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Investment Philosophies Comparison: Duan Yongping, Warren Buffett, and Charlie Munger

I. Introduction: The Titans of Value Investing

In the world of modern investing, few names carry as much weight as Warren Buffett, Charlie Munger, and Duan Yongping. These three investment giants have each left an indelible mark on the financial landscape through their distinctive yet interconnected approaches to value investing (8). Their philosophies have not only generated extraordinary returns but have also reshaped how investors around the globe think about capital allocation, risk management, and long-term wealth creation (5).

Warren Buffett, the "Oracle of Omaha," needs little introduction. As the chairman and CEO of Berkshire Hathaway, Buffett has amassed one of the most impressive investment track records in history, with Berkshire averaging a 20.1% annual return since 1965 (8). His investment approach, deeply rooted in the principles of value investing, has served as a blueprint for generations of investors (13).

Charlie Munger, Buffett's longtime business partner and vice chairman of Berkshire Hathaway, has played an instrumental role in shaping Berkshire's investment strategy. While often overshadowed by Buffett in the public eye, Munger's influence on Berkshire's approach cannot be overstated. His emphasis on rationality, multidisciplinary thinking, and concentrated investing has added layers of depth to the core value investing principles (10).

Duan Yongping, sometimes called the "Warren Buffett of China," has made a name for himself both as a successful entrepreneur and investor. As the founder of BBK and Subor, and with significant investments in companies like Apple and Alibaba, Duan has demonstrated a mastery of value investing principles adapted to the Chinese market (2). His investment philosophy, which emphasizes long-term thinking and understanding business fundamentals, aligns closely with Buffett and Munger's approaches while incorporating his own unique insights (1).

This comprehensive analysis will explore the investment philosophies of these three legendary investors, examining their core principles, practical applications, and theoretical frameworks. By comparing and contrasting their approaches to value investing, long-term holding, margin of safety, and other key elements, we can gain valuable insights into what makes these investors so successful—and how their philosophies might inform our own investment strategies (4).

II. Core Investment Principles

2.1 Value Investing Fundamentals

All three investors—Buffett, Munger, and Duan—subscribe fundamentally to the principles of value investing, which at its core involves identifying undervalued assets and holding them for the long term (8). However, their interpretations and applications of these principles reveal interesting nuances.

Warren Buffett's approach to value investing is deeply rooted in the teachings of his mentor, Benjamin Graham. Buffett famously stated, "Price is what you pay; value is what you get" (13). This simple yet profound statement encapsulates his belief that successful investing requires buying securities at a significant discount to their intrinsic value—a concept known as the "margin of safety" .

Charlie Munger, while embracing value investing, has encouraged a broader interpretation of what constitutes value. He has famously said, "We are searching for wonderful businesses at fair prices, not fair businesses at wonderful prices" (11). This shift in focus from Graham's pure bargain-hunting to seeking high-quality businesses at reasonable prices represents a significant evolution in value investing philosophy (12).

Duan Yongping shares this emphasis on quality, stating that he looks for "good businesses, good companies, and good prices"—his so-called "three good principles" (2). Like Munger, Duan prioritizes business quality over sheer cheapness, focusing on companies with strong competitive advantages and durable moats (4).

A key area where all three investors agree is the importance of understanding the businesses they invest in. Buffett has stated, "You don't have to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with the 130 IQ" (13). Similarly, Duan has emphasized that he only invests in businesses he truly understands, stating, "I don't invest in what I don't understand" (1).

2.2 Long-term Holding Strategy

All three investors are strong proponents of long-term holding, though their rationales and applications vary slightly (4).

Warren Buffett's approach to long-term investing is perhaps the most well-known. He famously advised, "If you don't want to own a stock for 10 years, don't even think about owning it for 10 minutes" (13). Buffett's long-term orientation is based on his belief that time is the friend of the wonderful business and the enemy of the mediocre . His holding period for many investments, such as Coca-Cola and American Express, spans decades, allowing him to benefit fully from compounding returns .

Charlie Munger shares this long-term perspective but adds a practical twist. He has noted that "the big money is not in the buying and the selling, but in the waiting" (11). Munger's approach to long-term holding is deeply connected to his search for businesses with sustainable competitive advantages, which he believes can be held for extended periods with minimal monitoring (12).

Duan Yongping's approach to long-term holding is exemplified by his 14-year investment in Apple, which he initiated in 2011 (3). He has stated that his ability to hold Apple for so long stems from his deep understanding of the company's business model, culture, and competitive advantages (3).

A notable difference in their approaches is seen in how they handle market volatility. Buffett and Munger famously stay invested through market cycles, while Duan has demonstrated a willingness to use tactical adjustments, such as selling put options, to enhance returns while maintaining a long-term focus (2).

2.3 Margin of Safety Concept

The concept of margin of safety—buying assets at a significant discount to their intrinsic value—is fundamental to all three investors' philosophies, though their application of this principle varies .

Warren Buffett learned the importance of margin of safety directly from Benjamin Graham, who taught that it protects investors from both poor decisions and unpredictable events . Buffett has used colorful analogies to explain this concept, comparing it to driving a 9,800-pound truck over a bridge rated for 10,000 pounds. As he explained, "If the bridge is 6 inches above the crevice it covers, you may feel okay, but if it's over the Grand Canyon, you may feel you want a little larger margin of safety" .

Charlie Munger shares this commitment to margin of safety but has emphasized that the required margin depends on one's understanding of the business. "If you understood a business perfectly—the future of a business—you would need very little in the way of a margin of safety," he explained . This reflects Munger's belief that knowledge can reduce the need for excessive caution (11).

