Although "value investing" has become a misguided methodology in the crypto space, and the market no longer rewards diamond hands, in the face of the market's ruthless destruction and a screen full of powerless complaints and grievances, I still try to find the original "Hold to Get Rich" wisdom that belongs to the crypto world from Duan Yongping's video interview clips:

Let’s take a look at his most insightful core viewpoints (with personal interpretations for the crypto space):

1) Buying stocks means buying companies; the challenge lies in understanding the company.

This statement is heard by 99% of people, but less than 1% truly understands it. Understanding a company means being able to judge its future cash flow, business model, competitive moat, and management team, and knowing whether it can still thrive in ten years.

In the crypto space, I think it’s important to assess whether a project has cross-cycle capabilities, understand its ecological niche in the ongoing narrative evolution, discern whether the team is purely chasing narratives or continuously achieving product-market fit (PMF), and see clearly whether the tokenomics is just a short-term Ponzi trap or has long-term value capture potential.

2) Margin of safety does not refer to how cheap a stock is, but rather how deeply you understand the company.

This understanding overturns most people's perception of "bottom fishing." Cheap things can become cheaper, or even go to zero. True "margin of safety" comes from depth of understanding: when you understand this company better than the market, short-term fluctuations are just noise to you, or even opportunities.

Most holders in the crypto space are stuck and holding on, while most retail investors chase after rises and cut losses during falls, lacking any concept of margin of safety. True margin of safety should be: you are certain that the project's fundamentals have not changed, the team is still building, and the value is severely underestimated; only then is a decline an opportunity to increase your position.

3) I am a full-position advocate; holding cash feels uncomfortable.

If you truly understand a company and are confident in its long-term value, then cash is just depreciating paper. Investment decisions are always based on opportunity cost; if you sell a stock and cannot find a higher return elsewhere, then selling itself is a mistake.

The high volatility and chaotic order of the crypto space are no longer suitable for "full-position" behavior for most ordinary people; the experience of holding coins and staying at the table for the long term is what matters most.

4) If you are watching the market's ups and downs every day and discussing how the market is doing, it indicates you do not understand the company.

Real investors focus on business operations, not stock price fluctuations. Candlestick charts, technical analysis, and short-term trading are, in his view, difficult games to profit from.

In the crypto space, if you want to understand a project, you should care about its GitHub update frequency, technological innovation, community activity, and product iteration speed, rather than how many points it has risen or fallen today.

5) If you do not understand investing, do not touch stocks. Go buy the S&P 500 or Berkshire Hathaway.

Copying others' homework is not sustainable because you will always lag behind and never know when to sell. If you cannot understand a company, then admit this fact and hand your money over to an index.

Translated into the crypto version: if you don’t understand, don’t play with meme coins; honestly invest in BTC, ETH/SOL.

6) Doing the right thing is more important than doing things right.

First solve the right vs. wrong issue, then address efficiency. Making mistakes in the process of "doing things right" is acceptable, but knowingly doing "the wrong thing" brings about consequences that should not be tolerated.

In the crypto space, missing out on a tenfold gain on a good project due to inability to hold is a skill issue that can be improved; investing money in obvious scams is a cognitive issue that is beyond remedy. The biggest tragedy is often not missing an opportunity, but actively stepping into a trap.

7) Once trust is broken, nothing said is trustworthy.

Duan Yongping left Subor because the equity commitment was not fulfilled, leading to a collapse of trust. Once a person or organization loses credibility, nothing they say can be trusted again.

This logic should be very applicable in the crypto space, but it is filled with numerous teams that run away and come back under a different guise to exploit retail investors. True investors should establish a "blacklist": teams that have lost credibility, KOLs who have exploited retail investors, and protocols that have had issues, and never touch them again. Trust is the most scarce asset.

8) Value alignment is very important; cooperation without shared values cannot last.

Duan Yongping believes that companies should choose people with shared values rather than relying mainly on training. In terms of investment, this means you should choose projects that align with your values.

The biggest problem in the crypto space is that 90% of project teams and investors do not share the same values: project teams want to cash out and run, while retail investors want to get rich overnight, with no one caring about whether this thing has any value. This misalignment of values dooms most projects to a short lifespan.

9) Knowing what not to do is more important than knowing what to do.

Duan Yongping has a "not-to-do list": do not engage in what you are not good at, do not pursue what is unhealthy and unsustainable. His corporate vision is "healthier and more sustainable."

In the crypto space, establishing a "not-to-do list" may be more effective in preserving capital than chasing trends: do not touch what you do not understand, do not engage with what is too complex, do not invest in teams with blemishes, and do not touch token economic models that have issues. Everyone is thinking about "where the next opportunity is," but never asks "which pitfalls I absolutely must avoid."

10) AI is an industrial revolution, accompanied by bubbles.

Duan Yongping has a clear judgment on AI: it is a true revolution, but there will definitely be bubbles. He invests in Nvidia not to speculate, but to "get involved," ensuring he does not miss out on real change.

True innovation is always accompanied by bubbles and speculation, but that does not mean innovation itself lacks value. The question is whether you can distinguish between true innovation and scams disguised as innovation. The same goes for AI + Crypto; bubbles are certain, and innovation will also occur; it just depends on whether you have the wisdom and belief to "get involved."

That’s all.

Duan Yongping's value investing philosophy is fundamentally about "cognitive realization." Investing is not gambling, nor is it speculation; it is about capturing undervalued opportunities in the market through a deep understanding of the company.

Those seemingly simple principles of "integrity, honesty, and long-termism" have been proven through his decades of practice to be the most effective moats. The market is never short of opportunities; what is lacking is the vision to understand those opportunities and the resolve to hold onto the chips.

Note: I find it quite healing to read the wise words of investors who have achieved great results when the market is in a downturn, especially for those who still hold the belief in "long-termism." Be sure to take a look, read, and reflect. Let’s encourage each other!

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。