Duan Yongpings Rare Investment Interview | Generated by AI
Recent Xueqiu Interview with Duan Yongping
Duan Yongping, the renowned Chinese-American investor and founder of companies like Oppo and Vivo, gave a rare public interview in the first episode of the third season of Xueqiu’s “Strategy” program. Recorded on October 16, 2025, and aired around November 10-12, 2025, it was hosted by Xueqiu founder Fang Sanwen in California. This two-hour discussion—his first major video interview in over 20 years since “retiring” from BBK Electronics—covered investment philosophy, corporate culture, business management, long-termism, and even children’s education. Below is a summary of key points he shared, drawn from the interview and related discussions.
Investment Philosophy and Key Holdings
Duan emphasized that “buying stocks is buying companies,” but fewer than 1% of investors truly grasp this, often chasing short-term trends instead of intrinsic value. He advocates rational, long-term investing with continuous reassessment of opportunity costs.
- Apple (AAPL): Still a core holding (his portfolio is ~80% Apple), but he admitted it’s “no longer cheap” at ~$250/share during recording. He values its ecosystem and moat but warns against overpaying.
- Moutai (Kweichow Moutai, 600519.SH): Unshakable “faith” in its pricing power and cultural moat. Even if the stock halved, he’d hold or add, saying, “If you can’t handle a 50% drop, don’t buy it.” Hypothetically, he might have swapped it for Nvidia five years ago if he fully understood AI back then.
- Nvidia (NVDA): Not a bubble; AI is “something you must participate in and not miss.” He admires CEO Jensen Huang for delivering on decade-old promises. Duan invested because “AI is the future,” and he continues selling put options (betting against big drops).
- Berkshire Hathaway (BRK.B): Increased stake in Q3 2025 despite no buybacks from Buffett. Sees it as a timeless compounder.
- Other Mentions: Newly added ASML Holding (ASML). Avoids General Electric due to poor capital allocation. His U.S. portfolio totals ~$14.7B (up 28% QoQ), focused on quality over diversification.
- Tesla (TSLA) and Elon Musk: Initially disliked Musk’s character (“Investing is like making friends—I wouldn’t befriend him”), avoiding Tesla despite EV potential. But post-interview (Nov 14), after reviewing Musk’s speeches, he quietly built a position, admitting EVs “really do save energy” and grasping robots’ potential.
Corporate Culture and Management
Duan stressed “culture eats strategy for breakfast.” Good companies prioritize ethics, long-term thinking, and employee alignment over quick profits.
- BBK’s early struggles taught him: Focus on consumer needs, not scale. He views his kids’ phone-watch venture (Xiaotiancai) as potentially his “best business” for its health-focused, niche strength over mass-market competition.
- Advice: Hire for character first, then competence. Avoid “star” managers who prioritize ego.
Personal Insights and Education
From rural Jiangxi roots and exam cramming to Beijing assignments, Duan credits self-discipline. On kids: Set boundaries but don’t impose impossibles—”I don’t demand what I couldn’t do myself.” Kids are naturally disciplined if guided right; play is fine if homework’s done.
Broader Takeaways
- AI Era: Retail investors must evolve into “iron retail investors” by understanding tech like AI, not fearing volatility.
- Long-Termism: Hold winners but swap if opportunity costs rise (e.g., Moutai vs. Nvidia).
- Risk: Only invest what you understand; hardship builds resilience.
This interview highlights Duan’s Buffett-inspired value approach, now adapting to AI/tech shifts. His portfolio reflects this: Heavy in proven giants, dipping into growth like Nvidia/ASML.
References
- Duan Yongping Rarely Speaks Out: AI, Moutai, GE Logic
- Rare Interview: Stocks as Companies
- 50 Key Takeaways from 2-Hour Talk
- $14.7B Portfolio & Holdings
- Nvidia: Don’t Miss AI
- Moutai for Nvidia?
- Tesla Shift Post-Interview