORATE CULTURE IS ONE THAT WE ALL AGREE WITH, THAT WE STAY TOGETHER, THAT PEOPLE WHO DON'T AGREE WILL BE ELIMINATED, THAT WE WILL LEAVE. IT IS NOT THAT I HAVE WRITTEN A PIECE OF PAPER FROM THE VERY BEGINNING ABOUT BUSINESS CULTURE, SO THAT IT CAN BE CARRIED OUT IN ONE WAY OR ANOTHER. MANY OF OUR CULTURES ARE ALSO GROWING UP, EVOLVING, INCLUDING OUR “NO LIST” IS ADDED TO ONE ARTICLE, AND WHAT CANNOT BE DONE IS TO LEARN THROUGH A LOT OF BLOOD THAT THIS CANNOT BE DONE, AND WE WILL NOT DO IT AGAIN. SINCE I LEFT, I HAVEN'T BEEN CEO FOR OVER 20 YEARS, AND THAT'S REALLY HARD TO SAY. WE WERE ACTUALLY A VERY SMALL COMPANY AT THE TIME, BUT WE WERE PRETTY GOOD AT IT。

F3: Can you simply summarize the evolving business culture that you are talking about, because it has been in existence for years

Duan Ping: You see we've been talking about merit, integrity, user orientation, and we've all been talking a lot. Our vision is called healthier and longer, less healthy and less long, more common。

F: Is it true that one user said that you thought about your culture in third grade

Duan Ping: When I was a senior in college, I saw Drouk's saying, "Do the right thing and do the right thing," and it touched me. I took out the right thing. You find it takes five seconds to think about it and save a lot of time. If our company were to sit down and discuss whether a business has money or not, there would be a sentence called “Is this the right thing” and if it feels wrong, we would easily stop; if you were just thinking about earning or not, you would find it complicated and many things you didn't know before; but there are things wrong that you might have known very early. Of course there are some things you know later, and it doesn't matter。

I can give you a simple example of the fact that we don't do substitute jobs, which is not a principle, because it makes money, but I don't think we're good at it. He asked me this one time when Guo Tai Guo spoke to me, and I said that we had a list, and he said, for example, I said, "What do you mean, we don't do it?" I said, "I'll do it, right?" He said it was true. But we did a great job in branding, and business didn't do less. It's not that we can't do it, it's just that it's not appropriate for us to do it, so we stop, and whoever comes to us for business, we're simple, we don't do it。

In three languages: You have a good and right value ahead of you, and then how to do it

Eternity: Yes. Because learning has costs and curves, you can make mistakes. In the process of doing the right thing and then doing the right thing, mistakes are acceptable. But you did the wrong thing, and that's not right, because you know it's the wrong thing. Why do you do it? Of course you said you didn't know that you could do it again. It has accumulated over the decades, making fewer mistakes and not making more mistakes。

Q: Is there a user called the Learning Machine who asks if people who share common values are mainly nurtured or chosen

Zhangping: Selected。

F3: Isn't it true that the good people in the steps were recognized by you when you first started working

Dianping: Most of us are just like me. People have shared values, and of course they have a university education, and learning is okay, and learning is slowly building up. But values are important, and they cannot be done if they are not shared. There's gotta be a problem. We went back to the company on our thirtieth anniversary, and many of our old colleagues were there until we retired, and some of them were still working。

F: Do what you say is right, find the right person, choose or be more important

Duan Yongping: It takes time to find the right people. For example, there are two ways to find the right person: the wrong person, you take him out slowly, and the wrong person, he has both good and evil, and when he shares your culture, he follows you slowly. So we've been saying that we have two kinds of people, one called the same people, the other called the same people. He agreed with you. He was confused, but you asked me to do it, and I did. These people, who sometimes have troubles, are able to come back. People who spend a long time have the opportunity, as our agents have been doing for years, to have a strong cultural identity。

02

It's business

In three languages: I'm going to ask a specific business. It may have been a very big change for the hiccup system, but it's a big change when it's a smartphone, it's a different electronic product, it's a functional machine, it's a smartphone. You don't approve of this decision-making process

Eternity: Right。

Tsang Man: How did it turn into something else

DIYA: BECAUSE THEY'RE CEOS, I'M NOT IN FAVOUR OF MAKING DECISIONS WITHOUT THEM. WE'VE GOT NOWHERE ELSE TO GO, AND WE'RE MAKING A PHONE, AND WE'VE BEEN NUMBER ONE IN A YEAR OR TWO. THEN IT SEEMED LIKE THERE WAS NO GREAT PROSPECT OF THE MARKET GOING ON, AND THEN THE PHONE CAME, AND SHEN THOUGHT WE SHOULD MAKE IT. I THOUGHT WE MIGHT NOT BE ABLE TO MAKE CELL PHONES, SONNY, MOTOROLA, ETC。

Fong Si: Are these functional things

EQUIVALENCE: THE ERA OF FUNCTIONALITY. THEN HE SAID THAT IT WAS NOT. THE LAST THING HE CONVINCED ME WAS THAT THE PHONE WAS ACTUALLY A VERY SEXUAL THING. I THOUGHT IT WAS LIKE HOME ELECTRICITY, SOMEONE BIGGER THAN US, AND IT WAS HARD FOR US TO FIGHT. I SAID THAT IF YOU THINK IT'S PERSONAL, THEN WE HAVE A CHANCE TO MAKE A DIFFERENCE, WE CAN DO SOMETHING DIFFERENT, AND WE CAN DO SOMETHING BETTER IN SOME PLACES. AND WE'VE BEEN DOING BUSINESS FOR YEARS. THE RULES OF OUR COMPANY ARE THAT, NO MATTER WHAT I DISAGREE WITH, THE DECISION THE CEO MAKES IS THEIR DECISION, AND THE RESULT IS THEIR OWN. HE COULD NOT SAY THAT HE WAS AGAINST IT, SO I DID NOT DO IT AND I WAS NOT RESPONSIBLE. I'M JUST A CONSULTANT. A LOT OF PEOPLE DON'T GET IT, THINK I'M THE BOSS, BUT I'M NOT IN THE COMPANY ANYMORE, AND I DON'T EVEN CARE ABOUT IT WHEN THE CEO DOES. SO IT'S EASY FOR THEM TO TAKE IT. IT'S A LONG TIME TO BE DECENTRALIZED。

Square: Is it a bigger decision from functional to smart

Duan Yongping: It's not a decision, it's forced, it's not going to sell. We almost died on it. Although we've done very well, the smarts are coming so fiercely that, for a moment, we basically take the market. We had a lot of functionality at the time, so when we were 30 years old, we passed. I went back because we had a lot of stuff, and the cash was running very fast, and I remember there were 7 or 8 billion cash on the books, and I looked down, and it was almost over, and it started coming back. Because then the smarts came out, we came out of the smarts for almost two generations, and it just kind of took off. In the middle of the year, from 2012 to 2013, we lost a lot of money. I went back and said, "If we're going to fall, don't fall so ugly, and I've seen people fall, and then it's just a chicken hair." I say no, not the suppliers, not the employees. Of course, I'm a little downside, because my investment in this sector has been intact, like our reserve forces, never up, never up, so good. It's really hard for the brothers anyway。

Q: The transition from a functional to a smart machine is actually a bigger crisis than from making a phone to making a cell phone

Despite the scale, I think we're wrong, because we're not sensitive. Because we're doing well on the functional machine, we're actually risk-tolerant, but we did lose a lot that time. Similar mistakes have been made in the past, but on a smaller scale, so it's slow。

