Duan Yongping simplified Buffett's "Three Filters" into one sentence: first ask if the business is something even a fool can manage, then check if the price is low enough to sleep peacefully. At the end of 2023, he increased his holdings in Apple and reduced Tesla, not because the cars are bad, but because Musk "has too many side jobs," and he's worried Musk will bring the rocket temperament to the factory.

That same year, he set his sights on BYD, saying "Vertical integration is like Apple's ecosystem factory version," using batteries, motors, and vehicles as a single line to control costs, so even if others lower prices, he can still make a profit.
In an era of high interest rates, he broke the old metrics and directly used the ten-year US Treasury yield as a valuation anchor: the higher the interest, the deeper the discount; cash flow must beat government bonds first before talking about dreams.
Talking about corporate culture, he no longer believes in "the boss's single temper," and instead says that制度 puts the founder in a cage, and data then welds the制度 shut; Alibaba Cloud's Wang Jian team is an example—when Wang Jian left, the system kept running.
Finally, he added: AI may be lively, but ordinary people shouldn't pay tuition to stories; for those who can't understand, treat it all as "unfamiliar."$SOL
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