Those stories that don't look sexy But it is steadily earning cash flow Unsexy Maotai and Pinduoduo The profit is nearly 100 billion RMB per year Those sexy AI industry chains It's all a loss of tens of billions of dollars a year The unit may still be in US dollars But their valuations are still thriving That's still the same question Assuming today's valuation is reasonable You just need to judge one thing I know if the stock will rise or fall That's next year, the year after, the year after Can the performance of Maotai PDD be better? Performance growth leads to stock price growth If the performance declines, the stock price will continue to fall The current profitability of the enterprise is actually priced in the stock price Last year, when movies were so popular, where was it The stock price of Enlight Media has skyrocketed several times in one breath This year's financial report is out. If you buy again, it will be the mountaintop Because it's highly likely that there won't be any popular products like Nezha this year So the buying and holding logic of Maotai and PDD It's not that they're making a lot of money right now It is believed that the economic recovery will drive the recovery of Baijiu performance But I believe Tume can achieve rapid growth in overseas e-commerce But in the face of Ai's tenfold annual growth Low growth of Baijiu and e-commerce is as slow as a snail So no one is interested in it But in the past, Buffett failed in technology stocks and the Internet Relying on Coca Cola and those who have been soaring all the way Buying Ai is not wrong Buying cash cows is also right Both Class A and Class B assets need to be allocated A portfolio is considered safe and stable