中文

Duan Yongping

The Business Owner

You buy businesses, not stocks, and you refuse anything you cannot explain in one sentence. Your edge is a long list of things you do not do: no leverage, no shorting, no things you do not understand.

Position on the six dimensions

Margin of SafetyPays any price
Business QualityOnly the best
Time HorizonTen years plus
ConcentrationFew, heavy bets
Contrarian BentWith the crowd
Decision ModeRules and systems

Where this method has an edge

Where it can hurt you

One rule from this method

Add one more item to your stop-doing list this month. Removing a behaviour is more reliable than adding a strategy.

Only do what you truly understand, at a price that makes sense, and keep a stop-doing list that is longer than your to-do list.

Public interviews and blog notes — "benfen" (doing the right thing as the first principle), the stop-doing list, and never borrowing

How close are you to this method?

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The other nine

Benjamin Graham
The Defensive Analyst
Warren Buffett
The Compounder
Charlie Munger
The Inverter
Peter Lynch
The Ground Scout
Jesse Livermore
The Tape Reader
George Soros
The Reflexive Trader
Li Lu
The Cross-Border Holder
John Templeton
The Global Contrarian
Ray Dalio
The Systems Builder
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