From Apple to Nvidia: Duan Yongping's First Major Bet Post-Buffett
Duan Yongping cuts Apple, adds 11x to Nvidia in Q4 2025. See how the top value investor redefines "certainty" for the AI era after Buffett's exit.
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In the past two decades of China’s investment history, Duan Yongping’s name has almost become synonymous with “stability.” From his early breakthrough bet on NetEase, to his long-term holdings in Apple and Kweichow Moutai, his investment behavior has always been guided by a clear thread: long-termism, concentrated positions, and extremely low turnover. He tends to repeatedly add to a small number of consumer and platform giants with high certainty, and this “buy and hold” philosophy has earned him wide recognition as “the most faithful practitioner of Buffett’s value investing system in China.” For a long time, following Duan Yongping’s portfolio logic became an implicit strategy for many value investors.
However, when the clock turned to Q4 2025, this investor — long known for his “still waters run deep” approach — delivered a scorecard that clearly deviated from his historical path. According to position data disclosed in early 2026, he significantly reduced his stake in Apple, which had long occupied the top position in his portfolio, while simultaneously increasing his Nvidia position by more than 11 times and making small exploratory bets across multiple vertical segments of the AI industry chain.
This was not an ordinary tactical rebalancing — it looked more like a direct response to a new variable of the era. If we extend the timeline further, this shift happened precisely after an important macro backdrop: Warren Buffett formally stepped back from Berkshire’s day-to-day investment decisions. When the era of the “teacher” drew to a close, which cycle was his most faithful disciple beginning to bet on? Looking back from the vantage point of early 2026, Duan Yongping’s Q4 moves may be revealing to us a brand-new definition of value investing in the AI era, and how a top-tier investor completes his own evolution.
