我不是段永平

You don't see this old-fashioned way of robbing people much these days either... 😅😅

#DRV Binance Alpha’s listing of Derive’s DRV token reflects its interest in on-chain options.

DRV has been on a steady rise since March this year, gaining nearly 10x year to date. But Derive is not a new project: it was formerly the on-chain options protocol Lyra and has since become the largest protocol in the on-chain options market by trading volume.

Derive has also made several important developments recently:

1. Product upgrade: V3 has officially launched, bringing a comprehensive overhaul of the protocol’s underlying architecture, which had been in operation for years.

2. Token buybacks: The protocol plans to use a greater share of fee revenue to buy back DRV.

3. Research attention: It was highlighted by research firm Citrini Research as one of the representatives of on-chain financial infrastructure.

The business figures are also worth a look. According to Derive’s official data, its year-to-date options notional trading volume is approximately $15.87 billion, 2.9 times last year’s figure. Going forward, what’s worth tracking is not just the short-term attention brought by its listing on Alpha, but whether trading volume growth can translate into sustained fee revenue—and whether the buyback plan can actually be implemented.

So this is what a winner’s mindset looks like!! When no one thought Duan Yongping would ever make something of himself, he alone firmly believed he would succeed 💪💪 One very important thing was that he had no fear of the unknown. He believed he could learn whatever he needed to, or simply face setbacks as they came. This mindset was a major driving force behind his progress.

A user asked: With the huge investments internet giants are making in the AI era, their free cash flow is getting worse and future monetization is uncertain. Is their business model deteriorating?

Duan Yongping replied: The big tech companies’ revenue hasn’t gotten worse; they just need to invest in AI for the future. Investing in AI now is a bit like a “prisoner’s dilemma”: those who don’t invest will most likely fall behind 🤷🤷

A netizen posted that they were a loyal fan of Duan Yongping and wanted to ask him for “a small favor”: to lend them 100 million to invest in the Nasdaq index. They added, “If you can do that, you’ll be the greatest benefactor of my life.”

Duan Yongping replied: “Do you think I’m an idiot?”

Duan Yongping on “good products”: A good product doesn’t need to be kept under wraps, and you don’t need to worry about others copying it. If others can copy it easily, that just means your moat is narrow. And in that case, your potential isn’t very high either. 👍👍

It turns out Duan Yongping was also there when Apple unveiled the iPhone Duo in September. The photo was posted by Avie Tevanian, one of Apple's top engineers. Duan said he and Avie are very close, and that the main reason he went this time was to thank Cook in person for helping him make a lot of money 😂😂

For context, Apple has long been the largest single holding in the Duan family office's portfolio. Its total market value is conservatively estimated at around $2.0–2.3 billion, with unrealized gains alone far exceeding $1 billion. That's certainly worth thanking him for in person. $AAPLB

Duan Yongping recently shared some interesting thoughts about Insta360:

He really likes Insta360’s founders, and doesn’t think the company “doesn’t understand business.”

But he also pointed out a more down-to-earth difference: Wang Ning certainly understands business, but Pop Mart faces relatively weaker competitors, while Insta360 is up against a whole group of formidable rivals.

The implication is that making a good product is one thing; continually building up a brand, distribution, technology, and ecosystem moats in a market surrounded by strong competitors is quite another.

On October 4, Renmin University of China announced that an alumnus had anonymously donated 503 million yuan toward construction of its new campus. The donation shattered the record set by Liu Qiangdong, who donated 300 million yuan in 2017.

Who could have made such a generous donation? Netizens are guessing: Could it be Duan Yongping?

Duan’s response was rather intriguing—he neither denied nor confirmed it 🤔🤔 What do you think? Could it be Old Duan?

What is true freedom?

True freedom is not doing whatever you want, but never doing what you don’t want to do 😊😊

How to get Peng Yongping’s repost?

—Buy a cute Pop Mart bubble and post it😁😁

Sometimes, what truly reveals that you still haven’t understood isn’t buying the wrong thing—it’s that you can’t help asking yourself: do I really understand it?