Duan Yongping incorporates the margin of safety concept into his investment approach, as seen in his investments in companies like NetEase and Moutai. When investing in NetEase during the dot-com crash, Duan calculated that the company had $1 billion in cash but was valued at less than $800 million, providing a substantial margin of safety (16). Similarly, his investment in Moutai during the 2013 liquor crisis, when the stock price had fallen to 80 yuan, demonstrated his willingness to buy quality companies when they were temporarily out of favor (16).

However, Duan also recognizes that the margin of safety isn't just about price; it's about the business's underlying value. As he explained, "If you look back ten years later, the current stock price is still attractive, selling put is an effective way to obtain annualized 10%-20% returns at low risk" . This approach reflects his understanding that margin of safety can be enhanced through both price and business quality (2).

III. Investment Approaches and Strategies

3.1 Business Analysis Framework

The three investors share a common approach to analyzing businesses, focusing on understanding fundamental aspects of the company rather than getting caught up in short-term market fluctuations (1).

Warren Buffett's business analysis framework is built around four key criteria:

1. The business must be simple and understandable

2. The business must have consistent operating history

3. The business must have favorable long-term prospects

4. The business must be available at a reasonable price (13)

Buffett evaluates these criteria by focusing on metrics like return on equity (ROE), return on invested capital (ROIC), and free cash flow generation. He also looks for companies with "economic moats"—sustainable competitive advantages that protect the business from competitors (22).

Charlie Munger has expanded on this framework by advocating for a multidisciplinary approach to business analysis. He believes that incorporating insights from various academic disciplines—psychology, mathematics, physics, biology, etc.—can provide a more comprehensive understanding of a business and its prospects (14). This "latticework of mental models" allows Munger to identify patterns and potential problems that might be missed by a more narrow analysis (14).

Munger's approach also emphasizes what he calls "inversion"—a problem-solving technique that involves considering a question backward. Instead of asking, "How can I invest successfully?" he asks, "What will cause me to invest unsuccessfully, and how can I avoid that?" (32). This inversion technique helps him identify and avoid potential pitfalls in his investment analysis (38).

Duan Yongping's business analysis framework is similar to Buffett's but with a particular emphasis on understanding the company's culture and management. He believes that a company's culture is crucial to its long-term success, stating that he looks for companies with "integrity and ability" in their management teams (1).

Duan also places significant importance on understanding the company's products and their appeal to consumers. As a former entrepreneur himself, he has a keen eye for products that create real value for users. His investment in Apple, for example, was based in part on his understanding of the company's product ecosystem and its appeal to consumers (3).

3.2 Risk Management Strategies

Risk management is a critical component of all three investors' philosophies, though their specific approaches differ in interesting ways (2).

Warren Buffett's risk management strategy is built around several key principles:

1. Avoiding leverage: Buffett has consistently warned against using borrowed money to invest, stating that "leverage turns into a two-edged sword when prices move against you" (13).

2. Diversification: While not a fan of excessive diversification, Buffett believes in holding a concentrated portfolio of businesses he understands deeply (8).

3. Staying within one's circle of competence: Buffett only invests in businesses he fully understands, which helps him accurately assess risks (13).

4. Maintaining a margin of safety: As discussed earlier, this principle helps protect against both poor decisions and unforeseen events .

Charlie Munger's approach to risk management shares many similarities with Buffett's but adds some distinctive elements. Munger is a strong advocate of "concentrated investing," arguing that risk can actually increase with excessive diversification (11). He believes that "risk doesn't always decrease with diversification. Instead, intelligent risk-taking—backed by thorough research and understanding—can potentially offer higher returns" (11).

Munger also emphasizes the importance of understanding the "downside" of an investment—the worst-case scenario. He advises investors to ask, "What's the worst that can happen?" and ensure they can handle that outcome before making an investment (32).

Duan Yongping's risk management strategy is perhaps the most clearly articulated of the three. He adheres to what he calls the "three ironclad rules": no leverage, no short selling, and no touching unfamiliar fields (2). These rules reflect his belief that avoiding unnecessary risks is just as important as seeking high returns (4).

Duan also emphasizes the importance of emotional discipline in risk management. He has stated that investors should avoid making decisions based on fear or greed and instead stick strictly to their investment principles (5). As he put it, "In the investment world, opportunities are endless. When faced with mistakes, you must not be held hostage by sunk costs" (3).

A notable difference in their approaches is seen in how they handle technology investments. Buffett and Munger were historically cautious about technology stocks, arguing that they fell outside their circle of competence. Duan, on the other hand, has been more willing to invest in technology companies like Apple and Tencent, which he understands through his background in consumer electronics (2).

3.3 Industry Preferences and Diversification

The investment philosophies of Buffett, Munger, and Duan Yongping all address industry preferences and diversification, though their approaches show both similarities and differences (2).

Warren Buffett has historically favored companies in consumer staples, financial services, and utilities—industries with stable demand, predictable cash flows, and clear competitive advantages (13). His early reluctance to invest in technology companies is well-documented, as he felt these businesses were too difficult to predict and did not fit his criteria for consistent operating history and understandable business models (13).

However, Buffett has evolved over time. His investment in IBM and later Apple demonstrates a willingness to adapt his industry preferences as his understanding of these businesses grew (8). Despite this evolution, Buffett still maintains a preference for companies with durable competitive advantages and predictable cash flows, regardless of industry (22).

