📚 Investment Academy
Learn investing fundamentals, value investing philosophy, and portfolio analysis tools through our curated collection of in-depth articles.
📖 Experience (6)
Duan Yongping: Buying Stocks = Buying Companies
BBK founder Duan Yongping's investment philosophy distilled. From his $620K Buffett lunch to the core principle of treating stocks as businesses.
Munger's Psychology of Misjudgment: 24 Mental Traps
Deep analysis of Munger's 1995 Harvard lecture. How 24 psychological biases affect investment decisions, with modern examples.
Peter Lynch: Stock Picking Rules from Zero to Hero
Peter Lynch achieved 29.2% annual returns over 13 years. Why his methodology is particularly friendly to individual investors.
Buffett's Shareholder Letters: 50 Years of Wisdom
10 key investment principles distilled from 50+ shareholder letters, paired with market context from each era.
Howard Marks: The Art of Cycles and Risk
Even Buffett reads Howard's memos first. Understanding market cycles, assessing risk, and staying calm.
Li Lu: Value Investing in China
Munger's only Chinese disciple. From Tiananmen to Wall Street, and the legendary BYD investment case.
🧠 Philosophy (5)
First Principles of Value Investing
Why 'buying stocks = buying companies' isn't a slogan but the mathematical foundation of value investing.
Margin of Safety: Graham's Most Important Legacy
If you could learn only one concept from value investing, it's margin of safety. Explained with a bridge-building analogy.
Long-termism and the Power of Compound Interest
¥10K at 15% annual return for 50 years = ¥10.83M. Time is the most powerful weapon of value investors.
Contrarian Thinking: Be Greedy When Others Are Fearful
Munger says 'invert, always invert.' Data from 2008, 2020, 2022 crashes proves contrarian investing works.
Circle of Competence: Admitting Ignorance Is Wisdom
Duan says 'I don't invest in pharma because I don't understand it.' Buffett avoided tech in 2000 and was vindicated.
🔧 Tools (5)
DCF Valuation Model: A Practical Tutorial
Step-by-step DCF valuation using Apple as an example. From data gathering to valuation range, with formulas.
How to Read Financial Statements: Secrets of Three Reports
Income statement, balance sheet, cash flow — using Moutai's real financials to highlight the 10 most critical numbers.
SEC 13F Guide: The Right Way to Track Smart Money
What is a 13F filing? Who must file? How to use Whale Analyzer to monitor top investors' portfolio changes.
Portfolio Construction: Kelly Criterion and Position Sizing
Duan says '2-3 stocks is enough.' How to scientifically size positions? The Kelly Criterion provides the math.
Porter's Five Forces: Is This Industry Worth Investing In?
Baijiu vs airlines: why the same revenue produces vastly different profits. Five Forces in practice.
📐 Fundamentals (4)
What is Discounted Cash Flow (DCF)?
DCF explained through buying a pancake stand. It earns ¥100K/year — how much would you pay? Zero formulas needed.
PE, PB, PEG Ratios Fully Explained
Is a PE of 20 expensive or cheap? Duan says PE is 'a snapshot value.' Real company comparisons make it clear.
Economic Moats: Five Sources of Competitive Advantage
Buffett's favorite metaphor — brand, patents, network effects, switching costs, cost advantage, explained one by one.
Free Cash Flow vs Net Profit: Why Profitable Companies Go Bankrupt
Duan says good companies 'make money lying down, pure cash inflow.' Restaurant owner analogy explains FCF vs net income.