Just been reading about Duan Yongping again, and honestly, this guy's investment journey is wild. From turning around a failing factory in 1988 to becoming one of China's most successful investors - the dude literally built BBK into a 10 billion yuan empire before quietly stepping back at 40 to focus on investing.

What's fascinating is how Duan Yongping actually met Buffett in 2006 and even pitched Apple to him. Later, Buffett went all-in on Apple, and Duan Yongping's own portfolio shows he practices what he preaches - by end of 2024, his Apple holdings alone were worth over $10 billion, making up 70% of his managed fund.

Looking at his actual investment track record tells you everything. NetEase back in 2001 when it was getting sued and trading at $0.80? He threw $2 million at it and watched it balloon to over $100 million. That's the kind of conviction most people don't have. Same with his Moutai position - he literally calls it a 'long-term bond' and just holds it, believing it'll outperform bank deposits over a decade.

Even recently in 2024, when Pinduoduo tanked on disappointing earnings, Duan Yongping was buying the dip through options. Tencent during the 2022-2023 downturn? He kept accumulating, buying ADRs at $41 per share.

But here's what actually matters - the 10 principles behind all this:

First, fish where the fish are. Duan Yongping noticed A-shares were stuck around 3,000 points for over a decade while US stocks kept climbing. Simple observation, massive implication for where to deploy capital.

Second, pick your stocks right and hold them for 10 years. Buffett won't touch a stock he can't commit to for a decade, and Duan Yongping clearly agrees - his Apple position is proof.

Third, you're buying companies, not ticker symbols. Good products, solid business models, visionary founders - that's what matters.

Fourth is faith. Duan Yongping actually runs two accounts - one for value investing where he holds forever, another for speculation. Guess which one made real money? The value account.

Fifth - no shortcuts exist. If you're looking for them, you'll still be looking 20 years later. Speculation is basically a coin flip.

Sixth, reduce your decisions. Making 20 trades a year? That's guaranteed mistakes. Making 20 investment decisions in a lifetime? That's the move.

Seventh, if you're not making money, check your strategy. Constantly tweaking your speculation technique won't suddenly make you rich.

Eighth is legendary: buy where nobody cares, sell where crowds gather. When NetEase was trading at $1 but had $4 in cash per share, Duan Yongping didn't hesitate. He saw value others missed.

Ninth, A-shares aren't about being foolish. Real money in A-shares comes from value investors. His decade-long Moutai hold proves it.

Tenth is almost philosophical - you become the investor you're meant to be. If you're a speculator at heart, Duan Yongping says he can't change you. But if value investing resonates? That's your path.

The whole thing circles back to one insight: Duan Yongping succeeded not through complexity but through clarity. Pick the right market, pick the right companies, hold with conviction, and let time do the work. Pretty straightforward when you think about it.