Duan Yongping gives an in-depth breakdown of Buffett's investment logic, articulating the essence of value investing word by word. He stated plainly: Financial statements are necessary but not omnipotent; relying solely on numbers will never make you an expert. When he heavily invested in NetEase back then, it wasn't based on courage, but pure rationality: a company worth three dollars selling for thirty cents—so cheap there's no need to take risks. The core principle boils down to one sentence: Buying stocks = Buying the company itself. You need to understand the business, understand the product, and understand human nature.