📖Duan Yongping
Research Before Buying
Thorough research precedes every sound investment.
Never invest in anything you don't fully understand. Thorough research is the foundation of every sound investment decision.
🏠 Everyday Analogy
📖 Core Interpretation
Duan Yongping emphasizes durable business quality over short-term noise. A strong model, real competitive edge, and disciplined capital allocation matter more than quarterly excitement.
💎 Key Insight：Understanding prevents costly surprises.
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❓ Why It Matters
Without business-quality filters, investors drift toward stories rather than economics. Durable cash generation is what supports long-term valuation.
🎯 How to Practice
Use a checklist covering moat, management, unit economics, and capital allocation; track long-term cash generation instead of quarter-to-quarter noise.
⚠️ Common Pitfalls
Buying narratives instead of cash-generating economics
Overreacting to short-term operating noise
Ignoring management quality and capital allocation
📚 Case Studies
1
Apple during Global Financial Crisis (2008)
Amid the 2008 crisis, Apple’s share price fell sharply despite strong product momentum with iPhone and Mac sales.
✨ Outcome：Duan Yongping held and added, focusing on long‑term competitive advantage; Apple later compounded massively as the smartphone era took off.
2
Tencent Regulation and Gaming Freeze (2018)
China froze new game approvals, hitting Tencent’s core business and causing a steep share price decline and broad pessimism.
✨ Outcome：Duan maintained a long‑term view on Tencent’s ecosystem and network effects; the stock recovered as approvals resumed and business normalized.
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