Source: IN Coffee Moutai, standing on the wave crest, is still the "original self" in Duan Yongping's eyes. "In the companies that I know better (with annual profits of more than $1 billion), I think companies that will have higher total profits in the next 10 years than in the past 10 years may include:"

"In my opinion, buying stocks is buying companies," and on his specific views on companies: "Apple's business model is stronger."

"Some experts say that the stock price needs to reach around $105 or higher before Duan Yongping starts to lose money." Additionally, on his experience with new things: "I like VisionPro more and more!"$Apple (AAPL.US)$, $Kweichow Moutai (600519.SH)$, $Berkshire Hathaway-A (BRK.A.US)$, $Microsoft (MSFT.US)$, $Alphabet-C (GOOG.US)$, $TENCENT (00700.HK)$""

On social platforms, Duan Yongping, who has sharp and humorous drawing styles, almost shares and communicates his opinions on the "pleasing" topics every day.

"Apple's business model is stronger than other companies."coca-cola (KO.US)

"Some experts say that the stock price needs to reach around $105 or higher before Duan Yongping starts to lose money."$GameStop (GME.US)$"This is just baseless speculation. If the stock price can rise above $105, I will definitely make more money in the end!"

"I like VisionPro more and more!"

"People like Jiang Ping, although rare, are not impossible. I don't want to say that she is a genius (that would ignore her efforts), she just found fun in math."

Duan Yongping talks about almost everything.

"If you can use written and communication skills better, then your value can be increased by at least 50%." Warren Buffett once said.

In fact, looking back at all of Duan Yongping's remarks and his own operations over the past few years, they contain the same principles. "Find companies with higher long-term returns within your own understanding to hold."

"Find companies with higher long-term returns within your own understanding to hold."

Looking at the latest disclosed U.S. stock holdings of H&H International Investment behind Duan Yongping's "invisibility", the core holdings are still Apple, and other holdings include Berkshire Hathaway, Google, Disney and Moderna, most of which have been mentioned by Duan Yongping on social platforms, especially Apple, which he has indeed bet heavily on. $Alibaba (BABA.US)$, $Disney (DIS.US)$, $Occidental Petroleum (OXY.US)$, $Moderna (MRNA.US)$, $PDD Holdings (PDD.US)$, $Bank of America (BAC.US)$.

"Of these companies, most of which have been mentioned by Duan Yongping on social platforms, especially Apple, which he has indeed bet heavily on."

Public information shows that H&H International manages $14.196 billion, of which Apple's holdings account for 78.01% of the portfolio management scale.

It is worth mentioning that Duan Yongping increased his shareholding in Apple, while Warren Buffett reduced his shareholding.

In early June, Duan Yongping mentioned again that "I guess Buffett is most likely to continue selling (apple)." In terms of product structure, the operating income of 10-30 billion yuan products is 401/1288/60 million yuan respectively, with the overall sales volume of the company in 2023 reaching 18,000 kiloliters, up 28.10% year on year and with significant growth.

Smart investors have compiled Duan Yongping's public shares since 2024, including views on companies such as Kweichow Moutai and Apple, as well as investment discussions from the perspective of enterprises.

In this stage of frequent black swan events, doing simple things and not letting life be filled with anxiety is the most important thing in investment and is also worth learning.

"There are many things in my life that are more important than investment. I work hard to do what I like and to do what I like, and not to waste time on meaningless things (such as writing an autobiography)." as Duan Yongping said.

I am not surprised that Moutai's price will continue to fall for a period of time.

"We didn't sell any shares of Kweichow Moutai!" (April 3rd)

"The market is a voting machine in the short run and a weighing machine in the long run", so the market is still the market, and Kweichow Moutai is still Kweichow Moutai.

"I am not surprised that Moutai's price will continue to fall for a period of time. It's an old saying that after 10 years, the price may be like 10 years ago."

"People who like to drink Moutai will not stop drinking it because the market price has dropped. Those who like the Kweichow Moutai company should be happier as the stock price drops, and those who feel uncomfortable only do not understand or want to make quick money."

"If you don't know anyone who likes to drink Moutai, it's better to stay away from Kweichow Moutai. If you like to drink, you will understand many things easily."

"I don't know what financial attributes are, but it's a false concept. Moutai does have a storage value-added attribute, but I guess most of the people who store Moutai are not for the purpose of value-added, but they really understand that the price of the wine from previous years will be much higher."

"The consequences are very serious if the electronic products industry encounters a difficult situation, but when Moutai encounters an unsaleable situation, it just passively has more vintage wine (and earns more in the future)."

"I also considered selling Moutai when it was around 2500, but I gave up in the end. Because after selling it, I didn't know what to do with the cash. The interest rate is so low that people will be anxious, so it's not cost-effective."

"Clearing out Moutai is not a problem, but what to do with the money? Most people may dodge the monk but not the temple."

"Selling Moutai and buying Tencent is an acceptable decision, because you won't lose much in the end. But many people sell Moutai and buy things like 'fake Jobs', which they can never recover from and is truly miserable."

