📖Duan Yongping
Checklist Discipline
Use checklists to prevent investment oversights.
Use an investment checklist to ensure you don't skip critical steps. Aviation-style checklists prevent costly oversights in investment analysis.
🏠 Everyday Analogy
📖 Core Interpretation
Duan Yongping advocates a repeatable process: define criteria, execute consistently, and review decisions against evidence. Process quality drives outcome consistency.
💎 Key Insight：Checklists enforce discipline and prevent errors.
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❓ Why It Matters
Without process, there is no reliable feedback loop. Structured execution and review improve decision quality over time.
🎯 How to Practice
Run a decision loop of research, thesis, execution, and post-mortem; document assumptions and update playbooks with evidence, not hindsight bias.
⚠️ Common Pitfalls
Having opinions without execution criteria
Reviewing outcomes but not decisions
Abandoning rules during volatility spikes
📚 Case Studies
1
Avoiding Overpriced Chinese Equities (2008)
During the pre-crisis boom, many Chinese stocks traded at extreme valuations. Duan emphasized only buying when prices were well below conservative intrinsic value estimates.
✨ Outcome：Avoided severe drawdowns in 2008 crash and preserved capital for later opportunities.
2
NetEase Concentrated Bet (2006)
Duan Yongping made a focused investment in NetEase after deep research, allocating a large portion of capital despite volatility concerns.
✨ Outcome：The position appreciated significantly over subsequent years, reinforcing his philosophy of concentrating in understandable, high‑conviction businesses.
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