9 Key Takeaways from Duan Yongping’s Latest Interview
Fang Sanwen & Duan Yongping — A Rare In-Depth Conversation
Some time ago, Fang Sanwen, founder of Snowball, sat down for a long, two-hour chat with Duan Yongping — the legendary entrepreneur behind Little Tyrant, founder of BBK, and guiding force behind OPPO and vivo.
Duan is also:
- An early backer of Pinduoduo (during its “ugly duckling” phase)
- Winner of the Buffett charity lunch bid
- Nicknamed “China’s Buffett”
Over decades, his words have inspired many:
Integrity (Benfen), the famous Stop Doing List, and the paradoxical Fast is slow, slow is fast.
Yet, Duan rarely appears in public, except for brief online comments.
This time — perhaps due to his friendship with Fang — he opened up about investing, management, personal growth, family, and education.
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Nine Key Takeaways from Duan Yongping’s Interview
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1. Cognition: Easy to Know, Hard to Understand
> “Buying a stock means buying a company.”
A basic value investing maxim, yet Duan stresses — the hard part is understanding it deeply.
Key Points:
- Literal knowledge ≠ real comprehension.
- Example: Duan invested in NetEase when it was near delisting — not due to market charts, but from understanding the game industry business model and cash-position logic.
- Real understanding comes from:
- Deep research
- Long observation
- First-hand practice
Like sports skills, true comprehension becomes “muscle memory” — keeping you calm when markets swing.
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2. Strategy: The “Stop Doing List” Matters More than the “To Do List”
Avoid distraction by defining what you won’t do.
- BBK refused OEM manufacturing — Duan told Foxconn’s Terry Gou: “I can’t beat you.”
- No interest-bearing loans, no sales on credit.
- Strategic restraint sharpens focus and prevents dilution of core strengths.
Principle: Strategy isn’t just choosing what to pursue — it’s having the discipline to let go of tempting but misaligned opportunities.
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3. Values: Integrity (Benfen) Is Smart, Not Naïve
Duan defines integrity as:
- Doing the right things (value/ethics)
- Doing things right (efficiency/capability)
Why?
- Choosing “right vs. wrong” decisions simplifies choices — no endless cost-benefit debates.
- Avoid short-term gains that hurt long-term trust.
- Saves you from trouble down the road.
Tip: Ask “Is this right?” — if not, don’t do it. You’ll decide in five seconds and save years of regret.
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4. Competition: Have Unique Value or Stay Out
Apple was called “too slow” — delaying large screens and abandoning its car project.
Duan’s view: They waited until they could truly improve the user experience.
Lesson:
If you can’t bring unique value:
- Don’t rush.
- Don’t enter crowded markets just to fight for a slice.
Business essence: Create value. When you do, seats at the table will be offered to you.
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5. Management: Dare to Delegate & “Not Know”
Duan has been away from BBK’s daily operations for 20+ years — yet the companies thrive.
Delegation principles:
- Trust your leaders — don’t micromanage.
- Remove the “rearview mirror”: Don’t live in a predecessor’s shadow.
- Let others make mistakes — past “rights” may be wrong today.
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6. Cutting Losses: The Cheapest Time Is Now
Mistakes must be corrected immediately:
- Example: Sold Occidental Petroleum despite a $10M+ loss after spotting flaws in the investment logic.
- Don’t cling to sunk costs — whether jobs, relationships, or stocks.
Analogy: Don’t stay on the wrong train because you bought the ticket.
Every delay renews your subscription to the mistake.
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7. Future: Stay Curious, Even If You Don’t Understand It
Duan missed NVIDIA initially — holding stereotypes about semiconductors.
Later, he realized AI is akin to an industrial revolution.
Empty-cup mindset:
- You may not fully understand, but don’t ignore.
- Stay open to learning — don’t act like you can’t see the shift.
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8. Education: Gift Children a Sense of Security
Boundaries + Trust = Security.
Duan’s parenting style:
- Never hits or suppresses emotions.
- Stays present when children cry.
- Within boundaries, allow freedom and exploration.
Children with security:
- Dare to try and fail.
- Have a safe base to return to.
- Are more resilient in facing life alone.
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9. Mindset: “No Grand Ambition” Is a Grand Ambition
Duan’s self-assessment: No grand ambition
- Lives each day well — tennis, cooking, family.
- Long-term thinking → comes from daily joy & meaning.
- In anxious times: it’s okay to be an ordinary happy person.
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Closing Reflections
Duan’s wisdom contains no “magic tricks” — only steady farming principles:
- Do the right things, do things right.
- If you don’t understand, don’t touch.
- Correct mistakes immediately.
- Live each day well.
- Give your family security.
Great truths are simple.
Slow down. Take your time.
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In a rapidly changing world, taking time to act with integrity and focus may be the ultimate competitive edge.
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Such tools enable growing sustainably while keeping attention on doing what’s right — a digital-age version of Duan’s timeless advice.
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Final Thought:
Live each day well.
In the end, that’s the most ambitious goal of all.
