📖Duan Yongping
Multidisciplinary Thinking
Use insights from multiple disciplines for better decisions.
Draw insights from multiple disciplines — psychology, history, mathematics, and science — to build a lattice of mental models for better investment decisions.
🏠 Everyday Analogy
📖 Core Interpretation
Duan Yongping highlights that many investment mistakes are psychological, not analytical. Managing behavior under stress is as important as finding ideas.
💎 Key Insight：Cross-disciplinary thinking reveals patterns invisible to specialists.
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❓ Why It Matters
In volatile markets, fear and greed push investors to buy high and sell low. A behavioral framework reduces avoidable, self-inflicted errors.
🎯 How to Practice
Pre-write decision rules, slow down trades during stress, and separate market emotion from business facts before adjusting positions.
⚠️ Common Pitfalls
Following crowd emotion at extremes
Mistaking confidence for certainty
Forcing trades to quickly recover losses
📚 Case Studies
1
Backing Tencent Early (2007)
Seeing Tencent’s network effects, user stickiness, and high switching costs in QQ and early WeChat, Duan considered its social and gaming ecosystem a powerful moat and accumulated shares.
✨ Outcome：Tencent became one of China’s most valuable tech companies, delivering multibagger returns over many years.
2
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.
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