I carefully watched Fang Sanwen's interview with Duan Yongping, and I gained a lot from seven aspects!!

Brothers, recently I watched a two-hour conversation between Snowball CEO Fang Sanwen and Duan Yongping. The two of them discussed seven areas: personal experience, business management, investment, AI, education, aspirations, and investment advice for ordinary people.

They thoroughly talked about brothers' questions and Duan Yongping's personal values, which was truly enlightening.

The biggest impression Duan Yongping gave me is that he is very genuine, without many gimmicks, all reflecting on himself. During the interview, he also mentioned many "I don't know" moments—51 times according to statistics.

From this, I learned a mindset: if you can find a counterexample to something, then that thing is probably not true. Thinking in reverse is very important.

Another point is to establish a "No-Do List"—think clearly about what things should not be done, which can help avoid failure to some extent.

Furthermore, I feel that making friends is very similar to running a business: both involve keeping people who share your values and who recognize you.

Below are some core insights and summaries of these seven parts.

1. Personal Experience
Influence of family background: My parents are very good, with few demands on me, not competitive, so I feel secure. I’ve been free since childhood, used to making my own decisions. My parents trust their children; when a child's safety is high, they have the opportunity to develop freely.

As parents, if you can't do something yourself, don't expect your children to do it. The most important thing is to set boundaries and trust fully. Boundaries need to be communicated to children—tell them what they cannot do, which is very important. This includes politeness and manners, but not through force.

When young, I didn't have clear goals; mainly I did what I liked, which made me happier.

In college, I learned methods of learning. When encountering something I didn't understand, there are many ways to learn it, which reduces fear of the future.

Knowing how to learn and having confidence in learning are very important. Willingness to learn is more important than age.

If you find something unsuitable for yourself, leave quickly.

Inappropriate "Little Emperor" mechanisms: Shareholding distribution changed from 70/30 to 81/19. When recruiting, commitments are made to employees and partners, and if these commitments can't be fulfilled, the business can't continue. A contract spirit and mutual trust are necessary.

Corporate culture is the personal conduct of the founder; find people who agree with you. Those who agree will stay; those who don't will leave. Culture also grows gradually.

Do the right things, and do things right.

Are people with the same values cultivated or chosen? Chosen.

If a person is placed in a good culture, are they more likely to improve? It's very difficult. Human nature has good and evil. If the environment is good, it awakens the good part; but very evil people can't be changed.

Finding the right people also takes time—some are gradually eliminated, others stay because they agree with you and feel comfortable, so they walk together.

2. About Business Management
Gaoji is forced to shift from feature phones to smartphones. Not switching means death.
Core values are to prevent suppliers and employees from suffering losses. Management alone can't save a company; strategy and culture are key.

Whoever is CEO should think and decide accordingly, not based on how previous leaders might have thought.

3. About Investment
Buying stocks is buying companies; the rest is about how to view the company. Understanding business is crucial. If you don't understand business, it's very hard to run a good company. Understand the company, understand the business, and understand future cash flow.

Business-oriented companies are generally not very good; only customer-oriented ones can be sustainable long-term. If a product doesn't bring extra value to users, stop doing it and cut it.

Everyone makes mistakes; the key is whether we stop making mistakes. Who we are is not because of what we do, but because of what we don't do.

A company's competitiveness needs to be sustainable. For enterprises, innovation is driven by user needs. For example, in tech, innovation is essential. New things meet more user needs; without change, the company dies.

Understanding what remains unchanged and what changes (innovates) is difficult, but even harder than golf.

Long-term investing is an intention, not a prohibition on selling. When you buy, you should have a long-term holding mindset, but always consider opportunity costs. If better companies or investments appear, swapping is totally acceptable.

4. About AI:
AI is an industrial revolution, but bubbles come with it. Some companies will become very powerful, evolving from quantitative to qualitative change. AI is essentially computer application; it's not just an upgrade in magnitude—it's a hundred or a thousand times bigger, truly transformative.

Investment in AI is irreplaceable, but if you trade stocks based on charts and lines, you're just a naive rookie, likely to make less money than before. The real buyer of a company is the company itself, because it relies on profits to buy itself back.

AI improves efficiency undeniably. Whether it can create new GDP is uncertain, but it has a significant impact on individuals, so everyone must learn how to use it.

5. About Education
In children’s education: what parents can do is provide security. If doing something reduces the child's sense of security, then don't do it—like hitting or scolding. If a child is disobedient, find other ways. If hitting makes them seem filial, it's actually scaring them, which is bad for their future development. Loving children doesn't mean spoiling them; boundaries are hard to control and require time and effort.

All parents' actions teach children how to behave. Yelling at them teaches them to yell; hitting teaches them to hit; losing temper teaches them to be angry; being kind teaches them to be kind.

Children sometimes express emotions verbally, like "I don't love you anymore," but it's not true. Just ignore it; maybe it's a bluff. If you let it go, they might love you again soon. The key is not to argue with children.

You can't expect children to obey you every moment. When they are very angry and need support, just hug them; it will be fine after a while. Hitting doesn't solve problems.

Learning ability is very important, but schools don't teach everything. Doing exercises is useful, but not everyone can learn from doing exercises alone. Some people do exercises blindly, but if you can learn from your mistakes and understand why you made them, you grasp the whole logic.

6. About Aspirations
I personally have no grand ambitions; my future wish is to live each day well and do what I like. I’ve never been someone aiming for big achievements—doing what I love every day is enough. Because if you like it, you do it well.

Many say, "That's because you're successful, so you say that," but that's not true. Don't confuse the two. Doing what you love makes you serious and capable of doing well. The same applies to companies: find people who love what they do, entrust them, and they can also do other things they enjoy.

7. Advice for Ordinary People Investing
No specific advice—investing is just investing; it has nothing to do with people. If you don't invest wisely, it's better not to invest at all. If you truly don't understand investing, stay away.

Most retail investors can't make money in stocks unless they understand why or understand the business, or see something that makes sense and seems reasonable.

If you don't know whether there's demand for what you're selling, it's too hard to persist.