Understanding a company and understanding its intrinsic value can be a challenging task. After Steve Jobs' departure, many people around the world were pessimistic about Apple's prospects, but who could have foreseen that Apple would now be worth $3 trillion? Similarly, five years ago, when Alibaba was in full swing, who could have foreseen that the fledgling Pinduoduo would surpass its market capitalization? 
In the early days of Pinduoduo's development, the stock price went from more than 200 yuan to more than 20 yuan, and was regarded by many as a platform for selling fake goods. Most people's research on companies tends to stay on the surface, like a blind man touching an elephant, only touching the tip of the iceberg. I choose not to conduct in-depth research, nor to pursue multi-dimensional cognition and excavation of the so-called "dark horses", but to focus on those high-quality industry leaders that have been fully researched, and those companies with profiteering business models. This way, the path to making money will be easier. Now, it is often said that young people have lost interest in baijiu, which has affected the sales and growth of this industry. However, when I was younger, I didn't like to drink, but now, as I turn 40, I like to drink liquor more and more. With the trend of aging society in China, will the sales of liquor usher in new growth? When I was a child, I didn't have a good impression of beer and thought it was as bad as horse pee, but many people fall in love with beer when they grow up. 
We live in an age of information, and the massive amount of information often makes people confused. Unorganized and filtered information is often just useless garbage. In the process of the stock price sustaining, all kinds of rumors and misunderstandings may be amplified, or even misinterpreted as major bearish. Therefore, treating and even blocking these rumors rationally is one of the essential qualities of investors. 
For investors, rationality, emotional stability, and independent thinking are crucial qualities. We can't blindly follow the trend and follow the crowd. In order to become a good investor, we need to go through five steps: first, identify world-class investment gurus; secondly, summarize their main investment philosophy and approach; third, to refine their strengths and eliminate their weaknesses; Fourth, integrate these advantages into your own investment model; Finally, keep repeating the first four steps and keep improving.