Selected Q&A: Duan Yongping on Buffett
💡 Key Quotes
- “I started believing in Buffett from the very first minute I saw him, and never wavered”
- “That lunch with Old Ba wasn’t wasted — this one sentence alone is worth 100 lunches (actually far more, haha)?”
- “The most important thing to learn from Buffett — and what people can actually learn — is what he doesn’t do!”
- “Never forget Old Ba’s teaching: no shorting, no borrowing, don’t do what you don’t understand!”
- “Chatting with Buffett gave me tremendous help — it brought me at least several thousand times the value of that lunch”
❓ Selected Q&A
Q: What did you learn from having lunch with Buffett?
A: When investing, everyone faces infinite choices. What’s most important? What should you not do? Buffett says when buying a company, first look at the business model; if you don’t understand it, stay away. Since meeting Buffett, my opportunities for making mistakes have clearly declined (don’t do what you don’t understand). My decision to heavily invest in Apple also benefited from Buffett’s teachings (strong business model). These two things Buffett talked about, I think are worth at least 20% of one’s net worth (for everyone who understands it, over a lifetime). (2012-07-11)
Q: Looking back today, if time could go back to then, would you still spend that much money to have lunch with Buffett?
A: Chatting with Buffett gave me tremendous help — it brought me at least several thousand times the value of that lunch. Before, I didn’t pay so much attention to business models; it was just one of many considerations. After knowing Old Ba, my purchases of Apple, Moutai, including Tencent, all had Old Ba’s influence in them, especially the point about holding long-term, which is absolutely inseparable from Old Ba haha. Also, since then, the market’s influence on me has declined year by year to almost nothing. If I could do it again, I would definitely go after that opportunity even sooner. (2020-10-15)
Q: How should we understand Old Ba’s statement that business model is most important?
A: Old Ba says business model is most important. I’ve probably been thinking about this sentence for several years now, and still am, but indeed I increasingly feel Old Ba’s view makes sense. That lunch with Old Ba wasn’t wasted — this one sentence alone is worth 100 lunches (actually far more, haha)? (2012-06-24)
Q: What’s the most important thing in learning from Buffett?
A: The most important thing in learning from Buffett — and what people can actually learn — is what he doesn’t do! The vast majority of people learn the opposite — what he does, which is impossible to learn because everyone’s circle of competence is different. (2011-10-23)
Q: What does it mean that “I started believing in Buffett from the very first minute I saw him, and never wavered”?
A: I started believing in Buffett from the very first minute I saw him, and never wavered. People who don’t have Buffett in their hearts find it hard to believe in Buffett, and nothing anyone says will help. (2010-07-04)
Q: What does it mean to say “half Buffett, half Soros”?
A: Saying “half Buffett, half Soros” actually means you understand neither Buffett nor Soros. (Investment Logic Chapter)
Q: What is Old Ba’s teaching?
A: Never forget Old Ba’s teaching: no shorting, no borrowing, don’t do what you don’t understand! (2010-05-10)
Q: What made Buffett “Buffett”?
A: What makes Buffett “Buffett” is, most importantly, his ability to persist in doing the right thing — meaning not making mistakes of principle. (Investment Logic Chapter)
Q: What is investment faith/belief?
A: Investment faith means believing that in the long run, the stock market is a weighing machine. For those without faith, the stock market is forever a voting machine. The faith I’m talking about is what you truly believe deep in your bones — things that cannot be shaken by certain events. For example, that companies with good long-term profits and net cash flow will see their stock prices catch up eventually, etc. (2013-05-17 / 2017-02-27)
Q: What makes a good business model?
A: A good business model is simple — profits and net cash flow are always solid, and competitors find it hard to take away market share even over long periods. You can think for yourself: whose business is hard to take away? And then think why? (2020-10-11)
Q: Generally speaking, what should you often look at regarding business models?
A: Generally, when looking at business models, what you often need to check is nothing more than whether the moat is solid long-term (sustainability of product differentiation, including corporate culture), whether long-term gross margins are reasonable (product substitutability), and whether long-term net cash flow (which in the long term is essentially net profit) is satisfactory. (2020-11-06)
Q: What kind of person is Buffett?
A: Old Ba is a very good person. He treats people well and sincerely from the heart. He is very wise — any complex question, he gets to the essence in just a sentence or two. He is so wise, so successful, and treats people so well. I’ve basically never seen such a person among Chinese entrepreneurs, and very few among American entrepreneurs too. (2018-09-30)
Q: If you still don’t understand what a business model is, what should you do?
