From Duan Yongping's 13F report,

【1】Significantly reduced holdings in Apple. Among the big names, the earliest to reduce holdings in Apple was Warren Buffett, who has continuously reduced his stake multiple times, and this time he continued to do so. When the stock god first reduced his holdings, Duan boss expressed uncertainty about the reason and did not follow; now he has followed. I believe the main reason is that Apple's valuation has become expensive, which is why the stock god reduced his holdings. The stock god's reduction will trigger more funds to follow suit, so it makes sense to reduce holdings together. I also have some Apple stocks, and seeing the big names reducing their positions, it's time to prepare to exit. My view on Apple is that Duan Yongping understands Apple better than Buffett. This is because Duan Yongping started with electronic products and was one of the first to see Apple's value, so he bought in much earlier than Buffett.

【2】Cleared holdings in Bank of America. Bank of America is also a stock that Buffett has been continuously reducing. Duan boss has followed suit and cleared his holdings. The main reasons for Buffett clearing his holdings in Bank of America are the interest rate cut cycle and his disappointment with the character of the financial industry.

【3】Reduced a small amount of Berkshire Hathaway, mainly because the cost-performance ratio has decreased, and Berkshire itself is not repurchasing shares. He has reduced a significant amount of Alibaba. The essence of Alibaba is still e-commerce, and it is returning to its essence. However, the essence of e-commerce is the dreaded retail industry, which is a sector that even Munger criticizes. The essence is that the sector is not performing well. Munger said to forget that Alibaba is in the dreaded retail industry. The essence of retail is that the industry fluctuates too much. Originally, Alibaba and JD.com had a monopoly with an 80% market share. Now the market share has become highly dispersed. Anyone can come in and take a share; Pinduoduo's live e-commerce has already taken away a lot of market share, and now Tencent and Meituan are also coming in to take a share. This is also the reason for the widening gap between Alibaba and Tencent. Tencent's main business can be considered a cash cow, and one of its main businesses, gaming, can continuously hatch profitable projects without producing evergreen games.

【4】Significantly increased holdings in Pinduoduo. Pinduoduo is full of imagination, as if its growth will never stop. The four major strengths of e-commerce are speed, quality, cost-effectiveness, and affordability; this affordability (cheapness) is like the king, while the other three—speed, quality, and cost-effectiveness—can only be considered as three second-tier strengths. Pinduoduo holds the king, and it is possible to align with half of Amazon, as Amazon's e-commerce business accounts for 60%. Amazon's market value is $2.1 trillion, while Pinduoduo's market value is $150 billion, a tenfold difference. So the imagination is enormous. Of course, it is merely great imagination; hence, Duan boss's holding ratio in Pinduoduo is 3.18%, while in Alibaba, it is 3.49%.

【5】Significantly increased holdings in Occidental Petroleum, mainly following the stock god Buffett's operations. In fact, I also want to buy some Occidental Petroleum. Currently, the stock god is trapped, while Occidental Petroleum is definitely a cash cow.

【6】After Tencent's third-quarter report was disclosed, Duan boss also increased his holdings. In summary, Duan boss's holdings in U.S. stocks are highly representative, with each holding being a top-quality stock. Apple, high quality, extremely low cost. Berkshire Hathaway, managed by the stock god, a hundred percent trustworthy. Google, a quality enterprise. Alibaba, mainly bought at a low price. Pinduoduo, a growth stock. Occidental Petroleum, heavily held by the stock god, a cash cow. Disney, an old blue-chip stock in the U.S. market