I have recently been reading Duan Yongping's book, which has deepened my understanding of value investing. I originally intended to share this on another platform, but I have summarized it here to share with everyone, mainly for those who want to understand.Value investing的moo友，这种投资方式也是过去我在【Investment philosophyThis is one of the more recommended articles in the series, but I want to emphasize one point here.Friends who focus on swing trading and trading systems can skip this article, as the cognitive frameworks are different and the discussion is not very meaningful. The more we talk, the easier it is to deepen misunderstandings. However, it is always good to learn more investment methods and find those that suit one's personality.
"Buying stocks is essentially buying companies, and buying companies means buying the discounted future cash flow." Understanding a company means understanding its moat, which is the value investing philosophy consistently emphasized by Buffett and Duan Yongping. $Berkshire Hathaway-A (BRK.A.US)$ $Berkshire Hathaway-B (BRK.B.US)$Whether the stock price is currently expensive or cheap ultimately depends on the judgment of future cash flows (as outlined in the mathematical formulas below) when returning to first principles.
On the premise of understanding a company's moat, the assessment of a long-term sustainable annual growth rate g represents the essential boundary between investment and speculation (which, if it has a positive expected value and repeatability, is not equivalent to gambling), though in fact, this involves two valuation methods. Let me elaborate.
1. Finite-term valuation (calculating the sum of discounted cash flows over a certain period, excluding terminal value)
Mathematical formula for discounted cash flow (a more readable version of the formula can be found online):
Set the base period cash flow as C0 (t = ...

$NVIDIA (NVDA.US)$ Recession period. No hope already

$NVIDIA (NVDA.US)$   $Tesla (TSLA.US)$
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$NVIDIA (NVDA.US)$ If drop, time to add more position today.

$NVIDIA (NVDA.US)$ Hope can close at 200 today 🙏

$Advanced Micro Devices (AMD.US)$ Hope the shorters will be regret today onwards 😅

$Advanced Micro Devices (AMD.US)$ tonight rise or drop?

On October 28, Eastern Time, $Novartis AG (NVS.US)$ announced robust results for the third quarter of 2025. The report shows that the company's third-quarter revenue reached $13.91 billion, an 8.4% year-over-year increase, surpassing market expectations. Although the non-GAAP earnings per share of $2.25 were slightly below expectations, the company's core innovative product pipelin...