Duan Yongping Zhejiang University Sharing, 60 Highlights - Cryptocurrency Exchange Platform

After watching Duan Yongping’s speech at Zhejiang University on January 5th,

I’d like to share the essence of his speech with everyone.

Duan Yongping’s investment philosophy contains many profound and unique ideas,

a total of 60 points,

each one a classic,

no frills,

straight to the point.

1. In the continuous development of the times and the ongoing replacement of tools,

although appearances are myriad,

the fundamental elements of investing remain stable and unchanged.

2. The important significance of school education lies in teaching students how to learn,

which is a key ability for continuous self-improvement in future development.

3. Investment decisions should focus on the long term,

considering the situation five, ten, or even twenty years from now,

rather than just focusing on short-term gains.

For example,

when evaluating a project,

one should consider its long-term feasibility and value,

rather than being dazzled by small short-term profits.

4. Over the past decade or so,

Duan Yongping has focused on and invested in only a few companies.

This decision is based on his in-depth research of these enterprises,

a thorough understanding of their business models,

precise grasp of their products, and comprehensive knowledge of related matters.

5. Investment masters like Buffett and Munger,

do not obsess over missing certain opportunities during the investment process,

they understand well that avoiding pitfalls is the top priority.

Investing is not about chasing every possible opportunity,

but about ensuring that the fields you invest in are safe and promising.

6. Many people fall into financial difficulties because they always try to get rich quickly.

Duan Yongping also admits that humans have an instinct to make quick money,

but more importantly,

they need to realize the impracticality of this idea,

and earnestly engage in investment activities that conform to the laws of development.

7. He is not a risk-averse person,

but he emphasizes that the risks he takes must be within his capacity to bear.

This is a rational attitude towards risk,

neither blindly adventurous nor overly conservative.

8. When investing in NetEase,

Duan Yongping fully committed and earned more than twenty times the return within just a few months; he started investing in Apple in 2011,

and as of 2025, nearly 14 years have passed.

The reason he succeeded in these investments

is because he has an in-depth understanding of the business models,

cultural connotations, and products of these companies.

Without such understanding,

he might have exited early during the investment process.

9. For entrepreneurship,

those truly in need of starting a business do not require excessive external encouragement.

When someone harbors a strong entrepreneurial idea,

they will naturally take action.

At the same time,

entrepreneurship should not be pursued just for the sake of it,

but based on genuine creative inspiration.

Sometimes,

being at a dead end can become a good opportunity for starting a business.

10. School education mainly imparts students with the ability to learn.

This ability allows students to face things they are interested in,

without fear of the unknown future,

and to quickly realize how to learn,

deepening their understanding through reading books and researching.

People with this logical and learning ability,

compared to those with lower educational levels,

perform better when facing new situations.

11. In an era of knowledge explosion,

one should learn only what they need.

It is impossible to master all new knowledge,

and even if mastered, it may be useless.

For example,

search engines are now powerful,

people do not need to memorize vast amounts of knowledge,

but should focus on knowledge areas relevant to their needs.

12. Good tracks or industries rarely have low profit margins.

Low margins usually indicate poor business models or minimal product differentiation.

Whether entrepreneurs or investors,

before entering a project,

they need to carefully consider whether its business model is feasible.

13. Entrepreneurship requires finding projects that genuinely interest and resonate with oneself.

Duan Yongping initially entered the gaming industry because he loved games.

He believes everything can be viewed as a game,

learning included.

When people are passionate about something,

they derive joy from it,

and this positive emotional experience helps persistence and innovation in entrepreneurship.

14. If starting a business is only for making money and gaining fame,

but one lacks clear understanding and feelings about the business,

the chances of success are low.

When making games,

he knew that many players loved games as much as he did,

so he focused on making good products,

without needing to persuade others to accept the game.

15. Creating a brand-new product and making it recognized by the public

is much more difficult than improving existing popular products,

including enhancing quality,

optimizing channels,

and perfecting services.

16. Running a business is not easy,

but it’s not as complicated as imagined.

When a company reaches a certain scale,

it must keep innovating and changing.

For example,

in the early stages,

a follow-the-leader strategy can be adopted,

but as the company grows,

it needs to actively explore new directions,

or risk being eliminated by the market.

17. During investment or decision-making,

once a mistake is discovered,

it must be corrected immediately.

However,

many people continue executing even when they know it’s wrong,

because wrong decisions often come with short-term benefits,

similar to bad habits like smoking or drinking,

knowing they are harmful but finding it hard to quit.

18. When facing the sharp decline of LeEco’s stock price,

Duan Yongping believes,

since LeEco’s future prospects are worrying,

and it might even go to zero,

no matter how low the current stock price is,

it’s a good time to sell,

rather than hoping for a rebound to a higher level.

