📖Duan Yongping
Simple is Better
Investment should be simple; if complex analysis is needed, walk away.
Investment should be simple. If an investment idea requires complex analysis or financial engineering, walk away. The best investments are obvious in hindsight.
🏠 Everyday Analogy
📖 Core Interpretation
Complexity is usually a sign of poor understanding or hidden risks
💎 Key Insight：Duan believes that truly great investments are obvious and do not require intricate models or projections. If understanding a business demands complex analysis, it is probably too risky or outside one circle of competence. Simplicity reduces the chance of error and enables clear thinking. This philosophy aligns with Buffett: invest in businesses a child could understand.
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❓ Why It Matters
Duan invests in consumer tech companies with simple, understandable business models
🎯 How to Practice
Avoid investments you can't explain simply; prefer straightforward businesses
🎙️ Master's Voice
The best time to buy a good stock is when everyone is selling it.
Duan has made his best investments during market panics. He bought Apple during periods of pessimism when others were selling. Fear creates opportunity for those with conviction.
⚔️ Practical Guide
✅ Decision Checklist
- Is everyone selling this stock?
- Is the selling driven by fear or fundamentals?
- Do I have the conviction to buy during panic?
📋 Action Steps
- Prepare a list of stocks to buy during panics
- Build conviction through deep research
- Act decisively when fear creates opportunity
🚨 Warning Signs
- Only buying when others are optimistic
- Selling during panics
- Lacking conviction to act against the crowd
⚠️ 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 backed early-stage NetEase with a simple thesis: strong founder, clear product focus, and long-term internet tailwinds, ignoring complex short-term noise and valuation debates.
✨ Outcome：Held through volatility; investment compounded massively as NetEase became a leading Chinese internet company.
2
Berkshire Hathaway Purchase (2006)
Duan applied his ‘simple is better’ approach by buying Berkshire Hathaway, focusing on Buffett’s track record, business quality, and capital allocation, without overanalyzing macro forecasts or short-term earnings.
✨ Outcome：Long-term holding appreciated significantly, reinforcing his conviction in concentrated, high-quality, understandable investments.
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