Duan Yongping deeply deconstructs Warren Buffett's investment logic, explaining the essence of value investing word by word. He stated bluntly: Financial statements are necessary but not omnipotent; looking only at numbers will never make you an expert. Back then, his heavy position in NetEase was not based on courage, but purely on rationality: valued at three dollars, selling for only thirty cents—so cheap there's no need to take risks. The core principle is just one sentence: buying stocks = buying the company itself. You must understand the business, understand the product, and understand human nature.