As Duan Yongping's ten golden quotes, worthy of repeated reflection:

First quote: Price reduction is a sign of lacking moats, while price increases, like Apple's pricing strategy, demonstrate them.

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

Third quote: Profits come from the absence of competition; intense competition results in thin margins.

Fourth quote: Business models determine enterprise survival or death, while corporate culture determines the length of its development.

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

Sixth quote: When investment requires using a calculator to judge based on DCF (discounted cash flow), it indicates you haven't truly understood the enterprise.

Seventh quote: Time is the friend of excellent enterprises, yet the enemy of mediocre ones.

Eighth quote: Don't fall in love with stocks in investing; instead "marry" quality enterprises.

Ninth quote: Investment is the process of turning diligence into wealth; fortune is the reward for patience.

Tenth quote: Judging whether something is expensive or cheap requires considering from the time dimension of the next decade or even longer.