When it comes to diversification, Buffett has often stated that "wide diversification is only required when investors do not understand what they are doing" (13). His own portfolio is relatively concentrated, with the top 10 holdings typically accounting for around 80% of Berkshire Hathaway's equity portfolio (8).

Charlie Munger shares Buffett's views on industry preferences and diversification but adds his own perspective. He has argued that "diversification is a protection against ignorance" and that "if you know what you're doing, it's not necessary" (11). Munger's portfolio has historically been even more concentrated than Buffett's, with just a handful of core holdings (11).

Munger has also expressed a preference for businesses with "low capital intensity"—companies that can generate strong returns without requiring significant ongoing capital investment. This preference is evident in Berkshire Hathaway's investments in companies like See's Candies, which generates substantial profits with relatively little capital reinvestment (30).

Duan Yongping's industry preferences show some interesting differences from Buffett and Munger. While he has investments in consumer companies like Apple and Coca-Cola, he has also shown a strong interest in technology and internet companies, including Alibaba, Pinduoduo, and Tencent (2). This reflects his background as an entrepreneur in the consumer electronics industry and his understanding of these businesses .

Duan's portfolio diversification strategy is similar to Buffett's in that he focuses on a concentrated portfolio of businesses he understands deeply. His 2025 Q1 portfolio shows a high concentration, with Apple alone accounting for 78.01% of his holdings, followed by Berkshire Hathaway at 12.13% and Google at 5.49% (2). This concentration reflects his belief in the power of "deep research + concentrated investment" (2).

A key difference in their approaches is seen in how they handle emerging industries. While Buffett and Munger have historically been cautious about investing in new and unproven industries, Duan has shown a willingness to invest in innovative companies like Pinduoduo, provided he understands their business models and competitive advantages (2).

IV. Practical Applications and Case Studies

4.1 Notable Investment Cases

Examining specific investment cases can provide valuable insights into how Buffett, Munger, and Duan Yongping apply their investment philosophies in practice (16).

Warren Buffett's investment in Coca-Cola in 1988 is one of his most famous and successful investments. At the time, Coca-Cola was facing challenges due to the introduction of "New Coke," which had been met with consumer backlash . Despite this setback, Buffett recognized the enduring strength of Coca-Cola's brand and its dominant market position. He believed the company's long-term prospects remained intact .

Buffett's analysis involved calculating Coca-Cola's intrinsic value using a discounted cash flow model. He assumed an initial growth rate of 15% for the first 10 years, followed by a 5% growth rate thereafter, and used a 9% discount rate (based on the prevailing government bond rate) . This analysis indicated that Coca-Cola was undervalued at the current market price, providing a substantial margin of safety (28).

The results speak for themselves. Berkshire Hathaway's $1.3 billion investment in Coca-Cola has grown to be worth approximately $27 billion as of 2025, generating a return of over 2,000% . This investment exemplifies Buffett's ability to identify high-quality businesses with strong moats and hold them for the long term (22).

Charlie Munger's influence on Berkshire Hathaway's investment strategy is perhaps best demonstrated by the acquisition of See's Candies in 1972. Munger convinced Buffett to pay $25 million for the company, which was a significant premium over its book value of just $8 million (30).

Munger recognized that See's Candies had a powerful brand with strong customer loyalty and pricing power. Despite the premium price, he believed the business would generate substantial cash flow with minimal ongoing capital investment . His analysis proved correct, as See's Candies has since generated over $2 billion in pre-tax profits for Berkshire Hathaway while requiring very little reinvestment (30).

This investment was a turning point for Buffett and Munger, shifting their focus from purely bargain hunting to seeking high-quality businesses at fair prices—a shift that would define Berkshire Hathaway's investment strategy going forward (33).

Duan Yongping's most famous investment case is undoubtedly his purchase of NetEase stock during the dot-com crash in 2001-2002. At that time, NetEase's stock had plummeted to just $0.80 per share due to the bursting of the internet bubble and concerns about the company's financial health (16).

Duan recognized that NetEase had $1 billion in cash on its balance sheet but was valued at less than $800 million, effectively meaning the market was giving away the company's core business for free (16). He also saw potential in NetEase's emerging online gaming business, which he believed had strong growth prospects (16).

Duan purchased approximately 2 million shares of NetEase at an average price of $1, investing around $2 million in total. By 2006, NetEase's stock had risen to $70 per share, generating a return of over 80 times his initial investment (16). This investment exemplifies Duan's ability to identify undervalued companies with strong long-term prospects and hold them for substantial gains (16).

Another notable investment by Duan is his 2011 purchase of Apple stock, which he has held for 14 years as of 2025 (3). His decision to invest was based on his analysis of Apple's business model, culture, and competitive advantages, particularly its ability to generate high margins and strong customer loyalty (3).

4.2 Portfolio Management and Tactical Adjustments

While all three investors emphasize long-term holding, their approaches to portfolio management and tactical adjustments reveal interesting differences and similarities (2).

Warren Buffett's portfolio management style is characterized by patience and discipline. He has stated that "the stock market is a device for transferring money from the impatient to the patient" . Berkshire Hathaway's portfolio typically experiences very low turnover, with many holdings remaining unchanged for decades (8).

When Buffett does make changes to the portfolio, it's usually for one of three reasons: 1) the fundamentals of the business have deteriorated, 2) the stock has become significantly overvalued, or 3) a more attractive investment opportunity has emerged (13). These decisions are based on careful analysis rather than short-term market trends or emotions (13).

