According to the regulations of the U.S. Securities and Exchange Commission, more and more American investment companies have successively disclosed their second-quarter holding data.

I usually don’t pay much attention to the holding data of these investment companies; I only check it when I need to reference relevant data for writing articles.

But for some reason, in the past few days, I have frequently received various articles and short videos commenting on these holding data (especially the changes in holdings).

In particular, I have been shown articles and videos commenting on the changes in the holding data of Duan Yongping and Dan Bin.

I casually skimmed through some of these videos and articles, and they basically do not hold much significance.

As I reviewed these articles and videos, rather than saying that these comments reflected the authors digging out some "conspiracy" and "brilliant plans" plotted by these renowned veteran investors that others do not know about, it is more accurate to say that these comments are more about proving the authors' own speculation and predictions about the market, showcasing their own cleverness, rather than genuinely knowing the reasons behind these veterans’ changes in holdings.

When I look at the holdings of these renowned investors, especially the changes in their holding data, I prefer to see their own statements.

But how can one know if their own statements are inconsistent, if they publicly say one thing but do another behind the scenes, or if they are consistent and truly practice their own methods and strategies?

It depends on whether their past actions match their past words.

From this perspective, I still tend to believe that Duan Yongping is consistent in word and deed.

In the latest disclosure of holding data, many comments discussed the changes in Duan Yongping's holdings, such as which stocks he reduced his holdings in, and which stocks he increased his holdings in...

Duan Yongping has repeatedly mentioned certain situations regarding his buying and selling of a stock in his Q&A records:

He generally uses all the money intended for investment to operate at full positions.

This brings up a question: what happens when he spots another target that he likes better?

When he has basically used up the money for investment, he won't use other funds or borrow money, so he can only sell the stocks he already holds.

Therefore, when he sells a stock, it may not mean he doesn't have confidence in that stock; rather, he might think another stock is better.

Additionally, if he feels that the price of a certain stock is excessively high, he may consider selling some, but this situation does not occur often.

Finally, if he truly discovers that a company has issues, especially a poor corporate culture or changes in its business model, he will sell then as well.

So when he sells a stock, all three of the above situations are possible, and only the third situation may indicate that there is a problem with the stock, while the other two situations do not.

However, many so-called commentary articles jump to conclusions that the moment he sells a stock, it is all written as: because Duan Yongping reduced his position in xxx, this stock may be hiding some "huge thunderclap".

When he buys a stock, there are also two situations:

One is that he really has confidence in this company and plans to buy in installments, trying to "stealthily" buy the actual stock without disturbing the market, or use various financial instruments to ultimately buy the actual stock.

The second, in his own words, is that he has started to understand a company a bit but is still uncertain, so he treats it as venture capital.

In these two buying situations, he often starts with small quantities.

Therefore, it is difficult to judge what kind of buying situation it is solely based on small quantity purchases. It could be that he really is optimistic and is preparing to buy in bulk but is currently "stealthily" buying; or it could be that he is still cautiously probing.

For example, many comments this time focused on his purchase of Alibaba and spoke in "sensational" terms:

For instance, something like "Duan Yongping starts to heavily invest in Alibaba".

In reality, the amount of Alibaba he is currently buying is less than 1% of his position.

How can that be seen as a heavy investment?

How can one determine if he is genuinely optimistic or just making a tentative purchase?

I rather think this type of commentary resembles the authors themselves having heavily invested in Alibaba but being unable to find supporting reasons for their purchase, and having seen Duan Yongping's purchase, they conveniently use it as a "valid reason" for their own heavy buy.

This is yet another typical form of gambling and speculation.

In my view, while the changes in holdings of these veteran investors can certainly be studied and referenced, if one gets caught up in speculation and conjecture, it becomes meaningless; it would be better not to look or study at all.

Ultimately, investment requires investors to understand their own positions, to know why they buy and why they sell.

If one does not understand, even if one truly knows the reasons behind these veteran investors' holding changes, they still cannot benefit from it; at most, it is just a spectacle to watch and an additional topic for conversation.

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