段永平，最新出手！

Core Viewpoint - Renowned investor Duan Yongping has resumed trading activities, specifically selling put options on Apple, amounting to over $1.44 million, indicating a strategic investment approach based on current market conditions [2][5]. Group 1: Investment Strategy - Duan Yongping has a history of selling put options as a strategy, which involves receiving premiums while taking on the obligation to buy the underlying asset at a predetermined price if the buyer exercises the option [6]. - The recent transaction involved selling 999 put options for Apple with a strike price of $195, set to expire on January 16, 2026, yielding an annualized return of approximately 18% [5][7]. - Duan emphasizes two principles for selling puts: understanding the company and avoiding leverage, having previously built a significant position in Apple through this strategy [6][8]. Group 2: Portfolio Adjustments - In the first quarter, Duan's fund, H&H International Investment, made notable adjustments, including significant reductions in holdings of Apple, Google, and others, while increasing positions in Microsoft, Nvidia, and TSMC [10][12]. - The fund reduced its Apple holdings by over $1 billion, decreasing its position to 34.22 million shares, valued at $7.6 billion, which now represents 63.33% of the portfolio [10]. - New investments included 300,000 shares of Microsoft, 650,000 shares of Nvidia, and 270,000 shares of TSMC, with respective values of $1.12 million, $6.992 million, and $4.512 million [11]. Group 3: Market Context - The trading activity comes in the wake of a market downturn caused by tariff impacts, during which Duan actively sold puts on various tech stocks, including Apple and Nvidia [3][12]. - Duan's strategy reflects a broader market sentiment, as he continues to engage in buying opportunities during periods of volatility [12][14].