Many people think about whether others will buy at a higher price when investing in stocks. But this kind of thinking is actually gambling. The true investment logic should be the other way around.

Imagine you own a store. What would you think? Certainly not hoping every day that someone will pay a higher price to buy it, but rather considering how the store makes money and how much cash it can generate by the end of the month. Cash flow is the lifeblood of a business—without cash flow, the store cannot survive.

The same principle applies to stock investing. The core is not about the rise and fall of stock prices, but whether the company can continuously generate cash flow for you. You are buying the company's operational ability, not a piece of paper waiting for appreciation by luck.

What is most critical for a business from its founding to growth? It’s still cash flow. Without stable cash flow, even impressive accounting profits are虚假的—unsustainable in the long run. Truly valuable companies are those that can continuously produce cash.

Therefore, the essence of stock investing is cash flow investing. If your investment logic does not include the concept of cash flow, then you are probably just dreaming.