Buffett's approach to portfolio management also includes what he calls "barbell strategy"—holding both very conservative investments (like Treasury bills) and high-conviction equity positions. This strategy provides liquidity for future opportunities while maintaining exposure to long-term growth (13).

Charlie Munger's portfolio management style is even more hands-off than Buffett's. He has famously said that "the big money is not in the buying and selling, but in the waiting" (11). Munger's portfolio has historically been even more concentrated than Buffett's, with just a few core holdings that he believes in deeply (11).

Munger's approach to tactical adjustments is guided by his "inversion" principle. He focuses on avoiding mistakes rather than trying to make perfect decisions. As he put it, "All I want to know is where I'm going to die, so I'll never go there" (32). This mindset leads him to sell investments that he believes have significant downside risks, even if the upside potential still seems attractive (32).

Duan Yongping's portfolio management style combines elements of both Buffett's and Munger's approaches with some unique characteristics. Like Buffett, he maintains a concentrated portfolio, with his top three holdings typically accounting for over 95% of his portfolio (2). However, Duan has shown a greater willingness to make tactical adjustments within this concentrated framework (2).

A notable example of Duan's tactical approach is his use of options strategies. In 2021, he announced plans to sell put options on Tencent stock, aiming to accumulate a 1% stake in the company over 3-5 years (18). This strategy allows him to generate income while potentially acquiring additional shares at attractive prices .

Duan has also demonstrated a willingness to adjust his holdings in response to changing market conditions, as seen in his 2025 Q1 portfolio. While maintaining his core position in Apple, he increased his holdings in Alibaba and Pinduoduo while reducing exposure to Berkshire Hathaway and Google (2). These adjustments reflect his belief in "investment is the art of giving up"—reallocating capital from less promising opportunities to more attractive ones (2).

A key difference in their approaches is seen in how they handle market volatility. Buffett and Munger typically stay fully invested through market cycles, while Duan has shown a willingness to hold significant cash positions during periods of market uncertainty, waiting for better opportunities to deploy capital (2).

V. Comparative Analysis and Synthesis

5.1 Core Similarities in Investment Philosophies

Despite their individual differences, Duan Yongping, Warren Buffett, and Charlie Munger share several fundamental principles that form the core of their investment philosophies (4).

First and foremost, all three investors are committed to value investing at its core. They believe in buying assets at prices below their intrinsic value and holding them for the long term. As Duan put it in a 2025 interview, "If you don't invest in value, what else are you investing in?" (4). This shared commitment to value investing forms the foundation of their investment approaches (8).

Another key similarity is their focus on buying businesses, not just stocks. Buffett has famously said, "Stock is a piece of paper representing part ownership of a business" (13). Similarly, Duan has stated that he evaluates companies based on "their business, their culture, their business model" (3). This perspective leads them to analyze businesses as if they were buying the entire company, focusing on factors like competitive advantages, management quality, and cash flow generation (4).

All three investors also emphasize the importance of understanding one's circle of competence. Buffett advises investors to "stick to what you understand" (13). Munger echoes this sentiment, stating that "knowing what you don't know is more useful than being brilliant" (11). Duan similarly adheres to his "three ironclad rules," which include "not touching unfamiliar fields" (2). This shared emphasis on staying within one's area of expertise helps them avoid unnecessary risks and make more informed investment decisions (2).

Long-term orientation is another common thread in their philosophies. Buffett's advice to "hold stocks for 10 years" is well-known (13). Munger has stated that "the big money is in the waiting" (11). Duan's 14-year investment in Apple demonstrates his commitment to long-term holding (3). This shared focus on the long term allows them to benefit from compounding returns and avoid the pitfalls of short-term market speculation (3).

Finally, all three investors place a high value on margin of safety. Buffett learned this principle from Benjamin Graham, and it remains central to his approach . Munger has emphasized that "the price you pay determines your rate of return" (11). Duan demonstrated his understanding of margin of safety in his investment in NetEase, which he purchased when the company's cash on hand exceeded its market capitalization (16). This shared emphasis on buying assets at a discount to their intrinsic value helps protect their portfolios from downside risk while providing upside potential (16).

5.2 Key Differences in Approach and Application

While Buffett, Munger, and Duan share core principles, their approaches and applications of these principles reveal several key differences (2).

One notable difference is their attitude toward diversification. Buffett has famously said that "diversification is a protection against ignorance" (13). His portfolio is concentrated but typically includes 20-30 core holdings (8). Munger takes this a step further, arguing that "if you know what you're doing, diversification is not necessary" (11). His own portfolio has historically been even more concentrated, with just a handful of core holdings (11).

Another key difference is their approach to technology investments. Buffett and Munger were historically cautious about technology stocks, arguing that they fell outside their circle of competence. As Buffett put it, "I don't want to play a game where the other guy has a 40-point IQ advantage" (13). However, they have evolved over time, with Buffett making significant investments in IBM and Apple (8).

Duan Yongping, on the other hand, has shown a greater willingness to invest in technology and internet companies, including Alibaba, Pinduoduo, and Tencent (2). This difference reflects his background as an entrepreneur in the consumer electronics industry, which gives him a deeper understanding of these businesses . As he explained in a 2025 interview, "I invest in businesses I understand, and I understand technology companies because I've worked in that industry" (5).

Their approaches to valuation also show interesting differences. Buffett typically uses a discounted cash flow (DCF) model with conservative growth assumptions to estimate intrinsic value (28). His analysis of Coca-Cola in 1988, for example, assumed an initial growth rate of 15% followed by 5% perpetual growth, with a 9% discount rate .

