📖Duan Yongping
Behavioral Bias Awareness
Know your behavioral biases to avoid them.
Know the common behavioral biases that trap investors: anchoring, confirmation bias, loss aversion, and herding. Awareness is the first step to prevention.
🏠 Everyday Analogy
📖 Core Interpretation
Duan Yongping treats survival as the first objective. Limiting permanent capital loss, controlling leverage, and avoiding single-point failure are prerequisites for long-term compounding.
💎 Key Insight：Awareness of biases is the first defense against them.
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❓ Why It Matters
A single large drawdown can erase years of progress. Risk control is not timidity; it is the operating system that keeps compounding alive.
🎯 How to Practice
Define downside scenarios before entry, cap position size, avoid fragile leverage, and maintain liquidity so mistakes remain survivable.
⚠️ Common Pitfalls
Equating volatility with all forms of risk
Oversized positions without an exit plan
Using leverage to compensate for uncertainty
📚 Case Studies
1
U.S. Financial Crisis vs. NetEase (2008)
Global markets crashed and China’s economy slowed, yet NetEase’s game business remained resilient despite fears of macro-driven collapse.
✨ Outcome：Duan focused on business fundamentals, not macro forecasts, held shares, and saw substantial multi‑bagger returns as earnings grew.
2
China Slowdown Fears vs. Tencent/NetEase (2015)
Widespread concerns about China’s GDP slowdown and stock market volatility led many to predict long-term stagnation in Chinese internet companies.
✨ Outcome：Ignoring macro guesses, Duan emphasized durable competitive advantages and user growth, kept investing, and holdings appreciated strongly over subsequent years.
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