Fong Man: I didn't know it was going down so hard

ETERNITY: YES. IT'S TOO FAST, BECAUSE OUR PAST CURVE OF EXPERIENCE THINKS IT'S FALLING SLOWLY, AND WE'VE BEEN DEVELOPING SMART MACHINES, AND WE'VE KNOWN THE TREND, BUT THE FUNCTIONAL MACHINES STILL HAVE A LOT OF ORDERS, AND THERE'S ALWAYS A PROCESS. I DIDN'T THINK IT WOULD BE OVER IN A SECOND, LIKE AI NOW。

In three languages: New technologies drive new products, which are more widespread than expected

Duan Yongping: You can say the same thing. The main thing is that the new product is really good, it completely replaces the old product at once, and when the smart machine comes out, you see how many things are replaced: the camera is gone, like the electronic dictionary we make, the repeater machine, the learning machine, it's basically replaced by a mobile phone。

F: BECAUSE SMART MACHINES ARE A VERY BIG INDUSTRY NOW. I REMEMBER SOME OF MY EXPERIENCES, I SAW A MOBILE PHONE CALLED 6188 IN MOTOROLA, WHICH ACTUALLY HAD THE PROTOTYPE OF A SMART MACHINE; AND THEN THERE WAS AN E71 IN NOKIA, WHICH WAS ALSO THE PROTOTYPE OF A SMART MACHINE

Duan Ping: It's a retard, and I'm very impressed with what Nokia did, and I got excited, but I found it used to be retarded. We used to use the Nokia phone. It changed the interface. I can't pick it up, you think I'm a student and I don't know how to use it, so it's not surprising that Nokia ended up falling, and I think the culture of this company must be rotten。

Q: But I think it took a step forward in that place, though it didn't work out, and we can understand it this way, and maybe someone in that firm has some relatively correct judgment about the trends in industry and products

Despite the fact that there is no problem with product trends, everyone can see them, but their culture is important。

Fong Man: Can't they do that

it's always the same: they put too much emphasis on market ownership, too much on business, too little on users, so that there are so many misses, and it later came again. in fact, when andre came out, google went to them, hoping that nokia would turn to andre, and they didn't do it, and they had to hold their own thing, and they finally died, so there's no way。

At least Motorola, Nokia, once a very well-known company, they were experienced in management

The management couldn't save a company, they had problems strategically and culturally。

F: I remember you were a bit of a fan of loose management, but did that change

Duan Yongping: Matsuma is still a very powerful company, but I don't think Japan's culture is particularly easy to understand. First I went to Matsushita to work with them. I went to Matsuma with Chen Ming Young and Shen Shen, who were with the Chief of Section and the Minister, and asked us what we wanted, and I said that we actually felt that we were not too confident about ourselves, about technology, about the source of funds, about what was going to happen later, or about what was going to happen later, and that there might be a better chance of working with a larger company. I told them that, with our strength and cooperation, we could do the top three in two years and the top two in three years on the Chinese market。

But no one asked me. Why do you think that? So I knew that they didn't trust you at all, including when I met the president, who told me, “When I was making a decision, I thought about what the old man would think when I was standing behind me”, and I thought it was over because he was gone。

JOBBS TOLD TIM COOK THAT WHEN YOU'RE CEO, YOU DON'T THINK I'M GONNA DO ANYTHING. THAT'S RIGHT. THAT'S WHAT I'M TELLING YOU. THEY'RE CEOS. THEY'RE MAKING DECISIONS. DON'T THINK ABOUT WHAT DI WOULD DO. SO I THINK THERE'S SOMETHING WRONG WITH LOOSE CULTURE。

Q: Is it likely that it is overlooking its institutions, achievements and perhaps overlooking itself

Duan Ping: I don't know that. I didn't care what happened. I thought it was wrong. In particular, a president told me that he was thinking about what he was thinking behind his back when he made his decisions, and I felt they were carrying a heavy burden. Because your eyes are for the users, and their eyes are for the rear mirror. When it's long enough, something's wrong。

Q: As you just described, first you put in place a very good authorization mechanism, you let partners make their own decisions early, then you quit early, and this kind of management arrangement seems unusual among entrepreneurs

Zhangping: What does that have to do with me? I'm not a common entrepreneur. I don't care what people want. I want to play. They can play around. Most of all, they do better than me, and I think they do better than me. I think I've done what I have to do, and then I have other things to enjoy. And I trust them, and I think it's important that they make mistakes。

F3: But many entrepreneurs I see, he wants to be on the line

Zhangping: It has nothing to do with me, it doesn't matter what they think。

A user called "Landside Walks" asks, "What is his way of judging that the founder's boss left the company or that the conditions are ripe?"

Dianping: He can leave when he thinks he can, but it's hard, not many can. Where's the hard one? The hard one he doesn't want. He'll always find a way if he wants. I don't think there's much to discuss about this. Some people like to do it. I like to let my brothers do it. I think it's actually a choice. You want to enjoy your life without choosing and enviing me. Some people like to work, I really don't。

Q: On the one hand, I feel that people are professional and have been working as if they were good quality, but at the same time we cannot deny that, with a person ' s age, his abilities will decline and that, in general, he will have to acknowledge the contribution of people to the enterprise, even if the founders have contributed to it, and that he will be of a phased nature

DIYA: I DON'T THINK I CAN THINK OF THAT. I DON'T THINK THAT MAKES ANY SENSE. BUFFET'S IN HIS 90S, AND HE'S DOING WELL. HE'S JUST RETIRED. WHY DID HE QUIT? I DON'T KNOW, MAYBE NOT AS GOOD AS BEFORE. I WENT TO SEE HIM THE PREVIOUS TWO YEARS, WHEN HE TOOK US TO THE OFFICE WITH A BUNCH OF US, WALKING FOR MORE THAN 50 MINUTES, SO HE WAS IN GOOD HEALTH AT THAT TIME, I DON'T KNOW LATELY, BUT I THINK HE'S ACTUALLY OKAY WITH THE STOCKHOLDERS' MEETING, AND HE THINKS MAYBE HE SHOULD DO IT. BUFFET IS A PARTICULARLY TYPICAL EXAMPLE OF WHAT HE LIKES TO DO, AND HE'S BEEN DOING IT。

WHY DO YOU HAVE TO RETIRE BECAUSE OF YOUR AGE? I DON'T THINK AGE MUST BE AN OBSTACLE, BUT YOU HAVE TO JUDGE YOURSELF, YOU CAN'T REMEMBER ANYTHING, YOU CAN'T MAKE DECISIONS, AND IF IT'S YOUR OWN COMPANY, YOU WANT IT, AND NOBODY ELSE HAS ANYTHING TO SAY. IN FACT, WHEN I WAS CEO, THEY HAD A LOT OF AUTONOMY, SO I GAVE IT TO THEM. I'M RARELY IN THE OFFICE. I EITHER PLAY OR I PLAY。

03

About investment

F3: What is the first opportunity for a user to contact a stock investment called "One White"

Zhangping: Does it still need a chance? When I retired, I moved here to live, I couldn't play 24 hours a day, and I wouldn't get a job. And then I thought, as if investment was business-related, business-related, I came to study, and I bought a lot of books, including pictures, and I couldn't read them. How come I can't figure out what I'm doing here, and they can come to that conclusion and that conclusion

And then when I looked at Barn's stuff, and I didn't look at anything, I saw the phrase, "Sale is a company," and suddenly I realized, that was enough. Because what's left is what you think of the company, and that's not what Barone can teach. You don't know the business, and it's nothing to tell you. But I'm a business man, and it's relatively easy to read people's business, but I don't know much about it, and it's been a few years. I think it's important to understand business. It's hard to understand business investment。

F3: If you want to sum up your investment concept in one sentence, do you want to buy a stock or a company

Eternity: Yes. But the next thing you know, it's hard to see the company. Why is investment simple, but not easy? The simple thing is that you have to look at the company, you have to see the business, you have to see the future cash flow; the hard part is that it's hard for you to do it, and most companies don't。

