I believe in long-term ownership of wonderful businesses, guided by Duan Yongping’s Benfen philosophy — rational, think long-term, with common sense.
我相信长期持有优秀企业，遵循段永平的”本分”哲学 — 平常心、理性、看长远；不做不该做的事情，在能力边界内把该做的事情做好。
"Benfen is to insist doing the right things — and then doing things right."
"本分就是要坚持做对的事情，然后把事情做对。"
"When wrong, correct it — the sooner, the cheaper."
"错了要马上改，越早改代价越小。"
"If you don't understand it, don't touch it — money made without understanding is risky and dangerous."
"不懂的东西不要碰，不懂赚的钱是有风险的，是很危险的。"
— Duan Yongping (段永平)
The long-term accumulation of wealth is built on judgment, patience, discipline, and principles. I believe capital should travel alongside exceptional businesses. Inspired by the value investing philosophy advocated by Warren Buffett, Charlie Munger, and Duan Yongping, I focus on long-term ownership of outstanding companies led by trustworthy management teams, shaped by strong corporate cultures, and supported by durable moats and long-term growth potential. I seek to buy at sensible prices and compound capital steadily through long-term thinking.
财富的长期积累，建立在认知、耐心、纪律与原则之上。我相信资本应与卓越企业同行。秉持沃伦·巴菲特、查理·芒格和段永平所倡导的价值投资理念，我专注于长期持有那些由值得信赖的管理层经营、拥有优秀企业文化、具备坚实护城河与长期成长潜力的优秀企业，以合理价格买入，通过长期主义实现稳健复利。
Investing is not about activity. It is about ownership.
投资不是频繁交易，而是长期持有。
Cash quietly loses value over time. Investing in wonderful businesses preserves wealth and allows it to compound over the long term.
现金会在时间中悄然贬值。投资于优秀的企业，才能守住财富，并在长期中实现复利增长。
Investing turns idle capital into ownership of businesses that generate growing cash flows over time.
投资将闲置资本转化为企业所有权，这些企业能随时间推移持续创造不断增长的现金流。
Let your assets do the work, so you don't have to — and reclaim your freedom to live and work on your own terms.
让资产替你工作，而不是你一直工作——从而重获按照自己方式生活与工作的自由。
"Compound interest is the eighth wonder of the world. He who understands it, earns it... he who doesn't... pays it." — Albert Einstein
"复利是世界第八大奇迹。" — 阿尔伯特·爱因斯坦
| Annual return年回报率 | $100,000 after 10y10年后 | $100,000 after 20y20年后 | $100,000 after 30y30年后 | Last decade value creation %最后十年价值创造百分比 |
|---|---|---|---|---|
| 1% | $110,462 | $122,019 | $134,785 | 9.0% |
| 7% | $196,715 | $386,968 | $761,226 | 49.2% |
| 15% | $404,556 | $1,636,654 | $6,621,100 | 75.3% |
| 20% | $619,174 | $3,833,760 | $23,737,600 | 83.8% |
| 30% | $1,378,584 | $19,005,000 | $261,817,000 | 92.8% |
The first decade is impressive.
第一个十年令人印象深刻。
The second decade is extraordinary.
第二个十年非同凡响。
But the third decade will be unfathomable.
但第三个十年将不可思议。
I hope to build lasting wealth through long-term ownership of wonderful businesses globally — for myself and for my family across generations. I collect businesses like fine arts: buying great businesses run by wonderful people at the right price, with the goal of owning them for decades.
我希望通过长期持有全球卓越企业，为自己和家人实现跨代的财富积累。我像收藏艺术品一样收藏企业——以合理价格买入由优秀人才经营的好企业，目标是穿越周期、长期持有。
My North Star — doing the right thing and doing things right. Integrity is non-negotiable.
我的北极星——做对的事情，把事情做对。诚信不可妥协。
I only invest in what I deeply understand. I say "no" often.
只投资我深刻理解的领域。我经常说"不"。
I think in decades, not quarters. Patience is my edge.
我以十年为单位思考，而非以季度。耐心是我的优势。
Rule No. 1: Don't lose money. Rule No. 2: Don't forget Rule No. 1.
规则一：不要亏钱。规则二：不要忘记规则一。
I form my own views based on facts, detached from the crowd. The world changes; I adapt by constantly expanding my knowledge.
我基于事实形成独立观点，不随波逐流。世界在变化，我通过不断扩展知识来适应。
I invest my own money based on these principles. Every position reflects my own conviction — I never recommend what I wouldn't own myself.
我用自己的钱践行这些原则。每一笔持仓都是我自己的信念——我不会推荐任何自己不愿持有的东西。
"If you don't understand the first principles of what you are doing, you are likely to be swayed by the crowd." — Elon Musk
"如果你不理解你所做的事情的第一性原理，你很可能被大众所左右。" — 埃隆·马斯克
A partial ownership interest in a living, breathing business.
对一个活生生的企业的部分所有权。
The ability to generate cash flows over time, discounted back to the present.
随时间推移产生现金流的能力，折现回现值。
Structural competitive advantages (Moats) that prevent competitors from eroding profits.
结构性竞争优势（护城河），防止竞争对手侵蚀利润。
The starting point — the price paid relative to intrinsic value. It matters because even great businesses disappoint when overpaid.
你的起点——你支付的价格相对于内在价值。起点很重要——即使优秀的企业，如果买贵了也会令人失望。
Long-term Investing Return = Business Quality × Time ÷ Price Paid
长期投资回报 = 企业质量 × 持有期限 ÷ 买入价格
I am a long-term business owner.
我是长期的企业所有者。
I see myself as an owner, not a chart reader. My philosophy is to filter opportunities with discipline, ignoring short-term noise and swinging only at "fat pitches" — ideas that land squarely within my circle of competence, offer real micro-economic advantage, and are led by trustworthy people. Like Ted Williams, who divided the strike zone into 77 cells and swung only at his best ones, I believe investing is not about hitting everything, but hitting the right thing with conviction. Most prices the market throws at me are pitches I happily watch go by. When I find a company with strong fundamentals, durable competitive moats, and long-term compounding potential, I swing hard and hold for decades. I avoid the twin errors of over-trading and under-committing: success comes from acting rarely, rationally, and decisively when it truly matters — protecting capital, backing quality, and owning patiently.
我是长期的企业所有者。我把自己视为企业主人，而不是市场行情的技术分析师。我相信投资机会需要用纪律去筛选，忽略短期噪音，只在能力圈内、具备真实微观经济优势、并由值得信赖的人经营的企业上下注。就像Ted Williams把好球区分成77个小格、只在最好的格子里挥棒一样，我认为投资不是要什么都打，而是在真正重要的机会出现时，重仓出击。市场每天向我抛来的价格大多只是"球"，我只需一笑而过，安心旁观。只有当我找到基本面扎实、竞争壁垒稳固、具备长期复利潜力、且管理者可信的企业时，我才会果断挥棒，长期持有数十年。我避免两类同样致命的错误：交易过度和下注不足。真正的成功来自在机会出现时行动稀少、决策理性、出手坚决——守住资本、相信品质、耐心持有。
"Risk comes from not knowing what you're doing." — Warren Buffett
I define risk as the permanent loss of capital. As Charlie Munger said, "Invert. Always invert." I avoid capital destroyers like plague.
I won't do any of the above.