Investing · Modern investor letters
段永平：A Stock Is a Piece of a Company
段永平《方略·对话段永平》· 2025 年 11 月 11 日雪球访谈 · Investing · Wealth · Decision · Cognition
买股票就是买公司。
Source：
https://wallstreetcn.com/articles/3759228
Locator：方略第三季第一期，2025-11-11 · Verified：2026-10-19 · Verification：Short excerpt
Reading
Buying a stock is buying a piece of a company, not a ticker.
Context
In a 2025 Xueqiu interview, Duan Yongping repeats Buffett's first lesson: a stock is a piece of a company. The hard part, he says, is understanding the business.
Today's question
If you could not sell for five years, would you still buy the stock you hold today?
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