F3: Do I remember Buffet or Manger saying that if he invests his whole life, if there's a puncher, 20 holes, you run out of money

Diya: I don't think so。

Fong: 20 holes. How many do you think you're hitting now

DUAN PING: I CAN COUNT, AND I REALLY DID INVEST A LARGER SUM OF MONEY, FIRST OF ALL IN THE INTERNET, AND THEN YAHOO SHOULD FIGURE IT OUT. AND THEN IT WAS ALMOST APPLES, AND I DIDN'T HAVE MUCH WEIGHT IN BIRKHEL HATHAWAY, APPLES WERE BIGGER, AND THE TOILET WAS ACTUALLY BIG. I'M ACTUALLY OKAY NOW. GENERAL ELECTRIC DID CAST IT IN THE 2008 CRISIS, AND I CAN'T REMEMBER THE WEIGHT NOW. BUT WHEN THEY SWITCHED CEOS, I QUIT SOON. I DON'T THINK I'M GOING TO DO GENERAL ELECTRIC, WHICH IS NOT A GOOD BUSINESS MODEL. I WASN'T AT MY CURRENT LEVEL。

Foul: shall we count the holes first, and Google is a hole

Despite the fact that Google doesn't really count, I haven't really put a big bet on Google。

Foul: How much money do you want

It's always the same: more than you can count. It's special because I voted in the early stages. So the money I've actually invested is very small, and I've made a lot of money. It doesn't really count, because I'm not saying I can read the past, I'm confused。

F: If you can't think of any more holes, it sounds like 10 holes are not done。

Dianping: It's about 10 holes, so I've got a long time to invest, because I've got 20。

Q: Perhaps there are few investors in secondary markets around the world who dare to say that they have 20 holes to run out of

Duan Ping: I don't know about that. See your definition. By 20 holes, some people would never be able to get there in their lifetime, he would have never had any company, his highest being five points. Even famous investors, such as Peter Lynch, who's been doing over 2,000 stocks his whole life, must be busy, so his hair is white early, he retires early, before me. I don't know if he's going to make an investment right now, but he's going to do it himself. I've touched a lot of stocks, and I've bought God, and I'm not buying God, I'm having God, but it's not much. I'm bigger than that. I'll tell you all about it, I'll have three stocks: apples, tumbles, huts。

Tsang San: The conclusion is that these 20 holes are useless

It's important to see what you define holes. He's had more than 20 shares, but he's really heavy, and he's told you these stocks are not much。

Q: Which hole do you think you punched, which is not very satisfactory

Dhampir: There will be no such thing, because you're not happy, you run away, it's not in your hole, or it's not logical. You don't like it. You don't like it. You don't like it. You have to keep it. You don't like it. You don't like it. You can vote on it with your feet。

Q: Let's go to the bottom of this. You said it was easy to understand the notion that “to buy a stock is to buy a company”, but to understand a particular company

It is not easy to understand, and it is very difficult to understand. I think that 1 per cent of those guys in the snowballs know that, and it's harder. But those who can't do it can earn money。

F: He may not understand, but he may not understand。

DIANPING: THAT'S WHAT I'M SAYING. WHEN YOU UNDERSTAND, YOU WON'T BE AFFECTED BY THE MARKET, IF YOU LOOK AT THE MARKET EVERY DAY, AT THE DYNAMICS EVERY DAY, AT THE PAST... EVEN IF IT'S A BIG V, I SEE IT ALL THE TIME TALKING ABOUT THE MARKET. YOU SEE WHEN I TALK ABOUT MARKETS, WHEN I SAY ON SNOWBALLS, "TODAY'S GOING UP," "TOMORROW'S GOING DOWN." BUT IT'S NOT LIKE YOU DON'T MAKE MONEY. IT'S FUN TO INVEST IN THIS THING. YOU BUY A STOCK WITH YOUR EYES CLOSED, YOU HAVE 100 PEOPLE, AND 50 PEOPLE CAN MAKE MONEY. BUT IF YOU WANT HIM TO REPEAT, HE WON'T BE THAT EASY. I CAN TEACH YOU A WAY TO MAKE MONEY, YOU BUY A 500 INDEX, YOU ALWAYS MAKE MONEY, BUT IT DOESN'T MEAN YOU UNDERSTAND, BUT IF YOU DO, IT MEANS YOU DO。

F: How do you know about a company? Let's take the example of Internet ease. How do you know that

Zhangping: I'm from the game, and I'm talking to their team, and I think they're a bunch of game-loving people, really serious, and that's first. Secondly, this business model, I think, makes sense, plus its cash was higher than market value. It's easy for me to buy the same as the wind. And with this opportunity, when the stock was so low, everyone was panicking, thinking that they were going to die, and I think they probably had a chance to make money, and I had a little cash on my account, and I bought the net, and it went up 20 times in six months。

Do you think I get it? I get it. I should buy the whole net. So I don't know what that means, but I generally think they can make money, and I don't think my investment risks are particularly high. How come you won't sell all that money? It's not much money for me, so I can think of something more rational. If I had that kind of money, I couldn't keep it or sell it, so it's hard to keep reason。

Q: Does it sound like you have two parts in mind in your online judgment, one of which is that you have a judgment about the game itself that it makes money

Zhangping: Of course, I'm from the game, I know the game。

F: Second, its pricing, for example, is low and may be lower than its net cash holdings. Is this really the safe side of Barone

It's not about this. It's about how well you know the company. It's my understanding. It's not how cheap things are, but I just thought they had a chance to make money, but I don't know how much. I want to know that it makes so much money today, and I'll buy it even later, I won't sell it, and I'll sell it later, so I don't really get it。

Q: Do you understand and not understand that, according to you, it is in a grey area, not a clear criterion, is that so

Duan Yongping: I don't know, but people who ask questions everywhere must not understand. So if anyone doesn't know, you can say it belongs to the grey zone. I made at least 100 times as much money as I do, you know, I don't understand, I sell for a reason, I sell for a reason, and I actually earn less, because I have other, and I have a good investment。

In square three: Let's say another one -- Apple. A user named Lilian 78 asked if Apple was a hardware sales company 15 years ago, and now has a profit of half of the hardware software, and business models have changed

Zhangping: I bought it in 2011, when it was clear。

Q: Can you judge that something like platform business, software business would generate more profits

Duan Ping: I'm in this business. I don't know. It's not a judgment. It's a thing you can see。

Foul: Fish in a bucket

It's impossible to say, but it's at least an elephant not far away, and we're doing it ourselves, of course I can see it。

F: Do you seem to have a judgment about apples in terms of corporate culture

Duan Ping: Yeah, I think their business culture is good。

FB: Why do you think it has a good business culture

Zhangping: I think they're very well-directed, they're not very business-oriented companies, they care so much about getting things done, they care so much about user experience, they care so much about how to improve, they think so much. So, you can't give a user anything of value, or you can't provide a product of sufficient value, and they won't do it. We had a debate before, and you said if the apples were gonna be big, and I said they would, but we waited three years to get out, but how did I know it was gonna be big

Square: Because screens are user needs。

Zhangping: Yeah, we're doing this. We're all out. So I knew the users were gonna want a big screen, but I didn't think they'd carry it for three years。

F: I'm confused about this。

Duan Yongping: I've never been confused, I know they made a mistake, Tim Cook made a very big mistake in this place, and he's kind of like Nakamura. Jobs said it was the best, so they wouldn't mind doing it. They've been working on it for a long time, and they have all the big screens in the lab, but they just didn't push, and of course they probably did because they didn't feel good enough, or for whatever reason, I don't know, and they pushed it anyway。