Munger has emphasized a more qualitative approach to valuation, focusing on factors like competitive advantages and management quality rather than precise numerical calculations. He has stated that "it's better to be roughly right than precisely wrong" (11).

Duan Yongping's approach to valuation combines elements of both quantitative and qualitative analysis. His investment in NetEase was based on a quantitative assessment of the company's cash position relative to its market cap, while his investment in Apple was driven more by qualitative factors like the company's business model and competitive advantages (16).

A final difference is seen in their use of options and other derivatives. Buffett has historically been cautious about derivatives, famously calling them "financial weapons of mass destruction" (13). However, Berkshire Hathaway has occasionally used put options as a way to acquire stocks at attractive prices (8).

Duan Yongping, on the other hand, has shown a greater willingness to use options tactically. His strategy of selling put options on Tencent allows him to generate income while potentially acquiring additional shares at attractive prices (18). He has explained that this approach is suitable when the target company's stock price is in a "reasonable range" and the investor is willing to hold the underlying stock for a long time .

5.3 Evolution of Investment Philosophies Over Time

The investment philosophies of Buffett, Munger, and Duan Yongping have all evolved over time, reflecting both changes in the market environment and their own learning experiences (4).

Warren Buffett's investment philosophy has undergone significant evolution since his early days working with Benjamin Graham. Initially, Buffett strictly followed Graham's bargain-hunting approach, focusing on buying stocks trading below their net current asset value—a strategy that worked well in the post-WWII era but became increasingly difficult as markets became more efficient (13).

The turning point came with the influence of Charlie Munger, who encouraged Buffett to focus on high-quality businesses with strong competitive advantages rather than just cheap stocks. This shift is exemplified by Berkshire Hathaway's acquisition of See's Candies, which was purchased at a significant premium to book value but has since generated enormous profits (33).

Buffett's philosophy continued to evolve with his increasing focus on "economic moats"—sustainable competitive advantages that protect a business from competitors. This concept, which was not part of Graham's original teachings, has become central to Buffett's approach in recent decades (22).

More recently, Buffett has shown a greater willingness to invest in technology companies, with significant positions in IBM and Apple. This represents a departure from his earlier reluctance to invest in businesses he didn't fully understand, demonstrating his ability to adapt his philosophy as his knowledge and market conditions change (8).

Charlie Munger's investment philosophy has evolved in parallel with Buffett's, though with some distinctive characteristics. Munger began his career as a lawyer with an interest in investing, and his approach has always been more eclectic and multidisciplinary than Buffett's (11).

Munger's emphasis on the "latticework of mental models"—incorporating insights from various academic disciplines—has become increasingly prominent in his thinking over time (14). This approach reflects his belief that true understanding requires a broad perspective rather than narrow specialization (14).

Munger has also evolved in his views on valuation. Early in his career, he was more focused on finding absolute bargains, but over time he has come to emphasize the importance of business quality over price alone. As he put it, "We are searching for wonderful businesses at fair prices, not fair businesses at wonderful prices" (11).

Duan Yongping's investment philosophy has also evolved since he began investing in the early 2000s. His earliest significant investment, in NetEase during the dot-com crash, was very much in the Graham-style bargain-hunting mold, focusing on a company with significant net cash on its balance sheet (16).

Over time, Duan's approach has shifted toward a more Munger-like focus on quality businesses. His investment in Apple, which he initiated in 2011, demonstrates this shift, as he focused on the company's business model, culture, and competitive advantages rather than just its valuation metrics (3).

In recent years, Duan has developed his own distinctive approach that incorporates elements of both value investing and growth investing. His 2025 Q1 portfolio shows a mix of established companies like Apple and Berkshire Hathaway with more growth-oriented technology and internet companies like Alibaba and Pinduoduo (2). This diversification reflects his evolving understanding of how different types of businesses can fit into a value-oriented portfolio (2).

Duan has also evolved in his use of options strategies, which he now employs as a way to enhance returns while maintaining a long-term focus. His strategy of selling put options on companies he wants to own allows him to generate income while potentially acquiring additional shares at attractive prices (18).

A key similarity in how their philosophies have evolved is the increasing emphasis on business quality over sheer cheapness. All three investors have moved away from strict bargain hunting toward a more nuanced approach that values durable competitive advantages, strong management teams, and favorable long-term prospects alongside reasonable valuations (4).

VI. Practical Implications and Modern Applications

6.1 Applying These Philosophies in Today's Market

The investment philosophies of Buffett, Munger, and Duan Yongping offer valuable lessons for investors navigating today's market environment, though their application requires adaptation to current conditions (2).

One of the most important lessons from these investors is the importance of focusing on fundamentals rather than short-term market noise. In today's market, where information flows rapidly and market sentiment can swing dramatically, this advice is more relevant than ever. As Buffett has said, "The stock market is a device for transferring money from the impatient to the patient" .

Applying this principle in today's market requires developing a systematic approach to analyzing businesses, focusing on metrics like return on equity, return on invested capital, and free cash flow generation. It also means resisting the temptation to chase hot trends or make impulsive decisions based on the latest news or social media hype (13).

Another key lesson is the importance of staying within one's circle of competence. In today's market, which includes everything from traditional stocks to cryptocurrencies, SPACs, and NFTs, this principle is particularly valuable. As Munger has advised, "Know what you don't know is more useful than being brilliant" (11).

Applying this principle requires honest self-assessment about one's knowledge and expertise. It means focusing on industries and asset classes that you truly understand, even if it means missing out on opportunities in other areas. For most investors, this will mean sticking to traditional equities and bonds rather than more exotic investments (11).

