Duan Yongping's Ten Golden Quotes Worth Repeated Contemplation:

First: Price cuts are a sign of lacking a moat; price increases are, like Apple's pricing strategy.

Second: Differentiation is not simply being different, but possessing irreplaceability.

Third: Profit comes from lack of competition; intense competition results in thin margins.

Fourth: Business model determines a company's survival; corporate culture determines its longevity.

Fifth: Integrity means doing the right things and doing things right.

Sixth: When investment requires using a calculator to judge by DCF (discounted cash flow), it means you haven't understood the business yet.

Seventh: Time is a friend to excellent enterprises but an enemy to mediocre ones.

Eighth: Investment should not be about falling in love with stocks, but about "marrying" quality businesses.

Ninth: Investment is the process of realizing value seriously; wealth is the reward for patience.

Tenth: To judge whether something is expensive or cheap, consider it from the perspective of the next decade or even longer.