I'll give you another example. They say ITV, the TV. And when I remember playing, I swore to me that they would do it, and all the samples were seen. I said they wouldn't. They asked me why. I said what they could do. I told my company the same thing, because we made TV, and they cut it off, and Liu came up, did it again and again. I told you about Liu, why don't we make TV, he has to try it again. Chen Ming Yong also let him try, just like I let Chen Ming try. It was wrong to finish the test, because the product could not provide something too valuable。

A decade ago, I was talking about apples coming out of apples and electric cars, and I said they would never have this electric car, and many people said it was impossible, and they were doing it, and I said they couldn't do it, not technology, but what they could do. So big, apples can offer very limited value. What is it for? Does it have enough difference? That's what I know about apples compared to ordinary people. I'd love to see what they can do, but I just don't think they can. Until recently, I went to New York to meet the owner of the Apple Shop, who told me that their shop had stopped for three years and changed it once, the one that was going to sell the Apple Car, and then came back. I said you knew you wouldn't sell an apple truck. They knew about it at least a year to two years ago, but the apple didn't announce it. I've heard of them as apple cars, but this is more than I thought they were. You see, as I said, this is its culture, and when it finds out that there's no way that products can add enough value to users, they don't touch, they don't do it for business. If they were doing business, they would be able to make cars, and no one would do better than them. But I don't know what's going to happen. That's my understanding. I think it's a good culture, but there's a lot of good culture。

F: But it can also make mistakes, for example, when you didn't do the big screen phone for three years and then almost did the apple truck

Eternal peace: culture is good, and the most important thing is that it will eventually return to the right path, and a Beidou star is guiding it, and what is it to do? It's not business. It's easy to make mistakes when you just talk business。

In three languages: If there is a good culture, it is not entirely possible to avoid making mistakes, but the probability that mistakes may be corrected is greater than the absence of a good culture

Zhangping: The probability of making a mistake is the same for everyone. It's just that you don't do it, and it's that you don't do it. We've made fewer mistakes than anyone else for 30 years. Look at the one I wrote on the snowballs, people are concerned about what we've done, and we've become us because we don't do what we do. Because we know this isn't right for us, we don't do it, we don't make many mistakes, and the chances of doing the right thing are high. It's actually a little difference, maybe 30 years is a big difference。

Square: What do you think of the apples that are now priced

It's not cheap。

Mix: Is it from the return on investment, and cannot it be expected to be high

ETERNITY: YES. IT ALSO DEPENDS ON THE OPPORTUNITY COST OF THE USER ITSELF. YOU'D BE BETTER OFF BUYING APPLES IF HE KEPT THE MONEY IN THE BANK WITH MORE INTEREST, BUT IF YOU COULD MAKE A DOZEN POINTS A YEAR, THERE MIGHT BE NO NEED TO BUY APPLES. OF COURSE IT'S BEEN STRONG. IT'S GOT SO MANY USERS. WHERE'S AI? IT'S POSSIBLE TO DOUBLE AND TRIPLE APPLES IN THE FUTURE, BUT I DON'T KNOW, IT DOESN'T MEAN IT WON'T WORK, BUT IT'S NOT CHEAP。

Zero: You used to buy General Electric in 2008, and you changed your mind about it. Is this change in perception mainly in terms of business models or business culture

Despite the fact that I used to feel like a business culture, which I never understood, the culture of business I used to like, the only thing they said was that the era was changing, and the only thing that didn't turn into good faith was good faith. But then I went to their home page, and I couldn't find it, and I decided to sell it when I couldn't find it, and I thought that they stopped stressing it, and I couldn't understand the business model, and I sold too many companies. The first was because Jack Welch influenced the company and thought it was amazing, and then it turned out that nobody was。

Q: Is it possible that you're all haunted by Jack Welch

D'you know, I don't know, I sell. I'm selling over 400 billion dollars, and it's probably not here now. How much difference do you want me to make with apples? I've probably taken two, three, three, four years, not too long。

Fong Man: So this deal is made

Duan Ping: Mistakes sometimes make money, and I think it's a mistake, and I won't buy them back today。

Foul: Even if you earn money, you can't deny it was a mistake

Duan Ping: Of course, it was a mistake, because it was not in line with what I decided later, the two filters that were in line with business culture and business models。

F: You're supposed to be holding Western oil now, and you say this is a copy of Bud's homework

Zhangping: Yes, but there are some historical things in there because I was influenced by another friend who bought the hydrocarbon index, because he told me that it fell too far and that the oil could not fall in the long term. I asked him how the index related to the price of the gas itself, and he said 99 points, and I said it was good, and I bought it for a long time. But I asked him later, what was the connection? He said every day, as soon as I was done, 99% of every day, that difference was great. I'm sure I can't hold it for a long time now. I'll sell it. I actually invested a lot of money, almost a billion dollars, but I lost 10 million。

I'll sell everything you're wrong, and I'll lose more than 10 million. But there's one little thing about oil that's really bad, and then when I see Barone buys Western oil, I think it's actually an interesting way to buy oil, which is to buy an oil field under the ground, which won't take time, so I'll just take a little, maybe 20 years, and I don't think it's that price in 20 years. I don't know so much about oil, so I'm not a big part of it. But when you see me in the snowballs, you take it seriously. You're going with me 100%, and that's your business, and that's none of my business。

In three languages: Many users also have a self-perception that they have limited understanding of specific companies. But he accepted that some people understood the company that the investment method was called copying, and did you think that copying was a sustainable way of investing

Zhangping: It's hard because you're behind in the copying. How can you copy me? I didn't disclose my holdroom. I bought less. You didn't know. I could buy something just to make myself look at it, and you'd follow it, and you'd buy it, and you'd be All In. So I think it's hard, because you don't understand that it's really hard, that it's better not to touch it, that I'm very conservative, and I just bought a toilet。

F: Do you think it's better to buy index than copying

CHA: I think you're going to buy, not an index, because there are many, not all. In fact, the index that Bar is talking about is the Standard 500 index, which is not all, and it may be thousands, or the NASDAQ 100 index。

In three languages: One user called "A charming little sandstorm," he asked, "What's the reason, or what kind of thinking, for you to think about investing in an industry that seems to be a highly changing industry?"

Duan Ping: I thought it had changed at a high level, but then I found out that they were really powerful, that their ecology was really strong, and that you could see how strong they were when you looked at the collaboration between Yin Weida and OpenAi, and the collaboration between AMD and OpenAi. In Weida is investing 100 billion, but giving it chips, taking its shares; AMD I give you chips, I give you shares, please use me. Now everyone wants to use another chip because they fear the monopoly of Inverda, because it's too expensive to spend so much money, and in these big factories of the arms race, AAI has to buy chips to catch up with. So there's a lot of hope for another one, because once the semiconductor is homogenized, the price comes down. But there was no way to do that, so Young Weidar was really good, and then I watched a lot of In-hoon's videos, and I appreciate him, who spoke the same thing more than a decade ago, and he saw it, and he's been doing it in that direction. So now you have to think that what he's talking about is still what he believes in the future, so I think I'm going to throw a little bit, and I think I'm going to at least get mixed up and don't miss it. It's a bit inappropriate。

Q: DO YOU THINK AI IS A DEMAND-DRIVEN THING, A COMPANY LIKE ENGLAND, WHERE ITS COMPETITIVENESS IS SUSTAINABLE

It's always the same: at least for now。

Foul: If it was homogenous and not sustainable, you would not consider investing in it