"There are countless 'high-end white spirits' in the world, and there are not many good businesses. The money earned by the liquor industry all over the world added together may not be as much as Apple's (I haven't calculated it), so why do people think that the white spirit business is better than Apple's?" (Here, Apple refers to "white spirits" and is not equivalent to Kweichow Moutai.)

"I think Apple's business model is stronger than Coca-Cola's."

"This refers to Apple's comparison with 'white spirits' rather than Kweichow Moutai. These two should not be confused."

"I think Apple's business model is stronger than Coca-Cola's."

"I think Apple's business model is stronger than Coca-Cola's."

Apple may be able to obtain some talent, technology, patents, and other things that I am not quite sure about by buying small companies when establishing its ecosystem, but Apple will definitely not acquire it for the sake of increasing its revenue or profit.

From Apple's perspective, it is generally about what it can bring to consumers, not whether it can succeed in business.

Apple has a great business model. Many people think that AI will bring a new round of growth to Apple.

The true buyer of any company is always the company itself. When Apple falls, even if I don't have enough money to buy more, I am still happy because the company will definitely continue to buy with its prosperous earnings.

Apple Intelligence seems very useful and probably will trigger a long wave of upgrades.

I estimate that the sales volume of iPhones will increase year-on-year for at least 3-5 years, because iPhones are really durable, and the normal upgrade cycle is relatively long. After it ends, it will probably go back to a regular upgrade cycle.

VisionPro is a cool product, but currently not a necessary one; iPhone is completely different. (Duan Yongping, who woke up early to buy VisionPro: I haven't used my VisionPro for nearly a month, mainly because I don't watch the movies I want to see.)

VisionPro (in the future) will be so good that you won't believe it, but it may take 5-10 years, depending on what defines changing the world.

Generally, companies that Buffett started to reduce holdings will continue to do so; I will not sell Apple, but I am very happy to see Mr. Buffett reduce some or even more holdings.

Apple is indeed expensive; it is very easy to understand why Buffett exchanged some for oil. But currently, I don't have a strong desire to exchange Apple for other companies, mainly because there are too few companies that I can understand.

Concerns about Tencent have decreased.

$Tencent (TCEHY.US)$Buy below this price ($44.12 USD/share)! (May 1st)

There are still some concerns about Tencent, but they have decreased; share buybacks do not change the company's value, but the ability to buy back is very important.

The only source of buyback ability is the sustained profitability of the company's healthy operation. The reason why many companies with low market caps cannot buyback is actually due to the lack of the ability to buyback, not the unwillingness to do so.

There are very few good companies that can be privatized, and many large good companies are difficult to privatize in the end because they are too large.

To think about a company or business, you must consider what the company will be in 10 or 20 years, ignoring the market. You will never understand what a "crazy person" is thinking.

Most ordinary people do not plan to think long-term, so how can they understand what a company really is?

Who do you think will still be in business in 10 years (defined as having revenue and profit not lower than today's)? (This is an interesting question. It is also a must-ask question when Buffet discusses with his investment assistants).

I think Apple, Maotai, and Tencent should all still be around; Google, Microsoft, and BRK should too. I hope that OV (Oppo and Vivo) are still around, but I'm not 100% sure.

In 20 years, I think Apple, Maotai should still be around, and Google, Microsoft, BRK should also be around. Tencent should be around 90%, and OV should be around 75%.

What about 30 years?

Thinking about this might be helpful for investing.

Among companies with an annual profit of over $1 billion or an annual profit of over RMB 5 billion, which companies do you think will have higher total profits in the next 10 years than in the last 10? Among these companies, whose total profit over the next 10-20 years will be higher than the past 10 years?

When you look at companies in this way, you naturally value their business model.

There are few companies I know, and among the ones I know (with an annual profit of over $1 billion), I think Apple, Maotai, BRK, Microsoft, Google, Tencent may have higher total profits in the next decade than in the past 10 years.

PDD should be counted, but that's because PDD hasn't made much money in the past 10 years;mcdonald's (MCD.US) Coca-cola and other companies like it are likely to beat inflation, so they should be included.

Understanding something is equivalent to having the courage to invest heavily in it.

It's really hard to understand a company, and those who only buy a little bit can't be considered to understand it. If you really understand it but only buy a little bit, it won't work.

My definition of "understand" is very simple, which is to have the courage to invest heavily in it.

According to Buffet's maximum of 6 companies (which I agree with), the proportion of those who "understand" and dare to bet heavily should be at least 1/6, otherwise they should be called "observation positions".

But it doesn't have to be 1/6, because sometimes the price (opportunity) is not right.

I have just fortunately understood a few good companies that I happen to understand, but I can't understand most of them. I won't touch them if I don't understand them.

Many people can't do it (don't touch it if you don't understand it) and want to make quick money; of course, I also want to make quick money, but I know it's impossible.

In fact, investment does not require any theory. "Buying stocks is actually buying a part of the company" is a definition because stocks are part of the company.

