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Holdings · Investment Decisions

Duan Yongping's Major Investments
The Thinking Behind Every Buy and Sell

Reconstructed from his public Xueqiu Q&A: what he bought, why he bought it, when he sold, and his reason for selling. This isn't a holdings tracker — it's a reconstruction of decision-making logic.

⚠️ This page is compiled from Duan Yongping's public Q&A on Xueqiu (username: 大道無形我有型) and The Great Way: Duan Yongping's Investment Q&A. All sources are publicly available. This page is for educational and research purposes only and does not constitute investment advice. Duan Yongping's current holdings may have changed.
20+ Years of Public Q&A
6 Major Investment Cases
1 Core Selection Logic
∞ Intended Holding Period
Core Holdings · Long-Term Positions

Apple · AAPL

NASDAQ · Technology / Consumer Electronics / Ecosystem

Long-Term Hold
INVESTMENT THESIS

Apple's moat isn't the iPhone itself — it's the user stickiness created by the entire ecosystem. Duan believes the iPhone may be the "cheapest phone" because users get far more value than they pay. The more he researches Apple, the more he likes it. He views it as a company that has truly achieved user focus, with extraordinarily high business model certainty.

2011–2012 Began building a major position in Apple. At the time Apple's market cap was roughly $300–400 billion and the market had doubts about its growth. Duan saw the ecosystem moat, not the short-term financials.
2013–2016 Continued holding. Repeatedly explained in Q&A why he wasn't selling: "Holding = Buying. Each trade is independent. At today's price, I'd still buy."
2018 Apple's market cap first crossed $1 trillion. Duan confirmed his position was unchanged and that he viewed the market's valuation as still reasonable.
2022–Present Confirmed in Q&A that Apple remains a major holding. Continues updating his view on Apple's business model, noting how the rising share of services revenue deepens the moat further.
"Valuing companies you understand isn't that hard. Apple is the kind of company you like more the deeper you research it." Xueqiu Q&A
"The iPhone might be the cheapest phone — users get far more value than they pay. That's real differentiation." Xueqiu Q&A

Kweichow Moutai · 600519.SH

Shanghai Stock Exchange · Consumer / Baijiu / Cultural Commodity

Long-Term Hold
INVESTMENT THESIS

Moutai sells not just liquor, but the ritual and status embedded in Chinese culture — a moat that is nearly impossible to replicate. Duan is bullish on the long-term consumer upgrade trend of "drink less, drink better," and views Moutai as one of the rare consumer brands with genuine pricing power.

~2013 Began researching and buying Moutai. At the time, China's anti-corruption campaign had caused Moutai's stock to plunge sharply and market panic was widespread. Duan judged that the business model was intact and saw it as a buying opportunity.
2015–2020 Continued holding. Discussed Moutai's pricing logic and moat extensively in Q&A. Remained calm amid market debates (price caps, consumption tax discussions), judging that the fundamental business model was unchanged.
2021–Present Confirmed in Q&A that he still holds Moutai, while cautioning that valuation must be connected to a view of where things will be in 10 years. Doesn't blindly remain bullish — emphasizes knowing what you're buying.
"Moutai has a powerful business model. Whether it's cheap or expensive depends on your view of where it'll be in ten years." Xueqiu Q&A
"The trend of 'drink less, drink better' works in Moutai's long-term favor. It's an inevitable outcome of consumer upgrading." Xueqiu Q&A
Historical Holdings · Exited or Significantly Reduced

NetEase · NTES

NASDAQ · Gaming / Internet

Largely Exited
INVESTMENT THESIS

This is Duan's most classic "concentrated bet within the circle" case. In 2002 NetEase was on the verge of being delisted, with stock near $0.80, almost entirely abandoned by the market. Because Duan had spent years in the gaming industry, he deeply understood NetEase's business and was certain the market was drastically underestimating both the size of the gaming market and NetEase's competitive position. Buying gold at copper prices requires no courage.

2002 Built a major position at roughly $0.80 per share. At the time the stock had been suspended due to an accounting scandal and almost no one was interested. Duan relied on his deep understanding of the gaming industry to judge that the business model was sound and the management issue could be resolved.
2003–2004 NetEase's gaming business exploded and the stock surged from below $1 to over $70. Duan's position gained more than 70x — the most important single investment of his career.
Post-2004 Exited in stages. Duan later said he sold a little early, but "trying to sell and buy back at a lower price basically means spinning your wheels and ending up with less."
"When someone is begging to sell you a $10 thing for $1, what courage do you need?" On the NetEase investment, Xueqiu Q&A
"Because I had spent a long time in the industry, I was certain the market was enormous. Buying gold at copper prices requires no courage." Xueqiu Q&A

PDD Holdings · PDD

NASDAQ · E-commerce / Consumer

Position Unclear
INVESTMENT THESIS

Duan is the mentor of Huang Zheng (PDD's founder), and brought Huang to the 2006 Buffett lunch. He has a naturally deep understanding of PDD. But he has also repeatedly stressed that "knowing the founder" doesn't mean "you must own the stock" — real judgment still has to come back to the business model itself.

2018–2019 After PDD's IPO, it faced intense controversy over counterfeit goods and skepticism about its business model. Duan mentioned in Q&A that he had researched it, but was cautious about whether the platform model could sustain differentiated moats long-term.
2022–2023 The broader Chinese internet selloff caused PDD's stock to swing sharply. Duan occasionally mentioned it in Q&A but never explicitly disclosed the size of any position.
"Knowing a person and knowing a company are two different things. Investing is about the business model — not about who founded it." Xueqiu Q&A
Explicitly No-Touch · Outside the Circle

Bitcoin and Cryptocurrencies

Virtual Assets

Explicitly Won't Invest
REASON FOR PASSING

Duan has consistently stated in Q&A that he won't touch Bitcoin, always for the same reason: he can't understand its business model or judge its future cash flows. "Never touch what you don't understand — this is an iron rule." He doesn't judge Bitcoin as good or bad — he simply says it's outside his circle of competence.

"Never touch what you don't understand — this is an iron rule. I can't make a judgment about Bitcoin, so I don't touch it. That doesn't mean it's bad — it means I don't understand it." Xueqiu Q&A
From the Holdings — Duan's Underlying Selection Logic
PRINCIPLE 01

Business Model First, Price Second

Apple, Moutai, NetEase — every bet starts by confirming the business model is strong enough, then assessing whether the price is reasonable. The order cannot be reversed.

PRINCIPLE 02

Concentrate Within the Circle

The NetEase case says it all: because he had spent years in gaming, he could stay clear-headed during peak market panic. Opportunities outside the circle? Pass.

PRINCIPLE 03

Holding Period Measured in Decades

Every purchase starts with the question: "Am I willing to hold this company for ten years?" If not, don't buy. If yes, hold to that standard — don't be shaken by short-term moves.

PRINCIPLE 04

Panic Is a Buy Signal, Not a Sell Signal

Moutai collapsed on anti-corruption fears. NetEase was suspended on an accounting scandal. To Duan, these were opportunities — as long as the fundamental business model hadn't changed.

PRINCIPLE 05

Concentrate, Don't Diversify

Duan doesn't believe in "diversify to reduce risk." He thinks diversification is for things you don't understand. When you truly understand something, bet big.

PRINCIPLE 06

Only Two Reasons to Sell

One: you discover your original judgment was wrong. Two: there's a better opportunity requiring capital reallocation. Stock went up or down? Neither is a reason.

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