IT'S NEVER GONNA END: OF COURSE NOT. I USED TO FIND SEMICONDUCTORS DIFFICULT, SO I WOULDN'T LOSE MONEY ON INTEL, BECAUSE I DIDN'T TOUCH THEM, AND I DIDN'T THROW THEM BEFORE, AND THAT'S ONE OF THE VERY IMPORTANT REASONS I MISSED INVERDA. I'VE SEEN IT BEFORE, BUT I HAVEN'T NOTICED, UNTIL AFTER AI GOT UP IN THE LAST TWO YEARS, I THOUGHT IT WAS AN OCCASIONAL, FIRED THING, AND NOW I THINK IT'S INTERESTING TO LOOK AT IT, AND IT'S REALLY INTERESTING。

Tsang: You may have some interest in companies, including those like station electricity

Duan Ping: I knew about the power build, because we used to take the chip from the satellite, and it wouldn't supply the chip directly. It was a substitute, and it was just helping people process the chip. More than 30 years ago, I told the TCP that you can't do chips because they're focused on doing that, and then they're doing their own chips and developing a variety of products, and I said you can't do them for a long time. Unfortunately, when you look at the difference between the power of the station and that of the telecommunications network, the surrogate does not see anything very powerful about it, and can't hear what they are doing。

SO I ACTUALLY KNEW THEM A LONG TIME AGO, JUST TO SAY THAT I DON'T UNDERSTAND THE BUSINESS, AND I THINK THEY'RE A LOT OF ASSETS, BUT NOW I'VE FOUND OUT THAT THIS HALF-CONDUCTOR AI TAKES OFF, AS IF NOBODY COULD ESCAPE THE BUILD-UP, AND IT KILLS EVERYONE. WE USED TO HAVE TO GO TO SAMSUNG, INCLUDING THE FIRST IBM, AND INTEL DID A LOT OF CHIPS, AND NOW THEY'RE LOOKING FOR ELECTRICITY. I THINK IT'S KIND OF INTERESTING, SO I BOUGHT SOME, BUT THE PRICE HAS GONE TOO FAR LATELY. NOR IS IT SO EXPENSIVE, AND IF FUTURE DEVELOPMENTS ARE REALLY LIKE WONG IN-HOON SAID, ITS CURRENT PRICES ARE JUSTIFIED。

ZF: Is your investment in these companies limited

dianping: not like i threw apples. when i pitched apples, i pitched at 90 points, and i always bought them, and i always bought them. and now, of course, i'm selling some, because i'm selling some, and sometimes it's gonna go, and then it's gonna go, and then it's gonna go, and i'm gonna buy something else。

In three languages: We extend out of companies like Weeda and Deutsche, and business innovation, especially technological advances, will create many new businesses and exploit new demands. It also destroys old businesses, where innovation usually has a high demand for enterprises and even some for luck, and they are the lucky ones who succeed in innovation. And there are companies in a business that doesn't need so much innovation, which would you prefer

DING-PING: THE TENDENCY IS FOR ME TO UNDERSTAND, THE TENDENCY IS FOR ME TO THINK THAT THE MONEY IT EARNS IN THE FUTURE MATCHES MY INVESTMENT OPPORTUNITY COSTS. LOOK, I'LL BUY A TOILET TOO. THE COMPANY DOESN'T WANT TO CHANGE, IT'S AFRAID OF A NEW CEO, HE'S DOING A GOOD JOB. YOU DON'T WANT TO CHANGE THE 53 DEGREES, SO IT'S GOOD FOR THE STATE. I HEARD THERE WERE PRIVATE COMPANIES LIKE GODMOTHERS, AND I DIDN'T KNOW IF IT WAS TRUE. I HEARD ON THE INTERNET THAT MY SON CAME UP AND CHANGED THE FORMULA. IT'S DANGEROUS. WHY DO YOU CHANGE SO WELL? INNOVATION IS REALLY USER DEMAND. YOU NEED TO CHANGE。

The technology industry has to innovate, because something new will come out, it will meet more users' needs, and you will die. It's already starting to taste. You can change it again. It's a bad head. You think Coca-Cola will change their taste, but the original taste is to keep it, but it will add something new for health reasons or other reasons。

Q: From the perspective of understanding, is it harder to understand a business that needs innovation

Duan Ping: It's not easy to get to know a toilet, it's different for everyone. You see how many people don't understand a toilet and many people don't understand apples. I don't know about Inverda, I don't know about Google, but I've always liked Google, but I just don't understand. But it's starting to worry about the extent to which the search business will be replaced by AI. Like ChatGPT, including Gemini itself, will replace the search, I don't know. But in general, I think it's a good company, so I bought some。

F3: It's hard to understand things that are constant or that are innovative

Duan Ping: Of course, it's hard to understand everything, but there's no golf。

Fong Man: Has the company Tesla changed your mind about it over the years

Diyamingping: There has been no change in nature, and it is true that Elon Mask is a man who has many ideas and is indeed very advanced. But it's hard to invest, and from a personal point of view, I don't really like this guy. You're actually making friends with him, and I don't want to be friends with him, even if you give me money. So I didn't like it that much, but I realized he was really good。

Fong: What do you think of his business

It's not too good, it's very tired, it's very different. But Tesla's electric car, it's differentiated, and most of the electric car's business is hard for me, and Tesla's generally doing well, and you see it's a little short, right? It's very single, it's big, it's relatively low cost, it's probably rich。

I wrote Tesla a long time ago on my blog, and I liked Tesla at first, and you see my license plate is "We Etsla." And then I looked at Mask, and I didn't like him very much, and when I bought their car, and I looked at all the things that I wasn't so happy with, and I sold the stock. Of course it's a bad decision, and I should probably keep it, but I think it's hard, really hard. I really don't like this guy that much, but I respect him, and I think he's doing a lot of great things, especially SpaceX, which is so awesome, very powerful, and the chain of stars. I don't know, I think that's it. I don't really like Tesla, but I like its chains, I'm its client, and you look at SpaceX, and I think it's amazing. Mask is a cow. No doubt, it's more than me, but that doesn't mean I have to like him。

Q: Does the electric car or the smart driving you're doing now change the nature of the four wheels

Eternal peace: hard. An electric car is easier than a gasoline car, and then it can be made in any shape, and it'll end up in more and more price competition. And of course, if you really have one or two brands left, they may agree to make money. Smartly driving this thing, if everyone does it themselves, it's tired. I don't know, I'm not in this business, and I think it might be possible for everyone to use Google formulas in the future, or some family formulas, which end up being homogenous, and everybody's things are alike, and then make an average profit. Not to say that there is no money to make, but it is difficult to make good profits without a good difference。

I don't know how many businesses are making electric cars, like we used to be playing games, and there might be hundreds of them, and there were only a few, but the hundreds were going to fall. So most of the electric cars you see right now are going to die, and I'm sure, and I don't know who will survive。

Q: Are you generally inclined to be electric or intelligent, and it does not change the fundamental characteristics of the industry

Duan Ping: I don't know if electric cars are really energy-efficient and environmentally friendly. I haven't really been able to figure this out, because you're a little bit less environmentally friendly at the macro level and in the long run, so I'm not sure that the process of electricity production is difficult to tell. Of course, if you want solar energy to be really good, maybe electric cars will be really good; if humans actually achieve nuclear fusion in the future, it really makes sense, but I haven't studied it in depth. If that were the case, the gas truck would not survive and it would be difficult. But between electric vehicles, they will continue to roll, and their differences are smaller than those of gasoline。

Q: Can't change the nature of the competition in this industry

IT'S NOT AS COMPETITIVE AS SOLAR SILICON, IT'S NOT AS COMPETITIVE AS AIRLINES, BECAUSE AIRLINES ARE A TO B, YOU'RE 100, AND I'M SELLING 100, AND IT'S NOT DIFFERENT, AND IT'S A MONOPOLY. AND, OF COURSE, YOU CAN'T REALLY MONOPOLIZE A COURSE, BECAUSE THE GOVERNMENT ALWAYS GIVES YOU TWO MORE ROUTES TO COMPETE, AND CARS ARE THE SAME。

Q: Now a company like Tesla, which has devoted a lot of effort to another business, the human robot, does it seem to you that it has commercial value

Zhangping: You don't even have to hire a baby-sitter at home, right? I don't think I understand why human robots, because robots don't need humans, and it doesn't matter if they are humans. Why would a cuisine robot look like a nanny, of course, if it could do it at no cost, it might be reasonable, because people have the advantage that its legs are much more flexible, and if you were four wheels, there might be a lot of places you can't go. I don't know if you have a head, but I don't think it's necessary. You can have limbs. You can have limbs。

Q: I ask one of the oldest companies — Birkhel, who has just retired, who used to be the company with the base industry, and who now owns its stock, one of whose users is called “The First Day of the River”, and he asks, “Is Buffett retired, and can Birkhel become the base company?”

