I just reviewed Duan Yongping's investment history, and honestly, there are things that most investors simply don't understand about his approach. This guy went from building business empires to becoming one of the most respected investors in the world, and his methods are completely different from what you see on social media.

To understand Duan Yongping, you first need to know his background. At 28, he took control of a factory that was losing millions and turned it into a billion-dollar business annually. Then he founded BuBuGao, which became a 10-billion-dollar giant, but here’s the interesting part: in 2001, at 40 years old, he simply retired. He moved to the United States and started his investment career. That’s something few entrepreneurs have the discipline to do.

In 2006, he won a dinner with Buffett paying $620,000. During that lunch, Duan Yongping recommended investing in Apple, arguing that its business model surpassed Coca-Cola’s. Buffett took his advice. But the most important thing is that Duan Yongping himself was deeply influenced by Buffett’s value philosophy, and that completely changed his way of investing.

His main investments show a clear pattern. In 2001, when NetEase was facing lawsuits and its shares plummeted to $0.80, while everyone was fleeing, Duan Yongping bought heavily. That move earned him more than 20 times his initial investment. With Apple, he started accumulating when the market cap was below $300 billion. Today, those shares make up 70% of his U.S. portfolio, valued at over $10 billion.

But here’s the key that most ignore: Duan Yongping doesn’t see this as speculation. For him, Moutai is a ‘long-term bond.’ He doesn’t sell that position because he believes it’s safer than bank deposits. With Tencent, he did something similar during the 2022-2023 downturn, repeatedly buying when others were selling. In 2024, when Pinduoduo fell after weak results, while the market panicked and sold, he accumulated more shares.

The lessons he draws from his experience are brutally simple but effective. First, fish where there are fish. Duan Yongping noticed that the Chinese market had been stagnant for a decade, so he focused on U.S. stocks. That’s choosing the right direction before exerting effort. Second, select stocks over a year but accumulate them over ten. If you can’t hold a stock for a decade, he says, you shouldn’t even hold it for a second.

He also keeps two separate accounts. One for value investing, where he buys and forgets, like Apple for 14 years without selling. The other is speculative, where he admits he only makes small gains. That’s honesty rarely seen. For Duan Yongping, investing requires genuine faith, not speculation. If you’re looking for shortcuts, you’ll probably keep searching for them your whole life.

Another observation of his that resonated with me: don’t make 20 investment decisions in a year. If you do, you’ll definitely make mistakes. Twenty decisions in a lifetime are enough. Reduce your decisions, reflect on your strategy when you’re not winning, and buy where no one wants to sell. With NetEase at 1 yuan when it was worth 4 in cash, Duan Yongping’s response was perfect: ‘What courage do you need if someone sells you something that costs 10 for 1?’

What impresses me most about Duan Yongping is his consistency. While others chase trends, he stays true to principles. He believes that the A-share market isn’t a game for fools; the real winners are value investors. And finally, he says something profound: eventually, you become the person you want to be. If you’re a speculator, you’ll keep being one. If you genuinely believe in value investing, like Duan Yongping, that’s what you’ll end up being.

This philosophy isn’t complicated, but it requires patience that most people lack. That’s the real secret.