Recently, Zhejiang University has been producing a wealth of talent in the investment sector. First, there was the founder of Huansheng Quantitative, and then Duan Yongping returned to donate 1 billion RMB to the school. Among the people I admire in the investment world, Mr. Duan is one of them. The biggest insight he has given me is: make money early. At the peak of Little Emperor, Mr. Duan was 34 years old, gracefully retiring to start investing in U.S. stocks! Investing in U.S. stocks! Investing in U.S. stocks! Do you understand? Important things are worth repeating three times!
This year, the S&P 500 has a 23.3% return rate. With Mr. Duan's conservative estimate of 10 billion RMB in U.S. stock assets, he could easily earn 3 billion USD in 2024 and return to donate 1 billion RMB to his alma mater, effortlessly!
Today at the Q&A session at Zhejiang University, the insights were profound, and I recommend listening to it. I summarized some key points:
1️⃣ About Learning and Growth:
- Learning methods are more important than knowledge: The core of university education is to cultivate learning abilities, including logical thinking, research methods, and a willingness to continue learning.
- Interest drives learning: Maintaining interest and curiosity about new things helps overcome the fear of learning new knowledge.
- No need to chase every new thing: In an era of information explosion, selective learning is essential, focusing on personal needs and interests.
- Sense of right and wrong and self-discipline: Know what is right, resist short-term temptations, and do what is right in the long run. Correct mistakes immediately upon discovery.
- Exercise and health: Develop a habit of exercising to maintain physical health and mental clarity, preventing crises.
- Enjoy the process: Joy comes from the process, not just the result.
2️⃣ About Entrepreneurship and Investment:
- Long-term vision: Every decision should consider the impact five, ten, or even twenty years down the line, without being blinded by short-term gains.
- Understand the essence: Both investment and entrepreneurship require a deep understanding of business models, products, and user needs, rather than blindly chasing trends or imitating others.
- Be grounded and focused: Do the right things and do them right. Focus on personal strengths and areas of interest.
- Don’t start a business just for the sake of it: Entrepreneurship should be based on strong ideas, necessity, and passion for the product, not just for making money or gaining fame.
- Dare to innovate, but do it better: Innovation doesn’t mean being the first; it means discovering opportunities and having the capability to do better than others.
- Value investing does not equal long-term investing: The core of investing is value, not the duration. Identify good companies and hold them long-term.
- Risk control: Don’t gamble with necessary funds for unnecessary money. Avoid leverage.
- Information asymmetry is not important: In the long run, information asymmetry has little impact on investment.
- Globalization is a false proposition: Companies do not need to deliberately pursue globalization; they will naturally go global when the time is right.
- Acknowledge personal limitations: Entrepreneurs and investors should be clear about their own capabilities and avoid venturing into unfamiliar fields just to chase trends.
3️⃣ About AI:
- Use AI tools cautiously: Especially in academic research, avoid improper behavior.
- Opportunities and challenges brought by AI: AI is developing rapidly, and the future is full of uncertainties. Young people should think about how to adapt to the changes brought by AI, maintaining learning and adaptability.
- AI will not completely replace humans: AI can improve efficiency in many areas, but human creativity, emotions, and understanding of complex issues remain unique advantages.
4️⃣ About Life Attitude:
- Be an ordinary person and enjoy life: There’s no need to pursue overly high goals; living healthily and happily is equally important.
- Stay open and sincere: Communicate honestly with others, without deliberately being high-profile or low-key.
- Share and collaborate: Let employees work for themselves and build good cooperative relationships.
- Ultimate goal: Live healthily for a longer time while maintaining quality of life.
5️⃣ Personal Traits:
- Deep understanding of people: Duan Yongping can keenly capture the strengths and potential of collaborators, such as his profound understanding of Huang Zheng.
- Humility and self-reflection: Despite his remarkable achievements, Duan Yongping always maintains a humble attitude and continuously reflects and learns.
- Humor and openness: Duan Yongping's conversations are filled with humor, showcasing an open-minded attitude towards life.
6️⃣ Specific Advice for Zhejiang University Students:
Cultivate learning abilities and logical thinking.
Maintain curiosity and enthusiasm for new things.
Establish a sense of right and wrong, and persist in doing the right things.
Develop a habit of exercising to maintain physical and mental health.
Think long-term and avoid being misled by short-term gains.
Choose fields of genuine interest and conduct in-depth research.
Understand the needs and culture of target companies to showcase personal value.
In the age of AI, think about how to coexist and develop with AI.
7️⃣ Advice for Chinese Enterprises:
- Product quality is core: Regardless of the business model used, ultimately, market success relies on product quality.
- Focus on user needs: Innovation should revolve around user needs, not just for the sake of innovation.
- Build good supplier relationships: Collaborate with suppliers for mutual benefit, rather than simply driving down prices.
In summary, you will find that Mr. Duan's investment philosophy and approach to life are actually extremely simple: simplify complexity, start from the essence, focus on doing one thing well, and approach each day with a healthy and happy mindset, enriching each day—that's enough!
Since 2010, Mr. Duan has basically held events at Zhejiang University every year, whether it’s a speech or a Q&A session with teachers and students. I have either watched or attended in person. I have gained many insights from this. In fact, his investment approach is fundamentally about teaching people the philosophy of life and integrating these authentic principles into investment, achieving remarkable results. From my understanding, the main points are as follows:
First, have a long-term vision and do the right thing: Don’t just focus on immediate benefits; every decision should consider long-term impacts. Persist in doing the right things, even if they may not yield immediate returns. I believe this is the core concept that Mr. Duan repeatedly emphasizes and the key to his success.
Second, cultivate learning abilities and embrace change: Learning methods are more important than knowledge itself. In this rapidly changing era, the ability to continuously learn and adapt is crucial. Maintain curiosity and proactively learn new knowledge.
Third, understand the essence and refuse to follow blindly: Whether in investment or entrepreneurship, one must deeply understand the underlying logic and principles, rather than blindly chasing trends or imitating others. Think independently and form your own judgments.
Fourth, be grounded and focused: Be honest and trustworthy in life, and diligent and serious in work. Focus on your areas of expertise and strive for excellence, rather than being greedy and seeking everything.
Fifth, health is more important than success: Maintaining physical and mental health is fundamental; without health, nothing else matters. Develop good habits and pay attention to exercise and rest.
Sixth, accept uncertainty and control risks: Life is full of uncertainties; learn to accept and manage risks. Don’t gamble with risks you cannot afford; leave yourself some room.
Seventh, stay humble and keep learning: Regardless of how much you achieve, maintain a humble attitude and continue to learn and improve. The world is constantly changing, and only through continuous learning can you keep pace with the times.
I hope the value reflections I learned from Mr. Duan can also help more partners grow together, improving together in 2025 and walking hand in hand. Grateful 🙏
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