# Ten Golden Quotes from Duan Yongping Worth Savoring Repeatedly:

**First:** Price cuts are a sign of lacking a moat; price increases are, just like Apple's pricing strategy.

**Second:** Differentiation is not simply being different, but possessing irreplaceability.

**Third:** Profit comes from the absence of competition; intense competition leads to thin margins.

**Fourth:** Business model determines a company's life or death; corporate culture determines how long it thrives.

**Fifth:** Integrity means doing the right thing and doing things right.

**Sixth:** When investment requires a calculator to calculate DCF (discounted cash flow) to make a judgment, it means you haven't figured out the business yet.

**Seventh:** Time is the friend of excellent enterprises, but the enemy of mediocre ones.

**Eighth:** Don't fall in love with stocks in investing; "marry" quality enterprises instead.

**Ninth:** Investing is the process of turning seriousness into returns; wealth is the reward for patience.

**Tenth:** When judging whether something is expensive or cheap, consider it from a time dimension of the next ten years or even longer.