The emphasis on margin of safety is another principle that remains highly relevant in today's market. With many stocks trading at elevated valuations relative to historical averages, buying assets at a significant discount to their intrinsic value has become more challenging but no less important .

Applying this principle today requires a willingness to be patient and wait for attractive opportunities, even if it means holding cash for extended periods. It also means being disciplined in one's valuation approach, using conservative assumptions about future growth and profitability .

Duan Yongping's approach offers additional insights for today's market, particularly regarding the integration of technology and internet companies into a value-oriented portfolio. His investments in companies like Apple, Alibaba, and Pinduoduo demonstrate that value investing principles can be applied to technology businesses, provided the investor has a deep understanding of the industry and the specific company (2).

Applying Duan's approach requires developing a nuanced understanding of how technology companies create value and maintain competitive advantages. This includes evaluating factors like network effects, switching costs, and ecosystem development, which may not be captured in traditional valuation metrics (2).

Finally, all three investors' approaches emphasize the importance of emotional discipline in investing. In today's market, where social media and algorithmic trading can amplify market volatility and create FOMO (fear of missing out), this discipline is essential (3).

Applying this principle requires developing a clear investment plan and sticking to it, regardless of short-term market fluctuations. It means avoiding impulsive decisions based on fear or greed and focusing instead on long-term goals and fundamental analysis (3).

6.2 Hybrid Approaches and Modern Adaptations

The investment philosophies of Buffett, Munger, and Duan Yongping are not static; they have evolved over time, and their principles can be adapted and combined in various ways to suit different investment styles and market conditions (2).

One modern adaptation that has gained popularity is the combination of value investing principles with growth considerations—a hybrid approach sometimes referred to as "quality growth" investing. This approach seeks companies that demonstrate both strong fundamental characteristics (high returns on capital, low debt, consistent earnings growth) and reasonable valuations (23).

This hybrid approach is exemplified by Buffett's investment in Apple, which combines strong growth prospects with many traditional value characteristics. Similarly, Duan Yongping's portfolio includes both established companies like Apple and Berkshire Hathaway and more growth-oriented technology companies like Alibaba and Pinduoduo (2).

Another modern adaptation is the integration of environmental, social, and governance (ESG) factors into the investment analysis framework. While Buffett, Munger, and Duan have historically focused on financial metrics, there is increasing recognition that ESG factors can impact a company's long-term performance and risk profile (23).

Applying this adaptation requires expanding the traditional business analysis framework to include ESG considerations. This might involve evaluating a company's carbon footprint, labor practices, or board diversity alongside more traditional metrics like ROE and free cash flow (23).

The use of technology and data analytics represents another significant adaptation of traditional value investing principles. While Buffett, Munger, and Duan rely primarily on fundamental analysis, modern investors can leverage tools like machine learning, big data, and alternative data sources to gain deeper insights into companies and industries .

This adaptation doesn't replace traditional analysis but complements it by providing additional information about consumer behavior, supply chain efficiency, and other factors that can impact a company's performance. However, it's important to remember that technology is a tool, not a substitute for sound investment principles .

Duan Yongping's use of options strategies represents another modern adaptation of traditional value investing. His approach of selling put options on companies he wants to own allows him to generate income while potentially acquiring additional shares at attractive prices (18).

This strategy can be particularly useful in today's market environment, where many high-quality companies trade at elevated valuations. By selling puts, investors can establish a price at which they would be willing to buy the stock while generating income in the meantime .

A final adaptation is the application of these principles to different asset classes and investment vehicles. While Buffett, Munger, and Duan have primarily focused on publicly traded equities, their principles can be applied to other asset classes like private equity, real estate, and even cryptocurrencies—though with appropriate modifications (9).

For example, the principles of understanding the business, focusing on long-term value, and maintaining a margin of safety can be applied to real estate investing by evaluating the property's income potential, location advantages, and purchase price relative to its intrinsic value (13).

Similarly, some investors have applied value investing principles to cryptocurrency by focusing on projects with real-world utility, strong development teams, and reasonable valuations relative to their potential adoption (9).

6.3 The Future of Value Investing in a Changing World

As markets evolve and new investment opportunities emerge, the future of value investing will likely see continued adaptation and evolution, though the core principles articulated by Buffett, Munger, and Duan are likely to remain relevant (8).

One trend that is already shaping the future of value investing is the increasing focus on sustainable competitive advantages in a digital age. As technology continues to disrupt industries, traditional sources of competitive advantage like brand and scale are being complemented by new factors like network effects, data advantages, and ecosystem development (23).

The future of value investing will likely involve a deeper understanding of how these digital-age competitive advantages work and how they can be sustained over time. This will require investors to develop new analytical frameworks that incorporate both traditional and digital factors (23).

Another important trend is the growing emphasis on purpose and sustainability in business. As consumers, employees, and regulators increasingly demand that companies operate in a socially and environmentally responsible manner, these factors are becoming more important to long-term business success (23).

The future of value investing will likely see an increased integration of ESG (environmental, social, and governance) factors into the investment analysis process. This doesn't mean abandoning traditional value metrics but rather expanding the framework to include a broader range of factors that can impact a company's long-term performance and risk profile (23).

Technological innovation is another factor that will shape the future of value investing. The increasing availability of data and the development of advanced analytical tools are transforming how investors identify opportunities and assess risks .

