Although "value investment" has become the wrong methodology of the currency circle, and although the market no longer rewards diamond players, in the face of the relentless destruction of the market and the inability of the screen to roast and complain, I still try to find the great wisdom of "Hold to become rich" originally belonging to the currency circle from Duan Yongping's video interview clips: Let's take a look at his most insightful core points: (with an interpretation of the personal cryptocurrency version): 1) Buying stocks is like buying a company, and the difficulty lies in understanding the company 99% of people have heard this sentence, but less than 1% truly understand it. Understanding a company means being able to assess its future cash flow, business model, moat, management, and whether it can still thrive in ten years. In the cryptocurrency industry, I think it depends on whether the project has the ability to cross cycles, understand the ecological niche of the project in the continuous narrative evolution, whether the team is purely pursuing narrative or continuous PMF, and whether tokenomics is just a short-term Ponzi trap or has the ability to capture long-term value; 2) The safety margin does not refer to how cheap the stock is, but to how deeply you understand the company This cognition overturns most people's understanding of 'bottom fishing'. Cheap things may become even cheaper, or even go to zero. The true 'safety margin' comes from cognitive depth: when you understand a company better than the market, short-term fluctuations can be noise or even opportunities for you. Most holders in the cryptocurrency industry are trapped and carry on, and most of the leeks are chasing after their gains and cutting off their losses. There is no such thing as a safety margin at all. The true safety margin should be: when you are certain that the fundamentals of the project have not changed, the team is still under construction, and the value is severely underestimated, then the decline is the opportunity to increase your position. 3) I am a full warehouse enthusiast, and holding cash can be uncomfortable If you truly understand the company and determine its long-term value, then cash is worthless paper. Investment decisions are always based on opportunity cost. If you cannot find a higher return place after selling a stock, then selling itself is wrong. The high volatility and unregulated chaos in the cryptocurrency industry no longer apply to the behavior of "full position" for most ordinary people. The most important thing is the experience of holding coins and staying at the table for a long time. 4. If you stare at the ups and downs of the market every day and talk about how the market is doing, it means you don't understand the company True investors focus on business operations, not stock price fluctuations. K-line charts, technical analysis, and short-term trading are all difficult to make money games in his opinion. In the cryptocurrency industry, 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 just a few points up or down today. 5) Don't touch stocks if you don't understand investing. Go buy the S&P 500 or Berkshire Hathaway Copying homework is unsustainable because you are always lagging behind and don't know when to sell. If you don't have the ability to understand the company, then acknowledge this fact and hand over the money to the index. Translated into the cryptocurrency version, it means: If you don't understand, don't play with Tugou. Be honest and invest in BTC, ETH/SOL. 6) Doing the right thing is more important than doing it right First solve the problem of right and wrong, then solve the problem of efficiency. Making mistakes in the process of "doing things right" is acceptable, but the consequences of doing things knowingly that are "wrong" should not be tolerated. In the cryptocurrency industry, missing out on ten times on good projects is a capability issue that can be improved; Putting money into an obvious scam is a cognitive problem and there is no cure. The greatest tragedy is often not missing an opportunity, but actively stepping into a trap. 7) Once untrustworthy, anything you say becomes untrustworthy Duan Yongping left Xiaobawang because his equity promise was not fulfilled, and trust collapsed. Once a person or organization loses their trust once, nothing they say in the future will be trustworthy. This logic should be very useful in the cryptocurrency industry, but it is filled with a large number of teams who, after running away, change their vests and come back to cut leeks. True investors should establish a 'blacklist': teams that have broken their promises, KOLs who have cut leeks, and agreements that have gone wrong, and never touch them again. Trust is the rarest asset. 8) Value recognition is very important, and cooperation without value recognition cannot last long Duan Yongping believes that companies should choose people who share common values rather than primarily relying on cultivation. In terms of investment, you need to choose projects that align with your values. The biggest problem in the cryptocurrency industry is that 90% of project owners and investors have different values: project owners want to cash out and run away, while retail investors want to get rich overnight, and no one cares about whether this thing has value or not. This misalignment of values destined most projects to have a short lifespan. 9) Knowing what not to do is more important than knowing what to do Duan Yongping has a 'not for list': don't do what you're not good at, don't do what's unhealthy and not for a long time. His corporate vision is' healthier and longer lasting ' In the cryptocurrency industry, establishing a "no list" may be more effective in preserving capital than chasing hot topics: do not touch those who do not understand, do not touch those who are too complex, do not touch those with team stains, and do not touch those with problems with the token economy model. Everyone is thinking 'where is the next opportunity', but never asking 'which pitfalls I absolutely cannot step on'. 10) AI is an industrial revolution, accompanied by foam Duan Yongping's judgment on AI is clear: this is a real revolution, but there must be a foam. He invested in NVIDIA not for hype, but to 'get involved' and not miss out on real change. Real innovation must be accompanied by foam and speculation, but this does not mean that innovation itself has no value. The problem is, you need to be able to distinguish between true innovation and scams disguised as innovation. The same is true for AI+Crypto. The foam is certain, and innovation will happen. It depends on whether you have the wisdom and belief to "blend in". The above. The core of Duan Yongping's value investment philosophy is the four words "cognitive monetization". Investment is not gambling or speculation, but using a deep understanding of the company to capture undervalued values in the market. The seemingly simple principles of "duty, integrity, and long termism" have been proven to be the most effective moats in his decades of practice. The market never lacks opportunities, what is lacking is the vision to understand opportunities and the determination to hold onto chips. Note: It has been found that when the market continues to decline, reading these wise statements from investors who have achieved big results can be quite therapeutic, especially for those who still hold onto the belief of "long termism". It is important to come and read them carefully. Encouragement with you!