19. In education,

a good teacher-student relationship depends on the teacher.

If teachers genuinely care about students,

the relationship will naturally be more harmonious.

20. Regarding China-US relations,

although there may be some short-term conflicts,

from a historical perspective,

the US has also had many positive influences on Chinese education and other areas,

such as the American traces in Zhejiang University and other domestic universities.

Many Chinese students going to the US for exchange have not encountered substantial obstacles,

and it is believed that over time,

the relationship between the two countries will gradually improve.

21. If he could go back to being 20,

Duan Yongping believes that even if given the chance,

he would choose to find a job first,

and enjoy life properly.

Because the entrepreneurial path is full of hardships,

most people may not achieve ideal results even after a lifetime of effort.

22. For those with entrepreneurial ideas,

he encourages bold action,

since conditions for starting a business are much better now than before.

But beware of starting a business just for the sake of it,

and have clear goals and plans.

23. Regarding coping with life pressures,

he believes there is no particularly mysterious method,

rest when tired,

such as sleeping,

stretching, or taking a hot bath,

are all normal ways.

After all,

everyone is an ordinary person,

just follow normal relaxation methods.

24. Developing a habit of exercising is crucial,

and it’s also important to learn safe exercise methods and stretching.

He himself experienced knee problems because he lacked this knowledge in the past.

25. Growth is a process influenced by many factors,

not simply copying others to succeed.

For example,

some want their children to follow in Duan Yongping’s footsteps by choosing specific schools,

but he believes this approach may not be suitable,

as everyone’s growth path is unique.

26. In attitude towards doing things,

compared to diligence and optimism,

he believes the most important is to do the right things and do things right.

Pure diligence does not necessarily lead to positive results,

the key is to have correct values,

and to identify and correct mistakes promptly.

27. Many misunderstand innovation,

equating it simply with being different.

In reality,

the core of innovation is to meet user needs,

and create value for users.

If one pursues novelty alone and ignores user needs,

even a unique product will struggle to gain market acceptance.

28. Differentiation and innovation are essentially the same concept,

both revolve around satisfying user needs.

Whether it’s teachers meeting students’ learning needs,

or construction focusing on practicality rather than just appearance,

these are manifestations of this idea.

29. Many successful companies early on adopted the strategy of “daring to be the last,”

such as Google,

Apple, and Microsoft.

This means that innovation does not necessarily have to be first,

as long as the company can discover market opportunities and has the strength,

to do better than competitors,

success can be achieved.

30. Imitation and innovation are not contradictory,

they can complement each other.

In business activities,

it’s common and effective to learn from others and then innovate.

31. Duan Yongping says he does not understand so-called critical thinking,

he prefers to think from a long-term and fundamental perspective.

He believes that differing from others’ methods does not necessarily require criticism,

as long as it conforms to the laws of development.

32. When emphasizing the importance of diligence,

he believes diligence is not the most critical factor,

doing the right things is the core.

Because simply emphasizing diligence does not necessarily make people more diligent,

what matters more is to have the correct direction and take action accordingly.

33. In life decision-making,

develop the habit of choosing to do the right things and correcting mistakes promptly.

In the long run,

every decision should be based on future development expectations,

which can avoid unnecessary waste of effort.

Many people are smart,

but because they always make decisions based on short-term interests,

even with diligence,

they may remain stagnant for years.

34. Cultivate the habit of thinking about the essence of things,

which is different from critical thinking.

This habit helps people understand things more deeply,

but does not carry the aggressive attitude of critical thinking.

35. Duan Yongping considers himself an ordinary person,

and has experienced pain.

He retired early,

enjoys life,

and believes that when a company has younger and more capable successors,

retirement is a wise choice.

36. His achievements today are closely related to his supportive attitude towards people and his sharing spirit.

He believes that the way to use people is to let employees work for themselves,

not just for the employer,

so he is willing to spend time building systems,

to reduce his management burden.

37. In enterprise management,

his company does not set up a sales department,

but adopts an agency model.

This is because he found early on that the work of a sales department often focused on price negotiations with customers,

which is tedious and consumes a lot of energy.

Later, the company unified product pricing,

avoiding complex situations caused by different prices for different customer scales.

38. As CEO,

his role is to support employees,

making them feel they are working for themselves,

thus improving their enthusiasm and creativity.

39. Youth is a beautiful dream,

although he can no longer return to his youth,

his longing for youth remains.

40. He dislikes interacting with people who cannot communicate,

and values friendships highly.

He believes chatting with friends can bring joy,

and this happiness comes from both sides returning to the essence of things,

without misaligned channels.

