Apple(US:AAPL) Ge Long Hui A P P·2026-01-06 09:49Core Insights - The article highlights Duan Yongping's impressive investment performance, showcasing a stock account with a cumulative return of over 18 times, amounting to nearly $34 million from an initial investment of approximately $1.8 million made in November 2011 [1][12]. Investment Philosophy - Duan emphasizes that he is an amateur investor, primarily enjoying golf, and views investing as a hobby rather than a profession [3][4]. - He believes that investing is one of the few fields where amateurs can outperform professionals, attributing his success to two key filters that save him time [5]. Key Investments - Significant investments in Yahoo and Apple marked a turning point in Duan's investment strategy, allowing him to detach from market emotions [6]. - Duan has a long-term core holding in Apple, Tencent, and Moutai, with Apple being a major contributor to his account's returns [12][13]. Insights on Buffett - Duan has had discussions with Warren Buffett regarding Apple, asserting that Buffett's understanding of the company is profound, and he believes he has a slightly better grasp, which justifies his higher investment proportion [9]. - Duan also mentioned that Buffett had previously inquired about investing in Moutai but faced operational challenges [10][11]. Investment Strategies - Duan shares that he prefers to see good companies make mistakes, as he believes strong corporate culture will correct errors, providing him with opportunities to increase his holdings [23]. - He tends to invest in companies that do not require selling, focusing on high cash flow and dividends [23]. Zhang Yao's Investment Approach - Zhang Yao, a notable figure in the investment community, has achieved significant returns, with a focus on water and coal industries [15][16]. - His investment philosophy includes constructing a profit and cash flow system based on shareholdings and dividends, emphasizing the importance of owning more company shares [24][25]. - Zhang advocates for patience in investing, seeking high cash flow, high dividend, and undervalued businesses, and capitalizing on market panic to invest heavily [26][28].