A classic investment case always helps to illustrate the point. In early October 2011, a tech giant experienced a key leadership change, with a successor taking over. At this moment, a seasoned investor actually increased their stake in the company—completing their position in November.

This decision may seem bold, but it actually reflects a profound investment logic: buying stocks is essentially buying a company, not just a particular individual. Truly valuable companies derive their vitality from their core corporate culture and business model, not from any one leader.

The reason this investor dared to bet at such a sensitive time stems from his deep understanding of the company—he saw what sustains the company's continuous progress: a relentless pursuit of innovation and unwavering focus. These qualities have long been embedded in the company's DNA and are not shaken by a leadership transition.

This teaches us: the highest level of investing is truly understanding a company.