📖Duan Yongping
Sell Discipline Rules
Follow pre-defined sell criteria without emotion.
Have clear, pre-defined sell criteria. Sell when: your thesis is broken, valuation is fully realized, or a significantly better opportunity appears.
🏠 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：Disciplined selling prevents emotional decision-making.
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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
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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