Duan Yongping's investment logic in Pop Mart isn't hard to replicate, but what's rare is his business vision and ability to identify founders—extremely difficult. When the trend comes, it's easy to make money in the primary market, but Duan Yongping finds trends in the secondary market, with a huge risk-reward ratio and heavy bets. For most people, just recognizing credit cycles and trends is already challenging. This kind of unconventional compounding path can only be better understood by those who have played with DeFi new projects and reinvested at the bottom.