#迷因币情绪 Duan Yongping has a question in his Q&A book that I believe is a soul-searching question: If you invest in a company but not in its value, then what exactly are you investing in? What is a company's value? Buffett and Duan Yongping have both said similar things: A company's value is the discounted future cash flows that a company can generate. If you are not investing in these, but in other things (such as market sentiment fluctuations or short-term price volatility), then it is not an investment. If it is not an investment, then there are many ways to play.