📖Duan Yongping
Know Your Limits
Stay within your circle of competence.
The most successful investors stay within their circle of competence. Know what you understand well and resist the temptation to venture outside it.
🏠 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：Self-awareness about knowledge limits prevents costly mistakes.
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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
Investing in NetEase (1995)
Duan Yongping invested early in NetEase after leaving BBK, recognizing its potential in China’s emerging internet sector.
✨ Outcome：Held long term; investment multiplied many times as NetEase became a leading Chinese internet company.
2
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.
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