近日，知名投资人但斌对段永平公开‘力挺茅台’的言论作出点评，引发市场广泛关注。段永平作为价值投资的代表人物之一，长期持有贵州茅台，并多次在社交平台强调其品牌护城河、稀缺性及长期增长潜力。面对近期白酒板块波动和市场对高端白酒消费疲软的担忧，段永平重申对茅台的信心，称‘只要逻辑没变，就继续持有’。对此，但斌表示高度认同。他指出，茅台不仅是中国最具定价权的消费品之一，更是具备全球稀缺性的高端资产。在经济不确定性加剧的背景下，像茅台这样拥有强大品牌壁垒、稳定现金流和高ROE（净资产收益率）的企业尤为珍贵。但斌还强调，真正的价值投资者应关注企业内在价值而非短期股价波动，段永平的做法正是长期主义的典范。两位投资人的观点再次凸显了价值投资在中国市场的适用性，也为普通投资者提供了理性看待优质资产回调的视角。在喧嚣的市场情绪中，坚守对优秀企业的信念，或许是穿越周期的关键。
Recently, renowned investor Dan Bin commented on Duan Yongping’s public endorsement of Kweichow Moutai, drawing significant market attention. Duan, a prominent advocate of value investing, has held Moutai shares for years and frequently emphasized the company’s strong brand moat, scarcity, and long-term growth potential on social media. Amid recent volatility in the liquor sector and concerns over weakening demand for premium baijiu, Duan reaffirmed his confidence in Moutai, stating, “As long as the underlying logic remains unchanged, I’ll keep holding.”Dan Bin expressed strong agreement with this stance. He noted that Moutai is not only one of China’s most pricing-powerful consumer brands but also a globally scarce premium asset. In an environment of heightened economic uncertainty, companies like Moutai—with robust brand barriers, stable cash flows, and high ROE (Return on Equity)—are especially valuable. Dan further stressed that true value investors should focus on intrinsic business value rather than short-term stock price fluctuations, calling Duan’s approach a model of long-termism.Their shared perspective highlights the continued relevance of value investing in China’s market and offers retail investors a rational lens through which to view temporary pullbacks in high-quality assets. Amid market noise, maintaining conviction in exceptional businesses may well be the key to navigating economic cycles.
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