Renowned entrepreneur and investor Duan Yongping, who has largely retreated from public view in recent years, made a rare appearance in the documentary series *Common Talk* Season 3 for an in-depth dialogue with Wang Shi and Tian Pujun.
During the conversation, Duan systematically elaborated on his philosophy of "staying true to one’s role," which underpins his business and investment practices. He emphasized that investing fundamentally requires understanding the business itself.
When asked about his outlook on Kweichow Moutai (600519), Duan responded unequivocally: "Why wouldn’t I remain bullish? If you don’t drink, it’s hard to grasp this business. But I have countless friends who love Moutai, so I understand its appeal. Holding Moutai shares is undoubtedly better than parking money in a bank—though other investments may yield higher returns."
He drew parallels to Warren Buffett’s investments in See’s Candies and Coca-Cola, noting that Moutai’s business model resembles See’s Candies more closely. Duan dismissed the notion that value investing is difficult, arguing that speculation is far harder: "Most retail speculators lose money in both bull and bear markets. Holding Moutai for over a decade isn’t hard—what’s hard is understanding the business deeply enough to ignore market noise."
Duan also shared insights on corporate culture, succession planning, and marketing. He stressed that OPPO and vivo’s enduring success stems from prioritizing cultural fit over skills during hiring and maintaining a long-term perspective. In marketing, he advocated for honesty and efficiency: "Ads should convey truths at the highest efficiency—no lies allowed."
On education, Duan highlighted the importance of unconditional love and boundaries in parenting, rejecting physical punishment as it erodes a child’s sense of security.
Reflecting on his investment in NetEase, which surged 20-fold in six months, Duan attributed the gain partly to luck but credited his decision to buy as a demonstration of his analytical rigor. He reiterated that sustainable success hinges on grasping a company’s business model and culture, lessons reinforced during his 2006 charity lunch with Buffett.
Regarding AI, Duan acknowledged its transformative potential but remained agnostic about its long-term implications.
The dialogue concluded with Duan defining "ordinary mindset" as rationality and long-term thinking—a cornerstone of his investment and life philosophy.
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