Regarding stock investing, I want to share some recent thoughts. Ultimately, buying stocks is essentially buying a company. Being listed or not simply provides convenience for exit, but does not change the intrinsic value of the company itself.

To measure how much a company is worth, look at how much cash flow it can generate in the future. Discounting these future cash flows to today’s value is the intrinsic value of the company. As an investor, you should only buy when the stock price is significantly below this intrinsic value. As for what "significantly" means—whether a 40% discount, 50%, or another figure—completely depends on your other investment opportunities—that's the consideration of the margin of safety.

However, there's an easily overlooked point: calculating intrinsic value is not just a simple math problem. Using a calculator to precisely derive it is a misconception. It’s more of a way of thinking—a rational judgment about the company's future.

To accurately assess a company's value, you must first acknowledge your knowledge boundaries. Only invest in fields and companies you truly understand (the circle of competence principle); this is a prerequisite. At the same time, a "moat" is a key indicator of whether a company can maintain its competitive advantage over the long term. Corporate culture is often the deepest moat—it's hard to imagine a company with a diffuse culture building a real competitive barrier.

Finally, in the face of daily market fluctuations, maintaining rationality is very important. Regularly review your investment logic for each position and see if it still holds. These principles sound simple, but executing them is actually quite difficult.