A: If you still don’t understand what a business model is, then read those speeches Old Ba gave at several universities. Still don’t understand? Then look at See’s Candies, look at Coca-Cola, look at BYD, look at Apple, look at airlines… Still don’t understand? Then start over and read again. Within 10-20 years if you still don’t understand, just use this method — “start over and read again.” (2012-06-24)
🔗 Related Notes
Related Concepts 生意模式 · 投资的信仰 · 买股票就是买公司 · Stop Doing List · 能力圈 Related People 段永平 · 巴菲特 · 芒格 Related Topics 段永平谈巴菲特篇精选 · Duan Yongping’s Value Investing System
段永平谈巴菲特篇精选
💡 核心金句
- “我从看到巴菲特第一分钟起就开始相信巴菲特了，从来没动摇过”
- “和老巴吃顿饭没白吃，这句话就已经值个100顿饭了吧（其实远远不止哈）？”
- “学巴菲特最重要和人们能够学的东西其实是他不做什么！”
- “老巴的教导千万别忘了：不做空，不借钱，不做不懂的东西！”
- “和巴菲特聊一聊，给了我非常大的帮助，至少给我带来了几千倍午饭的价值”
❓ 精选问答
问：你和巴菲特吃饭学到的是什么？
答：投资时，每个人都要面临无穷选择。到底啥最重要？啥不该做？巴菲特说买公司首先看生意模式、不懂不碰。从见巴菲特以后，我犯错误的机会明显下降（不懂不做），决定重仓苹果也得益于巴菲特的教诲（生意模式强大）。巴菲特讲的这两个东西，我认为至少值20%的身价（对看懂的每个人的一生而言）。（2012-07-11）
问：从今天回头看，如果时光回到当年，你还会花那么多钱和巴菲特吃那顿饭吗？
答：和巴菲特聊一聊，给了我非常大的帮助，至少给我带来了几千倍午饭的价值。以前我对商业模式是没有那么重视的，只是众多考虑之一。认识老巴以后，我买的苹果，茅台，包括腾讯，都有老巴的影响在里面，尤其是一直拿着这点，和老巴绝对密不可分哈。另外，从那以后，市场对我的影响逐年下降到几乎没有。如果能够从来的话，那我肯定会更早地去赢取那个机会。（2020-10-15）
问：老巴童鞋说生意模式最重要，这句话怎么理解？
答：老巴童鞋说生意模式最重要。我自己大概对这句话想了好几年了，还在继续想，但确实越来越感觉到老巴这个说法有道理。和老巴吃顿饭没白吃，这句话就已经值个100顿饭了吧（其实远远不止哈）？（2012-06-24）
问：学巴菲特最重要的是什么？
答：学巴菲特最重要和人们能够学的东西其实是他不做什么！绝大多数人学的是相反的东西，就是他在做什么，那是没办法学的，因为每个人的能力圈不同。（2011-10-23）
问：我从看到巴菲特第一分钟起就开始相信巴菲特了，从来没动摇过，这是什么意思？
答：我从看到巴菲特第一分钟起就开始相信巴菲特了，从来没动摇过。心中没有巴菲特的人是很难相信巴菲特的，而且谁说都没有用。（2010-07-04）
问：说自己一半巴菲特一半索罗斯是什么意思？
答：说自己一半巴菲特一半索罗斯的意思实际上是说自己既不懂巴菲特也不懂索罗斯。（投资逻辑篇）
问：老巴的教导是什么？
答：老巴的教导千万别忘了：不做空，不借钱，不做不懂的东西！（2010-05-10）
问：巴菲特之所以是”巴菲特”，最重要的是什么？
答：巴菲特之所以是”巴菲特”，最重要的就是他能坚持做正确的事，也就是原则性错误的事不做。（投资逻辑篇）
问：投资的信仰是什么？
答：投资的信仰指的是：相信长期而言股市是称重机，对没有信仰的人而言，股市永远是投票器。我说的信仰就是你骨子里真的相信的东西，是不会被某些事情动摇的。比如长期利润及净现金流好的公司股价早晚会跟上来等等。（2013-05-17 / 2017-02-27）
问：好的商业模式是什么？
答：好的商业模式的很简单，就是利润和净现金流一直都是杠杠的，而且竞争对手哪怕很长的时间里也很难抢。你可以自己想想谁的生意是很难抢的？然后再想想为什么？（2020-10-11）
问：一般来说，商业模式经常要看的东西是什么？
答：一般来说，商业模式经常要看的东西不外是护城河是否长期坚固（产品的差异化的持续性，包括企业文化），长期的毛利率是否合理（产品的可替代性），长期的净现金流（长期而言其实就是净利润）是否满意。（2020-11-06）
问：巴菲特是个什么样的人？
答：老巴是一个很好的人。他是发自内心的对人好对人诚恳。他很睿智，任何复杂的问题，他一两句话就说到本质了。他这么睿智这么成功又对人这么好，中国企业家里我基本没见过这样的，美国企业家里也极少。（2018-09-30）
问：如果你还不明白什么叫生意模式的话，怎么办？
答：如果你还不明白什么叫生意模式的话，那就看看老巴的那几篇在几个大学的演讲。还没懂？那看看喜诗糖果，看看可口可乐、看看比亚迪、看看苹果、看看航空公司……还没懂？那重头来，接着再看。10-20年之内看不懂都可以用这个办法，就是”重头来，接着再看”。（2012-06-24）
🔗 相关笔记
相关概念 生意模式 · 投资的信仰 · 买股票就是买公司 · Stop Doing List · 能力圈 相关人物 段永平 · 巴菲特 · 芒格 相关主题 段永平谈巴菲特篇精选 · 段永平的价值投资体系