Zhangping: Then he may not know the company at all. First, Barone buys these companies; secondly, the successors take over his culture, and they're all trying to find future companies with better cash flows, which will not change. As to the level of this successor, Barone makes mistakes, but the people he's looking for aren't going anywhere. It's a culture that doesn't change. They're not a speculative company. You're better off with Birkheil Hathaway than buying a common fund. What choice do you have? If you don't know how to invest, you should buy companies like Birkheil Hathaway, or like the 500 index, which is better than buying a fund. You know who they are, you know their history. You're probably better off buying this than anything else, and in the long run, it's probably more rewarding than them。

Q: Do you think it's a big chance that Barone's company will last its advantage

Duan Eum: I think their ways and means, their ways of thinking are valid, and they don't know if they're good enough to win the 500. I've been talking to Barone about this, and you think you can still win the 500 index in the future, and he says it's hard, but he thinks he can do it a little bit. He just likes to do it, or he buys the 500 index and he's done it. So their opportunity cost is the 500 index, so they're only gonna do it if they think they can win the 500 index, or he'll quit, or he'll buy the 500 index。

But the simple thing is, I think that one day I really decided I wasn't going to invest, or that when I handed it to a kid, I found out that some of my kids didn't know how to invest, that you couldn't understand, that sometimes you couldn't, and that you could buy him a 500 index or a Birkhel Hathaway. I had a friend who died, and his kid told me that he bought half of the Standard 500, half of the Birkheshire Khasavi. That's right, it's a good arrangement, and they don't care about it, they don't care about your market, they just have their little day anyway, because the 500 index is red, and the half of the stock is red enough for them to spend. Birkheshire Hasawai will hold it so he can save his heart。

Question one more company that everyone cares more about — how much is it? You said it was a risky investment, but you're the latest one, and you're still a risky investment

Zhangping: Still, I know a little more. I've sold a lot of places, and I've almost bought it back. I think it's interesting, but I don't recommend it。

FB: What part do you think you understand

Duan Ping: People's money is there, and you can see it. If it can sustain the business, it's cheap. The problem is I don't know if it can really be maintained and what will affect it, but I trust their entire culture, their entire team, but I don't know the context。

Q: One user, Chang Ho, asked how many times after 5 to 10 years, you have no way of building a clear vision

Zhangping: I think they should live well, but not 100 percent. I think I can say that I know for sure that apples will live well, and I don't know how much more. I think this business has changed a lot, but there's a possibility that it's going to be a lot better than it is now, and that's what it means, right? If it wasn't for the wind, I'd have bought a big part in it. I didn't, but I think it was worth a part。

Q: Your endorsement of the team actually adds a certain degree of certainty to your investment in it. The larger Chinese company in China is the one with the hut, and you often say white wine in two, the hut and the others. Can you tell me what the difference is

Duan Yongping: Isn't it weird to tell people who don't drink? The guy who likes to drink the toilet, he likes the flavor, he gets used to it. You can't talk about it with someone who doesn't like it and doesn't drink it. It's like talking to fish about the fun of walking. No way. But it's a fact, that is to say, people who like to drink the toilet, who drink it all the time, as long as they can, can afford, and can have it。

Q: The heart of you is the unique taste of the toilet and the identity of its target consumer to this unique taste

Duan is peaceful: is there a culture that can sustain this thing most importantly? If it changes the culture of this product, how fast and how fast it will be, it will be a problem. I think that the toilet is okay so far, I don't see the problem, and I think they're holding on to the most basic standards, so I can be sure that we do have a lot of it。

F: Do you think it can sustain this taste

Dingping: It's a state-owned enterprise, with the benefits of a state-owned enterprise, and I've been in a state-owned enterprise. There's not much of a change in these rules. Too many people are watching. So I think they should be able to go very far。

F: Do you think you'll sell it

Duan Ping: At some point in time, for example, it makes a single offset for something, and the current rate may suddenly go up. It's not up to the market rate to decide on investments, it's up to your future cash flow. I can't tell you that I'm gonna sell it if it's 50 times the rate, but if it's normal, it's gonna go crazy 50 times, like today's toilet price, and then it's gonna go up three times. In fact, I wanted to sell it when it was $2600, $2700, because I thought it was relatively expensive, and the thing that I hesitated most was, what would I buy after I sold it? I started to torture myself and look at it and I can't buy anything。

SOMEONE MIGHT SAY THAT IT'S FALLING, AND YOU'RE GOING TO SELL IT. AREN'T THOSE WHO SOLD MORE? BECAUSE YOU BOUGHT SOMETHING ELSE. I'M SURE MOST PEOPLE ARE WORSE OFF UNLESS YOU KEEP YOUR CASH TO THIS DAY; I CAN'T; I'M A FULL-KILOLIST. I DON'T BUY A STOCK AND I GET SICK. IT'S A TOUGH THING TO HAVE CASH. YOU'RE A LITTLE SHORT OF INTEREST IN THE BANK. YOU CAN'T BUY ANYTHING. WHY DON'T YOU TAKE THE TOILET AND KNOW IT'S COMING BACK SOONER OR LATER? OF COURSE, AFTER THAT, YOU DIDN'T EXPECT IT TO DROP THAT MUCH, FROM $2,600 TO $1,200, 50%, BUT NOT MUCH. IF YOU CAN'T AFFORD 50%, YOU SHOULDN'T BUY IT. I THINK IT'S OK, SO WE ACTUALLY BOUGHT A LOT, AND WE ACTUALLY HAVE FREE MONEY TO BUY。

F: In 2021, about $2,600, from the point of view of future cash flows, you can't say that price is attractive, can you

Despite the fact that it depends on your opportunity costs, where I sell the money, I do not get a higher return. It's still more red than interest, so you take it, I'm not losing it. In stock prices, people think I'd make more if I sold it. Investment can't be that way, you sell it long ago, and those who think they should sell it at $2,600 may sell it at $1,200, so they won't get it at that time; he may get 3,000 or 4,000 in the future. I think the toilet will come back, but I don't know when, maybe five or ten years, nobody knows. If this money is not on the toilet, there must be a place. Then where? It's important that you don't answer that question, but it's all bullshit to discuss investment。

Q: If there was a mark that you thought you could cut it seamlessly, you would've changed in the future

Zhangping: Of course, investments are for sale, and I think many people have a big misunderstanding about so-called value investments: if you want to hold them permanently, you can't sell them. Long-term possession is an intention, and I'm going to buy it for a while, but you'll always have to count your opportunity costs. If you find a better company, you think it's more solid, for example, five years ago, when you saw the situation like this, and you had only the pao, and if you could, you wouldn't have changed. But you don't understand. You don't have to talk about it. It's none of your business。

Question asked by a user named "The rice wife and prodigal son" about the direct connection to alcohol. He said it was also a high alcohol problem. Why can whiskey and vodka be popular in China, can't be popular in China, and can Chinese white wine be internationalized

