📖Duan Yongping
Risk-First Approach
Consider the downside before the upside.
Before considering how much you can make, consider how much you can lose. Risk management is not about avoiding risk entirely, but about understanding and controlling it.
🏠 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：Risk management is about understanding, not avoidance.
AI Deep Analysis
Get personalized insights and practical guidance through AI conversation
❓ 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
Global Financial Crisis and No-Leverage Stance (2008)
During the 2008 crisis, leveraged funds and investors were forced sellers when credit markets froze and collateral values plunged.
✨ Outcome：Duan’s insistence on avoiding leverage allowed him and followers to hold quality assets calmly and benefit from the eventual recovery.
2
NetEase Dot-Com Crash (2000)
NetEase plummeted over 90% during the dot-com bust amid fears Chinese internet firms would fail.
✨ Outcome：Duan ignored market panic, focused on fundamentals, increased his stake, and the investment later became a multi-bagger.
See how masters handle real scenarios?
30 real investment dilemmas answered by legendary investors
Explore Scenarios →