In the future, value investing will likely incorporate more sophisticated quantitative techniques while maintaining a focus on qualitative factors. This hybrid approach will allow investors to leverage the power of technology while avoiding the pitfalls of purely quantitative strategies that lack a fundamental understanding of the businesses being analyzed .

Globalization and the rise of emerging markets represent another significant trend that will impact the future of value investing. As markets like China, India, and Southeast Asia continue to develop, they will offer new opportunities for value investors (2).

Duan Yongping's success in applying value investing principles in the Chinese market provides a blueprint for how these principles can be adapted to different cultural and regulatory environments (2). The future of value investing will likely see an increased focus on global opportunities and the development of frameworks for analyzing businesses in diverse market conditions (2).

Despite these changes, the core principles of value investing—buying businesses, not stocks; focusing on long-term value; maintaining a margin of safety; and staying within one's circle of competence—are likely to remain relevant regardless of how markets evolve (4).

As Charlie Munger has said, "The basic ideas of investing are to look at stocks as businesses, use the market's fluctuations to your advantage, and seek a margin of safety. That's what Ben Graham taught us. A hundred years from now they will still be the cornerstones of investing" (11).

Similarly, Duan Yongping has emphasized that while market conditions change, the fundamental principles of value investing remain constant. As he put it in a 2025 interview, "The essence of value investing is understanding the business and buying it at a reasonable price. This principle doesn't change, regardless of the market environment" (5).

VII. Conclusion: Timeless Wisdom for Modern Investors

The investment philosophies of Warren Buffett, Charlie Munger, and Duan Yongping offer a wealth of wisdom for investors at all levels of experience. While their approaches have evolved over time and show some distinctive characteristics, they share a common foundation in value investing principles that have stood the test of time (4).

At the core of these philosophies is the fundamental insight that investing is not about predicting short-term market movements but about understanding businesses and buying them at prices below their intrinsic value. This focus on long-term value creation rather than short-term speculation has been the key to their extraordinary success (13).

One of the most valuable lessons from these investors is the importance of developing a systematic approach to analyzing businesses. This involves evaluating factors like competitive advantages, management quality, and cash flow generation, and doing so with a long-term perspective. As Buffett has said, "The stock market is a device for transferring money from the impatient to the patient" .

Another crucial lesson is the importance of staying within one's circle of competence. In today's complex and rapidly evolving market environment, this principle is more valuable than ever. As Munger has advised, "Know what you don't know is more useful than being brilliant" (11).

The emphasis on margin of safety is another timeless principle that remains highly relevant in today's market. With many assets trading at elevated valuations, buying assets at a significant discount to their intrinsic value has become more challenging but no less important. As Buffett explained using his bridge analogy, a margin of safety protects investors from both poor decisions and unforeseen events .

Duan Yongping's approach offers additional insights, particularly regarding the integration of technology and internet companies into a value-oriented portfolio. His ability to identify high-quality businesses with strong competitive advantages, even in rapidly evolving industries, demonstrates that value investing principles can be applied successfully in diverse market conditions (2).

Perhaps the most important takeaway from these three investors is that successful investing is as much about character and discipline as it is about analytical skills. It requires the patience to wait for the right opportunities, the courage to act when others are fearful, and the discipline to stick to one's principles even when short-term results are disappointing (3).

As we look to the future of value investing in an increasingly complex and interconnected world, the core principles articulated by Buffett, Munger, and Duan will likely continue to provide a solid foundation for investment success. While the specific applications of these principles may evolve, the fundamental ideas—buying businesses, focusing on long-term value, maintaining a margin of safety, and staying within one's circle of competence—are likely to remain as relevant in the next century as they have been in the past (4).

In the end, the investment philosophies of these three legendary investors remind us that investing is not a game of chance but a discipline based on knowledge, patience, and emotional control. As Duan Yongping put it in a 2025 interview, "Investing is not about being smarter than others; it's about being more disciplined and patient" (5). This timeless wisdom offers valuable guidance for investors navigating today's markets and planning for long-term financial success.

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[2] 段永平2025年Q1投资布局解密:科技股持仓占比超八成， 阿里 拼多多 获战略加码!据最新披露的13F文件显示，知名投资... https://xueqiu.com/1686652445/333375722

[3] 段永平2025年最新发言 :在投资的世界里，机会层出不穷，面对错误绝不能被沉没成本绑架 https://news.futunn.com/post/51856745/duan-yongping-s-latest-statement-in-2025-in-the-world

[4] 段永平2025年1月5日在浙江大学师生见面会问答撮要(投资版) 段永平的投资理念和投资风格与巴菲特比较一致。2025年1月5日，他在母校浙江大学和师生见面并做了交流。本文对其中涉及投资... https://xueqiu.com/5245434153/319572671

[5] 段永平2025访谈揭示:20岁时的深刻人生领悟与投资智慧_创业_思考_成功 https://m.sohu.com/a/854489110_122066678/

[6] 2025年1月5日，在众人的翘首以盼中，商业传奇人物——著名投资人兼企业家段永平，重回培育他的摇篮，也就是母校浙江大学。... https://xueqiu.com/1302611845/319562577

[7] 2025年1月5日，著名企业家、投资人段永平回到母校浙江大学，与师生进行了一场深度交流。 https://mguba.eastmoney.com/mguba/article/0/1505819846

[8] Warren Buffett Portfolio 2025: Berkshire Hathaway Holdings & Stocks https://beatmarket.com/blog/warren-buffett-portfolio/

[9] Buffett and Munger’s Investment Strategy: Avoiding Complex Businesses for Consistent Returns | Flash News Detail | Blockchain.News https://cn.blockchain.news/flashnews/buffett-and-munger-s-investment-strategy-avoiding-complex-businesses-for-consistent-returns