Zhangping: I don't know, I think there's gotta be some, Chinese white wine. I've always said that there's two things, that's where the Chinese come from, that's where many people drink. They come here to drink。

Wine is a long-standing cultural thing. How can you let everyone drink the toilet? Foreigners may not have heard of it. But the Chinese have heard of whiskey, and the people who drink whiskey are business people, and I'd rather have whiskey, and I wouldn't drink a toilet, because it's softer, and it's a little hot for me, but when we're 30 years old, we have a 30-year toilet for dinner, and that's good. I had 30 years of pail in my house, and I bought a bottle of wine when I bought a pail a decade ago. Sometimes when a friend comes, it's nice to open a bottle and two。

Q: A user called “uncompletely evolved” asks whether investing in a pavilion needs to look at the macro environment

Dianping: I don't think so. You're looking at 10, 20 years of investment, and if the macro environment is always bad, it's bad. It doesn't really make any difference, or it depends on where you put your money, which, as is the case now, is likely to get 3% or 4% of your current investment, better than a bank, of course. But it's not gonna fall off again, and it's totally possible, so you can buy it if you have money, and I don't want to buy it as a major shareholder, and they don't want to sell it to me, right? But I can always buy more。

04

TALK TO AI

IN THREE LANGUAGES: ONE USER, YUYAN, ASKED WHAT WAS THE VIEW OF AI, WHETHER IT WAS A BUBBLE OR ANOTHER INDUSTRIAL REVOLUTION

DIYA: IT MUST BE AN INDUSTRIAL REVOLUTION, BUT BUBBLES ALWAYS COME WITH IT. THE CHARACTERISTIC OF THE BUBBLE IS THAT EVERYONE GOES UP WITH IT, AND WHEN YOU TALK ABOUT AI, YOU GO IN AND BUY IT. BUT THERE'LL BE COMPANIES IN THE END, AND IT'LL BE GREAT. THERE'S A PROCESS OF QUANTUM CHANGE, AND THERE'S NOTHING GREAT ABOUT AI, IT'S COMPUTER APPLICATIONS, IT'S NOT UP TO A SCALE, IT'S UP TO 100 SCALES, 10,000 SCALES. IT'S SO, REALLY CHANGED。

I remember there were algorithms on the computer, and you had to save space, and space became less important when the last memory came up. But you see DeepSeek has an algorithm that makes it more cost-effective. The cost savings do not make it unnecessary. Rather, it stimulates more. There are more and more people using AI, but it's not going to sell in Weida, so AI must be a very different thing. But I don't know exactly what the big change is. When I thought about the industrial revolution, for example, when the steam engine came out with a machine, and the factory came up, I drove the farmers to the factory, and the productivity improved dramatically, and GDP actually increased. Then, for example, cars, aircraft and so forth, the scope of your activities expanded and GDP increased。

BUT I DON'T KNOW WHAT'S GOING TO HAPPEN TO AI RIGHT NOW, BUT I KNOW THERE'S GONNA BE PROBLEMS WITH A LOT OF PEOPLE'S WORK. I USED TO LOOK AT A NEW COMPANY. IT'S NOT EASY TO UNDERSTAND. IT'S EASY TO ASK AI A QUESTION. YOU ASK ONE QUESTION, MAYBE AN HOUR OR A HALF, AND YOU HAVE AN IDEA OF A COMPANY THAT YOU DON'T KNOW AT ALL, AND THEN I CAN DECIDE WHETHER TO GET TO KNOW MORE, WHICH IS TOO EFFICIENT. WHEN YOU LOOK AT MEDICINE, THOSE WHO DO IT, THOSE WHO DO IT, MAY NEED A TEAM FOR YEARS, AND IT MAY TAKE TWO DAYS ALONE. THE UNCERTAINTY ABOUT WHAT HAPPENS TO AI IN THE FUTURE IS TERRIBLE. THERE'S PROBABLY A LOT MORE, LIKE NOW YOU CAN'T TELL IF ANIMATED IS REAL OR FAKE. IS IT HARD FOR THE FILM INDUSTRY? WRITERS ARE PROBABLY GONNA SUFFER, TOO, AND THEY'RE GONNA HAVE TO WRITE A NOVEL THAT REALLY WORKS IN THREE LANGUAGES. ALTHOUGH IT MAY NOT BE PERFECT TO IMITATE HUMAN STATEMENTS, IT CAN DO A LITTLE MORE. HOWEVER, THERE IS NO SUBSTITUTE FOR INVESTING IN THIS MATTER。

Q: HOW CAN AI AFFECT THE INVESTMENT INDUSTRY?

Duan Yongping: It's dangerous to fire stock because you can't fire Liang Wenfeng. You're full of pickles. You're the one who wants to make a profit by looking at the lines. But I can't harvest because I won't move and I'll take it. Because very few people understand the phrase " buying a company " , there is only one buyer for a real company, the company itself, which earns its profits and eventually buys itself back. But there are many kinds of derivatives, so as long as the company finally earns money and earns money when you drown in the neck, it has to buy it back. It's a problem for the toilet, and it's gonna have to split red, and you buy it yourself or it buys it back. I think it's time to repurchase the toilet, and it's finally starting to buy back a little bit. It doesn't know where it's going to spend it, so it buys its own stocks while it's cheap。

Q: ARE YOU SAYING THAT YOU CAN SEE THAT AI HAS A BIG IMPACT ON STOCK SALES AND THAT INVESTMENT IS LESS LIKELY TO AFFECT YOU

Equivalent: There is no impact on investment, it does not affect the decisions I make. If you make day-to-day trades by looking at pictures, you'll probably have harder money than before. Some quantitative funds, they're very fast, they're actually operating computers, and there's manual interference, so you can't hit them. So, I think it's probably hard for a small family to make money on short notice for a long time。

Q: NOW THERE IS A BIG CONTROVERSY ABOUT THE AI INDUSTRY, WHETHER IT IS AN EFFICIENCY GAIN THROUGH AI, OR WHETHER IT CREATES NEW DEMAND, NEW SCENES AND NEW INCREASES IN GDP

ZHANGPING: I DON'T KNOW. I THINK IT CAN CREATE AN INCREASE IN GDP, BUT IT CAN CUT PEOPLE IN SOME PLACES, AND THERE WILL BE REPLACEMENTS, BUT NOT EVERYONE WILL GET CUT. SO I THINK EVERYONE MIGHT HAVE TO TAKE IT VERY SERIOUSLY, NOT TO SAY THEY CAN'T, BUT THEY CAN. I CAN LEARN. WHY CAN'T YOU? I THINK AI HAS AN IMPACT ON EVERYONE, BOTH ADULTS AND CHILDREN. I'VE SEEN A LOT OF PEOPLE IN THEIR 40S WHO FEEL LIKE THEY CAN'T ACCEPT NEW THINGS ANYMORE, AND I FEEL LIKE HE'S GOING THROUGH A LOT OF PAIN AND PAIN, AND NEW THINGS CAN BE FUN。

Q: But how does it create increments that you're not so clear now

It's always the same: at least a lot of companies are already showing up. But does this increase come from someone else? I don't know. You see the companies Meta, Google, Microsoft, Oracle and Adobe, they're all clearly on the rise, including the arraignment, and when AI started using it, advertising efficiency came up. It does increase efficiency and may also save manpower. As for the production and installation line, I do not know that I have no way of thinking about all the industries, because the problem is huge, and of course I want to know. I spoke to a Nobel Prize-winning economist the other day, and he said he couldn't understand it, and thought it was a mystery. But I think it's going to increase, like the industrial revolution, and it's going to increase efficiency and probably increase GDP。

