To The Moon

Duan Yongping, known as the "Chinese Buffett," have been dug out his funds holdings. - $Apple(AAPL)$ is truly an absolutely heavy position. - The second largest holding is $Berkshire Hathaway(BRK.B)$ - He holds (or has held) quite a few Chinese concept stocks, at least considering Chinese companies as part of his circle of competence. - There is almost no technology holding, and it barely touches on AI. Although the big shot has never publicly disclosed the name of the fund he manages, savvy netizens have still managed to find clues. According to the latest 13F disclosure, a company named H&H International Investment caught the attention. Based on the clues that the big shot once said that "Apple's position is absolutely concentrated" and "holding less than 1% of Apple's total shares", the latest disclosed 23Q4 holdings are 80% in Apple and 12% in Berkshire Hathaway (BRK.A). Considering that Berkshire Hathaway holds half of Apple's position, in reality, the big shot's position has over 85% in AAPL. However, this does not hinder the fund's market value from soaring. It has grown from less than $1 billion in 2018 to $14.5 billion now. This is definitely an impressive achievement, worthy of all investors' consideration and study. Focusing solely on Apple, not many investors at the level of hundreds of billions dare to do so. It's also a kind of courage! But looking at the performance since 2023, it has significantly underperformed. This is mainly due to the fact that there are very few AI-related stocks in the holdings ( $Alphabet(GOOG)$ barely counts, $Meta Platforms, Inc.(META)$ even cleared out early), and there are also some dragging stocks (such as $Walt Disney(DIS)$ ) and some Chinese concept stocks ( $Alibaba(BABA)$ which have definitely been dragging in the past two years), although the positions are not large. Surprisingly, the holding of $Pinduoduo Inc.(PDD)$ was only added in 23Q3, which was the epic quarter of a big rise. It's hard to judge whether the position was built before or after the November financial report. Considering that he has always had investments in it (possibly in his personal account), but the fund waited until it rose to build a position, that's really... Furthermore, the long-claimed $TENCENT(00700)$ and Tencent Holdings ADR (TCEHY) are not in the fund's holdings, perhaps they are in his personal holdings. In short, the big shot is also human, and he may have the psychological biases that individual investors can have, such as: - Home-Bias (tendency to buy domestic companies, resulting in Chinese concept stocks failing) - Illusion of Control (overly concentrated holdings, despite performing well from 2018-2022, but underperforming in 2023) In addition, by regularly expressing a desire to conduct options operations, such as Covered CALL strategy, to enhance income, it is indeed a responsible way to increase alpha for investors. In general, the purpose of establishing a fund is to make money for investors, and it is doing very well. Whether it's ability, luck, or copying homework, none of these are the most important. As long as it can maintain such performance in the long term, it is also a kind of capability. Big investors do not like to have their holdings exposed, just like Warren Buffett had a new stock application delayed for public disclosure this quarter, mainly because the investment behavior of these "legendary investors" has a comprehensive effect on the market. On the one hand, it is responsible for their own investors, and on the other hand, it also reduces the impact on the market. After the holdings are disclosed, how would you think of him? A. A top investor B. Not godlike, an investor just like me C. Even not as good as me