About three to five days in advance, I saw on Douyin that on November 11, Xueqiu's founder Fang Sanwen would have a 90-minute exclusive interview with the Eastern Buffett Duan Yongping.

Yesterday, I specifically set up a phone to listen to the entire session at 1.5 times speed.

Of course, afterwards there were overwhelming AI summary articles, and I believe interested followers may have already bowed down and respectfully excerpted them.

The reason for writing this is to share some bizarre thoughts that flowed through Lao Xu's mind at that time.

1. Regarding Duan Yongping, he is known as the Eastern Buffett among the public, especially in the eyes of stock investors, as he is the true hidden billionaire in China.

Whether it's bestsellers or folk legends, there's a trend to mythologize them. In the interview, Ah Duan presented himself very straightforwardly; even when the host intentionally tried to add unique colors to his life, he consistently conveyed this message: 'I am an ordinary person. There are many things I don't understand, and I make mistakes too.' He particularly resists the external tendency to deify him, while also trying to 'set right' his identity as an ordinary person.

Unlike most people who seek fame and fortune, Ah Duan is absolutely rational; of course, maybe he is just a simple and pure person who doesn't like to work but loves to play sports and ponder over other people's businesses as a science and engineering guy.

2. Buying stocks means buying companies. This statement is a profound imprint that Buffett left on Ah Duan. From a financial logic perspective, this is a worthless statement. However, there won't be clearer words to convey the essence of stock trading.

To put it bluntly, buying stocks means buying companies, which means you need to understand this company and this business. You need to have insight and real business experience to make judgments. The key reason why ordinary retail investors remain ordinary is that they only see the sky from the well and look at K-lines, lacking any business sense.

3. For quite a long time, the reason I wasn't interested in Duan Yongping is that, in my eyes, he is just a speculator who tricks children. Whatever makes money, he does it. For example, the Little Emperor learning machine; I bought one. When I was a kid, I thought I could buy it to learn English, but I found out that there were no learning cards available, only rows of game cartridges. So, the learning machine is a keyword to trick parents; essentially, it's just a Little Emperor game console.

Products like the Bubugao VCD, DVD, and repeaters, even OPPO and vivo, create unique user value that also focuses on catering to entertainment.

However, in Ah Duan's view, the core of his corporate culture is 'integrity, honesty, and user orientation'. He has elaborated quite a bit on the concept of user orientation, which is also an important standard for him in choosing companies.

Looking back, what he said about being user-oriented is also not wrong. The winners in the market have always been those who cater to user needs; no one has ever dominated by educating users.

4. 'Those who trade stocks will be in great danger because you can't outperform Liang Wenfeng; this has long been realized, so you're all just leeks. Those who want to make money by looking at charts and lines in stock trading are just iron-clad leeks. But you can't harvest me because I just don't move; once I buy Moutai, I just hold onto it.'

Lao Xu, please interpret this for everyone. This statement is actually one of the two most valuable points about investment from this lengthy interview. AI represents a dimensionality reduction attack on retail investors trading short-term stocks. Specifically, it's quantitative trading; as long as quant trading is faster than retail investors by one ten-thousandth of a second, it can ensure its crushing advantage over retail investors.

Fang Sanwen: To summarize your advice, it's that you should not trade stocks. Making money from stock trading is hard; instead, invest. Investing might allow you to make some money?

Duan Yongping: Of course, investment is possible; otherwise, what am I doing?

In reality, whether it's stocks, cryptocurrencies, gold, or any other market, short-term trading has already lost its cost-effectiveness. In the AI era, retail investors need to better understand the skill tree of 'value investing'.

5. Fang Sanwen: This user asked a particularly nonsensical question: How do you spend an ordinary day, for example, today?

Duan Yongping: Playing sports, exercising.

Fang Sanwen: Is it like this every day?

Duan Yongping: It's about the same, playing in different arenas.

By the way, when Ah Duan talks about playing, he means playing golf. 'Understanding anything is difficult, but nothing is as difficult as golf.'

Come on, Lao Xu, let me refine it for everyone a bit more: the body is the capital of revolution; your body is your greatest wealth in life. This is something Ah Duan hasn't made clear. For smart people, as long as they fill out the upper body well, control the lower body, and focus on their own careers, there will be endless possibilities.

If you have time, I suggest everyone go watch the original video. In the video, you can see and hear the perceptive expressions and demeanor of the speaker, and the conveyed information is more comprehensive and three-dimensional.

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