🏑 Netizen: I don’t look at candlestick charts or track the market day to day. I just hold Moutai + Tencent. For Moutai, I treat it as a business I can understand through “low-cost, low capital expenditure, and selling liquor that produces free cash flow,” explaining demand with cultural and emotional value. But when I self-check, I realize: if I use “people need dopamine, and liquor is social and cultural” to judge long-term demand—does that count as truly understanding? Or do I have to keep tracking the auction price of liquor, base liquor, and contract liabilities before I’m allowed to tell myself I’m not just comforting myself?

⛳️ Duan Yongping: People who really understand wouldn’t ask things like this, so you still haven’t fully understood. (2026.9.26)

The truly interesting part of Coca-Cola may not be how much it’s gone up—but rather that you think you’ve already figured it out.

🏑 Netizen: Mr. Duan, hello. I’m 14 years old. I have a question that might be a bit offensive, but I genuinely can’t make sense of it, and I want to ask you directly.

I’ve noticed a phenomenon: Coca-Cola—an industry-recognized value-investing benchmark across your generation—now that the sector isn’t growing, it uses cash flow to acquire new brands just to hold its ground. The stock price moves up and down within a range over the past decade, and in the end shareholders only manage to earn some dividends. Meanwhile, companies that generate dozens-of-times returns are all in technology and AI, emerging by riding industry trends.

So I have a bold question: in today’s era, is trend investing replacing value investing?

You say that a dollar’s worth of something will ultimately be worth a dollar, and that price will revert to value. But the “value” of tech companies changes every day. Today’s moat might be filled in by new technology tomorrow. By the time it “reverts to value,” the company might be gone. On the other hand, many of the people who truly make big money are the ones who understand trends and get onboard when conditions are favorable—not the ones who wait to finish calculating DCF before acting.

So I’d like to ask you face-to-face: when an era’s wealth is created mainly by technological revolutions—not by incumbent leaders creating value from the stock of the past—does clinging to “good companies + cheap prices” value investing have now become a path dependency of the older generation? Is value investing eternal, or is it only a product of a particular era? If value investing hasn’t become outdated, what is the most important correction it needs in the tech era? I hope Mr. Duan can offer guidance.

⛳️ Duan Yongping: What is your definition of “value investing”? Is it buying Coca-Cola? (2026.9.22)

🏑 Netizen: My definition of value investing is: buying stocks means buying companies—buying truly capable companies—then receiving high dividends, and buying companies with low valuations.

⛳️ Duan Yongping: Buying stocks means buying companies—it means buying the future cash flows of companies. Whether there are dividends right now isn’t the deciding factor, because good companies that can earn money over the long term will eventually return money to shareholders, either through dividends, buybacks, or a combination of both.

“Low valuation” means relative to future cash flows, not the PE you see today.

If you can understand change—or say, if you can understand trends—you will eventually make a lot of money. But if you’re only trying to jump from one “spring pit” to another, you’ll live a hard life sooner or later (as I write this, I think of the movie *The Hero of Liangshan*, “Saving the Lembeng”). I think many fellow golfers stuck in those pits will understand this line.

⛳️ Duan Yongping: I’ve never invested in Coca-Cola, but I may understand what you’re asking even more than you do. Just take your time to figure it out yourself. I’ve said what I should say. Wishing you good luck.

⛳️ Duan Yongping: Coca-Cola has risen a lot over the past ten-plus years! I thought young people don’t drink it anymore.

🏑 Netizen: Mr. Duan, I’m 40. Throughout the years I’ve often stepped into traps. I’m curious—how is it that when you were young you didn’t fall into “spring pits”?

⛳️ Duan Yongping: Are you sure you fell in? What I’ve seen more often is people jumping in themselves. (2026.9.22)

Many people like to attribute other people’s achievements to talent, but the truly comforting answer is often: “I’m just lucky.”

🏑 Netizen: A Duan, I’m really curious—does playing golf require no less talent than investing? (Not the kind where you just mess around.)

⛳️ Duan Yongping: It seems like neither really requires talent much, or maybe I really am lucky. I think saying that I’m lucky might make a lot of people feel more comfortable, even though I don’t think it’s really that simple. (2026.9.19)

Don’t understand AI? That’s okay. The real thing worth thinking about is: when you don’t have the answer, which side time ultimately stands on.