In three languages: Will anything that improves efficiency generate increases in the long run

ZHANGPING: I CAN'T THINK OF ANYTHING DIFFERENT. EFFICIENCY HAS IMPROVED AND OVERALL GDP HAS FALLEN, WHICH SEEMS UNLIKELY. YOU SAID SOMEONE'S GDP CAME DOWN. THAT'S TOO MUCH. YOU LOST YOUR JOB, LOST YOUR INCOME. FOLLOWING THE EMERGENCE OF THE TRAIN, THE CARRIAGEMAN WAS UNEMPLOYED, BUT IT WAS CLEAR THAT THE TRAIN HAD CREATED MORE VALUE, SIGNIFICANTLY INCREASED THE VOLUME AND SPEED OF THE TRANSPORT AND EXPANDED THE SCOPE OF THE BUSINESS. SO, I GUESS IT'S POSSIBLE TO GENERATE AN INCREASE。

05

About education

F3: There is a user called "Tai Ying", who would like to ask a question about the education of children, what can parents do about the education of children

Duan Ping: All that parents do is to make their children feel safer. Conversely, less secure things should not be done, such as beating children and scolding them. You say you won't fight, he won't listen, you find another way. I don't think the kids need to fight, the kids may be nicer, it's scary, they're used to it, but it's not good for his life. Of course, some parents don't care if their children are unhappy, do what they want, and I don't think the ones who love them should. But it doesn't mean he can drown a child without principles. He can give whatever he wants. It is true that there is something at the border that is not certain, but it really has to be done。

F: Do you have a non-list and don't do anything to hurt the child's sense of security

Zhangping: I think this is important. Because everything parents do for their children, they teach him how to do things. You call him a scolder; you teach him to beat him up; you teach him to beat the children in the future; you say he can be angry with him; and you say he should be good to him. Children are always temperamental and children can express their feelings in their language at some point in time. Like, "I don't love you anymore, Dad," he's probably just upset at some point, so don't take it seriously and think he really doesn't love you. At this point, you don't have to think about it, you don't have to confront him, you know, distract him, and he might say, "I love you." The point is not to fight the kids。

F3: Do I understand that you have made some pro bono investments in education

Zhangping: Yes, many places。

Q: Do you think there has been a change in your perception of education in the process of doing public goods

Duan Ping: I've seen a lot, for example, when I'm a kid, and when I've seen a lot of parents being a boy, kids get angry and yell at them, "Why can't you play well?" It's when the kid needs support most, he's pissed off. My point is, I'll hug him and shoot him. Sometimes he ignores you, just wait, he'll be fine. You can't ask him to listen to you every hour of every day。

I remember when my son cried, I said, "Don't cry, don't cry. Why are boys crying?" He'd say, "Dad, just make me cry." I think the kid's right. Why not make him cry? Just let him cry for a while. It's okay. It's worse to beat a child than to beat a child. I called the kids, and I tried to see if it worked, and it didn't work. So I quickly apologized to my son and said, "Dad is wrong and he will never hit you again." I've never hit a child again, and I don't think it's a good idea, and now we're close。

F3: How much do you think education works on a person ' s life course or success

Duan Eing: I think education is certainly very useful. A well-educated person is completely different from a completely uneducated person, even if you can see it in the eyes and in the face. I can give a simple example of a guy who used to come to work with a diploma from Chinaan Polytechnic University when he graduated from the Radio Department. I saw it coming through the door, and I said he didn't look like a man who'd been to college. I can't question them directly. They're all here. I said, "What class did you take in your first year?" He said, "Mathematics, physics, chemistry." I said it was a high school class, you never went to college, you wouldn't answer that. Of course he's a college graduate, which may not be obvious. If you haven't been to college or college, you can't pretend to have a diploma. "How could this man come?" Then I asked him a strange question, and I took him down. You didn't go to college. We hired engineers. You went up there and you showed up. He said, "I'm looking for a job," and you're looking for another job。

But there's a guy with a fake diploma, but he's got no brains. You need a fake diploma, you don't take that. So I think education, especially learning skills, is important. Not all of these things are taught in schools, and small-town question-makers pass through, and some may learn about them. I'm also a small town writer. I did do a lot of things back then, because there was no book and no place to study, and we were in a special situation. It might be better later. I think it's really helpful, but not everyone will. The same thing, a lot of people die. I think you need to find a way out of it and a reason out of your mistakes so you can learn the whole logic。

06

Talk about wishes

Q: A user called “Don't hesitate to regret” asks, what more will you want to achieve in the future

D'you know, I'm a man with no heart, and I'm fine every day. It's no big deal to wish for the future every day and do what you like. I was never a man to do something big. I'm doing something every day that I think it's important to do what you enjoy and do what you can. And because you like it, you can do it well. You can't say that because you're successful now. No, don't put the end of it, because I'm doing what I like, so I'll do it very seriously, so I'll do it. It's the same thing with the company, and I find the same people I like, and I can give them to do, and I can do other things I like. I've enjoyed running a business, and I think it's fun, but it's tired。

F: What do you suggest for investment in ordinary people

IT'S NEVER BEEN EASY: NOTHING. I DON'T THINK INVESTING IS ABOUT WHO YOU ARE. YOU DON'T DO IT RIGHT, YOU DON'T. IF YOU REALLY DON'T KNOW HOW TO INVEST, DON'T TOUCH IT. IT'S HARD TO MAKE MONEY, MOST OF THEM IN CATTLE AND BEAR, 80%, SO DON'T THINK YOU'RE SPECIAL UNLESS YOU KNOW WHAT YOU'RE DOING. NOW IT'S HARDER BECAUSE THERE ARE QUANTITATIVE FUNDS, AND THERE WERE BEFORE, BUT NOW THEY'RE STRONGER, AND AI IS GETTING STRONGER. SO IT'S TRUE THAT WHEN YOU BUY IT, YOU SELL IT AND IT GOES UP。

But if you really do invest, you don't need any advice, you just buy what you think is good, take it, compared to your own other opportunity costs. So I'm always talking about the toilet, and I think it might be easier to understand. Of course, many people say that young people don't drink the toilet anymore, but those who are not young will live long. Second, young people never drink the toilet. Who knows if they will? Drinking is bad for health, it's true, but it's emotional, so someone will drink。

FB: Is it hard to make money by offering a share

It's hard for me。

Three languages: but investment is not impossible。

Despite the fact that you have to understand business, you have to understand it, or you see something that makes sense. For example, I told a friend who likes to drink the toilet. I said why don't you buy a toilet? He bought a toilet, but he didn't earn any money. And I said to him, "What do your friends buy without a toilet?" He said, "You say that, and I'm comfortable. They're more than I am." I said, "Isn't that right? If you don't come back, you'll get the dividends, just for a little longer."

But if you're in a business you don't understand, you'll be miserable. It's not the toilet in the last few years, it's mostly gone, so I'm not really going to preach about it, but I just think it might be an interesting choice for most people. Of course, you said other things looked good. I didn't have a say, because I didn't read them. For example, many people have asked me why I would not buy five grains of liquid, and the market share would be lower, and indeed I could, but I have no say. I've never touched five grains. I don't know what that tastes like. I don't drink white. I can't drink anything else. If you like to drink five grains, you'll believe that a lot of people like to drink. Like I like to play games, so I made games. Even if the game market gets harder, I know a lot of people come. This thing is important。

If you're not sure about what you're selling, you don't know if anyone wants to buy it. It's hard. It doesn't make any sense that you're going to believe that no one will ever drink again. But it's hard for people who don't drink。

Q: To sum up your proposal, don't make a profit, it's hard to make a profit, invest, maybe make a profit

Despite the fact that I'm doing something else。

After 20 years, it's a rare public interview