Sou Hu Cai Jing·2025-11-17 04:57Core Insights - Duan Yongping's recent actions, including donating 15 million shares of Moutai and 220 million yuan to his alma mater, have garnered significant attention in the capital market, particularly regarding his investment philosophy and personal experiences [1][3] - Despite a nearly 50% decline in Moutai's stock price over the past four years, Duan remains optimistic about its recovery, emphasizing the importance of having a place for investment funds [1][3] Investment Philosophy - Duan views Moutai as distinct from other liquor brands due to its unique taste and cultural significance, believing that its stability will attract consumers regardless of changing demographics [3] - He argues that investing in Moutai is more advantageous than keeping money in a bank, citing a current dividend yield of 3%-4% compared to bank interest rates [3] - Duan is open to switching investments if he identifies a better opportunity, such as Nvidia, but stresses the necessity of fully understanding any new investment before making a switch [5] Portfolio Management - As of the end of Q3, Duan's H&H International Investment saw its total portfolio value rise from $11.5 billion to $14.7 billion, approximately 100 billion yuan [5] - Apple remains the largest holding, valued at $8.87 billion, despite a reduction of about 290,000 shares, while Berkshire Hathaway has been increased to $2.6 billion, making it the second-largest holding [5][6] - Significant reductions were made in Alibaba and Nvidia, with Alibaba's position cut by 25% and Nvidia by over one-third [6][10] - In contrast to Duan's strategy, other investors like Buffett have increased their positions in Google, while Duan slightly reduced his holdings in the same stock [7][10]