🏑 Netizen: If AI achieves super intelligence, and if it can self-iterate, what’s the probability it would destroy humanity? 10%. From a big-shot’s perspective, how do you look at and understand this topic or event?

⛳️ Duan Yongping: I don’t understand this.

🏑 Netizen: Shouldn’t it be 100%? The only question is: who will destroy humanity.

⛳️ Duan Yongping: If it’s 100%, that would take much longer. (2026.9.15)

The moment of self-deception feels comforting, but the market never changes just because you lied to yourself.

🏑 Netizen: A-Duan, how do you manage to be honest with yourself?

⛳️ Duan Yongping: Then how do you manage to be dishonest with yourself? (2026.9.14)

🏑 Netizen: Mr. Duan, I think it’s too easy to lie to oneself. For example, you imagine your stocks will go up. When they drift down slowly, and your thoughts start fighting each other, people feel miserable. You clearly know you’re doing something wrong, but you’ve already invested a lot of time, money, and emotion. To avoid this kind of pain, you secretly tweak your interpretation of reality: "Actually, things aren’t that bad. The company has strong competitiveness. The environment isn’t too good, but … the management team has their own hardships." "Next quarter will definitely get better."

Admitting reality is painful. Adjusting your viewpoint costs very little, and in an instant, it can ease the discomfort. Changing your thoughts is so much easier than admitting failure.

⛳️ Duan Yongping: Does it really make you feel lighter? If you look at this issue from a ten-year perspective, you’ll understand. (2026.9.14)

The truly important thing isn’t how much Moutai costs, but whether you’ve actually understood what you’re buying.

🏑 Netizen: I’m an ordinary office worker. I’m thinking of buying another lot of Moutai by the end of the year. I really admire you and Buffett, and I’ve watched many of the interview videos featuring you and Buffett. Even though I still don’t fully understand Moutai, I feel that your views on Moutai are all very well-aligned and very accurate. Earlier, when it was 1400, I bought one lot. I’m wondering if it would be suitable to buy another lot at the end of the year?

⛳️ Duan Yongping: Go ahead. From a 10-year perspective, it will most likely be more worthwhile than keeping the money in the bank. (2026.9.14)

Jay Chou endorses vivo. Netizens: Was it you who made it happen?😊 Duan Yongping: It has nothing to do with me.

Asking that isn’t unreasonable—vivo was indeed incubated by BBK step by step, so there’s a sense of blood relation. But Mr. Duan has stepped back for over 20 years. “It has nothing to do with me” is the truth.

🏑 Netizen: Mr. Duan, my favorite idol is Jay Chou, who is endorsing vivo. I’d like to ask—did you help make it happen?😊

⛳️ Duan Yongping: It has nothing to do with me.
💡 Gemini: Yes. vivo has officially announced that Jay Chou will serve as vivo’s Imaging Ambassador.

Partnership details
* Endorsement role: vivo has officially announced Jay Chou as its “vivo Imaging Ambassador.”

* Featured models: the key collaboration is the upcoming annual imaging flagship series, the vivo X500 (including X500, X500 Pro, and X500 Pro Max).

* Materials and easter eggs: In official and Reuters-sourced materials, Jay Chou has already completed filming the new phone’s ad and an unboxing showcase. The new phone also pairs with Jay Chou’s classic representative works, launching an exclusive rainbow-colored back cover colorway named “Sunny Day.” (2026.9.11)

Others do the right thing, I do the thing I can afford.

🏑 Netizen: Dàdào, this year should I buy the iPhone Duo or the iPhone 18 Pro? Which one did you buy?
⛳️ Duan Yongping: I bought both.

(2026.9.10)

Will future Robotaxis replace all private cars? Instead of a personal test drive, ask AI?

🏑 Netizen: Sir, in the future, is it possible for Robotaxis to replace all private cars and completely change people’s perception of cars? They could significantly save space and energy (compared with each person owning a private car, a Robotaxi—or robotcar—can use space more efficiently and save energy by calculating the optimal routes and the required power).

⛳️ Duan Yongping: I plan to go try it as soon as possible to see what it feels like. I changed my mind, because the system is currently in open testing. I’ll check on Gemini to see what everyone’s reviews say—it should be more reliable than trying it myself. (2026.9.4)