41. Sleeping and exercising daily are essential to maintaining health and mental clarity.

These basic habits are important for coping with various challenges in life and work.

42. In doing things,

always think from a long-term perspective,

stick to doing the right things,

and correct mistakes promptly when found.

At the same time,

distinguish between doing wrong things and making mistakes,

do not avoid doing things out of fear of errors,

but also do not insist on doing something known to be wrong.

43. During entrepreneurship,

various setbacks will occur,

such as the need to constantly solve product problems.

He advises entrepreneurs to think long-term,

avoid turning important matters into urgent ones that drain energy.

Just like not waiting until you’re sick to exercise,

prevention should be done in advance.

44. When investing or making decisions,

do not focus only on immediate benefits and ignore potential risks.

For example,

speeding while driving inevitably leads to danger,

so risk prevention must be done in advance,

ensuring safety first.

45. He believes that information asymmetry plays a very limited role in investing,

except for short-term speculative gains.

But investing is not a zero-sum game,

and speculative behaviors related to information gaps are zero-sum,

meaning profiting from undisclosed information before others is unethical.

46. In the long run,

many fluctuations in investment are insignificant.

Focusing too much on these small waves can exhaust oneself.

Therefore,

investment should focus on long-term value,

finding good companies and holding them long-term,

which can reduce psychological pressure,

and allow one to enjoy a healthy, long life like Buffett and Charlie Munger,

while those who pursue excessive speculation often end badly.

47. Knowing that a project is high risk but still engaging in it is irrational.

Investments should be based on analysis of business models and future cash flows.

48. Although some like Masayoshi Son have achieved large-scale success in venture capital,

excluding a few highly profitable projects,

overall returns may not be high.

Compared to Buffett and Munger,

this investment model’s returns are significantly lower.

49. Do not use funds you do not need for urgent purposes to pursue high returns.

For example,

he believes earning 10%-20% annually is reasonable,

while seeking 500% returns involves huge risks,

which could lead to losses.

50. Although he manages a large amount of capital,

even surpassing many professional investors,

he does not consider himself a typical professional investor.

He does not need to manage a team of 300-400 people like some large investment firms.

His investment approach is relatively simple and direct,

such as buying Apple or Moutai stocks and holding long-term.

51. The level of risk depends on how well you understand the investment target.

If you lack sufficient knowledge about a project,

even if it seems risky, do not rush into it.

Also,

avoid using leverage and stock collateral to increase risk.

52. If you encounter a company you like with good prospects,

and have the right opportunity to join,

that is also a good investment choice.

In a poor economic environment,

good companies like Tencent and Moutai can still maintain good operations,

and their stock price fluctuations do not necessarily reflect the true state of the company.

For example, Moutai,

even if its stock price drops,

its products are still in short supply.

53. The so-called globalization does not necessarily have to be a deliberate goal.

When a company has sufficient strength and demand,

it will naturally go international; conversely,

if forced into globalization without conditions,

it may face many difficulties.

54. In advertising and marketing,

he realized early on that the Super Bowl is an excellent advertising platform,

but his company never found the right product to promote.

Meanwhile, Huang Zheng seized this opportunity,

launching two ads in the first year,

and four in the second,

successfully promoting the brand during the Super Bowl.

55. After retirement,

he believes he should no longer interfere too much in company affairs.

He takes playing ball as his main life focus,

this attitude is not about seeking high-profile or low-profile,

but about following a normal boundary between life and work.

The company’s development should be led by its management team,

he contributed when involved in the company,

now he enjoys his retirement life.

56. Some of his experiences in gaming also reflect his understanding of the essence of things.

For example,

the name he used in playing Fantasy Westward Journey contains his unique understanding of the concept of the formless Tao,

and expresses his views on things through this.

57. He shares Buffett’s understanding of the essence of investment,

both believe that investment is about investing in value.

If one departs from the core of value investing,

it’s hard to understand the true meaning of investment.

58. Buffett has broad involvement in business,

he may not understand many businesses as well as Duan Yongping; conversely,

Duan Yongping’s familiar businesses,

Buffett may not fully grasp either.

For example, in Apple’s case,

Duan Yongping started buying Apple stock as early as 2011,

while Buffett began large-scale purchases in 2016.

Duan Yongping believes Apple’s business model is superior to Coca-Cola,

and after discussing with Buffett,

it took Buffett four years to fully understand this view.

59. His life goal is to enjoy health and longevity while maintaining quality of life.

He believes that relying solely on medical devices to sustain life without joy is painful,

so he actively advocates enjoying life through exercise,

an optimistic attitude, and other ways.

60. Regarding AI technology,

he finds it very powerful,

but also admits his understanding is limited.