As a fully invested believer, I'm having trouble pulling the trigger lately. I'm going to buy short-term national debt with my spare cash first.

For those who always lose money in the stock market, buying into the S&P 500 may be a good way to use it as a deposit, with high interest rates.

Sixth, missing out on fields that you don't understand doesn't matter. 37. I did buy 10,000 shares a long time ago, but I sold them again because I didn't understand them and didn't hold them for very long. I don't think I made much money from them. 38. Technology companies are very difficult to understand, and since I don't understand them and don't have time to study them, I just have to let them go. 39. I didn't understand Nvidia before, and I still don't understand it after looking at it again. I can't figure out if this company will be better off or worse off in 10 years' time. 40. Technology companies are difficult to understand because their products are not consumer products, and I can't directly experience their products, Nvidia and Microsoft are examples. 41. Most electric vehicle companies will be struggling in 20 years, not probably, because there may be a few that will do exceptionally well. In my opinion, the differentiation of electric vehicles is even smaller than that of gasoline vehicles, and price competition will be fierce. 42. Luxury goods companies are not easy to understand, nor is the differentiation of bottled water. 43. "I cannot evaluate the business's future free cash flow if I don't invest" - for example...

The weather is good today The weather is good today.$NVIDIA (NVDA.US)$Please use your Futubull account to access the feature.

Technology companies are very difficult to understand, and since I don't understand them and don't have time to study them, I just have to let them go.

I didn't understand Nvidia before, and I still don't understand it after looking at it again. I can't figure out if this company will be better off or worse off in 10 years' time.

Technology companies are difficult to understand because their products are not consumer products, and I can't directly experience their products, Nvidia and Microsoft are examples.

Most electric vehicle companies will be struggling in 20 years, not probably, because there may be a few that will do exceptionally well. In my opinion, the differentiation of electric vehicles is even smaller than that of gasoline vehicles, and price competition will be fierce.

Luxury goods companies are not easy to understand, nor is the differentiation of bottled water.

"I cannot evaluate the business's future free cash flow if I don't invest" - for example...$Bitcoin (BTC.CC)$.

Not touching what you don't understand can avoid most troubles.

It's difficult to convince anyone.

I don't fight the market, I just try not to pay too much attention to it.

Not touching what you don't understand, not being greedy, trying to look at things from a long-term perspective, etc., can avoid most troubles.

Being extremely smart is a misunderstanding, simplicity is the truth, and fragmentation is a problem with your own cognition.

Having a rich imagination is generally not a bad thing, but it may not be a good thing for investing.

I think mastering "plane geometry" might help with learning logic. However, I have seen many highly educated people who sometimes lack logic.

Most of the money earned by luck will be lost by strength sooner or later; but if someone has good luck for decades, don't think it's survivorship bias. Buffet's coin-flipping experiment is a good example.

Knowing what others are investing in is not helpful for people who do not understand the company. It is better to spend time reading Buffett's 1998 speech in Florida (there will be a lot of gains).

Long-termism is the easiest way to invest, even though many people think it is hard.

Not touching what you don't understand can avoid most troubles.

53. It's not difficult to adopt a long-term approach. It's just that most people are irrational and greedy, wanting to make quick money, which results in the majority losing money. The long-term approach is actually very simple: check on it occasionally and do what you normally would. 54. Hunting is a zero-sum game where both parties are the prey; investing is about earning profits for the company. Although short-term investing may appear similar, there is a vast difference over time. 55. Quantitative "investing" is actually speculation, making money off the market in a zero-sum game. If everyone were to engage in quantitative "investing", then who would they earn their money from? Of course, the quantifiers shouldn't worry too much, as there will always be plenty of "leeks" to follow in their footsteps.

56. I will not waste time on things that are meaningless to me. 57. I'm not a big believer in genius, I just think that they spend a lot more time on what they like than others, thus producing significantly better results. 58. Just learned that Zhong Qinghou has passed away. He was a hardworking person who enjoyed what he did; I believe he also enjoyed his life. (February 25th) This is essentially my epitaph as well. 59. Fairness and the desire for fairness are not the same; there is nothing that can ensure everyone receives the most fair outcome at all times. 60. In fact, I have seen more of the ugliness in the world than 99.9% of people, but would you stop loving this world because of seeing a toad once or a few times?

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Of course, algos don't really need to worry because there will always be many 'leeks' following one another.

9. Keep on loving.

I will not waste time on things that are meaningless to me.

I don't really believe in genius. I just think that they like what they do so much that they spend a lot more time working than anyone else, which is why they produce better results.

Just heard that Zhong Qinghou has passed away. He was a hardworking person who enjoyed what he did; I believe he also enjoyed his life. (February 25th)

This is essentially my epitaph as well.

I have always worked hard to do what I love and to love what I do.

Fairness and a desire for fairness are not the same. There is no single solution that can guarantee everyone receives a fair outcome every time.

In fact, I've seen more of the dark side of the world than 99.9% of people. But because I saw an ugly toad once or a few times, I wouldn't stop loving this world, would I?

Editor/Lambor