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[11] Charlie Munger's Investment Philosophy: The Power of Concentrated Investing Over Diversification - Calculated Self https://calculatedself.com/investing/charlie-mungers-investment-philosophy-the-power-of-concentrated-investing-over-diversification/

[12] Charlie Munger's Timeless Strategies for Stock Picking Revealed https://pictureperfectportfolios.com/charlie-mungers-timeless-strategies-for-stock-picking-revealed/

[13] Warren Buffett's 20 Investing Rules: Expert Analysis https://www.liberatedstocktrader.com/warren-buffett-investment-rules/

[14] New Episode: Charlie Munger: Latticework of Mental Models — Moonshots Podcast: Learning Out Loud https://www.moonshots.io/blog/2022/charlie-munger-models

[15] The Profile Dossier: Charlie Munger, the Master of Mental Models https://substack.com/home/post/p-491649

[16] 《今晚巴菲特价值投资核心逻辑:段永平用4个案例赚超百亿》——高峰会前瞻:白话拆解巴菲特九八经典演讲 (学科排名前10%商学院研究生导师韭博士MBA案例模式白话解析)引言:为什么这篇演讲被段永平读了十遍?1998年，巴菲特... https://xueqiu.com/1845937175/333989641

[17] 好的，我需要总结段永平的投资经历和收益率。首先，我得看看用户提供的搜索结果，里面有很多关于段永平的信息。用户的问题是要总... https://xueqiu.com/7089050851/324946623

[18] 为什么段永平的价值投资没有翻车?_钛媒体APP http://m.toutiao.com/group/7425593781627503167/?upstream_biz=doubao

[19] 观察:段永平出手加仓茅台、腾讯，释放什么投资信号?_手机新浪网 http://finance.sina.cn/2025-01-10/detail-ineepeft5335586.d.html

[20] 转发经典价值投资案例:段永平投资网易-东方财富网股吧 https://mguba.eastmoney.com/mguba/article/0/1040010257

[21] 如何投资股票赚钱?小霸王创始人段永平翻100倍赚1亿的故事 今天我们由浅入深的通过真实的投资案例教学来谈谈如何投资股票赚钱，说的是小霸王游戏机的创始人段永平在功成身退去美国后，因缘... https://xueqiu.com/6809338768/251588809

[22] 原汁原味的巴菲特的护城河理论 以下是巴菲特关于“护城河”理论的经典论述，结合其在不同场合的表述与核心理念总结如下:1. 护城河的本质与重要性“经济护城... https://xueqiu.com/3218702973/338472900

[23] 巴菲特的“护城河”理念及实战检测清单 (本文约3000字，含老巴检测清单及案例拆解，建议收藏)护城河的本质:商业世界的“不死基因”巴菲特提出护城河概念，本质是... https://xueqiu.com/3314808151/334664416

[24] 投资启示|巴菲特的“护城河理论”_嘉实基金 http://m.toutiao.com/group/7290721791671140876/?upstream_biz=doubao

[25] 巴菲特:真正伟大的公司，至少有一道护城河_手机新浪网 http://finance.sina.cn/2025-01-10/detail-ineepefr5880904.d.html

[26] 巴菲特说的“护城河”到底是啥?为啥说它比赚钱本身更重要?|伯克希尔·哈撒韦|可口可乐|巴菲特致股东的信|护城河|施罗德|格林|沃伦·巴菲特|知名企业_手机网易网 http://m.163.com/dy/article/JSKP9I1S0544VZZ9.html

[27] 沃伦·巴菲特:竞争优势分析与护城河投资 沃伦·巴菲特，这位被誉为“奥马哈先知”的传奇投资人，以其卓越的长期价值投资策略而闻名于世。他数十年来始终如一的投资成功，... https://xueqiu.com/1662554180/330076861

[28] Breakdown of Warren Buffett's Valuation of Coca Cola in 1988 https://einvestingforbeginners.com/warren-buffett-coca-cola-valuation-daah/

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[30] Charlie Munger’s legacy: What See’s Candy taught the investing legend https://www.sfchronicle.com/bayarea/article/charles-munger-sees-candy-berkshire-hathaway-18520703.php

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[33] See's Candy Teaches a Lesson. - by ValueSense Analytics https://valuesense.substack.com/p/sees-candy-teaches-a-lesson

[34] Warren Buffett's right-hand man Charlie Munger jokes that the investment legend's favorite See's Candies is the key to longevity | Business Insider México | Noticias pensadas para ti https://businessinsider.mx/charlie-munger-buffett-berkshire-investing-sees-candies-peanut-brittle-longevity-2023-2/

[35] What Warren Buffett Saw In See's Candy - The Good Investors https://www.thegoodinvestors.sg/what-warren-buffett-saw-in-sees-candy/

[36] Buffett Tutorial on Accounting and Valuation: See’s Candies Case Study | csinvesting https://csinvesting.org/2012/09/10/buffett-tutorial-on-accounting-and-valuation-sees-candies-case-study/

[37] Always Invert: Charlie Munger’s Timeless Wisdom – IU https://iu.com.au/always-invert-charlie-mungers-timeless-wisdom/

[38] How To Think: The Inversion Strategy That Helped Charlie Munger Become A Billionaire — Colin Stuckert https://www.thebetterhuman.co/how-to-think-like-charlie-munger-the-inversion-technique

（注：文档部分内容可能由 AI 生成）