---
title: "$PDD(PDD.US)The most fatal mistake in value investing is equating "low PE" with a "margi"
description: "$PDD(PDD.US)The most fatal mistake in value investing is equating "low PE" with a "margin of safety".Stocks like PDD are not "cyclically cheap"; they are more like "structu"
type: "topic"
locale: "en"
url: "https://longbridge.com/en/topics/38745248.md"
published_at: "2026-02-15T12:51:54.000Z"
author: "[没有情绪](https://longbridge.com/en/profiles/14083582)"
---

# $PDD(PDD.US)The most fatal mistake in value investing is equating "low PE" with a "margi

$PDD(PDD.US)The most fatal mistake in value investing is equating "low PE" with a "margin of safety".

Stocks like PDD are not "cyclically cheap"; they are more like "structural risk pricing".

You think 10x is undervalued; I think that's the market saying: uncertainty needs to be discounted.

If the risk hasn't improved, cheap is the reason it's cheap—not a reason to buy.

### Related Stocks

- [PDD.US - PDD](https://longbridge.com/en/quote/PDD.US.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.