📖Duan Yongping
Continuous Improvement System
Treat investing as a craft that can always improve.
Review every investment decision — wins and losses — to improve your system. The best investors treat investing as a craft that can always be refined.
🏠 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：Post-mortem analysis drives systematic improvement.
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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
Charity Lunch with Buffett (2006)
Paid over USD 600,000 for a charity lunch with Warren Buffett to learn value investing and long-term thinking.
✨ Outcome：Reinforced focus on intrinsic value, circle of competence, and doing the right things over chasing short-term gains.
2
Investment in NetEase (2005)
Duan Yongping recognized NetEase’s strong gaming ecosystem and loyal user base as a durable moat and invested heavily when the market doubted its sustainability.
✨ Outcome：NetEase’s profits and market share grew significantly, and the stock multiplied over the next decade.
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