A visual understanding of Duan Yongping's investment landscape, revealing the undefeated investment logic of China's business godfather!

1️⃣ No Short Selling

• Short selling = against market enthusiasm, very low success rate

• Duan's famous saying: Short selling is a dead end, long-term winners are rare

2️⃣ No Leverage

• Borrowing money to invest = a life-and-death game

• Key understanding: missed opportunities persist, bankruptcy never recovers

3️⃣ Circle of Competence Rule

• Three No Principles: Don't invest if you don't understand the company/market/emotion

• Essence of investment: cognition monetization, don't invest if unfamiliar

4️⃣ Long-Termism

• Decision in 1 minute, research for 100 hours

• Market rule: short-term voting machine, long-term weighing machine

5️⃣ Boundaries of Circle of Competence

• Expansion needs to be systematic, reject false cognition

• Caution: blindly crossing boundaries = double kill of time + opportunity

6️⃣ Low-Frequency Decisions

• View investment as 20 lifetime opportunities

• Truth: frequent trading ≈ working for brokers

7️⃣ Reject Speculation

• Holding standard: if you don't want to hold for ten years, don't buy in five minutes

• Against human nature: stock liquidity ≠ speculation rationality

8️⃣ Debt Caution Line

• Heavy investment premise: cash flow > debt ratio

• Margin of safety: better to miss growth than step on debt mines

💡 Underlying logic: invest with an industrial mindset, all principles point to the same goal — preserve the principal and wait for compound interest.