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▲wu xuan, fund manager of penghua fund

summary of viewpoints:

"investing in stocks requires awe for the market or the future. when buying, one should try to maintain a sufficient safety margin. in order to cope with market fluctuations or to reserve room for uncertainties in future business operations, one should try to choose good listed companies under the premise of cheap valuations and stay away from bad companies or management. on this basis, i have refined my investment philosophy to buy good companies at good prices."

"if a company has excellent entrepreneurial spirit, focuses on a field for a long time, is relatively restrained in the use of capital, treats shareholders well, and is relatively generous in repurchases and dividends, companies with these characteristics will still have good stock price performance over the long term, even if they are in a competitive track."

“the market is right in the long run, but often wrong in the short run. human nature dictates that we overvalue short-term factors and underestimate the impact of long-term factors.”

"market fluctuations are happening all the time. the key is that in such a big fluctuation, your framework and method must be stable and effective, just like a hunter hunting. the crosshairs of the gun must be stable. if the crosshairs of the gun change from time to time, there will be no good results."