The core ideas are as follows:

Investment experts like Buffett and Munger are not afraid of missing some opportunities, but more importantly, they don’t want to step on landmines. The reason why some investors are short of money may be because they want to make quick money.

A good track will not enter a low-gross-profit market, as low-gross-profit markets are those with poor business models and little product differentiation.

When doing things, try to think long-term and don’t let important things become urgent things. I think this is very important.

Innovation is actually about making up for the lack of demand. Differentiation is not simply being different, but satisfying user needs. There is no conflict between imitation and innovation. There is no example of innovation that does not start with imitation.

Information asymmetry does not have much impact on stock trading. Investment is not a zero-sum game, but information asymmetry is a zero-sum game. It may be a bit unethical to use information asymmetry to make money in advance. Quantitative investment has a bit of this flavor, but if you don’t do it, others will do it. It’s just a business, and there is nothing wrong with it.

. The most important thing is not diligence, but seeing the essence. You can't stop doing things because you are afraid of making mistakes, because no matter what you do, you will make mistakes, but you shouldn't do things that you know are wrong. Someone once said that the most important thing is diligence. I said no, I said doing the right thing is the most important. Because I said diligence is the most important, will you become more diligent? You won't, at least I won't. But think about doing the right thing, and correct it as soon as you find it's wrong. Looking back 20 years later, you will find that you will save a lot of effort.

. Value investing does not mean long-term investment. When investing, you need to look at the business model and future cash flow. Only when you are sure you can make money, do you dare to invest. You need to live your life and look at the long term. When you find a good company, hold on to it. Only in this way can you be happy.

. If you find a mistake, you should correct it immediately. If you buy the wrong stock, you should sell it immediately. Everyone needs self-discipline and correct mistakes immediately. The same goes for stocks. Many people buy a wrong stock, and after finding the problem, they don’t sell it immediately, but wait for it to go back up. I remember someone told me that LeTV’s stock fell to more than 30 yuan, and asked me what to do. I said that more than 30 yuan is already a good price, because this price may become zero in the future, why wait for it to go back to 50 yuan?

. Don't use the money you need to gamble with money you don't need. As an investor, I might do this when I'm running a business, and it's reasonable for investors or venture capital to do this. But when you have a large amount of money, it's more difficult. You can't use your necessary funds to gamble with money you don't need. I'm fine making 10% to 25% a year, but I might lose everything if I make a 500% return. So why should I do it?

I think Apple's business model, mainly the iPhone, is better than Coca-Cola. You say you would choose Pepsi if it was half the price of Coca-Cola, but do you know how much the price difference is between Android and Apple? Real Apple users don't care about this at all, at least in the United States.

My view on AI is simply that I don’t understand it. I do think it is powerful, but I don’t really understand it.