"The boss behind the boss, the most mysterious invisible richest man"

He is the first Chinese to have lunch with Buffett; he is the boss behind several household names such as Subor, BBK, OPPO, and VIVO; the bosses of Pinduoduo, NetEase, Oppo, and Jitu are all his apprentices; he is also the number one philanthropist in China, having donated 60 million US dollars to his alma mater.

But because he is too low-key, the Hurun Forbes list cannot find out how much assets he has. This mysterious man is Duan Yongping.

Mi Lier finished reading Duan Yongping's investment Q&A record on a nearly eleven-hour flight to Singapore. During these eleven hours, I got to know the male protagonist of a cool drama. What did I learn from him?

1. Learn what you are interested in and do things that make you happy

During his college years, Duan Yongping only took courses that interested him and read books that were useful to him. Because he was interested, it was easy for him to remember. Even if some courses were required, he would not force himself to attend them for credits as long as he was not interested. He said: "A diploma is not important to me at all. What is important is whether I can learn real and practical knowledge."

In July 1988, Duan Yongping was about to graduate from graduate school. He didn't like writing papers, nor did he want to ask others to do it for him, so he simply didn't want a degree. So he became the only one in the class who didn't get a degree. At this time, it was the time of "going into business fever", and the hottest place in the country was Guangdong. However, Duan Yongping, who went south, did not go to the most popular Guangzhou or Shenzhen to pan for gold, but went to a small city like Foshan, chose Foshan Radio Factory No. 8, and returned to his old business. And here he made Subor the leading domestic game console.

Later, after Subor became the leader, he refused the temptation of tens of millions of income in 1999 and left Subor Group. It was also because he noticed the problems in the system and felt unhappy and left.

He said, "Enjoy your work and have fun in it. Maybe it's no longer a job, but a career to strive for. For ordinary workers, it's not easy to love work. You still have to find a career that you love deep in your heart. For many people, starting a business may be a career to strive for. Even if you open an inconspicuous street shop, you have to spend your mind and do everything you can to do it well. You will find ways to run it well. Maybe this is the meaning of entrepreneurship, which allows you to devote yourself wholeheartedly without regrets."

2. Stop Doing List

There is no shortcut to the “Stop Doing List”. You have to accumulate, save, and experience it yourself. To stop doing means to stop when you find something wrong. The effect will be obvious over time. Many people can't let go of the temptation in front of them, and they are still there 30 years later. You must stop when you are wrong, and resist the short-term temptation. Knowing that you are wrong, you must have the courage to stop. The sooner you stop, the less the cost. For example, smoking, many people don't quit smoking, not because they don't know it's bad, but because they can't resist the short-term temptation.

As for how to do things right, you need to spend time to develop skill sets. Stick to the "Stop Doing List". Excellence is accumulated. Compared with Apple, OPPO is the same in doing the right things, but there may be some gaps in doing things right. But we have accumulated experience. We are better than most companies.

If you always stay in a place you don't like, you may never know what you really like. So if you find something wrong, stop. Try more and find more. If you do what you like, there is no concept of overtime, because you will find ways to work.

Duan Yongping's investment do not do list: no borrowing, no financing, no short selling, no speculation, no doing if you don't understand

3. Dare to be the last and strive to be the first

Being the last in the world refers to the product category, because it is often difficult to guess the market demand, but others have already made the demand clear, and you can be more certain if you meet this demand. (Being the last in the world refers to "doing the right thing", and being the first among the last refers to the ability to "do things right".)

Generally, everyone encourages people to be the first and to be innovative. I also pursue creativity and uniqueness in many things. It was only after watching Duan Yongping's company management that I realized that it is really possible for latecomers to surpass their competitors.

4. Buying stocks means buying a company, and buying a company means buying the company’s discounted future cash flow, period!

Duan Yongping: This is what I mean by faith, or I believe it from the bottom of my heart and will not be shaken by any influence. When many people talk about investment, they immediately come up with a lot of terms that everyone vaguely understands, probably because they don’t have this faith.

In fact, investment means value investment. Otherwise, what is investment? What is the value of a company? It is the discount of the company's future cash flow.

How long is the future? It means forever. How long is forever? It means until the company is closed. What does it mean when the company is closed? It means all possibilities including being sold.

IV. Investment Advice

First of all, we should get rid of the herd mentality as much as possible, collect information comprehensively, focus on the company rather than the stock price, consciously exercise critical thinking, and minimize emotional factors.

Secondly, we must abandon the idea of ​​"buying at the bottom" and buy when we determine that the company's value has been seriously underestimated by the market.

Thirdly, the future is always full of uncertainty. Even Buffett cannot guarantee that every investment will pay off. Therefore, you should be fully prepared when investing. Finally, don't go all in easily unless you can withstand any possible declines, and avoid leverage as much as possible.

5. Duty and a Normal Mind

1. Isolate external pressure and temptation, maintain a normal mentality, return to the origin of things, and grasp the reasonable direction we should take.

2. Duty requires us to dare to question, dare to challenge, and grasp the essence of things through critical thinking.

3. Your duty is to demand more from yourself than from others. When problems arise, you should first blame yourself.

4. Duty regulates the attitude towards cooperation with others - I don’t take advantage of others.

5. Duty is more important than integrity. Even if there is no promise, you should do what you are supposed to do (OPPO CEO Chen Mingyong’s new meaning of “duty” on January 4, 2019)

When the market is surging, we should respect Livermore's speculative radicalism. When the market is slowing down, we should also learn from Ah Duan's calmness, go with the flow, and follow the trend.