In the comments at the end of yesterday's article, many readers raised various questions. In fact, these questions are all answered in Duan Yongping's investment Q&A book. However, to read answers from the book requires serious, careful thinking and repeated consideration. I again recommend our readers to read "Duan Yongping's Investment Q&A" carefully.

Some readers mentioned that individual investors have the greatest advantage of having time, so why not take advantage of this greatest asset to read good books and arm ourselves with good experiences and lessons before actually investing?

Some readers asked what to invest in right now?

This answer can only be found by oneself; only oneself can provide it.

My approach is to try to invest in things I understand.

Regarding what "understand" means, different people will have different interpretations, and this "understanding" is often difficult to express in words. However, I believe that Duan Yongping's reverse thinking in addressing this issue is very worth emulating:

It is hard to judge how to define "understanding," but it is relatively easier to judge what constitutes "not understanding."

He provided several examples in the investment Q&A that he believes are typical of "not understanding" (the gist is):

- After you buy an asset, its price drops, making you anxious. But then, you "get lucky," and shortly afterward, its price rises back up to your purchase price, and you hurriedly sell it, sighing in relief, finally breaking even.

- You buy an asset or plan to buy one, but go around asking if it's worth buying.

- After buying an asset, you are restless, wanting to check the price every few seconds.

He listed other typical phenomena in the book, but these few examples left a deep impression on me.

If you experience any of the above situations, there is a high probability that the asset you bought or plan to buy is something you do not truly understand.

So before investing in an asset, it might be a good idea to ask yourself using the above standards: When I buy this asset, if any of these situations happen, will I give in?

If so, then I probably do not understand this asset at all.

What to do about things one does not truly understand?

If you are reluctant to sell and still want to test your judgment, then continue observing, contemplating, and thinking.

If you can't bear the turmoil within, then sell quickly.

If you haven't bought, then keep your hands still. Being able to control your hands and not touch what you do not understand is also a remarkable skill.

One reader mentioned, "Most people think they understand but are actually mistaken."

For newcomers, this is indeed a common phenomenon. However, as we mature and grow from being newcomers, we must solve this problem of understanding and continuously improve the likelihood of correctly understanding what we see. Otherwise, we will always be gambling in the market and never escape our misperceptions.

To solve this problem, I believe in the method of continuous learning, constant practice and trial and error, and ongoing summarizing of experiences and lessons.

Why should investments be made in things we understand?

Because everyone's investment strategy and understanding of the market are entirely different. If what you invest in is not something you truly understand, you are essentially betting on (others') trends and relying on (others') assets. Specifically, betting on whose trends and whose assets? It is certainly betting on whoever has a bigger reputation.

If you reach this point, then it's no longer investing, but definitely gambling.

A reader mentioned Nvidia in the comments, asking, "Surely we can't buy Nvidia at this price, right?"

This happens to be a case I’ve been paying attention to these past few days.

Because Nvidia has just released an earnings report that exceeded expectations, and it was revealed that Duan Yongping continued to significantly increase his holdings in Nvidia during the fourth quarter of last year.

In Duan's Q&A book, when he bought Apple in 2013, someone questioned: at such a high price, is Apple still worth buying?

Duan's answer was very simple. He estimated that Apple's future net profit would likely reach a certain amount, and based on his estimation, Apple's future value would definitely far exceed the price at which he bought it at that time (in 2013).

Thirteen years later, the price that seemed "very high" for Apple back then is now even higher.

It seems that Duan Yongping's approach has now turned to Nvidia.

In my impression, Duan Yongping first bought Nvidia around March 2025, when Nvidia briefly dropped below $100 due to the impact of DeepSeek.

But just a couple of days ago, when I saw his fourth-quarter holding data exposed, and saw that he significantly increased his holdings in Nvidia, with last year's fourth-quarter price nearly double what it was when he first bought in, I felt that he probably has unique thoughts and logic here.

At the same time, I also recalled the story from thirteen years ago when he bought Apple.

However, I certainly would not buy Nvidia at this current price level.

In my understanding, daring to go against the trend, especially with a substantial investment, requires courage and robust logic.

Therefore, I look forward to him sharing his thoughts on why he significantly increased his holdings in Nvidia during the fourth quarter last year on Xueqiu.

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